Billing and customer care system developer Mind CTI Ltd. (Nasdaq: MNDO; TASE: MNDO) said today that it expects fourth quarter revenue of approximately $4.6 million.
The figure is the same as its third quarter figure, so despite a global slowdown in information technology spending among communications providers, Mind CTI has not yet seen a slowdown in its operations. The company will release its actual results on February 18.
Mind CTI also reported that it was continuing to pursue its arbitration with Credit Suisse vigorously, regarding Credit Suisse's investment on behalf of Mind CTI in auction rate securities. Mind CTI continues to receive interest payments every month on the held security . The arbitration hearing is now scheduled for June 2009.
The firm also updated investors today on its share buyback program, which began in November 2008. Mind CTI has purchased 2,100,000 ordinary shares. After this purchase, the number of the company's ordinary shares as of December 31, 2008 is 19,494,010.
Mind CTI chairperson and CEO Monica Eisinger said, "We continue to believe that the purchase of the company's shares is a good investment and that it is in the best interest of the company. We will consider continuing and even enhancing the buyback in the future if at that time it will still be considered the most appropriate use of our resources."
Shares in Mind CTI closed at $0.698 on Nasdaq yesterday, giving it a market cap of $15.07 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 22, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009