MTS Announces Third Quarter 2019 Financial Results

RA'ANANA, Israel, Dec. 26, 2019 /PRNewswire/ -- Mer Telemanagement Solutions Ltd. (MTS) (Nasdaq Capital Market: MTSL), a global provider of telecommunications expense management (TEM), call accounting and contact center software, today released its financial results for the three and nine months ended September 30, 2019.

The Company recorded revenues of $1.2 million for the three months ended September 30, 2019 compared with $1.4 million for the three months ended September 30, 2018. The Company incurred a net loss of $(14,000) for the three months ended September 30, 2019, or $(0.00) per diluted share compared with a net loss of $(227,000), or $(0.07) per diluted share, for the comparable period in 2018. On a non-GAAP basis (as described and reconciled below), the Company posted net income of $189,000, or $0.04 per diluted share, for the three months ended September 30, 2019 compared with a net loss of $(58,000), or $(0.02) per diluted share, for the comparable period in 2018.

The Company recorded revenues of $3.8 million for the nine months ended September 30, 2019, compared with $4.3 million for the nine months ended September 30, 2018. The Company incurred a net loss of $(234,000), or $(0.05) per diluted share, for the nine months ended September 30, 2019 compared with a net loss of $(1.3) million, or $(0.4) per diluted share, for the comparable period in 2018. On a non-GAAP basis (as described and reconciled below), the Company posted net income of $19,000, or $0.00 per diluted share, for the nine months ended September 30, 2019 compared with a net loss of $(852,000), or $(0.26) per diluted share, for the comparable period in 2018.

As of September 30, 2019, the Company had cash and cash equivalents of approximately $1.7 million, compared with $1.2 million as of December 31, 2018.

Commenting on the results, Mr. Roy Hess, Chief Executive Officer of MTS, said, "Our results in 2019 reflect the substantial reduction of our ongoing operating expenses attributed to the declining operation and the successful execution of our efforts to improve our operating margins in light of the business pressures that we face. We recently entered the field of omnichannel contact center software. In June 2019, we introduced Omnis - Contact Center Software with "Out-Of-The-Box" capabilities and open channel architecture. In this quarter we started to see initial revenues from this new product, which we consider to be our main growth engine in the coming years. As previously reported, we are also continuing our efforts to find an M&A opportunity.

About MTS

Mer Telemanagement Solutions Ltd. (MTS) is focused on innovative products and services for enterprises in the area of telecom expense management (TEM), call accounting and contact center software. Headquartered in Israel, MTS markets its solutions through wholly-owned subsidiaries in Israel, the U.S and Hong Kong, as well as through distribution channels. For more information please visit the MTS web site: www.mtsint.com.

Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Company's ability to achieve  profitable operations, its ability  to continue to operate as a going concern, its ability to continue to meet NASDAQ continued listing requirements,  customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of the Company and its competitors, risk of operations in Israel,  general economic conditions and other risk factors detailed in the Company's annual report and other filings with the United States Securities and Exchange Commission.

Contact:   
Ofira Bar, CFO 
Tel: +972-9-7777-540 

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SOURCE Mer Telemanagement Solutions Ltd. (MTS)