Nine Months Financial Highlights
· Revenues were $16.1 million, compared to $18.5 million in the first nine months of 2014.
· Operating income was $5.0 million, or 31% of total revenues, compared with $4.9 million, or 27% of total revenues in the first nine months of 2014.
· Net income was $3.9 million, or $0.21 per share, compared with $3.6 million, or $0.19 per share in the first nine months of 2014.
· Cash flow from operating activities in the first nine months of 2015 was $4.6 million.
As of September 30, 2015 we had 344 employees, compared with 362 as of September 30, 2014.
Operating Margins and Net Income
Similar to our previous quarter, the high operating margins, significantly higher than our target of 20%, are mainly the result of a decrease in expenses due to the devaluation of currencies against the U.S. dollar, a mix of revenues with lower third party expenses, changes in some provisions and some efficiency measures.
As previously mentioned, fluctuation in exchange rates contributes to volatility in our revenues, our expenses and our net income.
Revenue Distribution for Q3 2015
Revenues in the Americas represented 50%, revenues in Europe represented 35% and revenues in the rest of the world represented 15% of our total revenues.
Revenues from customer care and billing software totaled $4.1 million, or 79% of total revenues, while revenues from enterprise call accounting software totaled $1.1 million, or 21% of total revenues.
Revenues from licenses were $0.9 million, or 17% of total revenues, while revenues from maintenance and additional services were $4.3 million, or 83% of total revenues.
