MIND CTI swings to $19.8m profit in 2009

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OSS/BSS vendor MIND CTI swung to a $19.8 million profit in 2009, compared to a net loss of $6.5 million the year before.

The company's bottom line benefited from a one-time cash settlement of $18.5 million, MIND CTI said. But revenue fell 10% to $17.6 million over the same period.

CEO Monica Eisinger said the reduced revenue was due to over-compensatory spending in 2008 following a slump in telecom markets the year before.

The company said it had won four new customers – an African Wimax operator, a US regional mobile operator, a central American MSO and an Eastern European NextGen operator – during the year.