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<SEC-DOCUMENT>0001119083-05-000005.txt : 20050421
<SEC-HEADER>0001119083-05-000005.hdr.sgml : 20050421
<ACCEPTANCE-DATETIME>20050421073627
ACCESSION NUMBER:		0001119083-05-000005
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050420
FILED AS OF DATE:		20050421
DATE AS OF CHANGE:		20050421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIND CTI LTD
		CENTRAL INDEX KEY:			0001119083
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31215
		FILM NUMBER:		05763148

	BUSINESS ADDRESS:	
		STREET 1:		INDUSTRIAL PARK BUILDING 7
		CITY:			YOQNEAM ILIT ISRAEL
		STATE:			L3
		ZIP:			20692
		BUSINESS PHONE:		97249936666

	MAIL ADDRESS:	
		STREET 1:		PO BOX 144
		CITY:			YOQNEAM ILIT ISRAEL
		ZIP:			20692
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>mindcti6k.htm
<TEXT>
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	<TITLE>  MIND CTI LTD (Form: 6-K, Received: 04/21/2005) </TITLE>
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	FORM 6-K
<BR>
	SECURITIES AND
	EXCHANGE COMMISSION
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<BR>
<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
	Washington, D.C. 20549
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	Report of Foreign Private Issuer
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	Pursuant to Rule 13a-16 or 15d-16
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	For the month of April,
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	MIND C.T.I. LTD.
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	Industrial Park, Building 7, Yokneam 20692 , Israel
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<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
	Form 20-F
<FONT SIZE="3" FACE="WINGDINGS">
	x
</FONT>
	Form 40-F
<FONT SIZE="3" FACE="WINGDINGS">
	o
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	Note:
</B>
	Regulation S-T Rule
	101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to
	provide an attached annual report to security holders.
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	report or other document that the registrant foreign private issuer must furnish and make
	public under the laws of the jurisdiction in which the registrant is incorporated,
	domiciled or legally organized (the registrant&#146;s &#147;home country&#148;), or under
	the rules of the home country exchange on which the registrant&#146;s securities are
	traded, as long as the report or other document is not a press release, is not required to
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	Yes
<FONT SIZE="3" FACE="WINGDINGS">
	o
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	No
<FONT SIZE="3" FACE="WINGDINGS">
	x
</FONT>
</FONT>
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	If &#147;Yes&#148; is marked,
	indicate below the file number assigned to the registrant in connection with Rule
	12g3-2(b): 82- ________
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<HR SIZE="1" NOSHADE STYLE="MARGIN-TOP: -2PX">
<HR SIZE="4" NOSHADE STYLE="MARGIN-TOP: -10PX">
<P STYLE="PAGE-BREAK-AFTER:ALWAYS"></P>

<center>
	<h1>MIND CTI Reports EPS of 5 cents in Q1 2005</h1>
	<h2>* Positive Operating Cash Flow of $2 Million </h2>
</center>

<p>
	<strong>Yoqneam, Israel, April 20, 2005</strong>- MIND C.T.I. LTD. (NASDAQ: MNDO), a leading global provider of real-time mediation, rating, billing and customer care solutions for pre-paid and post-paid voice, data and content, today announced results for the first quarter ended March 31, 2005.
</p>

<b>Key Highlights of Q1 2005</b><br>
<ul>
	<li>Revenues were $3.08 million, a 23% decrease from $4 million in the first quarter of 2004.
	<li>FNet income for the first quarter was $1.03 million or $0.05 per diluted share, compared with a net income of $1.34 million or $0.06 per diluted share in the first quarter of 2004.
	<li>Five new customer wins.
	<li>The company generated $2.05 million in cash this quarter and distributed $6.88 million in annual dividends. Cash position remains strong with $46.66 million on the balance sheet on March 31, 2005.
</ul>

<p>
	Monica Eisinger, MIND chairperson and chief executive officer, commented: "After over two years of strong growth the market is showing some signs of fatigue this quarter, with both existing and potential customers delaying commitments.
</p><p>
	We are encouraged by a slight improvement towards the end of the quarter and expect to see sequential revenue growth in the second quarter.
</p><p>
	We are pleased that we maintained positive operating income and we believe that we maintained our market share.
</p><p>
	We continue to believe that the migration to converged networks is irreversible and we continue to invest in expanding our solutions to the new growing needs of billing for triple-play (voice, data and video). With an eye on expenses, we continue to recruit senior executives as we believe that the company will need a skilled management team to take advantage of the growth opportunities over the next few quarters and years. Although normal fluctuations in the business should be expected, we believe the long-term carrier migration to IP will result in revenue growth and profitability enhancement over the next few years."
</p>

<p>
	<strong>Revenue Distribution for Q1 2005</strong><br>
	The geographic revenue breakdown, as a percentage of total revenues, was as follows: sales in Europe represented 48%, the Americas represented 14%, Africa represented 12%, APAC represented 16% and Israel represented 10%.
</p><p>
	Revenue from our customer care and billing software totaled $2.34 million, while revenue from our enterprise call management software was $741 thousand. The revenue breakdown from our business lines of products was $1.54 million, or 50%, from licenses, $1.28 million, or 41%, from maintenance and $265 thousand, or 9%, from services.
</p><p>
	<strong>New Board Member</strong><br>
	At the Annual General Meeting held in April 2005, Mr. Menahem Shalgi was elected as an outside director of the company. Mr. Menahem Shalgi is a senior Amdocs Inc. (NYSE: DOX) veteran, and brings over three decades of software and telecom industry experience. Mr. Shalgi recently served as Amdocs' VP Business Development and M&A. He was responsible for leading the company's new businesses strategy and in addition, Mr. Shalgi was responsible for investments and acquisitions. Prior to assuming the role of corporate Business Development and M&A, Mr. Shalgi was Amdocs VP and Executive Account Manager, responsible for Marketing, Sales, Development and Support for large international accounts.
</p><p>
	<strong>New Executive Addition</strong><Br>
	We continue to add experienced people to further strengthen our management team. In April 2005 Mr. Benny Rosenbaum joined us to serve as COO, a new position at MIND. Prior to joining our company, he was CEO of a start-up in the Enterprise Software field and prior to that he was employed by Magic Software (NASDAQ: MGIC) for 14 years, where he served in various Sales, Business Development and Branch management positions.
</p><p>
	As of March 31, 2005, we had 252 employees in our offices in Israel, Romania, the United States and China.
</p><p>
	<strong>Conference Call Information</strong><br>
	MIND will host a conference call on April 21, at 8:30 a.m., Eastern Time, to discuss the Company's first quarter results and other financial and business information, including trends and guidance for the near future. The call will be carried live on the Internet via www.fulldisclosure.com and the MIND website, www.mindcti.com. For those unable to listen to the live web cast, a replay will be available.
</p><p>
	<strong>About MIND</strong><br>
	MIND CTI Ltd. (http://www.mindcti.com) is a leading global provider of real-time billing and customer care solutions for pre-paid and post-paid voice, data and video. Since 1997 MIND has been a pioneer in enabling the VoIP technology for emerging and incumbent service providers. MIND solutions include "best-in-class" solutions for Service Enabling of IP services in the wireless arena, end-to-end convergent billing solutions and internal billing for large enterprises. MIND operates from offices in Europe, Israel, the United States and China.
 </p><p>
	For financial information, reports and presentations, please visit the Investor Relations site: http://www.mindcti.com/ir
</p><p>
	Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: All statements other than historical facts included in the foregoing press release regarding the Company's business strategy are "forward looking statements." These statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements are not guarantees of future performance, and actual results may materially differ. The forward looking statements involve risks, uncertainties, and assumptions, including the risks discussed in the Company's filings with the United States Securities Exchange Commission.  The Company does not undertake to update any forward-looking information.
</p><p>
	<b>For more information please contact:</b><br>
	Andrea Dray<br>
	MIND CTI Ltd.<br>
	Tel: +972-4-993-6666<br>
	investor@mindcti.com
</p>

<center>(tables to follow)</center>
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<p>
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<a name="table"></a>
<a href="#top"><font size="1"><b>Back to top</b></font></a>

<center><h2>CONDENSED CONSOLIDATED BALANCE SHEETS</h2></center>
<table cellpadding="0" cellspacing="0" border="0" width="100%">
<tr>
	<td valign="top"><font size="2">&nbsp;</font></td>
	<td colspan="2" valign="top"><p align="center"><strong>March 31 </strong></p></font></td>
	<td valign="top"><font size="2"><p align="center"><strong>December 31, </strong></p></font></td>
</tr>
<tr>
	<td valign="top"><font size="2">&nbsp;</font></td>
	<td valign="top"><font size="2"><p align="center"><strong>2005 </strong></p></font></td>
	<td valign="top"><font size="2"><p align="center"><strong>2004 </strong></p></font></td>
	<td valign="top"><font size="2"><p align="center"><strong>2004 </strong></p></font></td>
</tr>
<tr>
	<td valign="top"><font size="2">&nbsp;</font></td>
	<td colspan="2" valign="top"><p align="center"><strong>(Unaudited) </strong></p></font></td>
	<td valign="top"><font size="2"><p align="center"><strong>(Audited) </strong></p></font></td>
</tr>
<tr>
	<td valign="top"><font size="2">&nbsp;</font></td>
	<td colspan="3" valign="top"><p align="center"><strong>U.S. $ in thousands </strong></p></font></td>
</tr><tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p align="center"><strong>A s s e t s</strong></p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p><strong>CURRENT ASSETS: </strong></p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:20px">Cash and cash equivalents</p></font></td>
    <td valign="top" align="right"><font size="2">$5,828</font></td>
    <td valign="top" align="right"><font size="2">$5,945</font></td>
    <td valign="top" align="right"><font size="2">$18,687</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:20px">Accounts receivable:</p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:30px">Trade</p></font></td>
    <td valign="top" align="right"><font size="2">1,780</font></td>
    <td valign="top" align="right"><font size="2">1,660</font></td>
    <td valign="top" align="right"><font size="2">3,418</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:30px">Interest accrued on long-term bank deposits</p></font></td>
    <td valign="top" align="right"><font size="2">833</font></td>
    <td valign="top" align="right"><font size="2">1,227</font></td>
    <td valign="top" align="right"><font size="2">242</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:30px">Other</p></font></td>
    <td valign="top" align="right"><font size="2">455</font></td>
    <td valign="top" align="right"><font size="2">889</font></td>
    <td valign="top" align="right"><font size="2">773</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:20px">Inventories</p></font></td>
    <td valign="top" align="right"><font size="2">19</font></td>
    <td valign="top" align="right"><font size="2">11</font></td>
    <td valign="top" align="right"><font size="2">18</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:40px">T o t a l current assets</p></font></td>
    <td valign="top" align="right"><font size="2">8,915</font></td>
    <td valign="top" align="right"><font size="2">9,732</font></td>
    <td valign="top" align="right"><font size="2">23,138</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><b>LONG-TERM BANK DEPOSITS </b></font></td>
    <td valign="top" align="right"><font size="2">40,000</font></td>
    <td valign="top" align="right"><font size="2">37,000</font></td>
    <td valign="top" align="right"><font size="2">30,000</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p><strong>PROPERTY AND EQUIPMENT </strong>, net of accumulated depreciation and amortization</font></td>
    <td valign="top" align="right"><font size="2">1,810</font></td>
    <td valign="top" align="right"><font size="2">1,508</font></td>
    <td valign="top" align="right"><font size="2">1,790</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p><strong>OTHER ASSETS, </strong>net of accumulated amortization</font></td>
    <td valign="top" align="right"><font size="2">644</font></td>
    <td valign="top" align="right"><font size="2">824</font></td>
    <td valign="top" align="right"><font size="2">788</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:40px">T o t a l assets</p></font></td>
    <td valign="top" align="right"><font size="2">$51,369</font></td>
    <td valign="top" align="right"><font size="2">$49,064</font></td>
    <td valign="top" align="right"><font size="2">$55,716</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p align="center"><strong>Liabilities and shareholders' equity </strong></p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:20px"><strong>CURRENT LIABILITIES - </strong>accounts payable and accruals:</p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:30px">Trade</p></font></td>
    <td valign="top" align="right"><font size="2">$363</font></td>
    <td valign="top" align="right"><font size="2">$530</font></td>
    <td valign="top" align="right"><font size="2">$466</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:30px">Deferred revenues</p></font></td>
    <td valign="top" align="right"><font size="2">1,578</font></td>
    <td valign="top" align="right"><font size="2">1,878</font></td>
    <td valign="top" align="right"><font size="2">1,680</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:30px">Other</p></font></td>
    <td valign="top" align="right"><font size="2">1,891</font></td>
    <td valign="top" align="right"><font size="2">1,425</font></td>
    <td valign="top" align="right"><font size="2">2,124</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:40px">T o t a l current liabilities</p></font></td>
    <td valign="top" align="right"><font size="2">3,832</font></td>
    <td valign="top" align="right"><font size="2">3,833</font></td>
    <td valign="top" align="right"><font size="2">4,270</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><b>EMPLOYEE RIGHTS UPON RETIREMENT </b></font></td>
    <td valign="top" align="right"><font size="2">1,139</font></td>
    <td valign="top" align="right"><font size="2">1,009</font></td>
    <td valign="top" align="right"><font size="2">1,200</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:40px">T o t a l liabilities</p></font></td>
    <td valign="top" align="right"><font size="2">4,971</font></td>
    <td valign="top" align="right"><font size="2">4,842</font></td>
    <td valign="top" align="right"><font size="2">5,470</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p><strong>SHAREHOLDERS' EQUITY: </strong></p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:20px">Share capital</p></font></td>
    <td valign="top" align="right"><font size="2">53</font></td>
    <td valign="top" align="right"><font size="2">53</font></td>
    <td valign="top" align="right"><font size="2">53</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:20px">Additional paid-in capital</p></font></td>
    <td valign="top" align="right"><font size="2">59,343</font></td>
    <td valign="top" align="right"><font size="2">58,591</font></td>
    <td valign="top" align="right"><font size="2">59,079</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:20px">Accumulated deficit</p></font></td>
    <td valign="top" align="right"><font size="2">(12,998)</font></td>
    <td valign="top" align="right"><font size="2">(14,422)</font></td>
    <td valign="top" align="right"><font size="2">(8,886)</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:40px">T o t a l shareholders' equity</p></font></td>
    <td valign="top" align="right"><font size="2">46,398</font></td>
    <td valign="top" align="right"><font size="2">44,222</font></td>
    <td valign="top" align="right"><font size="2">50,246</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:40px">To t a l liabilities and shareholders' equity</p></font></td>
    <td valign="top" align="right"><font size="2">$51,369</font></td>
    <td valign="top" align="right"><font size="2">$49,064</font></td>
    <td valign="top" align="right"><font size="2">$55,716</font></td>
  </tr>
</table>

<p><center><font size="2">I</font></center>
<!-- _________________________________________________________________________________________________-->
<hr width="100%">
</p>

<a name="table2"></a>
<a href="#top"><font size="1"><b>Back to top</b></font></a>

<center><h2>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</h2></center>
<table cellpadding="0" cellspacing="0" border="0" width="100%">
  <tr>
    <td width="340" valign="top">&nbsp;</font></td>
    <td colspan="2" valign="top"><p align="center"><strong>Three months ended March 31 </strong></p></font></td>
    <td valign="top"><font size="2"><p align="center"><strong>Year ended December 31, </strong></p></font></td>
  </tr>
  <tr>
    <td width="340" valign="top">&nbsp;</font></td>
    <td valign="top"><font size="2"><p align="center"><strong>2005 </strong></p></font></td>
    <td valign="top"><font size="2"><p align="center"><strong>2004 </strong></p></font></td>
    <td valign="top"><font size="2"><p align="center"><strong>2004 </strong></p></font></td>
  </tr>
  <tr>
    <td width="340" valign="top">&nbsp;</font></td>
    <td colspan="2" valign="top"><p align="center"><strong>(Unaudited) </strong></p></font></td>
    <td valign="top"><font size="2"><p align="center"><strong>(Audited) </strong></p></font></td>
  </tr>
  <tr>
    <td width="340" valign="top">&nbsp;</font></td>
    <td colspan="3" valign="top" align="center">U.S. $ in thousands (except per share data)</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p><strong>REVENUES </strong></p></font></td>
    <td valign="top" align="right"><font size="2">$3,082</font></td>
    <td valign="top" align="right"><font size="2">$4,005</font></td>
    <td valign="top" align="right"><font size="2">$17,806</font></td>
  </tr>
  <tr>
    <td width="340" valign="top"><p><strong>COST OF REVENUES </strong></p></font></td>
    <td valign="top" align="right"><font size="2">804</font></td>
    <td valign="top" align="right"><font size="2">1,001</font></td>
    <td valign="top" align="right"><font size="2">4,394</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p><strong>GROSS PROFIT </strong></p></font></td>
    <td valign="top" align="right"><font size="2">2,278</font></td>
    <td valign="top" align="right"><font size="2">3,004</font></td>
    <td valign="top" align="right"><font size="2">13,412</font></td>
  </tr>
  <tr>
    <td width="340" valign="top"><p><strong>RESEARCH AND DEVELOPMENT </strong></p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p><strong>EXPENSES </strong></p></font></td>
    <td valign="top" align="right"><font size="2">998</font></td>
    <td valign="top" align="right"><font size="2">951</font></td>
    <td valign="top" align="right"><font size="2">3,833</font></td>
  </tr>
  <tr>
    <td width="340" valign="top"><p><strong>SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:</strong></p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p style="margin-left:20px">Selling</p></font></td>
    <td valign="top" align="right"><font size="2">593</font></td>
    <td valign="top" align="right"><font size="2">1,117</font></td>
    <td valign="top" align="right"><font size="2">4,517</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p style="margin-left:20px">General and administrative</p></font></td>
    <td valign="top" align="right"><font size="2">360</font></td>
    <td valign="top" align="right"><font size="2">334</font></td>
    <td valign="top" align="right"><font size="2">1,864</font></td>
  </tr>
  <tr>
    <td width="340" valign="top"><p><strong>OPERATING INCOME </strong></p></font></td>
    <td valign="top" align="right"><font size="2">327</font></td>
    <td valign="top" align="right"><font size="2">602</font></td>
    <td valign="top" align="right"><font size="2">3,198</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p><strong>FINANCIAL AND OTHER INCOME </strong> - net</font></td>
    <td valign="top" align="right"><font size="2">719</font></td>
    <td valign="top" align="right"><font size="2">790</font></td>
    <td valign="top" align="right"><font size="2">3,841</font></td>
  </tr>
  <tr>
    <td width="340" valign="top"><p><strong>INCOME BEFORE TAXES ON INCOME </strong></p></font></td>
    <td valign="top" align="right"><font size="2">1,046</font></td>
    <td valign="top" align="right"><font size="2">1,392</font></td>
    <td valign="top" align="right"><font size="2">7,039</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p><strong>TAXES ON INCOME </strong></p></font></td>
    <td valign="top" align="right"><font size="2">15</font></td>
    <td valign="top" align="right"><font size="2">51</font></td>
    <td valign="top" align="right"><font size="2">162</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p><strong>NET INCOME </strong></p></font></td>
    <td valign="top" align="right"><font size="2">$1,031</font></td>
    <td valign="top" align="right"><font size="2">$1,341</font></td>
    <td valign="top" align="right"><font size="2">$6,877</font></td>
  </tr>
  <tr>
    <td width="340" valign="top"><h5>EARNING PER SHARE: </h5></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p style="margin-left:20px">Basic </p></font></td>
    <td valign="top" align="right"><font size="2">$0.05</font></td>
    <td valign="top" align="right"><font size="2">$0.06</font></td>
    <td valign="top" align="right"><font size="2">$0.33</font></td>
  </tr>
  <tr>
    <td width="340" valign="top"><p style="margin-left:20px">Diluted </p></font></td>
    <td valign="top" align="right"><font size="2">$0.05</font></td>
    <td valign="top" align="right"><font size="2">$0.06</font></td>
    <td valign="top" align="right"><font size="2">$0.32</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p><strong>WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES USED IN COMPUTATION OF EARNINGS PER SHARE - IN THOUSANDS: </strong><strong></strong></p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="340" valign="top"><p style="margin-left:20px">Basic</p></font></td>
    <td valign="top" align="right"><font size="2">21,364</font></td>
    <td valign="top" align="right"><font size="2">20,762</font></td>
    <td valign="top" align="right"><font size="2">21,089</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td width="340" valign="top"><p style="margin-left:20px">Diluted</p></font></td>
    <td valign="top" align="right"><font size="2">21,679</font></td>
    <td valign="top" align="right"><font size="2">21,287</font></td>
    <td valign="top" align="right"><font size="2">21,468</font></td>
  </tr>
</table>

<p><center><font size="2">II</font></center>
<!-- _________________________________________________________________________________________________-->
<hr width="100%">
</p>

<a name="table3"></a>
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<center><h2>CONSOLIDATED STATEMENTS OF CASH FLOWS</h2></center>
<table cellpadding="0" cellspacing="0" border="0" width="100%">
  <tr>
    <td valign="top"><font size="2">&nbsp;</font></td>
    <td colspan="3" valign="top">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2">&nbsp;</font></td>
    <td colspan="3" valign="top">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2">&nbsp;</font></td>
    <td colspan="2" valign="top"><p align="center"><strong>Three months </strong></p>
        <p align="center"><strong>ended March 31 </strong></p></font></td>
    <td valign="top"><font size="2"><p align="center"><strong>Year ended December 31, </strong></p></font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2">&nbsp;</font></td>
    <td valign="top"><font size="2"><p align="center"><strong>2005 </strong></p></font></td>
    <td valign="top"><font size="2"><p align="center"><strong>2004 </strong></p></font></td>
    <td valign="top"><font size="2"><p align="center"><strong>2004 </strong></p></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="3" valign="top"><p align="center"><strong>(In thousands of U.S. dollars) </strong></p></font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p><strong>CASH FLOWS FROM OPERATING ACTIVITIES: </strong></p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:20px">Net Income</p></font></td>
    <td valign="top" align="right"><font size="2">$1,031</font></td>
    <td valign="top" align="right"><font size="2">$1,341</font></td>
    <td valign="top" align="right"><font size="2">$6,877</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:20px">Adjustments to reconcile net income to net cash provided by operating activities:</p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:30px">Depreciation and amortization</p></font></td>
    <td valign="top" align="right"><font size="2">180</font></td>
    <td valign="top" align="right"><font size="2">187</font></td>
    <td valign="top" align="right"><font size="2">680</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:30px">Accrued severance pay</p></font></td>
    <td valign="top" align="right"><font size="2">(61)</font></td>
    <td valign="top" align="right"><font size="2">17</font></td>
    <td valign="top" align="right"><font size="2">202</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:30px">Capital loss (gain) on sale of property andequipment - net</p></font></td>
    <td valign="top" align="right"><font size="2">(23)</font></td>
    <td valign="top" align="right"><font size="2">6</font></td>
    <td valign="top" align="right"><font size="2">(7)</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:30px">Changes in operating asset and liability items:</p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:40px">Decrease (increase) in accounts receivable:</p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:45px">Trade</p></font></td>
    <td valign="top" align="right"><font size="2">1,638</font></td>
    <td valign="top" align="right"><font size="2">521</font></td>
    <td valign="top" align="right"><font size="2">(1,237)</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:45px">Interest accrued on long-term bank deposits</p></font></td>
    <td valign="top" align="right"><font size="2">(591)</font></td>
    <td valign="top" align="right"><font size="2">(871)</font></td>
    <td valign="top" align="right"><font size="2">240</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:45px">Other</p></font></td>
    <td valign="top" align="right"><font size="2">318</font></td>
    <td valign="top" align="right"><font size="2">(31)</font></td>
    <td valign="top" align="right"><font size="2">93</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:40px">Increase (decrease) in accounts payable and accruals:</p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:45px">Trade</p></font></td>
    <td valign="top" align="right"><font size="2">(103)</font></td>
    <td valign="top" align="right"><font size="2">(188)</font></td>
    <td valign="top" align="right"><font size="2">(252)</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:45px">Other</p></font></td>
    <td valign="top" align="right"><font size="2">(335)</font></td>
    <td valign="top" align="right"><font size="2">580</font></td>
    <td valign="top" align="right"><font size="2">1,081</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:45px">Increase in Inventories</p></font></td>
    <td valign="top" align="right"><font size="2">(1)</font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top" align="right"><font size="2">(7)</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:20px">Net cash provided by operating activities</p></font></td>
    <td valign="top" align="right"><font size="2">2,053</font></td>
    <td valign="top" align="right"><font size="2">1,562</font></td>
    <td valign="top" align="right"><font size="2">7,670</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p><strong>CASH FLOWS FROM INVESTING ACTIVITIES: </strong></p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:20px">Purchase of property and equipment</p></font></td>
    <td valign="top" align="right"><font size="2">(216)</font></td>
    <td valign="top" align="right"><font size="2">(470)</font></td>
    <td valign="top" align="right"><font size="2">(1,226)</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:20px">Amounts funded in respect of accrued severance pay</p></font></td>
    <td valign="top" align="right"><font size="2">94</font></td>
    <td valign="top" align="right"><font size="2">(6)</font></td>
    <td valign="top" align="right"><font size="2">(120)</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:20px">Investment in long-term bank deposits</p></font></td>
    <td valign="top" align="right"><font size="2">(10,000)</font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top" align="right"><font size="2">(40,000)</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:20px">Withdrawal of long-term bank deposits</p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top" align="right"><font size="2">3,126</font></td>
    <td valign="top" align="right"><font size="2">50,000</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:20px">Proceeds from sale of property and equipment</p></font></td>
    <td valign="top" align="right"><font size="2">89</font></td>
    <td valign="top" align="right"><font size="2">1</font></td>
    <td valign="top" align="right"><font size="2">145</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:20px">Net cash provided by (used in) investing activities</p></font></td>
    <td valign="top" align="right"><font size="2">(10,033)</font></td>
    <td valign="top" align="right"><font size="2">2,651</font></td>
    <td valign="top" align="right"><font size="2">8,799</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p><strong>CASH FLOWS FROM FINANCING ACTIVITIES : </strong></p></font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:20px">Employee stock options exercised and paid</p></font></td>
    <td valign="top" align="right"><font size="2">264</font></td>
    <td valign="top" align="right"><font size="2">77</font></td>
    <td valign="top" align="right"><font size="2">563</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p style="margin-left:20px">Dividend paid</p></font></td>
    <td valign="top" align="right"><font size="2">(5,143)</font></td>
    <td valign="top" align="right"><font size="2">(2,736)</font></td>
    <td valign="top" align="right"><font size="2">(2,736)</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><p style="margin-left:20px">Net cash used in financing activities</p></font></td>
    <td valign="top" align="right"><font size="2">(4,879)</font></td>
    <td valign="top" align="right"><font size="2">(2,659)</font></td>
    <td valign="top" align="right"><font size="2">(2,173)</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p><strong>NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS </strong></p></font></td>
    <td valign="top" align="right"><font size="2">(12,859)</font></td>
    <td valign="top" align="right"><font size="2">1,554</font></td>
    <td valign="top" align="right"><font size="2">14,296</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2"><strong>ALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD</strong></font></td>
    <td valign="top" align="right"><font size="2">18,687</font></td>
    <td valign="top" align="right"><font size="2">4,391</font></td>
    <td valign="top" align="right"><font size="2">4,391</font></td>
  </tr>
  <tr BGCOLOR="#CCEEFF">
    <td valign="top"><font size="2"><p><strong>BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD </strong></p></font></td>
    <td valign="top" align="right"><font size="2">$5,828</font></td>
    <td valign="top" align="right"><font size="2">$5,945</font></td>
    <td valign="top" align="right"><font size="2">$18,687</font></td>
  </tr>
</table>

<p><center><font size="2">III</font></center>
<!-- _________________________________________________________________________________________________-->
<HR SIZE="1" NOSHADE STYLE="MARGIN-TOP: -2PX">
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</p>

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<P STYLE="PAGE-BREAK-AFTER:ALWAYS"></P>
<!-- MARKER FORMAT-SHEET="HEAD MAJOR CENTER BOLD 1-TNR" FSL="WORKSTATION" -->

<A NAME="FIS_SIGNATURES"></A>

<H1 ALIGN=CENTER>
<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
	Signatures
</FONT>
</H1>
<!-- MARKER FORMAT-SHEET="PARA FLUSH LV 0-TNR" FSL="DEFAULT" -->
<P>
<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
	Pursuant to the requirements of the
	Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
	on its behalf by the undersigned, thereunto duly authorized.
</FONT>
</P>
<!-- MARKER FORMAT-SHEET="SIGNATURE (SINGLE)" FSL="WORKSTATION" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
	<TR VALIGN=TOP>
		<TD WIDTH=40%></TD>
		<TD WIDTH=10%></TD>
		<TD WIDTH=50%>
			<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
				By Order of the Board of Directors,
			<BR>
			<BR>
			<BR>
				/s/ Monica Eisinger
			<BR>
				&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;
			<BR>
				Monica Eisinger
			<BR>
				Title: Chairperson of the Board of Directors, President and Chief Executive Officer
			</FONT>
		</TD>
	</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="HEAD LEFT-TNR" FSL="WORKSTATION" -->
<P ALIGN=LEFT>
	<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
		April 20, 2005
	</FONT>
</P>

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<center><font size="2"> - end of file - </font></center>
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