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<SEC-DOCUMENT>0001119083-06-000018.txt : 20061031
<SEC-HEADER>0001119083-06-000018.hdr.sgml : 20061031
<ACCEPTANCE-DATETIME>20061031080243
ACCESSION NUMBER:		0001119083-06-000018
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060930
FILED AS OF DATE:		20061031
DATE AS OF CHANGE:		20061031

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:		061173853

	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>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
	<TITLE> MIND CTI LTD (Form: 6-K, Received: 07/25/2002 09:11:35) </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF"                 VLINK="#800080">
<BR>
<P>

<FONT SIZE=5>
	<STRONG><CENTER>FORM 6-K</CENTER></STRONG>
</font></p>
<P>
<FONT SIZE=5>
	<STRONG><CENTER>SECURITIES AND EXCHANGE COMMISSION</CENTER></STRONG>
</font></p>
<FONT SIZE=4>
	<CENTER>Washington, D.C. 20549</CENTER>
</font></p>
<p>
<STRONG><CENTER>Report of Foreign Private Issuer</CENTER></STRONG>
<P>

<CENTER>Pursuant to Rule 13a-16 or 15d-16 of</CENTER>
<CENTER>the Securities Exchange Act of 1934</CENTER>
<P>

<STRONG><CENTER>
  For the month of October, 2006
</CENTER>
</STRONG>
<P>
<STRONG><CENTER>
Commission File Number: 000-31215
</CENTER>
</STRONG>
<P>
<center>
	<FONT SIZE=5><STRONG>MIND C.T.I. LTD.</strong></font>
</center>
</p>
<CENTER>
(Translation of Registrant's Name into English)
</CENTER>
<P>

<CENTER><STRONG>
	Industrial Park, Building 7, Yoqneam, Israel 20692</STRONG>
</CENTER>
<CENTER>
	(Address of Principal Executive Offices)
</CENTER>
<P>

<CENTER>
	Indicate by check mark whether the registrant files or will file annual
</CENTER>
<CENTER>
	reports under cover Form 20-F or Form 40-F:
</CENTER>
<P>

<CENTER>Form 20-F [X] Form 40-F [ ]</CENTER>
<P>
<CENTER>
	Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): N/A
</CENTER>
<P>
<CENTER>
	Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): N/A
</CENTER>
<P>

<CENTER>
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
	<BR>
	Yes [ ] No  [X]
</CENTER>
<P>

<center>
	If &quot;Yes&quot; is marked, indicate below the file number assigned to the registrant
	in connection with Rule 12g3-2(b): 82-N/A.
</center>
<P>
<p>
<STRONG><CENTER>INCORPORATION BY REFERENCE</CENTER></STRONG>
<P>
<CENTER>
The financial statements included in the press release attached as Exhibit 1 to this Report on Form 6-K are hereby incorporated by reference into: (i) the Registrant's Registration Statement on Form S-8, Registration No. 333-117054; (ii) the Registrant's Registration Statement on Form S-8, Registration No. 333-100804; and (iii) the Registrant's Registration Statement on Form S-8, Registration No. 333-54632.
</CENTER>
<P>
<p>
<STRONG><CENTER>CONTENTS</CENTER></STRONG>
<P>
<CENTER>This report on Form 6-K consists of the following Exhibit, which is attached hereto and incorporated by reference herein:
<BR>1. Press Release: MIND CTI Reports EPS of 3 Cents for the Third Quarter of 2006, Dated October 30, 2006.
</CENTER>
<P>
<P>
<STRONG><CENTER>SIGNATURES</CENTER></STRONG>
<P>
<CENTER>
	Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</CENTER>
<p>Date: October 31, 2006
<p>
<table width="100%" cellpadding="0" cellspacing="0">
	<tr>
	<td valign="bottom" width="50%"></td>
	<td>MIND C.T.I. LTD. <BR><BR></td></tr><tr><td></td><td>
	By: /s/ Monica Eisinger<br>
	Name: Monica Eisinger<br>
	===================<br>
     	Title: Chairperson of the Board of
	Directors, President and Chief Executive Officer
	</td>
	</tr>
</table>
<P ALIGN="CENTER"><STRONG>EXHIBIT INDEX</STRONG></P>
<table cellpadding="2">
	<tr><td width="150">Exhibit Number</td><td>Description of Exhibit</td></tr>
	<tr><td align="right" valign="top">1.</td><td>Press Release: MIND CTI Reports EPS of 3 Cents for the Third Quarter of 2006, Dated October 30, 2006.
</td>
	</tr>
</table>


<HR width=75% color=#999999 noshade size=2>
<!-- -------------------------------------------------------------------------- -->
<P>
<center>
  <h1>MIND CTI Reports EPS of 3 Cents for the Third Quarter of 2006</h1>
  <h2>Cash Flow from Operating Activities of $1.05 Million</h2>
</center>
<p>
	<b>Yoqneam, Israel, October 30, 2006</b> - MIND CTI Ltd. (NasdaqNM:MNDO), a leading provider of convergent end-to-end billing and customer care product based solutions for tier 2 and tier 3 carriers worldwide, today announced results for the third quarter 2006.
</p><p>
	Monica Eisinger, Chairperson and CEO, commented: "The telecom industry is in a transition phase, fueled by the mobile devices wide penetration and by the expansion of IP infrastructure. The pursuit for return on investment in the service-provider space led to the need to increase revenue from existing subscribers. This subsequently created the need for convergence of services at all levels of carriers.
</p><p>
	MIND is also experiencing a transition phase. We have invested heavily in the enhancement of our solutions, while focusing on building our business for the long term, with larger deals and long-term contracts. The third quarter results are a result of our focus on larger deals that require longer sales-cycles and longer revenue spread. At the same time our visibility increased and with careful planning we maintained profitability. The long-term relationships with our customers enable us to build future revenue streams and this quarter we saw significant recurrent revenue from our customer base, with three customer upgrades.
</p><p>
	The convergence that drives the telecom space has created an ideal opportunity for us. What differentiates us is that we bring to the tier 2 operators a convergent product based end-to-end solution as well as services that help them execute their convergence plans in a more efficient way and serve their customers better."
</p><p>
	<b>Financial Highlights of Q3 2006</b>
</p>
	<ul>
		<li>Revenues of $4.66 million, a 15% increase over the third quarter of 2005.</li>
		<li>Operating income, excluding amortization of intangible assets and equity-based compensation expense of $677 thousand.</li>
		<li>Net income, excluding amortization of intangible assets and equity-based compensation expense, of $972 thousand or $0.05 per share.</li>
		<li>GAAP net income of $710 thousand or $0.03 per share. </li>
		<li>Cash flow from operating activities in Q3 2006 was $1.05 million.</li>
		<li>Strong cash position of approximately $37 million on September 30, 2006.</li>
	</ul>
<p>
	<b>Dividend Policy and Dividend Distribution</b><br>
	In July 2003, the Board of Directors had adopted our dividend policy. We have since distributed dividends four times and we intend to continue to distribute cash dividends based on factors that include our cash position and our activities.
</p><p>
	Today, the Board of Directors resolved that the Company should seek the court approval formally required in order to enable a distribution for the year 2006 of approximately $4 million, which is similar to previous years' average. Under Israeli law, a company with insufficient retained earnings is required to obtain approval from the court for such a distribution in order to ensure that the Company's creditors are not harmed by the action. In view of the strong cash position of approximately $37 million, the Company expects to obtain such court approval within eight to twelve weeks, although there is no guarantee that such approval will not be delayed or denied.
</p><p>
	Prior to paying any dividend, which is still subject to specific Board approval, the Company will issue a press release announcing the exact dividend amount, record date and distribution date.
</p><p>
	"Given our strong cash position and our positive operating cash flow, we believe that our dividend policy enhances shareholders value," stated Monica. "We are well positioned and have the required resources to respond to potentially increasing market needs and at the same time we are focused on targeting potential acquisitions that could benefit the company growth".
</p><p>
	<b>Conference Call Information</b><br>
	MIND will host a conference call on October 31, 2006 at 8:30 a.m., Eastern Standard Time, to discuss the Company's third quarter 2006 results and other financial and business information. 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>
	<b>About MIND</b><br>
	MIND CTI Ltd. is a leading provider of convergent prepaid and postpaid end-to-end billing and customer care solutions for VoIP, Mobile, Wireline and Quad-play carriers worldwide. Since 1997 MIND has been a pioneer in enabling the VoIP technology for emerging and incumbent service providers. In August 2005 MIND acquired Sentori, Inc., a US based provider of customer care and billing solutions to wireless carriers and mobile virtual network operators (MVNOs). Sentori, Inc. brings over ten years of wireless experience staff and seven years of a wireless operational solution to carriers. A global company, MIND operates from offices in Europe, Israel and the United States. MIND employs over 300 IT professionals and serves customers in more than 40 countries around the world. For financial information, reports and presentations, please visit the Investor Relations site: http://www.mindcti.com/ir
</p><p><font size="2">
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.</font>
</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<br>
</p>

<center>(tables to follow)</center>
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<center>
	<p>
		<b>MIND C.T.I. LTD.</b><br />
		(An Israeli Corporation)<br />
		INTERIM REPORT<br />
		(Unaudited)<br />
		AS OF SEPTEMBER 30, 2006<br />
	</p>
	<br>
	<p>TABLE OF CONTENTS</p>
</center>

<table align="center" border="0">
	<tr>
		<td></td>
		<td><strong>Page</strong></td>
	</tr><tr>
		<td><strong>CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:</strong></td>
		<td></td>
	</tr><tr>
		<td>Balance sheets</td>
		<td>2</td>
	</tr><tr>
		<td>Statements of operations</td>
		<td>3</td>
	</tr><tr>
		<td>Statements of cash flows</td>
		<td>4-5</td>
	</tr>
</table>
<br>
<br>
<center>The amounts are stated in U.S. dollars ($) in thousands</center>

<p><center><font size="2">I</font></center>
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<center><h2>MIND C.T.I. LTD.</h2><h2 style="font-weight:normal">CONDENSED CONSOLIDATED BALANCE SHEETS</h2></center>

<table border="0" cellpadding="0" cellspacing="0" align="center" width="100%">
<tr><td>&nbsp;</td><td colspan="2" align="center"><font size="2"><b>September 30</b>		</font></td><td valign="bottom"  align="center"><font size="2"><b>December 31,</b></font></td></tr>
<tr><td>&nbsp;</td><td colspan="2" align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td valign="bottom"  align="center">			<div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div>		</td></tr>
<tr><td>&nbsp;</td>
	<td valign="bottom" width="100" align="center"><font size="2"><b>2006</b></font></td>
	<td valign="bottom" width="100" align="center"><font size="2"><b>2005</b></font></td>
	<td valign="bottom" width="100" align="center"><font size="2"><b>2005</b></font></td>
</tr>
<tr><td>&nbsp;</td><td valign="bottom" align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td valign="bottom"  align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td valign="bottom" align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div>		</td></tr>
<tr><td>&nbsp;</td><td colspan="2" align="center"><font size="2"><b>(Unaudited)</b>		</font></td><td valign="bottom"  align="center"><font size="2"><b>(Audited)</b></font></td></tr>
<tr><td>&nbsp;</td><td colspan="2" align="center"><font size="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></font></td><td valign="bottom"  align="center"><font size="2">		<div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div>		</td></tr>
<tr><td>&nbsp;</td><td colspan="3" align="center"><font size="2"><b>U.S. $ in thousands</b>				</font></td></tr>
<tr><td>&nbsp;</td><td colspan="3" align="center"><div style="width:100%;line-height:1px;color:black;border-bottom:1px solid black"></div>						</td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="center"><font size="2"><b>A  s  s  e  t  s</b></font></td><td valign="bottom" align="right"><font size="2"></font></td><td valign="bottom" align="right"><font size="2">   </font></td><td valign="bottom" align="right"><font size="2"></font></td></tr>
<tr><td valign="bottom" align="left"><font size="2"><b>CURRENT ASSETS:</b></font></td><td valign="bottom" align="right"><font size="2"></font></td><td valign="bottom" align="right"><font size="2">   </font></td><td valign="bottom" align="right"><font size="2"></font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Cash and cash equivalents</font></td><td valign="bottom" align="right"><font size="2">$26,647 </font></td><td valign="bottom" align="right"><font size="2">$10,984 </font></td>
<td valign="bottom" align="right"><font size="2">$10,174 </font></td></tr>
<tr><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Accounts receivable:</font></td><td valign="bottom" align="right"><font size="2"></font></td><td valign="bottom" align="right"><font size="2">   </font></td><td valign="bottom" align="right"><font size="2"></font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:40px"><font size="2">Trade</font></td><td valign="bottom" align="right"><font size="2">4,862</font></td><td valign="bottom" align="right"><font size="2"> 3,694 </font></td><td valign="bottom" align="right"><font size="2">3,389</font></td></tr>
<tr><td valign="bottom" align="left" style="padding-left:40px"><font size="2">Other</font></td><td valign="bottom" align="right"><font size="2">931</font></td><td valign="bottom" align="right"><font size="2"> 716 </font></td><td valign="bottom" align="right"><font size="2">739</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Inventories</font></td><td valign="bottom" align="right"><font size="2">30</font></td><td valign="bottom" align="right"><font size="2"> 18 </font></td><td valign="bottom" align="right"><font size="2">30</font></td></tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
<tr><td valign="bottom" align="left" style="padding-left:60px"><font size="2">T o t a l  current assets</font></td><td valign="bottom" align="right"><font size="2">32,470</font></td><td valign="bottom" align="right"><font size="2"> 15,412 </font></td><td valign="bottom" align="right"><font size="2">14,332</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>LONG-TERM BANK DEPOSITS</b></font></td><td valign="bottom" align="right"><font size="2">10,000</font></td><td valign="bottom" align="right"><font size="2"> 30,000 </font></td><td valign="bottom" align="right"><font size="2">30,000</font></td></tr>
<tr><td valign="bottom" align="left"><font size="2"><b>OTHER LONG-TERM ASSETS</b></font></td><td valign="bottom" align="right"><font size="2">554</font></td><td valign="bottom" align="right"><font size="2"> 437 </font></td><td valign="bottom" align="right"><font size="2">480</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>PROPERTY AND EQUIPMENT</b>, net of accumulated depreciation and amortization</font></td><td valign="bottom" align="right"><font size="2">1,790</font></td><td valign="bottom" align="right"><font size="2"> 2,057 </font></td><td valign="bottom" align="right"><font size="2">1,957</font></td></tr>
<tr><td valign="bottom" align="left"><font size="2"><b>INTANGIBLE ASSETS</b>, net of accumulated amortization</font></td><td valign="bottom" align="right"><font size="2">980</font></td><td valign="bottom" align="right"><font size="2">* 1,834</font></td><td valign="bottom" align="right"><font size="2">1,660</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>GOODWILL</b></font></td><td valign="bottom" align="right"><font size="2">6,966</font></td><td valign="bottom" align="right"><font size="2">* 6,966</font></td><td valign="bottom" align="right"><font size="2">6,966</font></td></tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
<tr><td valign="bottom" align="left" style="padding-left:60px"><font size="2">T o t a l  assets</font></td><td valign="bottom" align="right"><font size="2">$52,760 </font></td><td valign="bottom" align="right"><font size="2">$56,706 </font></td><td valign="bottom" align="right"><font size="2">$55,395 </font></td></tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="center"><font size="2"><b>Liabilities and shareholders' equity</b></font></td><td valign="bottom" align="right"><font size="2"></font></td><td valign="bottom" align="right"><font size="2">   </font></td><td valign="bottom" align="right"><font size="2"></font></td></tr>
<tr><td valign="bottom" align="left"><font size="2"><b>CURRENT LIABILITIES:</b></font></td><td valign="bottom" align="right"><font size="2"></font></td><td valign="bottom" align="right"><font size="2">   </font></td><td valign="bottom" align="right"><font size="2"></font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Accounts payable and accruals:</font></td><td valign="bottom" align="right"><font size="2"></font></td><td valign="bottom" align="right"><font size="2">   </font></td><td valign="bottom" align="right"><font size="2"></font></td></tr>
<tr><td valign="bottom" align="left" style="padding-left:40px"><font size="2">Trade</font></td><td valign="bottom" align="right"><font size="2">$594 </font></td><td valign="bottom" align="right"><font size="2">$809 </font></td><td valign="bottom" align="right"><font size="2">$686 </font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:40px"><font size="2">    Other</font></td><td valign="bottom" align="right"><font size="2">1,497</font></td><td valign="bottom" align="right"><font size="2">* 2,009</font></td><td valign="bottom" align="right"><font size="2">1,741</font></td></tr>
<tr><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Deferred revenues </font></td><td valign="bottom" align="right"><font size="2">1,580</font></td><td valign="bottom" align="right"><font size="2">* 1,899</font></td><td valign="bottom" align="right"><font size="2">1,644</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Advances from customers, net</font></td><td valign="bottom" align="right"><font size="2">171</font></td><td valign="bottom" align="right"><font size="2">* 2,715</font></td><td valign="bottom" align="right"><font size="2">790</font></td></tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
<tr><td valign="bottom" align="left" style="padding-left:60px"><font size="2">T o t a l  current liabilities</font></td><td valign="bottom" align="right"><font size="2">3,842</font></td><td valign="bottom" align="right"><font size="2">7,432</font></td><td valign="bottom" align="right"><font size="2">4,861</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>EMPLOYEE RIGHTS UPON RETIREMENT</b></font></td><td valign="bottom" align="right"><font size="2">1,215</font></td><td valign="bottom" align="right"><font size="2">1,098</font></td><td valign="bottom" align="right"><font size="2">1,049</font></td></tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
<tr><td valign="bottom" align="left" style="padding-left:60px"><font size="2">T o t a l liabilities</font></td><td valign="bottom" align="right"><font size="2">5,057</font></td><td valign="bottom" align="right"><font size="2">8,530</font></td><td valign="bottom" align="right"><font size="2">5,910</font></td></tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>SHAREHOLDERS' EQUITY: </b></font></td><td colspan="3">							</td></tr>
<tr><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Share capital</font></td><td valign="bottom" align="right"><font size="2">53</font></td><td valign="bottom" align="right"><font size="2">53</font></td><td valign="bottom" align="right"><font size="2">53</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Additional paid-in capital</font></td><td valign="bottom" align="right"><font size="2">59,510</font></td><td valign="bottom" align="right"><font size="2">59,399</font></td><td valign="bottom" align="right"><font size="2">59,399</font></td></tr>
<tr><td valign="bottom" align="left" style="padding-left:20px"><font size="2">     Compensation in respect of options granted to employees</font></td><td valign="bottom" align="right"><font size="2">244</font></td><td valign="bottom" align="right"><font size="2"></font></td><td valign="bottom" align="right"><font size="2"></font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Accumulated deficit</font></td><td valign="bottom" align="right"><font size="2">(12,104)</font></td><td valign="bottom" align="right"><font size="2">(11,276)</font></td><td valign="bottom" align="right"><font size="2">(9,967)</font></td></tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
<tr><td valign="bottom" align="left" style="padding-left:60px"><font size="2">T o t a l  shareholders' equity </font></td><td valign="bottom" align="right"><font size="2">47,703</font></td><td valign="bottom" align="right"><font size="2">48,176</font></td><td valign="bottom" align="right"><font size="2">49,485</font></td></tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:60px"><font size="2">T o t a l  liabilities and shareholders' equity</font></td><td valign="bottom" align="right"><font size="2">$52,760 </font></td><td valign="bottom" align="right"><font size="2">$56,706 </font></td><td valign="bottom" align="right"><font size="2">$55,395 </font></td></tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
<tr><td></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td valign="bottom" align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	</tr>
</table>

<br>
<table>
	<tr>
		<td width="20" valign="top">*</td>
		<td>Reclassified.</td>
	</tr>
</table>

<p><center>
  <font size="2">II</font>
</center>
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<a href="#top"><font size="1"><b>Back to top</b></font></a>

<center><h2>MIND C.T.I. LTD.</h2><h2 style="font-weight:normal">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</h2></center>

<table border="0" cellpadding="0" cellspacing="0" align="center" width="100%">
<tr><td>&nbsp;</td><td colspan="2" align="center" valign="bottom"><font size="2"><b>Nine months ended September 30</b>		</font></td><td colspan="2" valign="bottom"  align="center"><font size="2"><b>Three months ended September 30</b>		</font></td><td valign="bottom"  align="center"><font size="2"><b>Year ended December 31,</b></font></td></tr>
<tr><td>&nbsp;</td><td colspan="2" align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div>			</td><td colspan="2" align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div>			</td><td align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div>		</td></tr>
	<tr><td>&nbsp;</td>
		<td valign="bottom" width="100" align="center"><font size="2"><b>2006</b></font></td>
		<td valign="bottom" width="100" align="center"><font size="2"><b>2005</b></font></td>
		<td valign="bottom" width="100" align="center"><font size="2"><b>2006</b></font></td>
		<td valign="bottom" width="100" align="center"><font size="2"><b>2005</b></font></td>
		<td valign="bottom" width="100" align="center"><font size="2"><b>2005</b></font></td>
	</tr>
<tr><td>&nbsp;</td><td align="center"><font size="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="center"><font size="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="center"><font size="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="center"><font size="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="center"><font size="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div>		</td></tr>
<tr><td>&nbsp;</td><td colspan="2" align="center"><font size="2"><b>(Unaudited)</b>		</font></td><td colspan="2" valign="bottom"  align="center"><font size="2"><b>(Unaudited)</b>		</font></td><td valign="bottom"  align="center"><font size="2"><b>(Audited)</b></font></td></tr>
<tr><td>&nbsp;</td><td colspan="2" align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div>			</td><td colspan="2" align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div>			</td><td align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div>		</td></tr>
<tr><td>&nbsp;</td><td colspan="5" align="center"><font size="2"><b>U.S. $ in thousands (except per share data)</b>								</font></td></tr>
<tr><td>&nbsp;</td><td colspan="5" align="center"><div style="width:100%;line-height:1px;color:black;border-bottom:1px solid black"></div>										</td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>REVENUES</b></font></td><td valign="bottom" align="right"><font size="2">$14,985 </font></td><td valign="bottom" align="right"><font size="2">$10,562 </font></td><td valign="bottom" align="right"><font size="2">$4,659 </font></td><td valign="bottom" align="right"><font size="2">$4,058 </font></td><td valign="bottom" align="right"><font size="2">$15,601 </font></td></tr>
<tr><td valign="bottom" align="left"><font size="2"><b>COST OF REVENUES</b></font></td><td valign="bottom" align="right"><font size="2">4,482</font></td><td valign="bottom" align="right"><font size="2">2,691</font></td><td valign="bottom" align="right"><font size="2">1,392</font></td><td valign="bottom" align="right"><font size="2">1,084</font></td><td valign="bottom" align="right"><font size="2">4,015</font></td></tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>GROSS PROFIT</b></font></td><td valign="bottom" align="right"><font size="2">10,503</font></td><td valign="bottom" align="right"><font size="2">7,871</font></td><td valign="bottom" align="right"><font size="2">3,267</font></td><td valign="bottom" align="right"><font size="2">2,974</font></td><td valign="bottom" align="right"><font size="2">11,586</font></td></tr>
<tr><td valign="bottom" align="left"><font size="2"><b>RESEARCH AND DEVELOPMENT EXPENSES </b></font></td><td valign="bottom" align="right"><font size="2">4,715</font></td><td valign="bottom" align="right"><font size="2">3,561</font></td><td valign="bottom" align="right"><font size="2">1,389</font></td><td valign="bottom" align="right"><font size="2">1,452</font></td><td valign="bottom" align="right"><font size="2">5,086</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:</b></font></td><td colspan="5" valign="bottom" align="right">											</td></tr>
<tr><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Selling</font></td><td valign="bottom" align="right"><font size="2">2,735</font></td><td valign="bottom" align="right"><font size="2">1,566</font></td><td valign="bottom" align="right"><font size="2">868</font></td><td valign="bottom" align="right"><font size="2">546</font></td><td valign="bottom" align="right"><font size="2">2,148</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:20px"><font size="2">General and administrative</font></td><td valign="bottom" align="right"><font size="2">1,353</font></td><td valign="bottom" align="right"><font size="2">1,143</font></td><td valign="bottom" align="right"><font size="2">595</font></td><td valign="bottom" align="right"><font size="2">390</font></td><td valign="bottom" align="right"><font size="2">1,507</font></td></tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr><td valign="bottom" align="left"><font size="2"><b>OPERATING INCOME</b></font></td><td valign="bottom" align="right"><font size="2">1,700</font></td><td valign="bottom" align="right"><font size="2">1,601</font></td><td valign="bottom" align="right"><font size="2">415</font></td><td valign="bottom" align="right"><font size="2">586</font></td><td valign="bottom" align="right"><font size="2">2,845</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>FINANCIAL INCOME (EXPENSES)</b> - net</font></td><td valign="bottom" align="right"><font size="2">* (749)</font></td><td valign="bottom" align="right"><font size="2">1,186</font></td><td valign="bottom" align="right"><font size="2">304</font></td><td valign="bottom" align="right"><font size="2">165</font></td><td valign="bottom" align="right"><font size="2">1,260</font></td></tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr><td valign="bottom" align="left"><font size="2"><b>INCOME BEFORE TAXES ON INCOME</b></font></td><td valign="bottom" align="right"><font size="2">951</font></td><td valign="bottom" align="right"><font size="2">2,787</font></td><td valign="bottom" align="right"><font size="2">719</font></td><td valign="bottom" align="right"><font size="2">751</font></td><td valign="bottom" align="right"><font size="2">4,105</font></td></tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>TAXES ON INCOME</b></font></td><td valign="bottom" align="right"><font size="2">79</font></td><td valign="bottom" align="right"><font size="2">34</font></td><td valign="bottom" align="right"><font size="2">9</font></td><td valign="bottom" align="right"><font size="2">9</font></td><td valign="bottom" align="right"><font size="2">43</font></td></tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr><td valign="bottom" align="left"><font size="2"><b>NET INCOME </b></font></td><td valign="bottom" align="right"><font size="2">$872 </font></td><td valign="bottom" align="right"><font size="2">$2,753 </font></td><td valign="bottom" align="right"><font size="2">$710 </font></td><td valign="bottom" align="right"><font size="2">$742 </font></td><td valign="bottom" align="right"><font size="2">$4,062 </font></td></tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>EARNING PER SHARE-</b></font></td><td colspan="5" valign="bottom" align="right">											</td></tr>
<tr><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Basic and diluted</font></td><td valign="bottom" align="right"><font size="2">$0.04 </font></td><td valign="bottom" align="right"><font size="2">$0.13 </font></td><td valign="bottom" align="right"><font size="2">$0.03 </font></td><td valign="bottom" align="right"><font size="2">$0.03 </font></td><td valign="bottom" align="right"><font size="2">$0.19 </font></td></tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left"><font size="2"><b>WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES USED IN COMPUTATION OF EARNINGS PER ORDINARY SHARE - IN THOUSANDS:</b></font></td><td colspan="5" valign="bottom" align="right">											</td></tr>
<tr><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Basic</font></td><td valign="bottom" align="right"><font size="2">21,510</font></td><td valign="bottom" align="right"><font size="2">21,438</font></td><td valign="bottom" align="right"><font size="2">21,528</font></td><td valign="bottom" align="right"><font size="2">21,477</font></td><td valign="bottom" align="right"><font size="2">21,431</font></td></tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr bgcolor="#CCEEFF"><td valign="bottom" align="left" style="padding-left:20px"><font size="2">Diluted</font></td><td valign="bottom" align="right"><font size="2">21,555</font></td><td valign="bottom" align="right"><font size="2">21,579</font></td><td valign="bottom" align="right"><font size="2">21,551</font></td><td valign="bottom" align="right"><font size="2">21,582</font></td><td valign="bottom" align="right"><font size="2">21,619</font></td></tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
<tr><td></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
</tr>
</table>
<br><br>
<table>
	<tr>
		<td width="20" valign="top">*</td>
		<td><strong>Financial expenses for the 9 months period ended September 30, 2006 include a loss from a premature withdrawal of  long-term deposits in the amount of  $1,330,000.</strong></td>
	</tr>
</table>

<p><center>
  <font size="2">III</font>
</center>
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<center><h2>MIND C.T.I. LTD.</h2><h2 style="font-weight:normal">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</h2></center>

<table cellpadding="0" cellspacing="0" border="0" width="100%">
<tr><td>&nbsp;</td><td colspan="2" valign="bottom" align="center"><font size="2"><b>Nine months ended September 30</b>		</font></td><td colspan="2" valign="bottom" align="center"><font size="2"><b>Three months ended September 30</b>		</font></td><td colspan="2" valign="bottom" align="center"><font size="2"><b>Year ended December 31,</b></font></td></tr>
<tr><td>&nbsp;</td><td align="center" colspan="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">			</td><td align="center" colspan="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">			</td><td align="center" colspan="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr><td></td>
	<td valign="bottom" align="center" width="90"><font size="2"><b>2006</b></font></td>
	<td valign="bottom" align="center" width="90"><font size="2"><b>2005</b></font></td>
	<td valign="bottom" align="center" width="90"><font size="2"><b>2006</b></font></td>
	<td valign="bottom" align="center" width="90"><font size="2"><b>2005</b></font></td>
	<td valign="bottom" align="center" width="110"><font size="2"><b>2005</b></font></td></tr>
<tr><td>&nbsp;</td><td align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr><td>&nbsp;</td><td colspan="2" valign="bottom" align="center"><font size="2"><b>(Unaudited)</b>		</font></td><td colspan="2" valign="bottom" align="center"><font size="2"><b>(Unaudited)</b>		</font></td><td colspan="2" valign="bottom" align="center"><font size="2"><b>(Audited)</b></font></td></tr>
<tr><td>&nbsp;</td><td align="center" colspan="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">			</td><td align="center" colspan="2"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">			</td><td align="center"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr><td>&nbsp;</td><td colspan="5" valign="bottom" align="center"><font size="2"><b>U.S. $ in thousands</b>										</td></tr>
<tr><td>&nbsp;</td><td align="center" colspan="5"><div style="width:100%;line-height:1px;color:black;border-bottom:1px solid black">										</td></tr>
<tr BGCOLOR="#CCEEFF"><td><font size="2"><b>CASH FLOWS FROM OPERATING ACTIVITIES:</b></td><td colspan="5">											</td></tr>
<tr><td style="padding-left:20px"><font size="2">Net Income </font></td><td align="right" valign="bottom"><font size="2">$872 </font></td><td align="right" valign="bottom"><font size="2">$2,753</font></td><td align="right" valign="bottom"><font size="2">$710 </font></td><td align="right" valign="bottom"><font size="2">$742</font></td><td align="right" valign="bottom"><font size="2">$4,062 </font></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:20px"><font size="2">Adjustments to reconcile net income to net cash provided by or used in operating activities:	</td><td colspan="5">											</td></tr>
<tr><td style="padding-left:40px"><font size="2">Depreciation and amortization</font></td><td align="right" valign="bottom"><font size="2">1,149</font></td><td align="right" valign="bottom"><font size="2">668</font></td><td align="right" valign="bottom"><font size="2">334</font></td><td align="right" valign="bottom"><font size="2">330</font></td><td align="right" valign="bottom"><font size="2">987</font></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:40px"><font size="2">Accrued severance pay </font></td><td align="right" valign="bottom"><font size="2">166</font></td><td align="right" valign="bottom"><font size="2">(8)</font></td><td align="right" valign="bottom"><font size="2">72</font></td><td align="right" valign="bottom"><font size="2">(20)</font></td><td align="right" valign="bottom"><font size="2">(151)</font></td></tr>
<tr><td style="padding-left:40px"><font size="2">Capital gain on sale of property and equipment - net</font></td><td align="right" valign="bottom"><font size="2">(9)</font></td><td align="right" valign="bottom"><font size="2">(39)</font></td><td align="right" valign="bottom"><font size="2">(1)</font></td><td align="right" valign="bottom"><font size="2">(9)</font></td><td align="right" valign="bottom"><font size="2">(38)</font></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:40px"><font size="2">Loss from withdrawal of long term deposits</font></td><td align="right" valign="bottom"><font size="2">1,330</font></td><td colspan="4">									</td></tr>
<tr><td style="padding-left:40px"><font size="2">Compensation in respect of options granted to employees</font></td><td align="right" valign="bottom"><font size="2">244</font></td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">83</font></td><td>&nbsp;</td><td>			</td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:40px"><font size="2">Changes in operating asset and liability items: </font></td><td colspan="5">											</td></tr>
<tr><td style="padding-left:60px"><font size="2">Decrease (increase) in accounts receivable:</font></td><td colspan="5">											</td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:80px"><font size="2">Trade</font></td><td align="right" valign="bottom"><font size="2">(1,473)</font></td><td align="right" valign="bottom"><font size="2">(109)</font></td><td align="right" valign="bottom"><font size="2">20</font></td><td align="right" valign="bottom"><font size="2">(1,009)</font></td><td align="right" valign="bottom"><font size="2">196</font></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:80px"><font size="2">Interest accrued on long-term bank deposits</font></td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">242</font></td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">29</font></td><td align="right" valign="bottom"><font size="2">242</font></td></tr>
<tr><td style="padding-left:80px"><font size="2">Other</font></td><td align="right" valign="bottom"><font size="2">(192)</font></td><td align="right" valign="bottom"><font size="2">71</font></td><td align="right" valign="bottom"><font size="2">25</font></td><td align="right" valign="bottom"><font size="2">24</font></td><td align="right" valign="bottom"><font size="2">48</font></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:60px"><font size="2">Decrease in accounts payable and accruals:</font></td><td colspan="5">											</td></tr>
<tr><td style="padding-left:80px"><font size="2">Trade</font></td><td align="right" valign="bottom"><font size="2">(92)</font></td><td align="right" valign="bottom"><font size="2">(574)</font></td><td align="right" valign="bottom"><font size="2">(105)</font></td><td align="right" valign="bottom"><font size="2">(446)</font></td><td align="right" valign="bottom"><font size="2">(697)</font></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:80px"><font size="2"> Other</font></td><td align="right" valign="bottom"><font size="2">(244)</font></td><td align="right" valign="bottom"><font size="2">(1,240)</font></td><td align="right" valign="bottom"><font size="2">(87)</font></td><td align="right" valign="bottom"><font size="2">(837)</font></td><td align="right" valign="bottom"><font size="2">(1,510)</font></td></tr>
<tr><td style="padding-left:60px"><font size="2">Decrease (increase) in inventories </font></td><td colspan="3">						</td><td align="right" valign="bottom"><font size="2">1</font></td><td align="right" valign="bottom"><font size="2">(12)</font></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:60px"><font size="2">Increase (decrease) in deferred revenues</font></td><td align="right" valign="bottom"><font size="2">(64)</font></td><td align="right" valign="bottom"><font size="2">(86)</font></td><td align="right" valign="bottom"><font size="2">168</font></td><td align="right" valign="bottom"><font size="2">79</font></td><td align="right" valign="bottom"><font size="2">(799)</font></td></tr>
<tr><td style="padding-left:60px"><font size="2">Decrease in advances from customers, net</font></td><td align="right" valign="bottom"><font size="2">(619)</font></td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">(171)</font></td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">(1,467)</font></td></tr>
<tr><td>&nbsp;</td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:20px"><font size="2">      Net cash provided by (used in) operating activities</font></td><td align="right" valign="bottom"><font size="2">1,068</font></td><td align="right" valign="bottom"><font size="2">1,678</font></td><td align="right" valign="bottom"><font size="2">1,048</font></td><td align="right" valign="bottom"><font size="2">(1,116)</font></td><td align="right" valign="bottom"><font size="2">861</font></td></tr>
<tr><td>&nbsp;</td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr><td><font size="2"><b>CASH FLOWS FROM INVESTING ACTIVITIES:</b></td><td colspan="5">											</td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:20px"><font size="2">Purchase of property and equipment</font></td><td align="right" valign="bottom"><font size="2">(339)</font></td><td align="right" valign="bottom"><font size="2">(543)</font></td><td align="right" valign="bottom"><font size="2">(43)</font></td><td align="right" valign="bottom"><font size="2">(122)</font></td><td align="right" valign="bottom"><font size="2">(589)</font></td></tr>
<tr><td style="padding-left:20px"><font size="2">Acquisition of subsidiary (a)</font></td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">(4,233)</font></td><td align="right" valign="bottom"><font size="2"></font></td><td align="right" valign="bottom"><font size="2">(4,233)</font></td><td align="right" valign="bottom"><font size="2">(4,233)</font></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:20px"><font size="2">Amounts withdrawal (funded) in respect of accrued severance pay</font></td><td align="right" valign="bottom"><font size="2">(74)</font></td><td align="right" valign="bottom"><font size="2">43</font></td><td align="right" valign="bottom"><font size="2">(62)</font></td><td align="right" valign="bottom"><font size="2">2</font></td><td align="right" valign="bottom"><font size="2">94</font></td></tr>
<tr><td style="padding-left:20px"><font size="2">Investments in long-term bank deposits 	</td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">(10,000)</font></td><td>&nbsp;</td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">(10,000)</font></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:20px"><font size="2">Withdrawal of long-term bank deposits </font></td><td align="right" valign="bottom"><font size="2">18,670</font></td><td align="right" valign="bottom"><font size="2">10,000</font></td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">10,000</font></td><td align="right" valign="bottom"><font size="2">10,000</font></td></tr>
<tr><td style="padding-left:20px"><font size="2">Proceeds from sale of property and equipment</font></td><td align="right" valign="bottom"><font size="2">46</font></td><td align="right" valign="bottom"><font size="2">175</font></td><td align="right" valign="bottom"><font size="2">10</font></td><td align="right" valign="bottom"><font size="2">57</font></td><td align="right" valign="bottom"><font size="2">175</font></td></tr>
<tr><td></td><td align="right">
	<div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td>
	<td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr BGCOLOR="#CCEEFF"><td><font size="2">Net cash provided by (used in) investing activities</font></td><td align="right" valign="bottom"><font size="2">18,303</font></td><td align="right" valign="bottom"><font size="2">(4,558)</font></td><td align="right" valign="bottom"><font size="2">(95)</font></td><td align="right" valign="bottom"><font size="2">5,704</font></td><td align="right" valign="bottom"><font size="2">(4,553)</font></td></tr>
<tr><td>&nbsp;</td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr><td><font size="2"><b>CASH FLOWS FROM FINANCING ACTIVITIES:</b></td><td colspan="5">											</td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:20px"><font size="2">Employee stock options exercised and paid</font></td><td align="right" valign="bottom"><font size="2">111</font></td><td align="right" valign="bottom"><font size="2">320</font></td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">42</font></td><td align="right" valign="bottom"><font size="2">322</font></td></tr>
<tr><td style="padding-left:20px"><font size="2">Dividend paid </font></td><td align="right" valign="bottom"><font size="2">(3,009)</font></td><td align="right" valign="bottom"><font size="2">(5,143)</font></td><td colspan="2">				</td><td align="right" valign="bottom"><font size="2">(5,143)</font></td></tr>
<tr><td>&nbsp;</td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr BGCOLOR="#CCEEFF"><td><font size="2">Net cash provided by (used in) financing  activities</font></td><td align="right" valign="bottom"><font size="2">(2,898)	</td><td align="right" valign="bottom"><font size="2">(4,823)</font></td><td>&nbsp;</td><td align="right" valign="bottom"><font size="2">42</font></td><td align="right" valign="bottom"><font size="2">(4,821)</font></td></tr>
<tr><td>&nbsp;</td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr><td><font size="2"><b>INCREASE (DECREASE) IN CASH  AND CASH EQUIVALENTS</b></font></td><td align="right" valign="bottom"><font size="2">16,473</font></td><td align="right" valign="bottom"><font size="2">(7,703)</font></td><td align="right" valign="bottom"><font size="2">953</font></td><td align="right" valign="bottom"><font size="2">4,630</font></td><td align="right" valign="bottom"><font size="2">(8,513)</font></td></tr>
<tr BGCOLOR="#CCEEFF"><td><font size="2"><b>BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD</b></font></td><td align="right" valign="bottom"><font size="2">10,174</font></td><td align="right" valign="bottom"><font size="2">18,687</font></td><td align="right" valign="bottom"><font size="2">25,694</font></td><td align="right" valign="bottom"><font size="2">6,354</font></td><td align="right" valign="bottom"><font size="2">18,687</font></td></tr>
<tr><td>&nbsp;</td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr><td><font size="2"><b>BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD</b></font></td><td align="right" valign="bottom"><font size="2">$26,647 </font></td><td align="right" valign="bottom"><font size="2">$10,984</font></td><td align="right" valign="bottom"><font size="2">$26,647 </font></td><td align="right" valign="bottom"><font size="2">$10,984</font></td><td align="right" valign="bottom"><font size="2">$10,174 </font></td></tr>
<tr><td>&nbsp;</td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
<tr><td>&nbsp;</td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black">		</td></tr>
</table>


<p><center><font size="2">IV</font></center>
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<a name="table2"></a>
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<center><h2>MIND C.T.I. LTD.</h2><h2 style="font-weight:normal">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</h2></center>

<table cellpadding="0" cellspacing="0" border="0">
<tr><td></td><td align="center"><font size="2"><b>U.S. $ in thousands</b></font></td></tr>
<tr><td></td><td align="center"><div style="width:100%;line-height:1px;color:black;border-bottom:1px solid black"></div></td></tr>
<tr BGCOLOR="#CCEEFF"><td><font size="2"><b>(a) Acquisiiton of subsidiary:</b></font></td><td></td></tr>
<tr><td style="padding-left:20px"><font size="2">Assets and liabilities of the subsidiary upon acquisition:</font></td><td></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:20px"><font size="2">Working capital (excluding cash and cash equivalents)</font></td><td align="right"><font size="2">$(4,881)</font></td></tr>
<tr><td style="padding-left:20px"><font size="2">Property and equipment</font></td><td align="right"><font size="2">277</font></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:20px"><font size="2">Intangible assets</font></td><td align="right"><font size="2">1,871</font></td></tr>
<tr><td style="padding-left:20px"><font size="2">Goodwill</font></td><td align="right"><font size="2">6,966</font></td></tr>
<tr><td></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td></tr>
<tr BGCOLOR="#CCEEFF"><td style="padding-left:20px"><font size="2">Cash paid - net</font></td><td align="right"><font size="2">$4,233</font></td></tr>
<tr><td></td><td align="right"><div style="width:90%;line-height:1px;color:black;border-bottom:1px solid black"></div></td></tr>
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<p><center><font size="2">V</font></center>
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