TTI Team Telecom International Ltd. (NASDAQ: TTIL), (�the
Company�), a global supplier of Operations Support Systems (OSS) to
communications service providers, today announced results for the
first quarter ended March 31, 2007. Total revenues for the first
quarter were $10.7 million, compared with $12.5 million for the
first quarter of fiscal 2006. Total operating expenses were $5.7
million, compared to $6.1 million in the first quarter of 2006 and
$7.1 million in the fourth quarter of 2006. Operating loss for the
quarter was $0.4 million compared with operating income of $0.7
million for the same quarter last year. Net loss was $42,000, or
$0.00 per diluted share, compared to net income of $0.8 million, or
$0.04 per diluted share for the first quarter of 2006. As of March
31, 2007, the Company had approximately $30.2 million in cash and
liquid investments. Commenting on the results, Meir Lipshes,
Chairman and CEO of TTI Telecom, stated, �We are pleased with our
results for the first quarter, which showed a slight top-line
improvement over the fourth quarter of 2006. Additionally, we saw
success in our fourth quarter expense reduction initiative, through
which operating expenses declined by nearly 18%. We reached
breakeven compared to losses of approximately $3 million. With a
leaner, more efficient organizational structure and strong balance
sheet, we believe that TTI is well positioned to capitalize on new
growth opportunities as they arise.� Lipshes concluded, �We are
committed to building upon this recent progress, and are working to
carry this momentum into the second quarter and beyond.� Conference
Call Information: A conference call has been scheduled for 9:00am
ET today, May 14, 2007, during which management will discuss the
Company�s performance for the quarter. The call can be accessed via
live webcast through the Investor Relations portion of the TTI
Telecom web site, www.tti-telecom.com and at www.kcsa.com. A
telephone replay of the call will also be available starting two
hours after the completion of the call until 11:59pm ET on May 18,
2007. To access the replay, please dial +1.877-519-4471
(International dialers can call +1.973-341-3080), participant code
8794593. The webcast of the conference call will be archived on the
TTI Telecom and KCSA web sites for 90 days. About TTI Telecom: TTI
Team Telecom International Ltd. (�TTI Telecom�) is a leading
provider of next generation Operations Support Systems (OSS) to
communications service providers worldwide. The company�s Netrac
portfolio delivers an automated, proactive and customer-centric
approach to service assurance and network management. Anchored by
market-leading service assurance solutions � Fault Management (FaM)
and Performance Management (PMM) � that give customers an
end-to-end view of their network, TTI Telecom�s Netrac enables
service providers to reduce operating costs, enhance profitability
and launch new, revenue-generating services more rapidly. Netrac is
compatible with multiple technologies and industry standards, and
is uniquely positioned to bridge legacy, next-generation,
convergent, and IMS Networks. TTI Telecom�s customer base consists
of tier-one and tier-two service providers globally, including
large incumbents in the Americas, Europe and Asia-Pacific. Forward
looking statements in this release involve a number of risks and
uncertainties including, but not limited to, product demand,
pricing, market acceptance, changing economic conditions, risks in
product and technology development, the effect of the Company�s
accounting policies as well as certain other risk factors which are
detailed in the Company�s SEC filings. TTI TEAM TELECOM
INTERNATIONAL LTD. STATEMENTS OF INCOME (in thousands of U.S.
dollars) � Three months EndedMarch 31, 2007� 2006� Revenues:
Unaudited Product $5,781� $7,948� Services 4,926� 4,547� � Total
revenues 10,707� 12,495� � Cost of revenues: Product 3,007� 3,748�
Services 2,372� 1,932� � Total cost of revenues 5,379� 5,680� �
Gross profit: 5,328� 6,815� � Operating expenses: Research and
development, net 2,199� 2,105� Sales and marketing, net 1,735�
2,535� General and administrative 1,811� 1,456� � Total operating
expenses 5,745� 6,096� � Operating income (loss) (417) 719�
Financial income, net 581� 96� � Income before taxes on income 164�
815� Taxes on income 206� 12� � Net income (loss) (42) 803� � � Net
basic income (loss) per share attributable to Ordinary shareholders
basic and diluted $0.00� $0.04� � Weighted average number of shares
used for computing diluted net income (loss) per share to ordinary
shareholders 16,000,431� 14,575,138� � Weighted average number of
shares used for computing basic net income (loss) per share to
ordinary shareholders 16,000,431� 14,159,809� TTI TEAM TELECOM
INTERNATIONAL LTD. CONSOLIDATED BALANCE SHEET (in thousands of U.S.
dollars) March 31,2007 December 31,2006 Unaudited ASSETS � CURRENT
ASSETS: Cash and cash equivalents 27,321� 31,410� Short term
deposits 2,779� 984� Trade receivables 6,558� 4,664� Unbilled
receivables 1,246� 2,834� Related parties 379� 373� Other accounts
receivable and prepaid expenses 2,112� 2,265� � Total current
assets 40,395� 42,530� � LONG-TERM INVESTMENTS: Long term deposits
97� 97� Investment in affiliate 165� 165� Severance pay fund 3,395�
3,627� Long-term receivables 3,314� 3,324� � Total long-term
investments 6,971� 7,213� � PROPERTY AND EQUIPMENT: Cost 23,461�
23,612� Less - accumulated depreciation 19,836� 19,770� � Property
and equipment, net 3,625� 3,842� � Total Assets 50,991� 53,585� �
LIABILITIES AND SHAREHOLDERS' EQUITY � CURRENT LIABILITIES: � Trade
payables 1,643� 2,508� Related parties 318� 40� Deferred revenues
6,730� 8,333� Other accounts payable and accrued expenses 7,060�
7,187� � Total current liabilities 15,751� 18,068� � ACCRUED
SEVERANCE PAY 4,803� 5,022� � SHAREHOLDERS' EQUITY: Share capital:
2,594� 2,594� Additional paid-in capital 74,944� 74,919� Retained
earnings (Accumulated deficit) (47,101) (47,018) � Total
shareholders' equity 30,437� 30,495� � Total liabilities and
shareholders� equity 50,991� 53,585� TTI TELECOM INTERNATIONAL LTD.
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (in thousands of U.S.
Dollars) Number of Share Capital Ordinary Shares PreferredA Shares
Ordinary Shares Preferred A Shares Additional Paid - in Capital
Accumulated other comprehensive loss net Retained Earnings/
(Accumulated loss) � Total Shareholders' Equity Audited � Balance
as of December 31, 2005 13,872,941� 4,636,391� $2,022� $526�
$73,446� $(336) $(43,215) $32,443� � Exercise of warrants 427,490�
-� 46� 0� 1,022� -� -� 1,068� Conversion of Convertible Preferred A
shares 1,700,000� (1,700,000) 192� (192) -� -� -� -� Share-based
compensation 0� 0� 0� 0� 451� 0� 0� 451� Comprehensive loss: Other
comprehensive loss - unrealized losses on available-for-sale
marketable securities, net of impairment -� -� -� -� -� 336� -�
336� � Net Loss -� -� -� -� -� -� (3,803) (3,803) � Balance as of
December 31, 2006 16,000,431� 2,936,391� 2,260� 334� 74,919� -�
(47,018) 30,495� � Unaudited � Exercise of warrants -� -� -� -� -�
-� -� -� Conversion of shares -� -� -� -� -� -� -� -� Share-based
compensation -� -� -� -� 25� -� -� 25� Comprehensive loss: Other
comprehensive loss - unrealized losses on available-for-sale
marketable securities, net of impairment -� -� -� -� -� -� -� -�
Accumulated effect of Fin 48 adoption -� -� -� -� -� -� (41) (41)
Net Loss -� -� -� -� -� -� � (42) � (42) � Balance as of March 31,
2007 16,000,431� 2,936,391� 2,260� 334� 74,944� -� (47,101) 30,437�
� Unaudited � Balance as of December 31, 2005 13,872,941�
4,636,391� 2,022� 526� 73,446� (336) (43,215) 32,443� � Exercise of
warrants 354,545� -� 38� -� 848� -� -� 886� Conversion of shares
181,818� (181,818) 21� (21) -� -� -� -� Share-based compensation -�
-� -� -� 115� -� -� 115� Comprehensive loss: Other comprehensive
loss - unrealized losses on available-for-sale marketable
securities, net of impairment -� -� -� -� -� 107� -� 107� Net
income -� -� -� -� -� -� 803� � 803� � Balance as of March 31, 2006
14,409,304� 4,454,573� 2,081� 505� $74,409� $(229) $(42,412)
$34,354� TTI TELECOM INTERNATIONAL LTD. CONSOLIDATED STATEMENTS OF
CASH FLOWS (in thousands of U.S. dollars) Three months ended Year
ended March 31, Dec 31, 2007� 2006� 2006� Unaudited � Cash flows
from operating activities: � Net income (loss) $(42) $803� $(3,803)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: � Depreciation and amortization
523� 482� 2,589� Gain from sale of property and equipment (116)
(21) (73) Accrued interest on short - term bank deposits (4) (3)
(23) Severance pay, net 13� 174� 513� Decrease (increase) in trade
receivables (865) 121� (764) Decrease (increase) in unbilled
receivables 1,588� (755) (1,870) Decrease in long term trade and
unbilled receivables 10� 917� 613� Decrease (increase) in other
accounts receivable and prepaid expenses 153� 154� (47) Increase
(decrease) in trade payables (1,894) 347� 641� Increase in related
parties 272� 1,140� 34� Decrease in deferred revenues (1,603)
(1,505) (1,893) Decrease in other accounts payable and accrued
expenses (168) (1,255) (276) Amortization of stock base
compensation 25� 115� 451� Amortization of premium and accretion of
accrued interest on available for sale marketable securities 0�
299� 1,305� Net cash provided by (used in) operating activities
(2,108) 1,013� (2,603) � Cash flows from investing activities: �
Investment in short-term and long-term bank deposits` (2,000) 0�
(188) Investment in available-for-sale marketable securities 0�
(3,196) 0� Proceeds from sale and redemption of available-for-sale
marketable securities 0� 8,700� 14,744� Proceeds from short-term
and long-term bank deposits 209� 437� 1,984� Proceeds from sale of
property and equipment 122� 33� 117� Purchase of property and
equipment (312) (540) (1,746) Net cash provided by (used in)
investing activities (1,981) 5,434� 14,911� � Cash flows from
financing activities: � Proceeds from issuance of preferred /
regular shares, net -� 886� 1,068� � Net cash provided by financing
activities -� 886� 1,068� � Increase (decrease) in cash and cash
equivalents (4,089) 7,333� 13,376� � Cash and cash equivalents at
the beginning of the period $31,410� 18,034� 18,034� � Cash and
cash equivalents at the end of the period $27,321� $25,367�
$31,410�
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