You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

RA'ANANA, Israel and POWDER SPRINGS, Georgia, Aug. 20, 2020 /PRNewswire/ --Mer Telemanagement Solutions Ltd. (MTS)(Nasdaq Capital Market: MTSL),a global provider of telecommunications expense management (TEM), call accounting and contact center software, today released its financial results for the three months ended March 31, 2020. The Company recorded revenues of $1.15 million for the three months ended March 31, 2020, compared with $1.3 million for the three months ended March 31, 2019. The Company incurred a net loss of $20,000, or $0.01 per diluted share, for the three months ended March 31, 2020 compared with a net loss of $128,000, or $0.03 per diluted share, for the comparable period in 2019. In the three months ended March 31, 2020, the Company had net loss from continuing operations of $32,000 compared to net loss from continuing operations of $130,000 in the comparable period in 2019. On June 23, 2020, the Company's institutional investor exercised its greenshoe option in part and purchased 622,807 convertible preferred shares in consideration of $710,000, providing the Company with additional working capital. Commenting on the results, Mr. Roy Hess, Chief Executive Officer of MTS, said, "Our results in 2020 reflect the efficiency plan we implemented during 2019 in order to adjust our operating expenses attributable to the declining sales and to improve our operating margins. We recently entered the field of omnichannel contact center software. In June 2019, we introduced Omnis - Contact Center Software with "Out-Of-The-Box" capabilities and open channel architecture. At the end of 2019 and during 2020, we started to see initial revenues from this new product. As previously reported, we are also continuing our efforts to find a suitable M&A candidate for our company which will enhance shareholder value." About MTS Mer Telemanagement Solutions Ltd. (MTS) is focused on innovative products and services for enterprises in the area of telecom expense management (TEM), call accounting and contact center software. Headquartered in Israel, MTS markets its solutions through wholly-owned subsidiaries in Israel, the U.S. and Hong Kong, as well as through distribution channels. For more information please visit the MTS web site: www.mtsint.com. Forward Looking Statements Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Company's ability to achieve profitable operations, its ability to continue to operate as a going concern, its ability to continue to meet NASDAQ continued listing requirements, customer acceptance of new products, the effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries in which we operate on our operations, the demand for our products and our customers' economic condition, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of the Company and its competitors, risk of operations in Israel, general economic conditions and other risk factors detailed in the Company's annual report and other filings with the United States Securities and Exchange Commission. Contact:Ofira Bar, CFO Tel: +972-9-7777-540 CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands March 31, December 31, 2020 2019 Unaudited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,642 $ 1,732 Restricted cash 635 1,464 Trade receivables, net 483 499 Other accounts receivable and prepaid expenses 240 236 Assets of discontinued operations 170 172 Totalcurrent assets 3,170 4,103 SEVERANCE PAY FUND 330 653 PROPERTY AND EQUIPMENT, NET 55 62 GOODWILL 3,225 3,225 Totalassets $ 6,780 $ 8,043 CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands (exceptshare and per share data) March 31, December 31, 2020 2019 Unaudited Audited LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 118 $ 149 Deferred revenues 1,075 962 Accrued expenses and other liabilities 1,443 2,317 Liabilities of discontinued operations 485 516 Totalcurrent liabilities 3,121 3,944 LONG-TERM LIABILITIES Accrued severance pay 403 831 Deferred tax liability 163 163 Totallong-term liabilities 566 994 SHAREHOLDERS' EQUITY: Share capital - Ordinary Shares 27 30 Preferred Shares 19 16 Additional paid-in capital 30,643 30,635 Treasury shares (29) (29) Accumulated deficit (27,567) (27,547) Totalshareholders' equity 3,093 3,105 Totalliabilities and shareholders' equity $ 6,780 $ 8,043 CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands (except share and per share data) Three months ended March 31, 2020 2019 Unaudited Revenues: Services $ 924 $ 1,059 Product sales 231 224 Totalrevenues 1,155 1,283 Cost of revenues: Services 372 392 Product sales 93 98 Totalcost of revenues 465 490 Gross profit 690 793 Operating expenses: Research and development - 133 Selling and marketing 265 286 General and administrative 455 494 Totaloperating expenses 720 913 Operating loss (30) (120) Financial income (expense), net (2) (10) Loss before taxes on income (32) (130) Income from discontinued operations 12 2 Net loss $ (20) $ (128) Net loss per share: Basic and diluted net loss per share from continuing operations $ (0.01) $ (0.03) Basic and diluted net profit per share from discontinued operations 0.00 0.00 Basic and diluted net loss per share $ (0.01) $ (0.03) Weighted average number of shares used in computing basic and diluted net loss per share 5,621,180 4,719,761 SOURCE Mer Telemanagement Solutions Ltd. (MTS)

Answer: MTS Announces first quarter 2020 Financial Results English English