![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
On Track Innovations Ltd | NASDAQ:OTIV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.17 | 0.1701 | 0.18 | 0 | 01:00:00 |
Adjusted EBITDA From Continuing Operations Totaled $3.0 Million
ROSH PINA, ISRAEL--(Marketwired - Nov 26, 2013) - On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in cashless payment solutions based on contactless transactions and near-field communication (NFC), reported financial results for the third quarter ended September 30, 2013.
Q3 2013 Operational Highlights
Q3 2013 Financial Highlights
Management Commentary "We are encouraged by our performance in the third quarter as it reflects our continued focus on adding new customers, establishing key relationships, and effectively penetrating target markets," said Ofer Tziperman, OTI's CEO. "Our continued successful execution was demonstrated by several key wins, including multiple purchase orders for EasyFuel Plus, as well as a recent $10 million purchase contract from one of our U.S. channel partners for NFC readers.
"The $10 million contract represents the largest single reader win for our company, and is the result of OTI's strategic shift to focus on building our core cashless payment solutions and NFC technology business. This win also reveals increasing traction for greater adoption of NFC. In fact, we have doubled the number of readers we have shipped globally to-date, and expect total shipments to surpass 110,000 units this year. We're confident the adoption of our patented NFC solutions will continue to expand over the months and years ahead.
"Altogether, our expectations for the future remain high as we build upon the momentum we've established and see a widening pipeline of growth opportunities, particularly within our new customer and partner relationships."
Conference Call OTI will hold a conference call today (November 26, 2013) at 10:30 a.m. Eastern time to discuss these results. The company's CEO Ofer Tziperman and CFO Shay Tomer will host the presentation, followed by a question and answer period.
To participate, please dial the appropriate number 5-10 minutes prior to the start time and ask for the On Track Innovations conference call.
U.S. dial-in: 1-877-941-1427 International dial-in: 1-480-629-9664 Conference ID: 4649642
The conference call will be broadcast simultaneously and available for replay via the investor section of the company's website at www.otiglobal.com.
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
A replay of the call will be available after 1:30 p.m. Eastern time on the same day through December 26, 2013.
U.S. replay dial-in: 1-877-870-5176 International replay dial-in: 1-858-384-5517 Replay ID: 4649642
Adoption of U.S. Generally Accepted Accounting Principles (GAAP) Standards Due to the changes in the composition of the company's board of directors, including the election of eight new U.S. directors on December 30, 2012, the company no longer qualifies as a "Foreign Private Issuer" as of June 30, 2013, and will be required to report as a domestic issuer commencing on January 1, 2014. As reported on May 31, 2012 and effective as of January 1, 2012, the company adopted International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board. However, as a domestic issuer, the company will no longer be entitled to prepare its financial results in accordance with IFRS. Therefore, the company has adopted US GAAP for the fiscal year ended December 31, 2012 and thereafter.
It should be noted that the financial results for the periods ended March 31, 2012, June 30, 2012, and September 30, 2012 were previously published in accordance with IFRS. The financial results for the period ended September 30, 2012 that appear in this press release were prepared in accordance with US GAAP.
Use of Non-GAAP Financial Information This press release contains certain non-GAAP measures, namely, adjusted EBITDA from continuing operation, or adjusted earnings from continuing operation before interest, income tax, depreciation and amortization. Adjusted EBITDA from continuing operations represents earnings before interest1, income tax, depreciation and amortization, and further eliminates the effect of share-based compensation expense. OTI believes that adjusted EBITDA from continuing operations should be considered in evaluating the company's operations since it provides a clearer indication of OTI's operating results. This measure should be considered in addition to results prepared in accordance with US GAAP, but should not be considered a substitute for the US GAAP results. The non-GAAP measures included in this press release have been reconciled to the US GAAP results in the tables below.
1 "Financial expenses"
About OTI On Track Innovations Ltd. (OTI) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. OTI's field-proven innovations have been deployed around the world to address NFC and cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances. Visit the website: www.otiglobal.com, the content of it does not form a part of this press release.
Safe Harbor for Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. Because such statements deal with future events and are based on OTI's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements include statements regarding the timing of closing, receipt of consideration and amounts of consideration from the sale of the SmartID division to SuperCom, if such transaction is closed at all, future reduction of operating expenses, total shipments of NFC solutions and future pipeline and growth opportunities. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, market acceptance of new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 20-F for the year ended December 31, 2012, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
ON TRACK INNOVATIONS LTD. | ||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||
(In thousands, except share and per share data) | ||||||
September 30 | December 31 | |||||
2013 | 2012 | |||||
(Unaudited) | (Audited) | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 7,038 | $ | 9,304 | ||
Short-term investments | 2,661 | 8,712 | ||||
Trade receivables (net of allowance for doubtful accounts of $431 as of September 30, 2013 and December 31, 2012) | 5,528 | 7,516 | ||||
Other receivables and prepaid expenses | 3,575 | 5,349 | ||||
Short term restricted deposit for employees benefit | - | 2,922 | ||||
Inventories | 5,997 | 7,049 | ||||
Assets from discontinued operation - held for sale | 415 | - | ||||
Total current assets | 25,214 | 40,852 | ||||
Long term restricted deposit for employees benefit | 631 | 1,099 | ||||
Severance pay deposits | 710 | 836 | ||||
Property, plant and equipment, net | 14,124 | 13,074 | ||||
Intangible assets, net | 341 | 656 | ||||
Goodwill | 485 | 485 | ||||
Total Assets | $ | 41,505 | $ | 57,002 | ||
ON TRACK INNOVATIONS LTD. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
(In thousands, except share and per share data) | ||||||||
September 30 2013 | December 31 2012 | |||||||
(Unaudited) | (Audited) | |||||||
Liabilities and Equity | ||||||||
Current Liabilities | ||||||||
Short-term bank credit and current maturities of long-term bank loans | $ | 4,379 | $ | 7,368 | ||||
Trade payables | 9,301 | 10,696 | ||||||
Accrued severance pay | - | 3,539 | ||||||
Other current liabilities | 4,865 | 10,971 | ||||||
Total current liabilities | 18,545 | 32,574 | ||||||
Long-Term Liabilities | ||||||||
Long-term loans, net of current maturities | 3,663 | 2,224 | ||||||
Accrued severance pay | 1,880 | 2,032 | ||||||
Deferred tax liability | - | 53 | ||||||
Total long-term liabilities | 5,543 | 4,309 | ||||||
Total Liabilities | 24,088 | 36,883 | ||||||
Equity | ||||||||
Shareholders' Equity | ||||||||
Ordinary shares of NIS 0.1 par value: Authorized - 50,000,000 shares as of September 30, 2013 and December 31, 2012; issued: 33,873,796 and 32,938,011 shares as of September 30, 2013 and December 31, 2012, respectively; outstanding: 32,695,097 and 31,759,312 shares as of September 30, 2013 and December 31, 2012, respectively | 845 | 820 | ||||||
Additional paid-in capital | 211,734 | 210,853 | ||||||
Treasury shares at cost - 1,178,699 shares as of September 30, 2013 and December 31, 2012. | (2,000 | ) | (2,000 | ) | ||||
Accumulated other comprehensive income (loss) | (50 | ) | 36 | |||||
Accumulated deficit | (192,661 | ) | (189,131 | ) | ||||
Total Shareholder's equity | 17,868 | 20,578 | ||||||
Non-controlling interest | (451 | ) | (459 | ) | ||||
Total Equity | 17,417 | 20,119 | ||||||
Total Liabilities and Equity | $ | 41,505 | $ | 57,002 | ||||
ON TRACK INNOVATIONS LTD. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Nine months ended September 30 | Three months ended September 30 | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Unaudited | ) | (Unaudited | ) | (Unaudited | ) | (Unaudited | ) | |||||||||
Revenues | ||||||||||||||||
Sales | $ | 14,259 | $ | 12,835 | $ | 5,605 | $ | 4,119 | ||||||||
Licensing and transaction fees | 3,375 | 3,672 | 1,163 | 1,198 | ||||||||||||
Total revenues | 17,634 | 16,507 | 6,768 | 5,317 | ||||||||||||
Cost of revenues | ||||||||||||||||
Cost of sales | 9,458 | 8,879 | 3,619 | 2,470 | ||||||||||||
Total cost of revenues | 9,458 | 8,879 | 3,619 | 2,470 | ||||||||||||
Gross profit | 8,176 | 7,628 | 3,149 | 2,847 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 3,674 | 4,498 | 1,341 | 1,546 | ||||||||||||
Selling and marketing | 5,652 | 6,835 | 2,059 | 2,165 | ||||||||||||
General and administrative | 5,986 | 6,540 | 1,625 | 1,768 | ||||||||||||
Other operating income | (4,307 | ) | - | (4,307 | ) | - | ||||||||||
Amortization of intangible assets | 68 | 72 | 15 | 28 | ||||||||||||
Total operating expenses | 11,073 | 17,945 | 733 | 5,507 | ||||||||||||
Operating income (loss) from continuing operations | (2,897 | ) | (10,317 | ) | 2,416 | (2,660 | ) | |||||||||
Financial income (expense), net (*) | (1,109 | ) | (275 | ) | (272 | ) | 71 | |||||||||
Income (Loss) from continuing operations before taxes on income | (4,006 | ) | (10,592 | ) | 2,144 | (2,589 | ) | |||||||||
Taxes on income | (1 | ) | (2 | ) | (1 | ) | (2 | ) | ||||||||
Net income (loss) from continuing operations | (4,007 | ) | (10,594 | ) | 2,143 | (2,591 | ) | |||||||||
Net income (loss) from discontinued operations | 486 | 1,158 | (320 | ) | 578 | |||||||||||
Net income (loss) | (3,521 | ) | (9,436 | ) | 1,823 | (2,013 | ) | |||||||||
Net loss (income) attributable to noncontrolling interest | (9 | ) | 58 | (73 | ) | 22 | ||||||||||
Net loss (income) attributable to shareholders | $ | (3,530 | ) | $ | (9,378 | ) | $ | 1,750 | $ | (1,991 | ) | |||||
Basic and diluted net profit (loss) attributable to shareholders per ordinary share | ||||||||||||||||
From continuing operations | $ | (0.12 | ) | $ | (0.33 | ) | $ | 0.06 | $ | (0.08 | ) | |||||
From discontinued operations | $ | 0.01 | $ | 0.04 | $ | ((0.01 | $ | 0.02 | ||||||||
$ | (0.11 | ) | $ | (0.29 | ) | $ | 0.05 | $ | (0.06 | ) | ||||||
Weighted average number of ordinary shares used in computing basic net profit (loss) per ordinary share | 32,574,280 | 32,120,021 | 32,787,077 | 32,221,618 | ||||||||||||
Weighted average number of ordinary shares used in computing diluted net profit (loss) per ordinary share | 32,574,280 | 32,120,021 | 33,804,074 | 32,221,618 | ||||||||||||
(*) includes in nine months ended September 30 2013, $722 finance expenses resulted from exchange rate differentials. | ||||||||||||||||
ON TRACK INNOVATIONS LTD. | ||||||||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENT | ||||||||||||||||
The following tables reflect selected On Track Innovations Ltd., non-GAAP results reconciled to GAAP results: | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Nine months ended September 30 | Nine months ended September 30 | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Net income (loss) from continuing operations | $ | (4,007 | ) | $ | (10,594 | ) | $ | 2,143 | $ | (2,591 | ) | |||||
Financial expenses | 1,109 | 275 | 272 | (71 | ) | |||||||||||
Depreciation | 1,113 | 938 | 439 | 310 | ||||||||||||
Taxes on income | 1 | 2 | 1 | 2 | ||||||||||||
Amortization expenses | 68 | 72 | 15 | 28 | ||||||||||||
Total EBITDA from continuing operations | $ | (1,716 | ) | $ | (9,307 | ) | $ | 2,870 | $ | (2,322 | ) | |||||
Stock based compensation | $ | 219 | $ | 651 | $ | 107 | $ | 80 | ||||||||
Total ADJUSTED EBITDA from continuing operations | $ | (1,497 | ) | $ | (8,656 | ) | $ | 2,977 | $ | (2,242 | ) | |||||
ON TRACK INNOVATIONS LTD. | ||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
(In thousands, except share and per share data) | ||||||||
Nine months ended September 30 | ||||||||
2013 | 2012 | |||||||
(Unaudited) | (Unaudited) | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (4,007 | ) | $ | (10,594 | ) | ||
Adjustments required to reconcile net loss to net cash used in operating activities: | ||||||||
Stock-based compensation related to options and shares issued to employees and others | 219 | 651 | ||||||
Amortization of intangible assets | 68 | 72 | ||||||
Depreciation | 1,113 | 938 | ||||||
Loss on sale of fixed assets | 79 | - | ||||||
loss from disposal of a subsidiary | 189 | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Accrued severance pay, net | (2,991 | ) | 893 | |||||
Accrued interest and linkage differences | (106 | ) | 23 | |||||
Decrease in deferred tax liability | (7 | ) | (9 | ) | ||||
Decrease in trade receivables, net | 1,912 | 3,923 | ||||||
Decrease (Increase) in other receivables and prepaid expenses | 1,127 | (412 | ) | |||||
Decrease in inventories | 605 | 256 | ||||||
Decrease in trade payables | (1,178 | ) | (619 | ) | ||||
Decrease in other current liabilities | (6,036 | ) | (464 | ) | ||||
Net cash used in continuing operating activities | (9,013 | ) | (5,342 | ) | ||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (2,699 | ) | (630 | ) | ||||
Purchase of short term investments and long term restricted deposit | (325 | ) | (8,066 | ) | ||||
Acquisition of business operations | - | (100 | ) | |||||
Proceeds from restricted deposit for employee benefit | 3,390 | - | ||||||
Proceeds from maturity and sale of short term investments | 6,447 | 13,184 | ||||||
Proceeds from sale of fixed assets | 168 | - | ||||||
Net cash provided by investing activities | 6,981 | 4,388 | ||||||
Cash flows from financing activities | ||||||||
Increase (decrease) in short-term bank credit, net | (2,131 | ) | 1,824 | |||||
Proceeds from long-term bank loans | 2,794 | 290 | ||||||
Repayment of long-term bank loans | (2,198 | ) | (2,850 | ) | ||||
Proceeds from exercise of options and warrants, net | 647 | 9 | ||||||
Net cash used in financing activities | (888 | ) | (727 | ) | ||||
Cash flows from discontinued operations | ||||||||
Net cash provided by discontinued operating activities | 678 | 1,485 | ||||||
Total net cash provided by discontinued operations | 678 | 1,485 | ||||||
Effect of exchange rate changes on cash | (24 | ) | 176 | |||||
Decrease in cash and cash equivalents | (2,266 | ) | (20 | ) | ||||
Cash and cash equivalents at the beginning of the period | 9,304 | 12,517 | ||||||
Cash and cash equivalents at the end of the period | $ | 7,038 | $ | 12,497 | ||||
Investor Contact: Scott Liolios or Matt Glover Liolios Group, Inc. 949 574 3860 Email Contact
1 Year On Track Innovations Chart |
1 Month On Track Innovations Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions