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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 |
ON TRACK INNOVATIONS LTD.
(Registrant)
By:
/s/ Oded
Bashan
Oded
Bashan
Chief
Executive Officer and Chairman
|
|
Press
Release
|
|
·
|
Net
cash provided by continuing operating activities of $5.1
million.
|
|
·
|
Strong
balance sheet with cash, cash equivalents and short-term investments of
$32 million at year end.
|
|
·
|
Total
revenues of $31.4 million ($38.2 million including revenues from
discontinued operations), a 10% decrease from last
year.
|
|
·
|
Gross
margin increased to 47% vs. 43% last
year.
|
|
·
|
Non-GAAP
operating expenses of $24.1 million, a 6% decrease compared to $25.7
million last year. GAAP operating expenses of $28.7 million compared to
$58.9 million last year (2008 GAAP operating expenses included a $24.2
million one-time charge related to impairment of
goodwill).
|
|
·
|
Non-GAAP
operating loss of $9.4 million, a 9% decrease compared to $10.4 million
last year. GAAP operating loss of $14.1 million, compared to $43.7 million
last year (2008 GAAP operating loss included a $24.2 million one-time
charge related to impairment of
goodwill).
|
|
·
|
Non-GAAP
net loss of $10.7 million, an 11% decrease compared to $11.9 million last
year. GAAP net loss of $23.4 million, compared to $49.9 million last year
(2008 GAAP net loss included a $24.2 million one-time charge related to
impairment of goodwill).
|
OTI
Contact:
|
Investor
Relations:
|
Galit
Mendelson
|
Miri
Segal
|
Vice
President of Corporate Relations
|
MS-IR
LLC
|
201
944 5200 ext. 111
|
917-607-8654
|
galit@otiglobal.com
|
msegal@ms-ir.com
|
December
31
|
December
31
|
|||||||
2008
|
2009
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current
assets
|
||||||||
Cash
and cash equivalents
|
$ | 27,196 | $ | 26,884 | ||||
Short-term
investments
|
904 | 5,086 | ||||||
Trade
receivables (net of allowance for doubtful
|
||||||||
accounts
of $3,315 and $2,777 as of December 31, 2008
|
||||||||
and
December 31, 2009, respectively)
|
4,567 | 6,595 | ||||||
Other
receivables and prepaid expenses
|
2,994 | 2,478 | ||||||
Inventories
|
12,343 | 6,265 | ||||||
Total
current assets
|
48,004 | 47,308 | ||||||
Severance
pay deposits fund
|
1,189 | 1,112 | ||||||
Investment
in an affiliated company
|
- | - | ||||||
Property,
plant and equipment, net
|
18,613 | 14,366 | ||||||
Intangible
assets, net
|
2,503 | 1,532 | ||||||
Assets
from discontinued operations – held for sale
|
- | 12,358 | ||||||
Total
Assets
|
$ | 70,309 | $ | 76,676 |
December
31
|
December
31
|
|||||||
2008
|
2009
|
|||||||
(Unaudited)
|
||||||||
Liabilities
and Shareholders' Equity
|
||||||||
Current
Liabilities
|
||||||||
Short-term
bank credit and current maturities
|
||||||||
of
long-term bank loans
|
$ | 4,984 | $ | 6,255 | ||||
Trade
payables
|
8,071 | 9,649 | ||||||
Other
current liabilities
|
3,517 | 16,174 | ||||||
Total
current liabilities
|
16,572 | 32,078 | ||||||
Long-Term
Liabilities
|
||||||||
Long-term
loans, net of current maturities
|
1,762 | 2,642 | ||||||
Accrued
severance pay
|
3,672 | 3,373 | ||||||
Deferred
tax liability
|
202 | 120 | ||||||
Total
long-term liabilities
|
5,636 | 6,135 | ||||||
Total
Liabilities
|
22,208 | 38,213 | ||||||
Liabilities
related to discontinued operations
|
- | 8,495 | ||||||
Commitments
and Contingencies
|
||||||||
Equity
|
||||||||
Shareholders'
Equity
|
||||||||
Ordinary
shares of NIS 0.1 par value: Authorized –
|
||||||||
50,000,000
shares as of December 31, 2008 and
|
||||||||
December
31, 2009; issued 21,534,788 and 23,946,316
|
||||||||
shares
as of December 31, 2008 and December 31, 2009,
|
||||||||
respectively;
outstanding 21,495,409 and 23,946,316 shares
|
||||||||
as
of December 31, 2008 and December 31, 2009, respectively
|
508 | 571 | ||||||
Additional
paid-in capital
|
182,944 | 187,473 | ||||||
Accumulated
other comprehensive income (loss)
|
(325 | ) | 570 | |||||
Accumulated
deficit
|
(135,441 | ) | (158,623 | ) | ||||
Shareholder’s
equity
|
47,686 | 29,991 | ||||||
Noncontrolling
interest
|
415 | (23 | ) | |||||
Total
Equity
|
48,101 | 29,968 | ||||||
Total
Liabilities and Shareholders’ Equity
|
$ | 70,309 | $ | 76,676 |
Year ended
December 31
|
Three
months ended December 31
|
|||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
Revenues
|
||||||||||||||||
Sales
|
$ | 32,387 | $ | 28,488 | $ | 7,084 | $ | 7,527 | ||||||||
Licensing
and transaction fees
|
2,635 | 2,949 | 751 | 1,075 | ||||||||||||
Total
revenues
|
35,022 | 31,437 | 7,835 | 8,602 | ||||||||||||
Cost
of revenues
|
||||||||||||||||
Cost
of sales
|
19,729 | 16,738 | 4,403 | 5,270 | ||||||||||||
Total
cost of revenues
|
19,729 | 16,738 | 4,403 | 5,270 | ||||||||||||
Gross
profit
|
15,293 | 14,699 | 3,432 | 3,332 | ||||||||||||
Operating
expenses
|
||||||||||||||||
Research
and development
|
7,399 | 6,034 | 1,587 | 1,669 | ||||||||||||
Selling
and marketing
|
9,112 | 9,684 | 3,030 | 2,210 | ||||||||||||
General
and administrative
|
9,176 | 8,392 | 2,657 | 2,867 | ||||||||||||
Total
operating expenses
|
25,687 | 24,110 | 7,274 | 6,746 | ||||||||||||
Operating
loss
|
(10,394 | ) | (9,411 | ) | (3,842 | ) | (3,414 | ) | ||||||||
Financial
income (expense), net
|
(474 | ) | (1,153 | ) | 114 | (413 | ) | |||||||||
Loss
before taxes on income
|
(10,868 | ) | (10,564 | ) | (3,728 | ) | (3,827 | ) | ||||||||
|
||||||||||||||||
Taxes
on income
|
205 | (89 | ) | 28 | (54 | ) | ||||||||||
Equity
in loss of affiliate
|
(1,270 | ) | - | (928 | ) | - | ||||||||||
Net
loss
|
(11,933 | ) | (10,653 | ) | (4,628 | ) | (3,881 | ) | ||||||||
Net
loss (income) attributable to noncontrolling interest
|
(57 | ) | 189 | (57 | ) | 56 | ||||||||||
Net
loss attributable to shareholders
|
(11,990 | ) | (10,464 | ) | (4,685 | ) | (3,825 | ) | ||||||||
Basic
and diluted net loss attributable to shareholders per ordinary
share
|
$ | (0.59 | ) | $ | (0.46 | ) | $ | (0.22 | ) | $ | (0.16 | ) | ||||
Weighted
average number of ordinary shares used in computing basic and diluted net
loss per ordinary share
|
20,413,578 | 22,635,479 | 21,378,887 | 23,548,712 |
|
(a)
|
The
effect of stock-based compensation in accordance with SFAS 123(R) and EITF
96-18.
|
|
(b)
|
The
effect of amortization and impairment of intangible assets and goodwill
for 2008 and amortization of intangible assets for
2009.
|
|
(c)
|
The
effect of discontinued operation.
|
Year ended
December 31
|
Three
months ended December 31
|
|||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
Revenues
|
||||||||||||||||
Sales
|
$ | 32,387 | $ | 28,488 | $ | 7,084 | $ | 7,527 | ||||||||
Licensing
and transaction fees
|
2,635 | 2,949 | 751 | 1,075 | ||||||||||||
Total
revenues
|
35,022 | 31,437 | 7,835 | 8,602 | ||||||||||||
Cost
of revenues
|
||||||||||||||||
Cost
of sales
|
19,789 | 16,782 | 4,418 | 5,275 | ||||||||||||
Total
cost of revenues
|
19,789 | 16,782 | 4,418 | 5,275 | ||||||||||||
Gross
profit
|
15,233 | 14,655 | 3,417 | 3,327 | ||||||||||||
Operating
expenses
|
||||||||||||||||
Research
and development
|
10,300 | 8,127 | 2,120 | 2,192 | ||||||||||||
Selling
and marketing
|
10,370 | 10,371 | 3,224 | 2,351 | ||||||||||||
General
and administrative
|
11,210 | 9,230 | 3,034 | 2,974 | ||||||||||||
Amortization
and impairment of intangible assets
|
2,794 | 978 | 1,769 | 212 | ||||||||||||
Impairment
of goodwill
|
24,217 | - | 24,217 | - | ||||||||||||
Total
operating expenses
|
58,891 | 28,706 | 34,364 | 7,729 | ||||||||||||
Operating
loss
|
(43,658 | ) | (14,051 | ) | (30,947 | ) | (4,402 | ) | ||||||||
Financial
income (expense), net
|
(474 | ) | (1,153 | ) | 114 | (413 | ) | |||||||||
Loss
before taxes on income
|
(44,132 | ) | (15,204 | ) | (30,833 | ) | (4,815 | ) | ||||||||
|
||||||||||||||||
Taxes
on income
|
675 | (89 | ) | 498 | (54 | ) | ||||||||||
Equity
in loss of affiliate
|
(1,270 | ) | - | (928 | ) | - | ||||||||||
Net
loss from continuing operation
|
(44,727 | ) | (15,293 | ) | (31,263 | ) | (4,869 | ) | ||||||||
Net
loss from discontinued operation
|
(5,211 | ) | (8,078 | ) | (1,320 | ) | (4,407 | ) | ||||||||
Net
loss
|
(49,938 | ) | (23,371 | ) | (32,583 | ) | (9,276 | ) | ||||||||
Net
loss (income) attributable to noncontrolling interest
|
(57 | ) | 189 | (57 | ) | 56 | ||||||||||
Net
loss attributable to shareholders
|
(49,995 | ) | (23,182 | ) | (32,640 | ) | (9,220 | ) | ||||||||
Basic
and diluted net loss attributable to shareholders per ordinary
share
|
||||||||||||||||
From
continuing operation
|
$ | (2.19 | ) | $ | (0.67 | ) | $ | (1.47 | ) | $ | (0.20 | ) | ||||
From
discontinued operation
|
$ | (0.26 | ) | $ | (0.35 | ) | $ | (0.06 | ) | $ | (0.19 | ) | ||||
Weighted
average number of ordinary shares used in computing basic and diluted net
loss per ordinary share
|
20,413,578 | 22,635,479 | 21,378,887 | 23,548,712 |
GAAP
|
Year
ended
December
31, 2009
Adjustments
|
Non-GAAP
|
||||||||||
Revenues
|
||||||||||||
Sales
|
$ | 28,488 | - | $ | 28,488 | |||||||
Licensing
and transaction fees
|
2,949 | - | 2,949 | |||||||||
Total
revenues
|
31,437 | 31,437 | ||||||||||
Cost
of Revenues
|
||||||||||||
Cost
of sales
|
16,782 | (44 | ) (a) | 16,738 | ||||||||
Total
cost of revenues
|
16,782 | (44 | ) | 16,738 | ||||||||
Gross
profit
|
14,655 | 44 | 14,699 | |||||||||
Operating
Expenses
|
||||||||||||
Research
and development
|
8,127 | (2,093 | ) (a) | 6,034 | ||||||||
Selling
and marketing
|
10,371 | (687 | ) (a) | 9,684 | ||||||||
General
and administrative
|
9,230 | (838 | ) (a) | 8,392 | ||||||||
Amortization
of intangible assets
|
978 | (978 | ) (b) | - | ||||||||
Total
operating expenses
|
28,706 | (4,596 | ) | 24,110 | ||||||||
Operating
loss
|
(14,051 | ) | 4,640 | (9,411 | ) | |||||||
Financial
expenses, net
|
(1,153 | ) | - | (1,153 | ) | |||||||
Loss
before taxes on income
|
(15,204 | ) | 4,640 | (10,564 | ) | |||||||
Taxes
on income
|
(89 | ) | - | (89 | ) | |||||||
Net
loss from continuing operation
|
(15,293 | ) | 4,640 | (10,653 | ) | |||||||
Net
loss from discontinued operation
|
(8,078 | ) | 8,078 | (c) | - | |||||||
Net
loss
|
$ | (23,371 | ) | $ | 12,718 | $ | (10,653 | ) | ||||
Net
loss attributable to noncontrolling interest
|
189 | - | 189 | |||||||||
Net
loss attributable to shareholders
|
$ | (23,182 | ) | $ | 12,718 | $ | (10,464 | ) | ||||
Basic
and diluted net loss attributable to shareholders per ordinary
share
|
||||||||||||
From
continuing operation
|
$ | (0.67 | ) | $ | 0.21 | $ | (0.46 | ) | ||||
From
discontinued operation
|
$ | (0.35 | ) | $ | 0.35 | - | ||||||
Weighted
average number of ordinary shares used in computing basic and diluted net
loss per ordinary share
|
22,635,479 | 22,635,479 |
|
(a)
|
The
effect of stock-based compensation in accordance with SFAS 123(R) and EITF
96-18.
|
|
(b)
|
The
effect of amortization of intangible
assets.
|
|
(c)
|
The
effect of discontinued operation.
|
GAAP
|
Three
months ended December 31, 2009
Adjustments
|
Non-GAAP
|
||||||||||
Revenues
|
||||||||||||
Sales
|
$ | 7,527 | - | $ | 7,527 | |||||||
Licensing
and transaction fees
|
1,075 | - | 1,075 | |||||||||
Total
revenues
|
8,602 | 8,602 | ||||||||||
Cost
of Revenues
|
||||||||||||
Cost
of sales
|
5,275 | (5 | ) (a) | 5,270 | ||||||||
Total
cost of revenues
|
5,275 | (5 | ) | 5,270 | ||||||||
Gross
profit
|
3,327 | 5 | 3,332 | |||||||||
Operating
Expenses
|
||||||||||||
Research
and development
|
2,192 | (523 | ) (a) | 1,669 | ||||||||
Selling
and marketing
|
2,351 | (141 | ) (a) | 2,210 | ||||||||
General
and administrative
|
2,974 | (107 | ) (a) | 2,867 | ||||||||
Amortization
of intangible assets
|
212 | (212 | ) (b) | - | ||||||||
Total
operating expenses
|
7,729 | (983 | ) | 6,746 | ||||||||
Operating
loss
|
(4,402 | ) | 988 | (3,414 | ) | |||||||
Financial
expenses, net
|
(413 | ) | - | (413 | ) | |||||||
Loss
before taxes on income
|
(4,815 | ) | 988 | (3,827 | ) | |||||||
Taxes
on income
|
(54 | ) | - | (54 | ) | |||||||
Net
loss from continuing operation
|
(4,869 | ) | 988 | (3,881 | ) | |||||||
Net
loss from discontinued operation
|
(4,407 | ) | 4,407 | (c) | - | |||||||
Net
loss
|
$ | (9,276 | ) | $ | 5,395 | $ | (3,881 | ) | ||||
Net
loss attributable to noncontrolling interest
|
56 | - | 56 | |||||||||
Net
loss attributable to shareholders
|
$ | (9,220 | ) | $ | 5,395 | $ | (3,825 | ) | ||||
Basic
and diluted net loss attributable to shareholders per ordinary
share
|
||||||||||||
From
continuing operation
|
$ | (0.20 | ) | $ | 0.04 | $ | (0.16 | ) | ||||
From
discontinued operation
|
$ | (0.19 | ) | $ | 0.19 | - | ||||||
Weighted
average number of ordinary shares used in computing basic and diluted net
loss per ordinary share
|
23,548,712 | 23,548,712 |
|
(a)
|
The
effect of stock-based compensation in accordance with SFAS 123(R) and EITF
96-18.
|
|
(b)
|
The
effect of amortization of intangible
assets.
|
|
(c)
|
The
effect of discontinued
operation.
|
GAAP
|
Year
ended
December
31, 2008
Adjustments
|
Non-GAAP
|
||||||||||
Revenues
|
||||||||||||
Sales
|
$ | 32,387 | - | $ | 32,387 | |||||||
Licensing
and transaction fees
|
2,635 | - | 2,635 | |||||||||
Total
revenues
|
35,022 | 35,022 | ||||||||||
Cost
of Revenues
|
||||||||||||
Cost
of sales
|
19,789 | (60 | ) (a) | 19,729 | ||||||||
Total
cost of revenues
|
19,789 | (60 | ) | 19,729 | ||||||||
Gross
profit
|
15,233 | 60 | 15,293 | |||||||||
Operating
Expenses
|
||||||||||||
Research
and development
|
10,300 | (2,901 | ) (a) | 7,399 | ||||||||
Selling
and marketing
|
10,370 | (1,258 | ) (a) | 9,112 | ||||||||
General
and administrative
|
11,210 | (2,034 | ) (a) | 9,176 | ||||||||
Amortization
and impairment of intangible assets
|
2,794 | (2,794 | ) (b) | - | ||||||||
Impairment
of goodwill
|
24,217 | (24,217 | ) (b) | - | ||||||||
Total
operating expenses
|
58,891 | (33,204 | ) | 25,687 | ||||||||
Operating
loss
|
(43,658 | ) | 33,264 | (10,394 | ) | |||||||
Financial
expenses, net
|
(474 | ) | - | (474 | ) | |||||||
Loss
before taxes on income
|
(44,132 | ) | 33,264 | (10,868 | ) | |||||||
Taxes
on income
|
675 | (470 | ) (b) | 205 | ||||||||
Equity
in loss of affiliate
|
(1,270 | ) | - | (1,270 | ) | |||||||
Net
loss from continuing operation
|
(44,727 | ) | 32,794 | (11,933 | ) | |||||||
Net
loss from discontinued operation
|
(5,211 | ) | 5,211 | (c) | - | |||||||
Net
loss
|
$ | (49,938 | ) | $ | 38,005 | $ | (11,933 | ) | ||||
Net
income attributable to noncontrolling interest
|
(57 | ) | - | (57 | ) | |||||||
Net
loss attributable to shareholders
|
$ | (49,995 | ) | $ | 38,005 | $ | (11,990 | ) | ||||
Basic
and diluted net loss attributable to shareholders per ordinary
share
|
||||||||||||
From
continuing operation
|
$ | (2.19 | ) | $ | 1.60 | $ | (0.59 | ) | ||||
From
discontinued operation
|
$ | (0.26 | ) | $ | 0.26 | - | ||||||
Weighted
average number of ordinary shares used in computing basic and diluted net
loss per ordinary share
|
20,413,578 | 20,413,578 |
|
(a)
|
The
effect of stock-based compensation in accordance with SFAS 123(R) and EITF
96-18.
|
|
(b)
|
The
effect of amortization and impairment of intangible assets and
goodwill.
|
|
(c)
|
The
effect of discontinued
operation.
|
GAAP
|
Three
months ended December 31, 2008
Adjustments
|
Non-GAAP
|
||||||||||
Revenues
|
||||||||||||
Sales
|
$ | 7,084 | - | $ | 7,084 | |||||||
Licensing
and transaction fees
|
751 | - | 751 | |||||||||
Total
revenues
|
7,835 | 7,835 | ||||||||||
Cost
of Revenues
|
||||||||||||
Cost
of sales
|
4,418 | (15 | ) (a) | 4,403 | ||||||||
Total
cost of revenues
|
4,418 | (15 | ) | 4,403 | ||||||||
Gross
profit
|
3,417 | 15 | 3,432 | |||||||||
Operating
Expenses
|
||||||||||||
Research
and development
|
2,120 | (533 | ) (a) | 1,587 | ||||||||
Selling
and marketing
|
3,224 | (194 | ) (a) | 3,030 | ||||||||
General
and administrative
|
3,034 | (377 | ) (a) | 2,657 | ||||||||
Amortization
and impairment of intangible assets
|
1,769 | (1,769 | ) (b) | - | ||||||||
Impairment
of goodwill
|
24,217 | (24,217 | ) (b) | - | ||||||||
Total
operating expenses
|
34,364 | (27,090 | ) | 7,274 | ||||||||
Operating
loss
|
(30,947 | ) | 27,105 | (3,842 | ) | |||||||
Financial
income, net
|
114 | - | 114 | |||||||||
Loss
before taxes on income
|
(30,833 | ) | 27,105 | (3, 728 | ) | |||||||
Taxes
on income
|
498 | (470 | ) (b) | 28 | ||||||||
Equity
in loss of affiliate
|
(928 | ) | - | (928 | ) | |||||||
Net
loss from continuing operation
|
(31,263 | ) | 26,635 | (4,628 | ) | |||||||
Net
loss from discontinued operation
|
(1,320 | ) | 1,320 | (c) | - | |||||||
Net
loss
|
$ | (32,583 | ) | $ | 27,955 | $ | (4,628 | ) | ||||
Net
income attributable to noncontrolling interest
|
(57 | ) | - | (57 | ) | |||||||
Net
loss attributable to shareholders
|
$ | (32,640 | ) | $ | 27,955 | $ | (4,685 | ) | ||||
Basic
and diluted net loss attributable to shareholders per ordinary
share
|
||||||||||||
From
continuing operation
|
$ | (1.47 | ) | $ | 1.25 | $ | (0.22 | ) | ||||
From
discontinued operation
|
$ | (0.06 | ) | $ | 0.06 | - | ||||||
Weighted
average number of ordinary shares used in computing basic and diluted net
loss per ordinary share
|
21,378,887 | 21,378,887 |
|
(a)
|
The
effect of stock-based compensation in accordance with SFAS 123(R) and EITF
96-18.
|
|
(b)
|
The
effect of amortization and impairment of intangible assets and
goodwill.
|
|
(c)
|
The
effect of discontinued operation.
|
Year ended
December
31
|
||||||||
2008
|
2009
|
|||||||
(Unaudited)
|
||||||||
Cash
flows from operating activities
|
||||||||
Net
loss
|
$ | (44,727 | ) | $ | (15,293 | ) | ||
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
|
6,253 | 3,662 | ||||||
Loss
(gain) on sale of property and equipment
|
25 | (3 | ) | |||||
Amortization
and impairment of intangible assets and goodwill
|
27,011 | 978 | ||||||
Depreciation
|
3,044 | 2,632 | ||||||
Equity
in net losses of an affiliated company
|
1,270 | - | ||||||
Accrued
severance pay, net
|
78 | (222 | ) | |||||
Accrued
interest and linkage differences on long-term loans
|
(27 | ) | 36 | |||||
Decrease
in deferred tax liability
|
(711 | ) | (82 | ) | ||||
Decrease
(increase) in trade receivables
|
2,702 | (1,326 | ) | |||||
Increase
(decrease) in allowance for doubtful account
|
548 | (538 | ) | |||||
Decrease
in other receivables and prepaid expenses
|
567 | 663 | ||||||
Decrease
in inventories
|
869 | 429 | ||||||
Increase
(decrease) in trade payables
|
(1,859 | ) | 1,334 | |||||
Increase
(decrease) in other current liabilities
|
(2,008 | ) | 12,788 | |||||
Net
cash provided by (used in) continuing operating activities
|
(6,965 | ) | 5,058 | |||||
Cash
flows from investing activities
|
||||||||
Acquisition
of consolidated subsidiary, net of cash acquired
|
(565 | ) | - | |||||
Purchase
of property and equipment
|
(1,518 | ) | (4,124 | ) | ||||
Purchase
of available-for-sale securities
|
(29,068 | ) | (5,623 | ) | ||||
Proceeds
from maturity of available-for-sale securities
|
34,551 | 1,418 | ||||||
Other,
net
|
30 | 22 | ||||||
Net
cash provided by (used in) continuing investing activities
|
3,430 | (8,307 | ) | |||||
Cash
flows from financing activities
|
||||||||
Increase
(decrease) in short-term bank credit, net
|
(358 | ) | 911 | |||||
Proceeds
from long-term bank loans
|
- | 1,636 | ||||||
Repayment
of long-term bank loans
|
(508 | ) | (543 | ) | ||||
Proceeds
from receipt on account of shares and exercise of options
and
|
||||||||
warrants,
net
|
1,464 | 521 | ||||||
Net
cash provided by continuing financing activities
|
598 | 2,525 | ||||||
Net
cash used in discontinued operating activities
|
(5,211 | ) | (6,763 | ) | ||||
Net
cash provided by discontinued investing activities
|
- | 7,060 | ||||||
Total
net cash provided by (used in) discontinued activities
|
(5,211 | ) | 297 | |||||
Effect
of exchange rate changes on cash
|
(126 | ) | 115 | |||||
decrease
in cash and cash equivalents
|
(8,274 | ) | (312 | ) | ||||
Cash
and cash equivalents at the beginning of the year
|
35,470 | 27,196 | ||||||
Cash
and cash equivalents at the end of the year
|
$ | 27,196 | $ | 26,884 |
1 Year On Track Innovations Chart |
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