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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)
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|||
|
By:
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/s/ David Bar-Yosef | |
David Bar-Yosef, Advocate | |||
General Counsel | |||
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·
Revenues were $35.2 million with Gross Margin of 49%
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·
Strong Balance Sheet with $30.8M in Cash, Cash Equivalents and Short Term Investments
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·
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Total revenues of $35.2 million decreased 19% vs. $43.6 million last year.
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·
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Revenues from Licensing and Transaction Fees increased by 42% to $4.0 million vs. $2.8 million last year.
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·
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Gross margin was 49% for the first nine months of 2011.
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·
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Non-GAAP operating expenses increased by 17% to $22.2 million compared to $19.0 million last year. GAAP operating expenses increased by 9% to $24.2 million vs. $22.2 million last year.
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·
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Non-GAAP operating loss was $5.0 million, compared to non-GAAP operating profit of $4.6 million last year. GAAP operating loss was $7.0 million, compared to GAAP operating profit of $1.4 million last year.
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·
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GAAP net loss attributable to shareholders was $7.4 million, compared to $2.0 million last year.
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·
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Strong balance sheet with cash, cash equivalents and short-term investments of $30.8 million at September 30, 2011.
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Dial in #: | Toll Free 1-866-652-8972 (U.S.) or 1-800-227-297 (Israel) |
Live Webcast/Replay: | http://www.otiglobal.com/Investors_Introduction |
Telephone Reply: | 1-877-456-0009 (U.S. toll free) until midnight 12/7/11 |
OTI Contacts: | |
Galit Mendelson | Jay M. Meier |
VP, Corporate Relations | SVP, Business Development & Investor Relations |
732 429 1900 ext. 111 | OTI America, Inc. |
galit@otiglobal.com | 732 429 1900 ext. 104 |
jaym@otiglobal.com | |
Investor Relations:
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Norberto Aja/David Collins
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Jaffoni & Collins
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212-835-8500
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otiv@jcir.com
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September 30
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December 31
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|||||||
2011
|
2010
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Assets
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||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 22,690 | $ | 15,409 | ||||
Short-term investments
|
8,111 | 8,594 | ||||||
Trade receivables (net of allowance for doubtful
|
||||||||
accounts of $289 and $2,832 as of September 30, 2011
|
||||||||
and December 31, 2010, respectively)
|
5,979 | 5,072 | ||||||
Receivables from sale of operation
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1,182 | 2,336 | ||||||
Other receivables and prepaid expenses
|
2,395 | 1,532 | ||||||
Inventories
|
9,123 | 8,448 | ||||||
Total current assets
|
49,480 | 41,391 | ||||||
Severance pay deposits fund
|
1,307 | 1,355 | ||||||
Property, plant and equipment, net
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13,948 | 14,826 | ||||||
Intangible assets, net
|
709 | 942 | ||||||
Goodwill
|
485 | - | ||||||
Total Assets
|
$ | 65,929 | $ | 58,514 |
September 30
|
December 31
|
|||||||
2011
|
2010
|
|||||||
(Unaudited)
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(Audited)
|
|||||||
Liabilities and Equity
|
||||||||
Current Liabilities
|
||||||||
Short-term bank credit and current maturities
|
||||||||
of long-term bank loans
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$ | 6,168 | $ | 6,881 | ||||
Trade payables
|
8,126 | 6,874 | ||||||
Other current liabilities
|
5,831 | 8,954 | ||||||
Total current liabilities
|
20,125 | 22,709 | ||||||
Long-Term Liabilities
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||||||||
Long-term loans, net of current maturities
|
4,829 | 5,189 | ||||||
Accrued severance pay
|
3,830 | 3,727 | ||||||
Deferred tax liability
|
68 | 84 | ||||||
Total long-term liabilities
|
8,727 | 9,000 | ||||||
Total Liabilities
|
28,852 | 31,709 | ||||||
Liabilities related to discontinued operation
|
458 | 689 | ||||||
Commitments and Contingencies
|
||||||||
Equity
|
||||||||
Shareholders' Equity
|
||||||||
Ordinary shares of NIS 0.1 par value: Authorized –
|
||||||||
50,000,000 shares as of September 30, 2011 and
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||||||||
December 31, 2010; issued: 32,240,281 and 25,384,010
|
||||||||
shares as of September 30, 2011 and December 31, 2010,
|
||||||||
respectively; outstanding: 31,547,006 and 24,821,535 shares
|
||||||||
as of September 30, 2011 and December 31, 2010, respectively
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806 | 610 | ||||||
Additional paid-in capital
|
209,419 | 190,933 | ||||||
Treasury shares at cost –693,275 shares as of September 30, 2011
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||||||||
And 562,475 shares as December 31, 2010.
|
(1,318 | ) | (1,136 | ) | ||||
Accumulated other comprehensive income
|
98 | 645 | ||||||
Accumulated deficit
|
(172,202 | ) | (164,812 | ) | ||||
Shareholder’s equity
|
36,803 | 26,240 | ||||||
Non-controlling interest
|
(184 | ) | (124 | ) | ||||
Total Equity
|
36,619 | 26,116 | ||||||
Total Liabilities and Equity
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$ | 65,929 | $ | 58,514 |
Nine months ended September 30
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Three months ended September 30
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2011
|
2010
|
2011
|
2010
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
Revenues
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||||||||||||||||
Sales
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$ | 31,241 | $ | 40,786 | $ | 7,243 | $ | 14,785 | ||||||||
Licensing and transaction fees
|
3,972 | 2,798 | 1,290 | 999 | ||||||||||||
Total revenues
|
35,213 | 43,584 | 8,533 | 15,784 | ||||||||||||
Cost of revenues
|
||||||||||||||||
Cost of sales
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18,067 | 20,016 | 4,724 | 7,351 | ||||||||||||
Total cost of revenues
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18,067 | 20,016 | 4,724 | 7,351 | ||||||||||||
Gross profit
|
17,146 | 23,568 | 3,809 | 8,433 | ||||||||||||
Operating expenses
|
||||||||||||||||
Research and development
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6,705 | 6,179 | 2,184 | 2,162 | ||||||||||||
Selling and marketing
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10,110 | 9,516 | 3,207 | 2,859 | ||||||||||||
General and administrative
|
6,960 | 6,036 | 2,240 | 1,889 | ||||||||||||
Amortization of intangible assets
|
410 | 431 | 126 | 144 | ||||||||||||
Total operating expenses
|
24,185 | 22,162 | 7,757 | 7,054 | ||||||||||||
Operating profit (loss)
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(7,039 | ) | 1,406 | (3,948 | ) | 1,379 | ||||||||||
Financial expense, net
|
(269 | ) | (817 | ) | (292 | ) | (242 | ) | ||||||||
Profit (loss) before taxes on income
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(7,308 | ) | 589 | (4,240 | ) | 1,137 | ||||||||||
Taxes on income
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(142 | ) | (165 | ) | (58 | ) | (10 | ) | ||||||||
Net profit (loss) from continuing operations
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(7,450 | ) | 424 | (4,298 | ) | 1,127 | ||||||||||
Net loss from discontinued operations
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- | (2,457 | ) | - | (536 | ) | ||||||||||
Net profit (loss)
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(7,450 | ) | (2,033 | ) | (4,298 | ) | 591 | |||||||||
Net loss (profit) attributable to noncontrolling interest
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60 | 64 | (5 | ) | 17 | |||||||||||
Net profit (loss) attributable to shareholders
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$ | (7,390 | ) | $ | (1,969 | ) | $ | (4,303 | ) | $ | 608 | |||||
Basic and diluted net profit (loss) attributable to
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shareholders per ordinary share
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From continuing operations
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$ | (0.24 | ) | $ | 0.02 | $ | (0.13 | ) | $ | 0.04 | ||||||
From discontinued operations
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$ | - | $ | (0.10 | ) | $ | - | $ | (0.02 | ) | ||||||
$ | (0.24 | ) | $ | (0.08 | ) | $ | (0.13 | ) | $ | 0.02 | ||||||
Weighted average number of ordinary shares
used in computing basic net profit (loss) per ordinary share
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31,349,133 | 24,441,691 | 32,396,386 | 24,703,957 | ||||||||||||
Weighted average number of ordinary shares
used in computing diluted net profit (loss) per ordinary share
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31,349,133 | 26,725,145 | 32,396,386 | 26,925,411 |
Nine months ended September 30
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Three months ended September 30
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2011
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2010
|
2011
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2010
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|||||||||||||
(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
|
|||||||||||||
OPERATING EXPENSES
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GAAP operating expenses
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$ | 24,185 | $ | 22,162 | $ | 7,757 | $ | 7,054 | ||||||||
Less:
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||||||||||||||||
Stock based compensation expenses
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(1,571 | ) | (2,734 | ) | (390 | ) | (867 | ) | ||||||||
Amortization of intangible assets
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(410 | ) | (431 | ) | (126 | ) | (144 | ) | ||||||||
Non GAAP Operating expenses
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$ | 22,204 | $ | 18,997 | $ | 7,241 | $ | 6,043 | ||||||||
OPERATING PROFIT (LOSS)
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||||||||||||||||
GAAP Operating profit (loss)
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$ | (7,039 | ) | $ | 1,406 | $ | (3,948 | ) | $ | 1,379 | ||||||
Plus:
|
||||||||||||||||
Stock based compensation expenses
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1,588 | 2,754 | 404 | 876 | ||||||||||||
Amortization of intangible assets
|
410 | 431 | 126 | 144 | ||||||||||||
Non GAAP Operating profit (loss)
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$ | (5,041 | ) | $ | 4,591 | $ | (3,418 | ) | $ | 2,399 | ||||||
NET PROFIT (LOSS) ATTRIBUTABLE TO SHAREHOLDERS
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||||||||||||||||
GAAP Net profit (loss) attributable to shareholders
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$ | (7,390 | ) | $ | (1,969 | ) | $ | (4,303 | ) | $ | 608 | |||||
Plus:
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||||||||||||||||
Stock based compensation expenses
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1,588 | 2,754 | 404 | 876 | ||||||||||||
Amortization of intangible assets
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410 | 431 | 126 | 144 | ||||||||||||
Net loss from discontinued operations
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- | 2,457 | - | 536 | ||||||||||||
Non GAAP net profit (loss) attributable to shareholders
|
$ | (5,392 | ) | $ | 3,673 | $ | (3,773 | ) | $ | 2,164 | ||||||
BASIC NET PROFIT (LOSS) ATTRIBUTABLE TO SHAREHOLDERS PER ORDINARY SHARE
|
||||||||||||||||
GAAP Basic net profit (loss) attributable to shareholders per ordinary share
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$ | (0.24 | ) | $ | (0.08 | ) | $ | (0.13 | ) | $ | 0.02 | |||||
Plus:
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||||||||||||||||
Stock based compensation expenses
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0.05 | 0.11 | 0.01 | 0.04 | ||||||||||||
Amortization of intangible assets
|
0.02 | 0.02 | 0.00 | 0.01 | ||||||||||||
Net loss from discontinued operations
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- | 0.10 | - | 0.02 | ||||||||||||
Non GAAP Basic net profit (loss) attributable to shareholders per ordinary share
|
$ | (0.17 | ) | $ | 0.15 | $ | (0.12 | ) | $ | 0.09 |
Nine months ended September 30
|
||||||||
2011
|
2010
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Cash flows from operating activities
|
||||||||
Net profit (loss) from continuing operations
|
$ | (7,450 | ) | $ | 424 | |||
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
|
1,588 | 2,754 | ||||||
Loss (gain) on sale of property and equipment
|
24 | (11 | ) | |||||
Amortization of intangible assets
|
410 | 431 | ||||||
Depreciation
|
1,247 | 1,106 | ||||||
Changes in operation assets and liabilities:
|
||||||||
Accrued severance pay, net
|
151 | 117 | ||||||
Accrued interest on short term investments and linkage differences on long-term loans
|
(205 | ) | 7 | |||||
Decrease in deferred tax liability
|
(16 | ) | (27 | ) | ||||
Linkage differences on receivable from sale of operation
|
(102 | ) | - | |||||
Decrease (increase) in trade receivables, net
|
(949 | ) | 615 | |||||
Decrease (increase) in other receivables and prepaid expenses
|
(890 | ) | 31 | |||||
Increase in inventories
|
(625 | ) | (1,597 | ) | ||||
Increase (decrease) in trade payables
|
1,621 | (2,564 | ) | |||||
Decrease in other current liabilities
|
(3,210 | ) | (6,598 | ) | ||||
Net cash used in continuing operating activities
|
(8,406 | ) | (5,312 | ) | ||||
Cash flows from investing activities
|
||||||||
Purchase of property and equipment
|
(1,065 | ) | (2,265 | ) | ||||
Purchase of short term investments
|
(5,042 | ) | (4,487 | ) | ||||
Acquisition of business operation
|
(400 | ) | - | |||||
Proceeds from maturity and sale of available-for-sale securities
|
5,541 | 1,831 | ||||||
Proceeds from sale of property and equipment
|
93 | 21 | ||||||
Net cash used in continuing investing activities
|
(873 | ) | (4,900 | ) | ||||
Cash flows from financing activities
|
||||||||
Increase (decrease) in short-term bank credit, net
|
(2,070 | ) | 130 | |||||
Proceeds from long-term bank loans
|
2,638 | 4,282 | ||||||
Repayment of long-term bank loans
|
(1,517 | ) | (740 | ) | ||||
Proceeds from issuance of shares, net of issuance expenses
|
16,619 | - | ||||||
Payments to acquire treasury shares
|
(182 | ) | (997 | ) | ||||
Proceeds from exercise of options and warrants, net
|
199 | 43 | ||||||
Net cash provided by continuing financing activities
|
15,687 | 2,718 | ||||||
Cash flows from discontinued operations
|
||||||||
Net cash used in discontinued operating activities
|
(231 | ) | (2,357 | ) | ||||
Net cash provided by discontinued investing activities
|
1,256 | 1,716 | ||||||
Total net cash provided by (used in) discontinued activities
|
1,025 | (641 | ) | |||||
Effect of exchange rate changes on cash
|
(152 | ) | (54 | ) | ||||
Increase (decrease) in cash and cash equivalents
|
7,281 | (8,189 | ) | |||||
Cash and cash equivalents at the beginning of the period
|
15,409 | 26,884 | ||||||
Cash and cash equivalents at the end of the period
|
$ | 22,690 | $ | 18,695 |
1 Year On Track Innovations Chart |
1 Month On Track Innovations Chart |
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