![](/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 |
ON TRACK INNOVATIONS LTD.
(Registrant)
|
|||
By:
|
/s/ Oded Bashan
|
||
Oded Bashan
|
|||
Chief Executive Officer and Chairman
|
|||
|
Press Release
|
|
·
|
Revenues of $51.3M with Gross Margin of 51%
|
|
·
|
Revenues from Licensing and Transaction Fees up 199% to $12.1M
|
|
·
|
Strong Balance Sheet with $28.5M in Cash, Cash Equivalents and Short Term Investments
|
|
·
|
Total revenues of $51.3M decreased 4% vs. $53.6M last year. Revenues for Q4 2011 were $16.0M, up 60% compared to $10.0M in Q4 2010.
|
|
·
|
Revenues from Licensing and Transaction Fees increased by 199% to $12.1M vs. $4.0M last year.
|
|
·
|
Gross margin was 51% for 2011.
|
|
·
|
GAAP operating expenses increased by 9% to $32.7M vs. $30.1M last year. Non-GAAP operating expenses increased by 16% to $30.3M compared to $26.1M last year.
|
|
·
|
GAAP operating loss was $6.4M, compared to GAAP operating loss of $1.2M last year. Non-GAAP operating loss was $4.0M, compared to non-GAAP operating profit of $2.8M last year.
|
|
·
|
Q4 GAAP operating profit was $634,000, compared to GAAP operating loss of $2.6M last year. Q4 non-GAAP operating profit was $1.1M, compared to non-GAAP operating loss of $1.8M last year.
|
|
·
|
GAAP net loss attributable to shareholders was $6.9M, a 12% increase compared to $6.2M last year.
|
|
·
|
Strong balance sheet with cash, cash equivalents and short-term investments of $28.5M at December 31, 2011.
|
Dial in#:
Live Webcast/Replay:
Telephone Replay:
|
Toll Free
1-888-407-2553
(U.S.) or
1-800-227-297
(Israel)
http://www.otiglobal.com/Investors_Introduction
1-888-295-2634
(U.S. toll free) until midnight 3/14/12
|
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 |
December 31
|
||||||||
2010
|
2011
|
|||||||
(Audited)
|
(Unaudited)
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 15,409 | $ | 12,517 | ||||
Short-term investments
|
8,594 | 15,952 | ||||||
Trade receivables (net of allowance for doubtful
|
||||||||
accounts of $2,832 and $233 as of December 31, 2010
|
||||||||
and December 31, 2011, respectively)
|
5,072 | 11,328 | ||||||
Receivables from sale of operation
|
2,336 | - | ||||||
Other receivables and prepaid expenses
|
1,532 | 1,947 | ||||||
Inventories
|
8,448 | 8,196 | ||||||
Total current assets
|
41,391 | 49,940 | ||||||
Severance pay deposits fund
|
1,355 | 1,473 | ||||||
Property, plant and equipment, net
|
14,826 | 13,227 | ||||||
Intangible assets, net
|
942 | 609 | ||||||
Goodwill
|
- | 485 | ||||||
Total Assets
|
$ | 58,514 | $ | 65,734 |
December 31
|
||||||||
2010
|
2011
|
|||||||
(Audited)
|
(Unaudited)
|
|||||||
Liabilities and Equity
|
||||||||
Current Liabilities
|
||||||||
Short-term bank credit and current maturities
|
||||||||
of long-term bank loans
|
$ | 6,881 | $ | 6,793 | ||||
Trade payables
|
6,874 | 8,441 | ||||||
Other current liabilities
|
8,954 | 5,315 | ||||||
Total current liabilities
|
22,709 | 20,549 | ||||||
Long-Term Liabilities
|
||||||||
Long-term loans, net of current maturities
|
5,189 | 4,026 | ||||||
Accrued severance pay
|
3,727 | 4,502 | ||||||
Deferred tax liability
|
84 | 65 | ||||||
Total long-term liabilities
|
9,000 | 8,593 | ||||||
Total Liabilities
|
31,709 | 29,142 | ||||||
Liabilities related to discontinued operation
|
689 | 150 | ||||||
Commitments and Contingencies
|
||||||||
Equity
|
||||||||
Shareholders' Equity
|
||||||||
Ordinary shares of NIS 0.1 par value: Authorized –
|
||||||||
50,000,000 shares as of December 31, 2010 and
|
||||||||
December 31, 2011; issued: 25,384,010 and 32,313,761
|
||||||||
shares as of December 31, 2010 and December 31, 2011,
|
||||||||
respectively; outstanding: 24,821,535 and 31,135,062 shares
|
||||||||
as of December 31, 2010 and December 31, 2011, respectively
|
610 | 808 | ||||||
Additional paid-in capital
|
190,933 | 209,741 | ||||||
Treasury shares at cost – 562,475 and 1,178,699 shares as of December 31,
|
||||||||
2010 and December 31, 2011, respectively
|
(1,136 | ) | (2,000 | ) | ||||
Accumulated other comprehensive income (loss)
|
645 | (83 | ) | |||||
Accumulated deficit
|
(164,812 | ) | (171,737 | ) | ||||
Shareholder’s equity
|
26,240 | 36,729 | ||||||
Non-controlling interest
|
(124 | ) | (287 | ) | ||||
Total Equity
|
26,116 | 36,442 | ||||||
Total Liabilities and Equity
|
$ | 58,514 | $ | 65,734 |
Year ended December 31
|
Three months ended December 31
|
|||||||||||||||
2010
|
2011
|
2010
|
2011
|
|||||||||||||
(Audited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
Revenues
|
||||||||||||||||
Sales
|
$ | 49,590 | $ | 39,200 | $ | 8,804 | $ | 7,959 | ||||||||
Licensing and transaction fees
|
4,037 | 12,055 | 1,239 | 8,083 | ||||||||||||
Total revenues
|
53,627 | 51,255 | 10,043 | 16,042 | ||||||||||||
Cost of revenues
|
||||||||||||||||
Cost of sales
|
24,748 | 24,225 | 4,732 | 6,158 | ||||||||||||
Cost of licensing and transaction fees
|
- | 714 | - | 714 | ||||||||||||
Total cost of revenues
|
24,748 | 24,939 | 4,732 | 6,872 | ||||||||||||
Gross profit
|
28,879 | 26,316 | 5,311 | 9,170 | ||||||||||||
Operating expenses
|
||||||||||||||||
Research and development
|
8,373 | 9,163 | 2,194 | 2,458 | ||||||||||||
Selling and marketing
|
11,643 | 13,705 | 2,127 | 3,595 | ||||||||||||
General and administrative
|
9,479 | 9,346 | 3,443 | 2,386 | ||||||||||||
Amortization of intangible assets
|
575 | 507 | 144 | 97 | ||||||||||||
Total operating expenses
|
30,070 | 32,721 | 7,908 | 8,536 | ||||||||||||
Operating profit (loss)
|
(1,191 | ) | (6,405 | ) | (2,597 | ) | 634 | |||||||||
Financial expense, net
|
(1,397 | ) | (419 | ) | (580 | ) | (150 | ) | ||||||||
Profit (loss) before taxes on income
|
(2,588 | ) | (6,824 | ) | (3,177 | ) | 484 | |||||||||
Taxes on income
|
(411 | ) | (269 | ) | (246 | ) | (127 | ) | ||||||||
Net profit (loss) from continuing operations
|
(2,999 | ) | (7,093 | ) | (3,423 | ) | 357 | |||||||||
Net loss from discontinued operations
|
(3,292 | ) | - | (835 | ) | - | ||||||||||
Net profit (loss)
|
(6,291 | ) | (7,093 | ) | (4,258 | ) | 357 | |||||||||
Net loss attributable to noncontrolling interest
|
102 | 168 | 38 | 108 | ||||||||||||
Net profit (loss) attributable to shareholders
|
$ | (6,189 | ) | $ | (6,925 | ) | $ | (4,220 | ) | $ | 465 | |||||
Basic and diluted net profit (loss) attributable to
|
||||||||||||||||
shareholders per ordinary share
|
||||||||||||||||
From continuing operations
|
$ | (0.12 | ) | $ | (0.22 | ) | $ | (0.14 | ) | $ | 0.01 | |||||
From discontinued operations
|
$ | (0.13 | ) | $ | - | $ | (0.03 | ) | $ | - | ||||||
$ | (0.25 | ) | $ | (0.22 | ) | $ | (0.17 | ) | $ | 0.01 | ||||||
Weighted average number of ordinary shares used
in computing basic net profit (loss) per ordinary share
|
24,615,526 | 31,524,719 | 25,137,031 | 32,051,476 | ||||||||||||
Weighted average number of ordinary shares used
in computing diluted net profit (loss) per ordinary share
|
24,615,526 | 31,524,719 | 25,137,031 | 33,459,677 |
Year ended December 31
|
Three months ended December 31
|
|||||||||||||||
2010
|
2011
|
2010
|
2011
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
GAAP operating expenses
|
$ | 30,070 | $ | 32,721 | $ | 7,908 | $ | 8,536 | ||||||||
Less:
|
||||||||||||||||
Stock based compensation expenses
|
(3,394 | ) | (1,909 | ) | (660 | ) | (338 | ) | ||||||||
Amortization of intangible assets
|
(575 | ) | (507 | ) | (144 | ) | (97 | ) | ||||||||
Non GAAP Operating expenses
|
$ | 26,101 | $ | 30,305 | $ | 7,104 | $ | 8,101 | ||||||||
OPERATING PROFIT (LOSS)
|
||||||||||||||||
GAAP Operating profit (loss)
|
$ | (1,191 | ) | $ | (6,405 | ) | $ | (2,597 | ) | $ | 634 | |||||
Plus:
|
||||||||||||||||
Stock based compensation expenses
|
3,419 | 1,933 | 665 | 345 | ||||||||||||
Amortization of intangible assets
|
575 | 507 | 144 | 97 | ||||||||||||
Non GAAP Operating profit (loss)
|
$ | 2,803 | $ | (3,965 | ) | $ | (1,788 | ) | $ | 1,076 | ||||||
NET PROFIT (LOSS) ATTRIBUTABLE TO SHAREHOLDERS
|
||||||||||||||||
GAAP Net profit (loss) attributable to shareholders
|
$ | (6,189 | ) | $ | (6,925 | ) | $ | (4,220 | ) | $ | 465 | |||||
Plus:
|
||||||||||||||||
Stock based compensation expenses
|
3,419 | 1,933 | 665 | 345 | ||||||||||||
Amortization of intangible assets
|
575 | 507 | 144 | 97 | ||||||||||||
Net loss from discontinued operations
|
3,292 | - | 835 | - | ||||||||||||
Non GAAP net profit (loss) attributable to shareholders
|
$ | 1,097 | $ | (4,485 | ) | $ | (2,576 | ) | $ | 907 | ||||||
BASIC NET PROFIT (LOSS) ATTRIBUTABLE TO SHAREHOLDERS PER ORDINARY SHARE
|
||||||||||||||||
GAAP Basic net profit (loss) attributable to shareholders per ordinary share
|
$ | (0.25 | ) | $ | (0.22 | ) | $ | (0.17 | ) | $ | 0.01 | |||||
Plus:
|
||||||||||||||||
Stock based compensation expenses
|
0.14 | 0.06 | 0.03 | 0.01 | ||||||||||||
Amortization of intangible assets
|
0.02 | 0.02 | 0.01 | 0.01 | ||||||||||||
Net loss from discontinued operations
|
0.13 | - | 0.03 | - | ||||||||||||
Non GAAP Basic net profit (loss) attributable to shareholders per ordinary share
|
$ | 0.04 | $ | (0.14 | ) | $ | (0.10 | ) | $ | 0.03 |
Year ended December 31
|
||||||||
2010
|
2011
|
|||||||
(Audited)
|
(Unaudited)
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss from continuing operations
|
$ | (2,999 | ) | $ | (7,093 | ) | ||
Adjustments required to reconcile net loss to
|
||||||||
net cash used in continuing operating activities:
|
||||||||
Stock-based compensation related to options and shares issued
|
||||||||
to employees and others
|
3,419 | 1,933 | ||||||
Loss (gain) on sale of property and equipment
|
(3 | ) | 24 | |||||
Amortization of intangible assets
|
575 | 507 | ||||||
Depreciation
|
1,553 | 1,679 | ||||||
Changes in operation assets and liabilities:
|
||||||||
Accrued severance pay, net
|
111 | 657 | ||||||
Accrued interest and linkage differences on long-term loans
|
164 | (370 | ) | |||||
Decrease in deferred tax liability
|
(36 | ) | (19 | ) | ||||
Linkage differences on receivable from sale of operation
|
- | (68 | ) | |||||
Decrease (increase) in trade receivables
|
1,484 | (6,392 | ) | |||||
Increase in allowance for doubtful accounts
|
29 | 28 | ||||||
Decrease (increase) in other receivables and prepaid expenses
|
892 | (452 | ) | |||||
Decrease (increase) in inventories
|
(2,377 | ) | 219 | |||||
Increase (decrease) in trade payables
|
(2,704 | ) | 2,159 | |||||
Decrease in other current liabilities
|
(7,020 | ) | (3,693 | ) | ||||
Net cash used in continuing operating activities
|
(6,912 | ) | (10,881 | ) | ||||
Cash flows from investing activities
|
||||||||
Acquisition of business operation
|
- | (400 | ) | |||||
Purchase of property and equipment
|
(2,346 | ) | (1,191 | ) | ||||
Payment of contingent consideration in connection with the purchase of a subsidiary
|
(186 | ) | - | |||||
Purchase of short term investments
|
(5,230 | ) | (14,697 | ) | ||||
Proceeds from maturity or sale short term investments
|
2,013 | 7,420 | ||||||
Other, net
|
20 | 93 | ||||||
Net cash used in continuing investing activities
|
(5,729 | ) | (8,775 | ) | ||||
Cash flows from financing activities
|
||||||||
Decrease in short-term bank credit, net
|
(311 | ) | (1,510 | ) | ||||
Proceeds from long-term bank loans
|
4,650 | 2,814 | ||||||
Repayment of long-term bank loans
|
(1,031 | ) | (2,146 | ) | ||||
Proceeds from issuance of shares, net of issuance expenses
|
- | 16,619 | ||||||
Payments to acquire treasury shares
|
(1,136 | ) | (864 | ) | ||||
Proceeds from receipt on account of shares and exercise of options and
|
||||||||
warrants, net
|
80 | 208 | ||||||
Net cash provided by continuing financing activities
|
2,252 | 15,121 | ||||||
Cash flows from discontinued operations
|
||||||||
Net cash used in discontinued operating activities
|
(3,305 | ) | (539 | ) | ||||
Net cash provided by discontinued investing activities
|
2,300 | 2,404 | ||||||
Total net cash provided by (used in) discontinued activities
|
(1,005 | ) | 1,865 | |||||
Effect of exchange rate changes on cash
|
(81 | ) | (222 | ) | ||||
Decrease in cash and cash equivalents
|
(11,475 | ) | (2,892 | ) | ||||
Cash and cash equivalents at the beginning of the year
|
26,884 | 15,409 | ||||||
Cash and cash equivalents at the end of the year
|
$ | 15,409 | $ | 12,517 |
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