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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/ Oded Bashan
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||
Oded Bashan
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Chief Executive Officer and Chairman
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|
Press Release
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·
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Operating cash flow increased to $0.5 million from ($0.8) million for the first quarter of 2011
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·
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Total revenues increased by 5% to $12.6 million from $12.0 million for the first quarter of 2011
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·
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Licensing and transaction fees revenue increased by 9% to $1.3 million from $1.2 million for the first quarter of 2011
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·
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Gross margin was 50% compared to 53% for the first quarter of 2011
|
·
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Operating expenses increased by 11% to $7.7 million from $7.0 million for the first quarter of 2011
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·
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Net loss attributable to shareholders was $1.6 million, from $0.6 million last year.
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·
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Adjusted EBITDA loss of $0.7 million from a profit of $0.4 million for the first quarter of 2011
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·
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Cash, cash equivalents and short-term investments of $27.8 million as of March 31, 2012
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·
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U.S. patent received for adding contactless capability to existing mobile handsets through contactless smart SIM technology and concept.
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·
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Patent infringement lawsuit filed against T-Mobile
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·
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Received a $6.9 million contract to supply an electronic immigration control system in Panama
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·
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EasyPark™ solution introduced to the U.S. market with initial projects in Austin, TX and the University of California Davis
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·
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PARX launched new EasyPark patented integrated information and payment system
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Dial in #:
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Toll Free
1-888-407-2553
(U.S.) or
1-800-227-297
(Israel)
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Live Webcast/Replay:
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http://www.otiglobal.com/Investors_Introduction
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Telephone Replay:
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1-877-456-0009
(U.S. toll free) until midnight June 7, 2012
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OTI Contacts:
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Galit Mendelson
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Jay M. Meier
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VP, Corporate Relations
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SVP, Business Development & Investor Relations
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732 429 1900 ext. 111
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OTI America, Inc.
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galit@otiglobal.com
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732 429 1900 ext. 104
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jaym@otiglobal.com
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March 31
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December 31
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|||||||
2012
|
2011
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|||||||
(Unaudited)
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(Unaudited)
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|||||||
Assets
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||||||||
Current assets
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||||||||
Cash and cash equivalents
|
$ | 18,431 | $ | 12,517 | ||||
Short-term investments
|
9,336 | 15,952 | ||||||
Trade receivables (net of allowance for doubtful
|
||||||||
accounts of $235 and $233 as of March 31, 2012
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||||||||
and December 31, 2011, respectively)
|
11,524 | 11,328 | ||||||
Other receivables and prepaid expenses
|
2,492 | 1,947 | ||||||
Inventories
|
7,053 | 8,196 | ||||||
Total current assets
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48,836 | 49,940 | ||||||
Property, plant and equipment, net
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13,498 | 13,227 | ||||||
Intangible assets, net
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2,752 | 2,127 | ||||||
Goodwill
|
485 | 485 | ||||||
Total Assets
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$ | 65,571 | $ | 65,779 |
March 31
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December 31
|
|||||||
2012
|
2011
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Liabilities and Equity
|
||||||||
Current Liabilities
|
||||||||
Short-term bank credit and current maturities
|
||||||||
of long-term bank loans
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$ | 6,827 | $ | 6,793 | ||||
Trade payables
|
8,365 | 8,441 | ||||||
Other current liabilities
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6,932 | 5,583 | ||||||
Total current liabilities
|
22,124 | 20,817 | ||||||
Long-Term Liabilities
|
||||||||
Long-term loans, net of current maturities
|
3,662 | 4,026 | ||||||
Employee benefits
|
4,440 | 3,415 | ||||||
Royalty liability to the office of the Chief Scientist, net of current maturities
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3,554 | 3,647 | ||||||
Deferred tax liability
|
62 | 65 | ||||||
Total long-term liabilities
|
11,718 | 11,153 | ||||||
Total Liabilities
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33,842 | 31,970 | ||||||
Liabilities related to discontinued operation
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- | 150 | ||||||
Commitments and Contingencies
|
||||||||
Equity
|
||||||||
Shareholders' Equity
|
||||||||
Ordinary shares of NIS 0.1 par value: Authorized –
|
||||||||
50,000,000 shares as of March 31, 2012 and
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||||||||
December 31, 2011; issued: 32,489,961 and 32,313,761
|
||||||||
shares as of March 31, 2012 and December 31, 2011,
|
||||||||
respectively; outstanding: 31,311,262 and 31,135,062 shares
|
||||||||
as of March 31, 2012 and December 31, 2011, respectively
|
812 | 808 | ||||||
Additional paid-in capital
|
210,000 | 209,693 | ||||||
Treasury shares at cost –1,178,699 shares as of March 31, 2012
|
||||||||
and December 31, 2011.
|
(2,000 | ) | (2,000 | ) | ||||
Accumulated other comprehensive income (loss)
|
33 | (174 | ) | |||||
Accumulated deficit
|
(176,792 | ) | (174,381 | ) | ||||
Total Shareholder’s equity
|
32,053 | 33,946 | ||||||
Non-controlling interest
|
(324 | ) | (287 | ) | ||||
Total Equity
|
31,729 | 33,659 | ||||||
Total Liabilities and Equity
|
$ | 65,571 | $ | 65,779 |
Three months ended March 31
|
||||||||
2012
|
2011
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Revenues
|
||||||||
Sales
|
$ | 11,342 | $ | 10,870 | ||||
Licensing and transaction fees
|
1,262 | 1,153 | ||||||
Total revenues
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12,604 | 12,023 | ||||||
Cost of revenues
|
||||||||
Cost of sales
|
6,279 | 5,654 | ||||||
Total cost of revenues
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6,279 | 5,654 | ||||||
Gross profit
|
6,325 | 6,369 | ||||||
Operating expenses
|
||||||||
Research and development
|
1,611 | 1,785 | ||||||
Selling and marketing
|
3,638 | 2,802 | ||||||
General and administrative
|
2,436 | 2,220 | ||||||
Amortization of intangible assets
|
49 | 151 | ||||||
Total operating expenses
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7,734 | 6,958 | ||||||
Operating loss
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(1,409 | ) | (589 | ) | ||||
Financial income (expense), net
|
(162 | ) | 67 | |||||
Loss before taxes on income
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(1,571 | ) | (522 | ) | ||||
Taxes on income
|
(21 | ) | (65 | ) | ||||
Net loss
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(1,592 | ) | (587 | ) | ||||
Net loss attributable to noncontrolling interest
|
34 | 33 | ||||||
Net loss attributable to shareholders
|
$ | (1,558 | ) | $ | (554 | ) |
Basic and diluted net loss attributable to shareholders per ordinary share
|
$ | (0.05 | ) | $ | (0.02 | ) | ||
Weighted average number of ordinary shares used in
|
||||||||
computing basic and diluted net loss per ordinary share
|
32,065,343 | 29,494,848 |
Three months ended March 31
|
||||||||
2012
|
2011
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
IFRS Net Loss
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$ | (1,592 | ) | $ | (587 | ) | ||
|
||||||||
Financial income (expenses)
|
(162 | ) | 67 | |||||
Depreciation
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(386 | ) | (429 | ) | ||||
Taxes on income
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(21 | ) | (65 | ) | ||||
Amortization expenses
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(49 | ) | (151 | ) | ||||
TOTAL EBITDA
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$ | (974 | ) | $ | (9 | ) | ||
Stock based compensation
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$ | (252 | ) | $ | (454 | ) | ||
TOTAL ADJUSTED EBITDA
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$ | (722 | ) | $ | 445 |
Three months ended March 31
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||||||||
2012
|
2011
|
|||||||
(Unaudited)
|
(Unaudited)
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|||||||
Cash flows from operating activities
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||||||||
Net loss
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$ | (1,592 | ) | $ | (587 | ) | ||
Adjustments required to reconcile net loss to
|
||||||||
net cash provided by (used in) operating activities:
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||||||||
Stock-based compensation related to options and shares issued
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||||||||
to employees and others
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252 | 454 | ||||||
Gain on sale of property and equipment
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- | (4 | ) | |||||
Amortization of intangible assets
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49 | 151 | ||||||
Income taxes
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- | 12 | ||||||
Finance expenses
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97 | 112 | ||||||
Depreciation
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386 | 429 | ||||||
(808 | ) | 567 | ||||||
Increase in employees benefits
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167 | 168 | ||||||
Decrease in deferred tax liability
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(3 | ) | (10 | ) | ||||
Linkage differences on receivable from sale of operation
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- | (151 | ) | |||||
Increase in trade receivables, net
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(122 | ) | (3,896 | ) | ||||
Increase in other receivables and prepaid expenses
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(522 | ) | (614 | ) | ||||
Decrease (increase) in inventories
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1,235 | (351 | ) | |||||
Increase (decrease) in trade payables
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(517 | ) | 1,569 | |||||
Increase in other current liabilities
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1,202 | 2,045 | ||||||
632 | (673 | ) | ||||||
Income taxes paid
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- | (12 | ) | |||||
Net cash provided by (used in) continuing operating activities
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632 | (685 | ) | |||||
Net cash used in discontinued operating activities
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(150 | ) | (122 | ) | ||||
Net cash provided by (used in) operating activities
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482 | (807 | ) | |||||
Cash flows from investing activities
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||||||||
Purchase of property and equipment
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(115 | ) | (582 | ) | ||||
Purchase of short term investments
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(295 | ) | (2,449 | ) | ||||
Acquisition of business operation
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- | (400 | ) | |||||
Increase in intangible assets
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(653 | ) | (374 | ) | ||||
Proceeds from maturity and sale of short term investments
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6,945 | 178 | ||||||
Interest received
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61 | 23 | ||||||
Other, net
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- | 7 | ||||||
Net cash provided by (used in) continuing investing activities
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5,943 | (3,597 | ) | |||||
Net cash provided by discontinued investing activities
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- | 623 | ||||||
Net cash provided by (used in) investing activities
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5,943 | (2,974 | ) | |||||
Cash flows from financing activities
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||||||||
Decrease in short-term bank credit, net
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(242 | ) | (1,852 | ) | ||||
Proceeds from long-term bank loans
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275 | 151 | ||||||
Repayment of long-term bank loans
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(613 | ) | (336 | ) | ||||
Proceeds from issuance of shares, net of issuance expenses
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- | 16,644 | ||||||
Interest paid
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(112 | ) | (105 | ) | ||||
Decrease in royalty liability to the office of the chief scientist
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- | (120 | ) | |||||
Proceeds from exercise of options and warrants, net
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4 | 189 | ||||||
Net cash provided by (used in) continuing financing activities
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(688 | ) | 14,571 | |||||
Effect of exchange rate changes on cash
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177 | 87 | ||||||
Increase in cash and cash equivalents
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5,914 | 10,877 | ||||||
Cash and cash equivalents at the beginning of the period
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12,517 | 15,409 | ||||||
Cash and cash equivalents at the end of the period
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$ | 18,431 | $ | 26,286 |
1.
|
Business combinations exemption
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2.
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Share-based payment transactions
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a.
|
Adjustments to the consolidated statements of financial position as of December 31, 2011.
|
|
b.
|
Adjustments to the consolidated statements of operations for the three months ended March 31, 2011.
|
|
c.
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The provision of explanations with respect to the above adjustments.
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Year ended December 31, 2011
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||||||||||||||||
Note
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US GAAP
|
Effect of transition to IFRS
|
IFRS
|
|||||||||||||
(Audited)*
|
(Unaudited)
|
|||||||||||||||
Assets
|
||||||||||||||||
Current assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 12,517 | $ | - | $ | 12,517 | ||||||||||
Short-term investments
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15,952 | - | 15,952 | |||||||||||||
Trade receivables
|
11,328 | - | 11,328 | |||||||||||||
Other receivables and prepaid expenses
|
1,947 | - | 1,947 | |||||||||||||
Inventories
|
8,196 | - | 8,196 | |||||||||||||
Total current assets
|
49,940 | - | 49,940 | |||||||||||||
Severance pay deposits fund
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A | 1,473 | (1,473 | ) | - | |||||||||||
Property, plant and equipment, net
|
13,227 | - | 13,227 | |||||||||||||
Intangible assets, net
|
B | 609 | 1,518 | 2,127 | ||||||||||||
Goodwill
|
485 | - | 485 | |||||||||||||
Total Assets
|
$ | 65,734 | $ | 45 | $ | 65,779 |
Year ended December 31, 2011
|
||||||||||||||||
Note
|
US GAAP
|
Effect of transition to IFRS
|
IFRS
|
|||||||||||||
(Audited)*
|
(Unaudited)
|
|||||||||||||||
Liabilities and Equity
|
||||||||||||||||
Current Liabilities
|
||||||||||||||||
Short-term bank credit and current maturities
|
|
|||||||||||||||
of long-term bank loans
|
$ | 6,793 | $ | - | $ | 6,793 | ||||||||||
Trade payables
|
8,441 | - | 8,441 | |||||||||||||
Other current liabilities
|
E,F | 5,315 | 268 | 5,583 | ||||||||||||
Total current liabilities
|
20,549 | 268 | 20,817 | |||||||||||||
Long-Term Liabilities
|
||||||||||||||||
Long-term bank loans, net of current maturities
|
4,026 | - | 4,026 | |||||||||||||
Accrued severance pay / Employee benefits
|
A | 4,502 | (1,087 | ) | 3,415 | |||||||||||
Royalty liability to the office of the Chief Scientist, net of current maturities
|
E | - | 3,647 | 3,647 | ||||||||||||
Deferred tax liability
|
65 | - | 65 | |||||||||||||
Total long-term liabilities
|
8,593 | 2,560 | 11,153 | |||||||||||||
Total Liabilities
|
29,142 | 2,828 | 31,970 | |||||||||||||
Liabilities related to discontinued operation
|
150 | - | 150 | |||||||||||||
Equity
|
||||||||||||||||
Shareholder’s equity
|
A,B, E,F | 36,729 | (2,783 | ) | 33,946 | |||||||||||
Non-controlling interest
|
(287 | ) | (287 | ) | ||||||||||||
Total Equity
|
36,442 | (2,783 | ) | 33,659 | ||||||||||||
Total Liabilities and Equity
|
$ | 65,734 | $ | 45 | $ | 65,779 |
Three Months Ended March 31, 2011
|
||||||||||||||||
Note
|
US GAAP
|
Effect of transition to IFRS
|
IFRS
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Revenues
|
||||||||||||||||
Sales
|
$ | 10,870 | $ | - | $ | 10,870 | ||||||||||
Licensing and transaction fees
|
1,153 | - | 1,153 | |||||||||||||
Total revenues
|
12,023 | - | 12,023 | |||||||||||||
Cost of revenues
|
||||||||||||||||
Cost of sales
|
A,C | 5,708 | (54 | ) | 5,654 | |||||||||||
Total cost of revenues
|
5,708 | (54 | ) | 5,654 | ||||||||||||
Gross profit
|
6,315 | 54 | 6,369 | |||||||||||||
Operating expenses
|
||||||||||||||||
Research and development
|
A,B,C | 2,197 | (412 | ) | 1,785 | |||||||||||
Selling and marketing
|
A,C | 2,841 | (39 | ) | 2,802 | |||||||||||
General and administrative
|
A,C | 2,255 | (35 | ) | 2,220 | |||||||||||
Amortization of intangible assets
|
151 | - | 151 | |||||||||||||
Total operating expenses
|
7,444 | (486 | ) | 6,958 | ||||||||||||
Operating loss
|
(1,129 | ) | 540 | (589 | ) | |||||||||||
Financial income, net
|
A,D,E,F | 49 | 18 | 67 | ||||||||||||
Loss before taxes on income
|
(1,080 | ) | 558 | (522 | ) | |||||||||||
Taxes on income
|
(65 | ) | - | (65 | ) | |||||||||||
Net loss
|
(1,145 | ) | 558 | (587 | ) | |||||||||||
Net loss attributable to non-controlling interest
|
33 | - | 33 | |||||||||||||
Net loss attributable to shareholders
|
$ | (1,112 | ) | $ | 558 | $ | (554 | ) |
A.
|
Employee benefits
|
B.
|
Intangible assets
|
C.
|
Share-based payment transaction
|
D.
|
Short-term investments
|
E.
|
Royalty liability to the office of the chief scientist
|
F.
|
Obligation to issue non-fixed amount of shares to a seller in a business combination transaction
|
1 Year On Track Innovations Chart |
1 Month On Track Innovations Chart |
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