PR Newswire
ROSH PINNA, Israel, Aug. 9, 2017
ROSH PINNA, Israel, Aug. 9, 2017 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, reported financial results for the second quarter ended June 30, 2017.
Q2 2017 Operational Highlights
Q2 2017 Financial Details
Management Commentary - Shlomi Cohen (OTI CEO)
"The second quarter of 2017 marks a significant milestone in our plan to bring OTI to its full potential. We are pleased to report quarterly revenues of more than $6.9 million dollars and quarterly positive adjusted EBITDA income of more than $500,000. This represents not only the highest quarterly revenue level since we started our overhaul of OTI's operations two years ago, but also the highest quarterly revenue achieved since the second quarter of 2014."
"Our achievements for the second quarter of 2017 result from significant growth in both our retail segment and petroleum segment. In our retail segment, we saw increased sales and the delivery of new products into new and expanding markets and verticals together with outstanding achievement to recover in very short time on lost accounts. In the US market alone we saw a growth of 200% in our reader sales compared to the prior quarter. In our PetroSmart division, we saw during the second quarter of 2017 a revenue growth of more than 100% compared to the first quarter, resulting from long-term efforts to grow existing and new opportunities. In total the second quarter of 2017 presented an increase in revenues of more than 70% compared to the prior quarter and more than 40% compared to the second quarter of 2016 together with positive adjusted EBITDA."
"We followed our plans, executed our strategy, and delivered the expected results. For the long term, I strongly believe that we will continue to see growth within our different verticals and present a positive adjusted EBITDA in 2017."
Conference Call
OTI will hold a conference call on Wednesday, August 9 at 9:00 AM EDT to discuss results for the second quarter of 2017.
OTI CEO Shlomi Cohen and CFO Yishay Curelaru will host the presentation, followed by a question and answer period.
Date: Wednesday, August 9th, 2017
Time: 9:00 AM Eastern Daylight Time (EDT)
Toll-Free Dial-In Number: 1-877-870-4263
International Dial-In Number: 1-412-317-0790
Conference Title: On Track Innovations Ltd. Q2 Earnings Conference Call
The conference call will be broadcast simultaneously and available for replay here and via the investor relations section of the company's website.
Please call the conference telephone number five minutes prior to the start time and request to be joined to the "On Track Innovations Ltd. Q2 Earnings Conference Call".
Use of Non-GAAP Financial Information
This press release contains certain non-GAAP measures, namely, adjusted EBITDA from continuing operations, or adjusted earnings from continuing operations before interest, income tax, depreciation and amortization. Adjusted EBITDA from continuing operations represents earnings before interest or financing expenses, income tax, depreciation and amortization, and further eliminates the effect of stock-based compensation expense. OTI believes that adjusted EBITDA from continuing operations should be considered in evaluating the company's operations since it provides a clear indication of OTI's operating results. This measure should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for the U.S. GAAP results. The non-GAAP measures included in this press release have been reconciled to the U.S. GAAP results in the tables below.
| | | |
ON TRACK INNOVATION LTD. | |||
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET | |||
(In thousands, except share data) | |||
| | | |
| | June 30, | December 31, |
| | 2017 | 2016 |
Assets | | | |
| | | |
Current assets | | | |
Cash and cash equivalents | | $ 6,242 | $ 5,952 |
Short-term investments | | 3,084 | 5,585 |
Trade receivables (net of allowance for doubtful | | | |
accounts of $694 and $720 as of June 30, 2017 | | | |
and December 31, 2016, respectively) | | 6,843 | 5,620 |
Other receivables and prepaid expenses | | 1,554 | 1,638 |
Inventories | | 3,180 | 3,069 |
| | | |
Total current assets | | 20,903 | 21,864 |
| | | |
| | | |
Long-term restricted deposit for employees benefit | | 500 | 453 |
| | | |
Severance pay deposits | | 355 | 322 |
| | | |
Property, plant and equipment, net | | 5,967 | 5,788 |
| | | |
Intangible assets, net | | 351 | 278 |
| | | |
| | | |
| | | |
Total Assets | | $ 28,076 | $ 28,705 |
ON TRACK INNOVATION LTD. | ||
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET | ||
(In thousands, except share data) | ||
| | |
| June 30, | December 31, |
| 2017 | 2016 |
Liabilities and Equity | | |
| | |
Current Liabilities | | |
Short-term bank credit and current maturities | | |
of long-term bank loans | $ 4,663 | $ 4,369 |
Trade payables | 7,104 | 6,957 |
Other current liabilities | 1,991 | 2,822 |
| | |
Total current liabilities | 13,758 | 14,148 |
| | |
Long-Term Liabilities | | |
Long-term loans, net of current maturities | 1,041 | 1,215 |
Accrued severance pay | 918 | 811 |
Deferred tax liability | 452 | 373 |
Total long-term liabilities | 2,411 | 2,399 |
| | |
Total Liabilities | 16,169 | 16,547 Werbung Mehr Nachrichten zur On Track Innovations Aktie kostenlos abonnieren
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