Company Reports Strong First Nine Months 2010 Financial Results With Third Consecutive Quarter of Non-GAAP Operating Profit
Revenues Increased by 91% from $22.8 Million to $43.6 Million
Non GAAP Operating Profit of $4.6 Million
Gross Margin Increased to 54%
ISELIN, N.J., Nov. 15, 2010 (GLOBE NEWSWIRE) -- On Track Innovations Ltd.(OTI) (Nasdaq:OTIV - News), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced that as previously forecasted, its planned turnaround is proceeding apace, with results of operations, revenues and gross margins all increasing substantially during the nine months ended September 30, 2010 while maintaining the same level of operating expenses. The following are various financial figures that compare the first nine months of 2010 to 2009.
Total revenues of $43.6 million, a 91% increase compared to $22.8 million last year.
Revenues from Licensing and Transaction Fees of $2.8 million, a 49% increase compared to $1.9 million last year.
Gross margin increased to 54% vs. 50% last year.
Non-GAAP operating expenses of $19.0 million, a 9% increase compared to $17.4 million last year. GAAP operating expenses of $22.2 million, a 6% increase compared to $21.0 million last year.
Non-GAAP operating profit of $4.6 million, compared to non-GAAP operating loss of $6.0 million last year. GAAP operating profit of $1.4 million, compared to GAAP operating loss of $9.6 million last year.
Strong balance sheet with cash, cash equivalents and short-term investments of $26.7 million as of September 30, 2010.
Oded Bashan, Chairman and CEO of OTI, said: "We are proud to report another successful quarter with improved results and solid profitability. The financial results for the first nine months reflect our continuing commitment to, and our successful implementation of, our planned turnaround, and we, therefore, maintain the previously provided revenue guidance for 2010. Our results reflect OTI's unique story -- that of a strong technology company with high growth potential, a proven track record and strong fundamentals."
Mr. Bashan continued: "Our track record of successful execution of large scale projects has built additional credibility for the company. We are working diligently to leverage this success by expanding our relationships with existing customers and creating opportunities in strategic markets with new clients. Through the introduction of new products, establishment of strategic channel partnerships and expansion into new territories, we hope to further strengthen our pipeline of opportunities and establish new streams of revenues for the next two to three years."
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