PR Newswire
ROSH PINNA, Israel, May 9, 2018
ROSH PINNA, Israel, May 9, 2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV) (the "Company" or "OTI"), a global provider of near field communication (NFC) and cashless payment solutions, has provided a business update and announced financial results for the first quarter ended March 31, 2018.
Company Highlights:
Management Commentary
"The first quarter of 2018 was highlighted by our strong operational execution and growth across several of our business units," said Shlomi Cohen, Chief Executive Officer of OTI. "This is evidenced by our first quarter revenue growth of 46% and second quarter in a row of positive adjusted EBITDA results as move towards profitability.
"Our continued penetration of public transit markets in Poland and cashless readers in several key global markets, such as Japan and North America, are very promising, while our growing recurring revenue base -- which accounted for 24% of revenues in the first quarter -- provides us with predictable, high-margin cash flow. In addition, we have several groundbreaking initiatives -- such as our cryptocurrency payment solution for automated machines and the micropayment market -- which to the best of our knowledge is the first and only of its kind available on the market today.
"As a thought leader in the cashless payment solutions arena, we are confident that our continued innovation and operational execution across all business units has put OTI in a position to continue gaining market share and generate significant value for its shareholders."
Q1 2018 Financial Highlights
Conference Call
Management will host an investor conference call at 9:00 a.m. Eastern time on May 9, 2018, to discuss OTI's first quarter 2018 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:
Date: Wednesday, May 9, 2018
Time: 9:00 a.m. Eastern time
U.S. Dial-in: 1-888-317-6002
International Dial-in: 1-412-317-5245
Webcast: https://www.webcaster4.com/Webcast/Page/1720/25625
Please dial in at least 10 minutes before the start of the call and request to join the "On Track Innovations Q1 2018 Earnings Conference Call" to ensure timely participation.
The conference call will be available for replay by clicking here and via the investor relations section of the company's website.
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, patent litigation and maintenance expenses and other expenses. OTI believes that adjusted EBITDA from continuing operations should be considered in evaluating the Company's operations since it provides a clearer indication of the Company'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.
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ON TRACK INNOVATIONS LTD. | ||
RECONCILIATION OF NON-GAAP ADJUSTMENT | ||
The following table reflects selected On Track Innovations Ltd. non-GAAP results reconciled to GAAP results: | ||
(US dollars in thousands) | ||
| ||
| Three months ended March 31 | |
| 2018 | 2017 |
| (Unaudited) | (Unaudited) |
Net loss | $ (333) | $ (865) |
| | |
Net loss from discontinued operations | 38 | 83 |
Financial expenses, net | 32 | 71 |
Depreciation | 335 | 281 |
Taxes on income | (11) | 31 |
| | |
Total EBITDA From continuing operations | $ 61 | $ (399) |
| | |
Stock-based compensation | 53 | 90 |
Total adjusted EBITDA From continuing operations | $ 114 | $ (309) |
About On Track Innovations Ltd
On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI's field-proven innovations have been deployed around the world to address cashless payment, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.
Safe Harbor / Forward-Looking Statements
This press release contains express or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "believe," "predict," "expect," "anticipate," "intend," "plan," "estimate," "would," "should," "will," "can," "promising" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others: our expectations regarding our growth or profitability, traction with our cryptocurrency efforts, our expectations regarding future product launches and growth into new markets and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders. Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions "Risk Factors" in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company's filings with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.
ON TRACK INNOVATION LTD. | ||||
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET | ||||
(US dollars in thousands) | ||||
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| | | March 31 | December 31 |
| | | 2018 | 2017 |
Assets | | | | |
| | | | |
Current assets | | | | |
Cash and cash equivalents | | | $ 8,378 | $ 6,742 |
Short-term investments | | | 2,157 | 3,331 |
Trade receivables (net of allowance for doubtful | | | | |
accounts of $566 and 568 as of March 31, 2018 | | | | |
and December 31, 2017, respectively) | | | 4,897 | 5,827 |
Other receivables and prepaid expenses | | | 1,280 | 1,563 |
Inventories | | | 3,051 | 3,009 |
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Total current assets | | | 19,763 | 20,472 |
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Long-term restricted deposit for employees benefit | | | 491 | 498 |
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Severance pay deposits | | | 400 | 405 |
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Property, plant and equipment, net | | | 5,979 | 5,859 |
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Intangible assets, net | | | 296 | 336 |
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