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On Track Innovations Ltd. Reports Fourth Quarter & Full Year 2019 Financial Results
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PR Newswire
YOKNEAM, Israel, March 18, 2020
YOKNEAM, Israel, March 18, 2020 /PRNewswire/ -- On Track Innovations Ltd. ("OTI") (OTCQX: OTIVF) (the "Company" or "OTI"), a global provider of near field communication (NFC) and cashless payment solutions, today provided a business update and announced financial results for the fourth quarter and full year ended December 31, 2019.
Management Commentary
Mr. Yehuda Holtzman, OTI's CEO, commented, "Since joining OTI, I have come to realize that we have a very strong team of employees, excellent technology and much unrealized potential. In the past few months, together with the management team, we have been working on updating our strategy for the coming years, which we believe will enable us to realize that potential and resume our growth, and ultimately create shareholder value. We look forward to sharing more details in the coming quarters."
Following OTI's sale of its MediSmart division in the fourth quarter of 2018, the financial results of MediSmart are included as discontinued operations and all the prior periods' information has been reclassified to conform with the current period's presentation.
Fourth Quarter 2019 Financial Results Summary
- Revenue in the quarter was $3.8 million, compared to $4.5 million in the fourth quarter of 2018.
- Recurring revenues were $1.1 million (28% of total revenues), compared to $1.2 million (26% of total revenues) in the fourth quarter of 2018.
- Gross profit in the quarter was $1.6 million, or 42% of revenues, compared to $2.2 million, or 48% of revenues, in the fourth quarter of 2018.
- Operating expenses totaled $3.1 million in the quarter, compared to operating expenses of $3.0 million in the same year-ago quarter.
- Net loss from continuing operations was $1.6 million, compared to a loss of $0.9 million in the same year-ago quarter.
- Net loss was $2.0 million, or loss of $0.05 per share, compared to a net income of $0.5 million, or $0.01 per share, in the same year-ago quarter.
- Adjusted EBITDA loss from continuing operations was $1.1 million in the quarter, compared to adjusted EBITDA loss of $0.5 million in the same year-ago quarter.
Full Year 2019 Financial Results Summary
- Total revenue in 2019 was $14.8 million, compared to $21.9 million in 2018.
- Gross profit in 2019 was $7.3 million, or 49% of revenues, compared to $11.2 million, or 51% of revenues in 2018.
- Operating expenses totaled $12.1 million in 2019, compared to operating expenses of $13.1 million in 2018. Operating expenses in 2019 included a gain of $0.3 million related to the sale of a building by OTI's South African subsidiary.
- Net loss from continuing operations in 2019 was $5.2 million, compared to a loss of $1.9 million in 2018.
- Net loss in 2019 was $5.9 million, or loss of $0.14 per share, compared to a net loss of $0.3 million, or loss of $0.01 per share, in 2018.
- Adjusted EBITDA loss from continuing operations in 2019 was $3.8 million, compared to an adjusted EBITDA loss of $0.4 million in 2018.
- As of December 31, 2019, the company had cash and cash equivalents and short-term investments of $4.8 million.
Conference Call
Management will host a pre-recorded conference call for investors on Monday, March 23, 2020 at 9:00 am Eastern Time, to discuss the financial results, provide a corporate update, and conclude with a Q&A session.
Investors and analysts are encouraged to submit questions they would like management to address on the call. Please submit questions to oti@gkir.com by Thursday, March 19, 2020 at 5:00 p.m. Eastern time. OTI has been holding conference calls in this format during the current transition period and intends to return to the more traditional live format in the coming quarters.
To listen, please use the following dial-in information:
U.S. Dial-in: 1-888-317-6002
International Dial-in: +1-412-317-5245
Webcast: https://www.webcaster4.com/Webcast/Page/1720/33248
Please dial in a few minutes before the start of the call and request to join the "On Track Innovations 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.
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. 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 "will," "look forward," "expect," "anticipate," "intend," "plan," "estimate," "believe," "should," "can" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others: the Company's long-term strategy, the realization of the Company's potential, the resumption of the Company's growth, and the creation of shareholder value. Because such statements deal with future events and are based on OTI's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. 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.
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 and other (income) expenses, net which includes a gain of $0.3 million related to the sale of a building by OTI's South African subsidiary. OTI believes that adjusted EBITDA from continuing operations should be considered in evaluating the Company's operations since it provides a clear 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 table below.
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):
| ON TRACK INNOVATIONS LTD. | ||||
| | | | | |
| | Year ended December 31 | Three months ended December 31 | ||
| | 2019 | 2018 | 2019 | 2018 |
| | | | | |
| Net (loss) income | $ (5,889) | $ (263) | $ (2,035) | $ 533 |
| | | | | |
| Net loss (income) from discontinued operations | 714 | (1,625) | 435 | (1,395) |
| Financial expenses, net | 397 | 228 | 198 | 98 |
| Depreciation | 1,270 | 1,328 | 319 | 307 |
| Income tax benefit, net | (57) | (301) | (82) | (34) |
| | | | | |
| Total EBITDA FROM CONTINUING OPERATIONS | $ (3,565) | $ (633) | $ (1,165) | $ (491) |
| | | | | |
| Other (income) expenses, net | (341) | 33 | (6) | (37) |
| Stock based compensation | 125 | 234 | 29 | 54 |
| Total adjusted EBITDA FROM CONTINUING OPERATIONS | $ (3,781) | $ (366) | $ (1,142) | $ (474) |
| ON TRACK INNOVATION LTD. | ||||
| | | | | |
| | | December 31 | ||
| | | 2019 | 2018 | |
| | | | | |
| Assets | | | | |
| | | | | |
| Current assets | | | | |
| Cash and cash equivalents | | $ 2,543 | $ 4,827 | |
| Short-term investments | | 2,305 | 1,078 | |
| Trade receivables (net of allowance for doubtful | | | | |
| accounts of $612 and $555 as of December 31, 2019 | | | | |
| and December 31, 2018, respectively) | | 2,430 | 4,530 | |
| Other receivables and prepaid expenses | | 1,822 | 2,060 | |
| Inventories | | 3,332 | 3,527 Werbung Mehr Nachrichten zur On Track Innovations Aktie kostenlos abonnieren
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