PR Newswire
ROSH PINA, Israel, March 13, 2019
ROSH PINA, Israel, March 13, 2019 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV) (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 quarter and full year ended December 31, 2018.
Highlights
Management Commentary
"I continue to remain very pleased with our overall progress in 2018, from both the financial and the strategic perspective," commented Shlomi Cohen, Chief Executive Officer of OTI. "Despite the short-term volatility in the fourth quarter, our revenues continued to grow on a yearly basis, and we're especially pleased that almost a quarter of our revenues are now recurring. Combined with an improvement in the gross margin profile and a relatively stable expense footprint, we were able to bring solid improvements in our overall results in 2018. Furthermore, we significantly improved our balance sheet, lowering our debt levels to almost zero."
Continued Mr. Cohen, "From a strategic perspective, 2018 marked an important year. Alongside success in our existing markets, we continued to expand into new international markets, achieving key certifications in Canada and Russia. Both of these payment markets present very significant potential for us."
"The positive trends we have seen in 2018 and the solid improvements that we have made at OTI in recent quarters, put us in a good position to enjoy the fruits of our investments in 2019. Looking ahead, I expect our growth to accelerate, achieving solid revenue growth in 2019 with corresponding improvements in profitability," concluded Mr. Cohen.
Following OTI's sale of its MediSmart division, 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.
Full Year 2018 Financial Results Summary
Fourth Quarter 2018 Financial Results Summary
Conference Call
Management will host an investor conference call at 9:00 a.m. EDT on March 13, 2019, to discuss the financial results, provide a corporate update, and conclude with a Q&A session with participants. To participate, please use the following dial-in information:
U.S. Dial-in: 1-866-250-8117
#International Dial-in: +1-412-317-6011
Webcast: https://www.webcaster4.com/Webcast/Page/1720/29378
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. 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 "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 potential from our expansion into new international markets, the importance of the MIR certification in Russia and the Interac certification in Canada for the successful operation in these countries and the potential in these countries, improvement in profitability, positive trends and 2019 revenue growth. 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.
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 patent litigation expenses, stock-based compensation expense and other expenses. Patent litigation expenses are presented only at the end of each year, as we do not consider their impact on quarterly results to be material. 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 tables 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. | ||||
RECONCILIATION OF NON-GAAP ADJUSTMENTS | ||||
The following tables reflect selected On Track Innovations Ltd, non-GAAP results reconciled to GAAP results: | ||||
(US dollars in thousands) | ||||
| ||||
| Year ended | Three months ended | ||
| 2018 | 2017 | 2018 | 2017 |
| | | | |
Net (loss) income | $ (263) | $ (598) | $ 533 | $ (693) |
| | | | |
Net (income) loss from discontinued operations | (1,625) | (1,787) | (1,395) | 66 |
Financial expenses, net | 228 | 341 | 98 | 104 |
Depreciation | 1,328 | 1,172 | 307 | 293 |
Income tax benefit, net | (301) | (138) | (34) | (47) |
| | | | |
Total EBITDA FROM CONTINUING OPERATIONS | $ (633) | $ (1,010) | $ (491) | $ (277) |
| | | | |
Patent litigation and maintenance | $ 10 | $ 31 | $ 3 | $ 7 |
Other expenses (income), net | 33 | 52 | (37) | 52 |
Stock based compensation | 234 | 254 | 54 | 14 |
Total adjusted EBITDA FROM CONTINUING | $ (356) | $ (673) | $ (471) | $ (204) |
| ||||
|
ON TRACK INNOVATION LTD. | |||
CONDENSED CONSOLIDATED BALANCE SHEET | |||
(US dollars in thousands) | |||
| |||
| | December 31 | |
| | 2018 | 2017 |
Assets | | | |
| | | |
Current assets | | | |
Cash and cash equivalents | | $ 4,827 | $ 6,742 |
Short-term investments | | 1,078 | 3,331 Werbung Mehr Nachrichten zur On Track Innovations Aktie kostenlos abonnieren
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