PR Newswire
ROSH PINA, Israel, Nov. 6, 2019
ROSH PINA, Israel, Nov. 6, 2019 /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 nine months and third quarter periods ended September 30, 2019.
Highlights
Management Commentary
Mr. Assaf Cohen, OTI's Interim CEO, commented, "I am pleased to announce that we have hired a new CEO, Yehuda Holtzman who brings to OTI a strong sales background and whose initial goals will be to grow OTI's revenue and margins."
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.
Third quarter 2019 financial results summary
Conference Call
Management will host a conference call for investors at 9:00 a.m. Eastern Time on Monday, November 11, 2019, to discuss the financial results, provide a corporate update, and conclude with a recorded Q&A session.
Investors and analysts are encouraged to submit questions they would like the Interim CEO to address on the call. Please submit any questions to oti_questions@gkir.com by Thursday, November 7, 2019 at 5:00 p.m. Eastern time. OTI intends to hold conference calls in this format during the CEO transition phase.
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/1720/32155
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 Company's recurring revenue and long-term strategy. 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. 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 (gain) expenses, net. 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.
ON TRACK INNOVATIONS LTD. | ||||
RECONCILIATION OF NON-GAAP ADJUSTMENT | ||||
The following table reflects selected On Track Innovations Ltd. non-GAAP results reconciled to | ||||
(US dollars in thousands) | ||||
| ||||
| Three months ended Sept. 30, | Nine months ended Sept. 30, | ||
| 2019 | 2018 | 2019 | 2018 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| | | | |
Net (loss) income | $ (1,210) | $ (184) | $ (3,854) | $ (797) |
| | | | |
Net loss (income) from discontinued operations | 36 | (42) | 279 | (228) |
Financial expenses, net | 93 | 2 | 199 | 129 |
Depreciation and amortization | 308 | 342 | 951 | 1,022 |
Taxes on income | 17 | (2) | 25 | (267) |
TOTAL EBITDA FROM CONTINUING OPERATIONS | $ (756) | $ 116 | $ (2,400) | $ (141) |
| | | | |
Other (gain) expenses, net | (335) | - | (335) | 70 |
Stock-based compensation | 6 | 65 | 96 | 180 |
TOTAL ADJUSTED EBITDA FROM CONTINUING | $ (1,085) | $ 181 | $ (2,639) | $ 109 |
OPERATIONS | | | | |
ON TRACK INNOVATION LTD. | | ||||
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET | | ||||
(US dollars in thousands) | | ||||
| | ||||
| | | | | |
| | September 30, | December 31, | | |
| | 2019 | 2018 | | |
| | | | | |
Assets | | | | | |
| | | | | |
Current assets | | | | | |
Cash and cash equivalents | | $ 3,396 | $ 4,827 | | |
Short-term investments | | 1,905 | 1,078 Werbung Mehr Nachrichten zur On Track Innovations Aktie kostenlos abonnieren
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