ON TRACK INNOVATIONS LTD.
(Registrant)
|
|||
|
By:
|
/s/ Oded Bashan | |
Oded Bashan | |||
Chief Executive Officer and Chairman | |||
Press Release
|
· Revenues Increased by 71% from $31.4 Million to $53.6 Million
|
· Non-GAAP Operating Profit of $2.8 Million
|
· Gross Margin Increased to 54%
|
|
·
|
Total revenues of $53.6 million, a 71% increase compared to $31.4 million last year.
|
|
·
|
Revenues from Licensing and Transaction Fees of $4.0 million, a 37% increase compared to $2.9 million last year.
|
|
·
|
Gross margin increased to 54% vs. 47% last year.
|
|
·
|
Non-GAAP operating expenses of $26.1 million, an 8% increase compared to $24.1 million last year. GAAP operating expenses of $30.1 million, a 5% increase compared to $28.7 million last year.
|
|
·
|
Non-GAAP operating profit of $2.8 million, compared to non-GAAP operating loss of $9.4 million last year. GAAP operating loss was $1.2 million, a 92% decrease compared to $14.1 million last year.
|
|
·
|
Strong balance sheet with cash, cash equivalents and short-term investments of $24.0 million as of December 31, 2010. This amount does not include the proceeds from the public offering of February 2011.
|
OTI Contact:
|
Investor Relations:
|
Galit Mendelson
|
Miri Segal
|
Vice President of Corporate Relations
|
MS-IR LLC
|
732 429 1900 ext. 111
|
917-607-8654
|
galit@otiglobal.com
|
msegal@ms-ir.com
|
December 31
|
||||||||
2009
|
2010
|
|||||||
(Audited)
|
(Unaudited)
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 26,884 | $ | 15,409 | ||||
Short-term investments
|
5,086 | 8,594 | ||||||
Trade receivables (net of allowance for doubtful
|
||||||||
accounts of $2,777 and $2,832 as of December 31, 2009
|
||||||||
and December 31, 2010, respectively)
|
6,595 | 5,072 | ||||||
Receivables from sale of operation
|
- | 2,336 | ||||||
Other receivables and prepaid expenses
|
2,478 | 1,532 | ||||||
Inventories
|
6,265 | 8,448 | ||||||
Total current assets
|
47,308 | 41,391 | ||||||
Severance pay deposits fund
|
1,112 | 1,355 | ||||||
Property, plant and equipment, net
|
14,366 | 14,826 | ||||||
Intangible assets, net
|
1,532 | 942 | ||||||
Assets from discontinued operation – held for sale
|
12,358 | - | ||||||
Total Assets
|
$ | 76,676 | $ | 58,514 |
December 31
|
||||||||
2009
|
2010
|
|||||||
(Audited)
|
(Unaudited)
|
|||||||
Liabilities and Equity
|
||||||||
Current Liabilities
|
||||||||
Short-term bank credit and current maturities
|
||||||||
of long-term bank loans
|
$ | 6,255 | $ | 6,881 | ||||
Trade payables
|
9,649 | 6,874 | ||||||
Other current liabilities
|
16,174 | 8,954 | ||||||
Total current liabilities
|
32,078 | 22,709 | ||||||
Long-Term Liabilities
|
||||||||
Long-term loans, net of current maturities
|
2,642 | 5,189 | ||||||
Accrued severance pay
|
3,373 | 3,727 | ||||||
Deferred tax liability
|
120 | 84 | ||||||
Total long-term liabilities
|
6,135 | 9,000 | ||||||
Total Liabilities
|
38,213 | 31,709 | ||||||
Liabilities related to discontinued operation
|
8,495 | 689 | ||||||
Commitments and Contingencies
|
||||||||
Equity
|
||||||||
Shareholders' Equity
|
||||||||
Ordinary shares of NIS 0.1 par value: Authorized –
|
||||||||
50,000,000 shares as of December 31, 2009 and
|
||||||||
December 31, 2010; issued: 23,946,316 and 25,384,010
|
||||||||
shares as of December 31, 2009 and December 31, 2010,
|
||||||||
respectively; outstanding: 23,946,316 and 24,821,535 shares
|
||||||||
as of December 31, 2009 and December 31, 2010, respectively
|
571 | 610 | ||||||
Additional paid-in capital
|
187,473 | 190,933 | ||||||
Treasury shares at cost – 0 and 562,475 shares as of December 31, 2009
|
||||||||
and December 31, 2010, respectively
|
- | (1,136 | ) | |||||
Accumulated other comprehensive income
|
570 | 645 | ||||||
Accumulated deficit
|
(158,623 | ) | (164,812 | ) | ||||
Shareholder’s equity
|
29,991 | 26,240 | ||||||
Non-controlling interest
|
(23 | ) | (124 | ) | ||||
Total Equity
|
29,968 | 26,116 | ||||||
Total Liabilities and Equity
|
$ | 76,676 | $ | 58,514 |
Year ended December 31
|
Three months ended December 31
|
|||||||||||||||
2009
|
2010
|
2009
|
2010
|
|||||||||||||
(Audited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
Revenues
|
||||||||||||||||
Sales
|
$ | 28,488 | $ | 49,590 | $ | 7,527 | $ | 8,804 | ||||||||
Licensing and transaction fees
|
2,949 | 4,037 | 1,075 | 1,239 | ||||||||||||
Total revenues
|
31,437 | 53,627 | 8,602 | 10,043 | ||||||||||||
Cost of revenues
|
||||||||||||||||
Cost of sales
|
16,782 | 24,748 | 5,275 | 4,732 | ||||||||||||
Total cost of revenues
|
16,782 | 24,748 | 5,275 | 4,732 | ||||||||||||
Gross profit
|
14,655 | 28,879 | 3,327 | 5,311 | ||||||||||||
Operating expenses
|
||||||||||||||||
Research and development
|
8,127 | 8,373 | 2,192 | 2,194 | ||||||||||||
Selling and marketing
|
10,371 | 11,643 | 2,351 | 2,127 | ||||||||||||
General and administrative
|
9,230 | 9,479 | 2,975 | 3,443 | ||||||||||||
Amortization of intangible assets
|
978 | 575 | 212 | 144 | ||||||||||||
Total operating expenses
|
28,706 | 30,070 | 7,730 | 7,908 | ||||||||||||
Operating loss
|
(14,051 | ) | (1,191 | ) | (4,403 | ) | (2,597 | ) | ||||||||
Financial expense, net
|
(1,153 | ) | (1,397 | ) | (412 | ) | (580 | ) | ||||||||
Loss before taxes on income
|
(15,204 | ) | (2,588 | ) | (4,815 | ) | (3,177 | ) | ||||||||
Taxes on income
|
(89 | ) | (411 | ) | (54 | ) | (246 | ) | ||||||||
Net loss from continuing operations
|
(15,293 | ) | (2,999 | ) | (4,869 | ) | (3,423 | ) | ||||||||
Net loss from discontinued operations
|
(8,078 | ) | (3,292 | ) | (4,407 | ) | (835 | ) | ||||||||
Net loss
|
(23,371 | ) | (6,291 | ) | (9,276 | ) | (4,258 | ) | ||||||||
Net loss attributable to noncontrolling interest
|
189 | 102 | 56 | 38 | ||||||||||||
Net loss attributable to shareholders
|
$ | (23,182 | ) | $ | (6,189 | ) | $ | (9,220 | ) | $ | (4,220 | ) |
Basic and diluted net loss attributable to shareholders per ordinary share
|
||||||||||||||||
From continuing operations
|
$ | (0.67 | ) | $ | (0.12 | ) | $ | (0.20 | ) | $ | (0.14 | ) | ||||
From discontinued operations
|
$ | (0.35 | ) | $ | (0.13 | ) | $ | (0.19 | ) | $ | (0.03 | ) | ||||
$ | (1.02 | ) | $ | (0.25 | ) | $ | (0.39 | ) | $ | (0.17 | ) | |||||
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share
|
22,635,479 | 24,615,526 | 23,548,712 | 25,137,031 |
Year ended December 31
|
Three months ended December 31
|
|||||||||||||||
2009
|
2010
|
2009
|
2010
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
GAAP operating expenses
|
$ | 28,706 | $ | 30,070 | $ | 7,730 | $ | 7,908 | ||||||||
Less:
|
||||||||||||||||
Stock based compensation expenses
|
(3,618 | ) | (3,394 | ) | (771 | ) | (660 | ) | ||||||||
Amortization of intangible assets
|
(978 | ) | (575 | ) | (212 | ) | (144 | ) | ||||||||
Non GAAP Operating expenses
|
$ | 24,110 | $ | 26,101 | $ | 6,747 | $ | 7,104 | ||||||||
OPERATING PROFIT (LOSS)
|
||||||||||||||||
GAAP Operating loss
|
$ | (14,051 | ) | $ | (1,191 | ) | $ | (4,403 | ) | $ | (2,597 | ) | ||||
Plus:
|
||||||||||||||||
Stock based compensation expenses
|
3,662 | 3,419 | 776 | 665 | ||||||||||||
Amortization of intangible assets
|
978 | 575 | 212 | 144 | ||||||||||||
Non GAAP Operating profit (loss)
|
$ | (9,411 | ) | $ | 2,803 | $ | (3,415 | ) | $ | (1,788 | ) | |||||
NET PROFIT (LOSS) ATTRIBUTABLE TO SHAREHOLDERS
|
||||||||||||||||
GAAP Net loss attributable to shareholders
|
$ | (23,182 | ) | $ | (6,189 | ) | $ | (9,220 | ) | $ | (4,220 | ) | ||||
Plus:
|
||||||||||||||||
Stock based compensation expenses
|
3,662 | 3,419 | 776 | 665 | ||||||||||||
Amortization of intangible assets
|
978 | 575 | 212 | 144 | ||||||||||||
Net loss from discontinued operations
|
8,078 | 3,292 | 4,407 | 835 | ||||||||||||
Non GAAP net profit (loss) attributable to shareholders
|
$ | (10,464 | ) | $ | 1,097 | $ | (3,825 | ) | $ | (2,576 | ) | |||||
BASIC NET PROFIT (LOSS) ATTRIBUTABLE TO SHAREHOLDERS PER ORDINARY SHARE
|
||||||||||||||||
GAAP Basic net loss attributable to shareholders per ordinary share
|
$ | (1.02 | ) | $ | (0.25 | ) | $ | (0.39 | ) | $ | (0.17 | ) | ||||
Plus:
|
||||||||||||||||
Stock based compensation expenses
|
0.16 | 0.14 | 0.03 | 0.03 | ||||||||||||
Amortization of intangible assets
|
0.05 | 0.02 | 0.01 | 0.01 | ||||||||||||
Net loss from discontinued operations
|
0.35 | 0.13 | 0.19 | 0.03 | ||||||||||||
Non GAAP Basic net profit (loss) attributable to shareholders per ordinary share
|
$ | (0.46 | ) | $ | 0.04 | $ | (0.16 | ) | $ | (0.10 | ) |
Year ended December 31
|
||||||||
2009
|
2010
|
|||||||
(Audited)
|
(Unaudited)
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss from continuing operations
|
$ | (15,293 | ) | $ | (2,999 | ) | ||
Adjustments required to reconcile net loss to
|
||||||||
net cash provided by (used in) continuing operating activities:
|
||||||||
Stock-based compensation related to options and shares issued
|
||||||||
to employees and others
|
3,662 | 3,419 | ||||||
Gain on sale of property and equipment
|
(3 | ) | (3 | ) | ||||
Amortization of intangible assets
|
978 | 575 | ||||||
Depreciation
|
1,413 | 1,553 | ||||||
Accrued severance pay, net
|
(222 | ) | 111 | |||||
Accrued interest and linkage differences on long-term loans
|
36 | 164 | ||||||
Decrease in deferred tax liability
|
(82 | ) | (36 | ) | ||||
Decrease (increase) in trade receivables
|
(1,326 | ) | 1,484 | |||||
Increase (decrease) in allowance for doubtful accounts
|
(538 | ) | 29 | |||||
Decrease in other receivables and prepaid expenses
|
663 | 892 | ||||||
Decrease (increase) in inventories
|
429 | (2,377 | ) | |||||
Increase (decrease) in trade payables
|
1,334 | (2,704 | ) | |||||
Increase (decrease) in other current liabilities
|
12,788 | (7,020 | ) | |||||
Net cash provided by (used in) continuing operating activities
|
3,839 | (6,912 | ) | |||||
Cash flows from investing activities
|
||||||||
Purchase of property and equipment
|
(4,124 | ) | (2,346 | ) | ||||
Payment of contingent consideration in connection with the purchase of a subsidiary
|
- | (186 | ) | |||||
Purchase of available-for-sale securities
|
(5,623 | ) | (5,230 | ) | ||||
Proceeds from maturity or sale of available-for-sale securities
|
1,418 | 2,013 | ||||||
Other, net
|
22 | 20 | ||||||
Net cash used in continuing investing activities
|
(8,307 | ) | (5,729 | ) | ||||
Cash flows from financing activities
|
||||||||
Increase (decrease) in short-term bank credit, net
|
911 | (311 | ) | |||||
Proceeds from long-term bank loans
|
1,636 | 4,650 | ||||||
Repayment of long-term bank loans
|
(543 | ) | (1,031 | ) | ||||
Payments to acquire treasury shares
|
- | (1,136 | ) | |||||
Proceeds from receipt on account of shares and exercise of options and
|
||||||||
warrants, net
|
521 | 80 | ||||||
Net cash provided by continuing financing activities
|
2,525 | 2,252 | ||||||
Cash flows from discontinued operations
|
||||||||
Net cash used in discontinued operating activities
|
(5,544 | ) | (3,305 | ) | ||||
Net cash provided by discontinued investing activities
|
7,060 | 2,300 | ||||||
Total net cash provided by (used in) discontinued activities
|
1,516 | (1,005 | ) | |||||
Effect of exchange rate changes on cash
|
115 | (81 | ) | |||||
Decrease in cash and cash equivalents
|
(312 | ) | (11,475 | ) | ||||
Cash and cash equivalents at the beginning of the year
|
27,196 | 26,884 | ||||||
Cash and cash equivalents at the end of the year
|
$ | 26,884 | $ | 15,409 |