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OTI Turnaround Advances, With Strong FY 2010 Results, Improvement In All Fundamentals, Showing Non-GAAP Operating Profitability. Trend Expected To Continue In 2011

  • 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%

ISELIN, N.J., March 28, 2011 (GLOBE NEWSWIRE) -- On Track Innovations Ltd., (OTI) (Nasdaq:OTIV), a global leader in contactless smart card solutions, today announced that as previously forecasted, its planned turnaround is proceeding apace, with results of operations, revenues and gross margins all increasing substantially during the year ended December 31, 2010 while maintaining similar level of operating expenses as in 2009. The following are various financial figures that compare fiscal year of 2010 to 2009.
  • 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.

Oded Bashan, Chairman and CEO of OTI, said: "In 2010, we demonstrated our strategy of focusing on unique products and turnkey solutions, in the fields of SmartID, payments, parking and petroleum, with improvement in all fundamentals - higher gross margin, increased level of revenues, all while maintaining similar level of operating expenses."

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