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ROSH PINA, Israel, March 19, 2013 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV) today reported 2012 full year revenue of $40 million, and cash, cash equivalents and short-term investments of $18 million as of December 31, 2012.
Since the shareholders extraordinary general meeting held on December 30, 2012, in which eight new directors were elected, OTI's Board of Directors has been evaluating the Company's positioning in its respective markets in order to identify a new strategy that will generate growth and build shareholder value. The focus of these efforts is to identify a new strategic direction for the Company that will better capitalize on its existing IP and the operating segments of its business.
Jeffery E. Eberwein, an OTI director, stated: "The new board of directors has been working diligently to identify and assess all possible solutions to maximize value for OTI's shareholders. We believe the Company's main strength lies in its technological achievements, which has led to the Company establishing an extensive patent and IP portfolio. We would like to build on these strengths by capitalizing on past R&D investments and expanding the global reach with more business development and sales efforts."
2012 Financial Highlights
Revenues for 2012 were $40M, a decrease of 22% from $51.3M in 2011. Revenues for the fourth quarter were $10.3M, a decrease of 36% from $16.0M for the same period last year.
Gross profit was 50%, compared to 51% last year. Gross profit for the fourth quarter was 47%, down from 57% for the same period last year.
Operating expenses increased by 12% to $36.6M, from $32.7M last year. Operating expenses for the fourth quarter increased by 48% to $12.7M, from $8.5M for the same period last year.
Net loss attributable to shareholders was $17.4M, up from $7.0M last year. Net loss attributable to shareholders for the fourth quarter was $8.0M, compared to net profit of $465,000 for the same period last year.
Adjusted EBITDA loss was $14M compared to $2.3M last year. Adjusted EBITDA loss for the fourth quarter was $7.2M, compared to adjusted EBITDA profit of $1.6M for the same period last year.
Cash, cash equivalents and short-term investments were $18 million as of December 31, 2012
These Financial Statements include amounts relating to potential termination benefits for former management. The Company is reviewing the termination provisions of former management's employment agreements and assessing the amount of the provisions necessary.