OTI Reports Strong First Half 2010 Financial Results With Second Consecutive Quarter of Non-GAAP Operating Profit
Revenues Increased to $27.8 Million
On Track Innovations Ltd.(OTI) , a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced its consolidated financial results for the first half ended June 30, 2010. Following are various financial figures that compare the first half of 2010 to 2009.
* Total revenues of $27.8 million, an 86% increase from last year.
* Revenues from Licensing and Transaction Fees of $1.8 million, a 50% increase from last year.
* Gross margin increased to 54% vs. 51% last year.
* Non-GAAP operating expenses of $13 million, a 15% increase compared to $11.2 million last year. GAAP operating expenses of $15.1 million, a 10% increase compared to $13.7 million last year.
* Non-GAAP operating profit of $2.2 million, compared to operating loss of $3.6 million last year. GAAP operating profit of $27,000, compared to operating loss of $6.1 million last year.
* Strong balance sheet with cash, cash equivalents and short-term investments of $35.8 million as of June 30, 2010.
Oded Bashan, Chairman and CEO of OTI, said: "The financial results for the first half manifest the unique story of OTI: an excellent technology company with solid financial results. We are in a unique strategic position with proven track record, demonstrated growth potential and improved financial results, we are optimistic about the future for OTI. The successful execution of large scale projects strengthens our credibility, provides more opportunities in existing markets and in new ones, and further strengthens our pipeline for the next two to three years."
Mr. Bashan continued: "Our unique position increases the comfort level generated from the improved visibility of revenues and the growing number and size of opportunities we are working on, which enables us to increase our revenue guidance. We expect to maintain a similar level of revenues in the second half of the year, and we therefore increase the earlier provided revenue guidance for 2010 by 15% to $53-$55 million. We expect to maintain the already achieved non-GAAP operating profitability for the remainder of the year."
* Total revenues of $27.8 million, an 86% increase from last year.
* Revenues from Licensing and Transaction Fees of $1.8 million, a 50% increase from last year.
* Gross margin increased to 54% vs. 51% last year.
* Non-GAAP operating expenses of $13 million, a 15% increase compared to $11.2 million last year. GAAP operating expenses of $15.1 million, a 10% increase compared to $13.7 million last year.
* Non-GAAP operating profit of $2.2 million, compared to operating loss of $3.6 million last year. GAAP operating profit of $27,000, compared to operating loss of $6.1 million last year.
* Strong balance sheet with cash, cash equivalents and short-term investments of $35.8 million as of June 30, 2010.
Oded Bashan, Chairman and CEO of OTI, said: "The financial results for the first half manifest the unique story of OTI: an excellent technology company with solid financial results. We are in a unique strategic position with proven track record, demonstrated growth potential and improved financial results, we are optimistic about the future for OTI. The successful execution of large scale projects strengthens our credibility, provides more opportunities in existing markets and in new ones, and further strengthens our pipeline for the next two to three years."
Mr. Bashan continued: "Our unique position increases the comfort level generated from the improved visibility of revenues and the growing number and size of opportunities we are working on, which enables us to increase our revenue guidance. We expect to maintain a similar level of revenues in the second half of the year, and we therefore increase the earlier provided revenue guidance for 2010 by 15% to $53-$55 million. We expect to maintain the already achieved non-GAAP operating profitability for the remainder of the year."
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