OTI Reports First Quarter 2011 Financial Results
- Revenues of $12 Million
- Gross Margin of 53%
- Strong Balance Sheet with $37.2 Million in Cash, Cash Equivalents and Short Term Investments
ISELIN, N.J. - On Track Innovations Ltd. (OTI) (Nasdaq GM: OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced results of operations, revenues and gross margins slightly better than originally expected by the company for the first quarter ended March 31, 2011 The following are various financial figures that compare first quarter of 2011 to 2010.
Oded Bashan, Chairman and CEO of OTI, said: We have opened 2011 with slightly higher revenues than expected by the company. The company is financially stronger, which will help us cope better with the growing pipeline of opportunities. We are introducing new products to existing growing markets such as the COPNI, we are establishing strategic channel partnerships to bring the various products to market. We maintain the previously provided guidance of annual operating profitability for 2011 on a non-GAAP basis with revenues expected to be back-loaded and grow from 2010 revenues to $55-$60 million.
- Total revenues of $12 million, a 17% decrease compared to $14.4 million last year.
- Revenues from Licensing and Transaction Fees of $1.2 million, a 32% increase compared to $874 thousand last year.
- Gross margin was 53% for the first quarter of 2011.
- Non-GAAP operating expenses of $6.8 million, a 4% decrease compared to $7.1 million last year. GAAP operating expenses of $7.4 million, a 9% decrease compared to $8.2 million last year.
- Non-GAAP operating loss of $445,000, compared to non-GAAP operating profit of $1.2 million last year. GAAP operating loss was $1.1 million, compared to GAAP operating profit of $75,000 last year.
- Strong balance sheet with cash, cash equivalents and short-term investments of $37.2 million as of March 31, 2011.
Oded Bashan, Chairman and CEO of OTI, said: We have opened 2011 with slightly higher revenues than expected by the company. The company is financially stronger, which will help us cope better with the growing pipeline of opportunities. We are introducing new products to existing growing markets such as the COPNI, we are establishing strategic channel partnerships to bring the various products to market. We maintain the previously provided guidance of annual operating profitability for 2011 on a non-GAAP basis with revenues expected to be back-loaded and grow from 2010 revenues to $55-$60 million.
Comments
There are no comments yet for this item
Join the discussion