OTIV On Track Innovations Ltd

In the news release, OTI (NASDAQ:OTIV) Reports FY 2007 Fourth Quarter and Full Year Financial Results, in the CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS table, the line "Amortization of intangible assets," the numbers in the third and fourth column were inverted, as incorrectly transmitted by PR Newswire. The corrected table follows: ON TRACK INNOVATIONS LTD CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except share and per share data) Year ended Three months ended December 31 December 31 2006 2007 2006 2007 Revenues Sales $35,171 $40,854 $10,417 $12,237 Licensing and transaction fees 5,382 2,631 2,775 779 Total revenues 40,553 43,485 13,192 13,016 Cost of Revenues Cost of sales 21,871 25,918 6,911 7,451 Total cost of revenues 21,871 25,918 6,911 7,451 Gross profit 18,682 17,567 6,281 5,565 Operating Expenses Research and development, net 7,065 12,265 1,811 4,062 Selling and marketing 7,072 9,670 1,952 2,812 General and administrative 11,948 17,593 2,771 4,149 Amortization of intangible assets 821 1,314 264 328 Gain from sale of subsidiaries (122) - - - Total operating expenses 26,784 40,842 6,798 11,351 Operating loss (8,102) (23,275) (517) (5,786) Financial income, net 1,712 1,862 434 390 Other expenses, net (75) (136) (95) (25) Loss before taxes on income and minority interests (6,465) (21,549) (178) (5,421) Income tax benefit 323 226 9 29 Minority shares in loss 625 1.038 32 - of subsidiary Equity in loss of affiliate (1,087) (358) (118) (86) Net loss $(6,604) $(20,643) $(255) $(5,478) Basic and diluted net loss per ordinary share from: Net loss $(0.47) $(1.09) $(0.02) $(0.29) Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share 13,919,958 18,896,214 15,309,225 19,220,122 DATASOURCE: On Track Innovations Ltd.

Copyright