OTI Reports Third Quarter 2013 Financial Results
Adjusted EBITDA From Continuing Operations Totaled $3.0
Million
ROSH PINA, ISRAEL--(Marketwired - Nov 26, 2013) - On Track
Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in cashless
payment solutions based on contactless transactions and near-field
communication (NFC), reported financial results for the third
quarter ended September 30, 2013.
Q3 2013 Operational Highlights
- Signed a definitive agreement to sell its SmartID division to
SuperCom Ltd. Following a successful due diligence process by
SuperCom, OTI will receive $10 million in secured cash after the
closing, with an additional $12.5 million subject to
performance-based milestones. Accordingly, SmartID results and cash
flows for the third quarter ended September 30, 2013 are presented
separately in the statement of operations and statement of cash
flows as discontinued operations.
- Received follow-on orders for commercial quantities of EasyFuel
Plus from Tokheim, a leading global provider of fuel dispensing and
automation equipment. EasyFuel Plus equipment for Tokheim has been
supplied to more than 250 locations, which includes more than 1,000
nozzles and 7,500 vehicles to date.
- U.S. District Court for the Southern District of New York
denied T-Mobile USA's request for reconsideration of the claim
construction (Markman) decision in OTI's patent infringement
lawsuit alleging that NFC-enabled phones sold by T-Mobile USA
infringe OTI's U.S. Patent No. 6,045,043.
- Divested the operations of Parx France, a distributor of
EasyPark electronic parking solutions in French speaking markets
for OTI's subsidiary, Parx Ltd. The divestiture is expected to
reduce OTI's operating expenses by more than $800,000 annually,
while allowing Parx Ltd. to continue selling OTI's patented
EasyPark solutions through Parx France under new ownership in
diverse European markets and the opportunity to share future
profits.
- Shlomi Eytan was appointed to the new position of chief sales
and marketing officer. Eytan is applying more than 15 years'
experience managing sales organizations to accelerate global sales
of OTI's contactless and NFC products.
- Several members of OTI's board of directors purchased OTI
common stock in the open market (per Rule 10b5-1 plans executed in
June 2013 and/or during open trading windows per OTI's insider
trading policy). Including additional purchases made subsequent to
the end of the third quarter, totaling approximately 985,152 shares
as of November 19, 2013.
Q3 2013 Financial Highlights
- Revenues in the third quarter of 2013 increased 27% to $6.8
million from $5.3 million in the same year-ago period. The increase
was primarily driven by a 133% increase in payment products
revenues from NFC readers sold to the U.S. market, as well as the
expansion of company's mass transit projects in Poland.
- Gross margin in the third quarter of 2013 was 46.5% compared to
53.5% in the third quarter of 2012.
- Operating expenses in the third quarter of 2013 totaled
$733,000 compared to $5.5 million in the same year-ago period.
Operating expenses in Q3 2013 were offset by $4.3 million other
operating income mainly due to a write-off of provision for former
employees termination following a settlement during the quarter.
Excluding the other operating income, operating expenses declined
$467,000 or 8.5% to $5.0 million, with the decrease primarily
attributable to lower headcount and reduced management costs
compared to the year-ago period.
- Net income from continuing operations in the third quarter of
2013 totaled $2.1 million or $0.06 per share versus a net loss of
$2.6 million or $(0.08) per share in the same period last year. The
improvement was due to the $4.3 million in other operating income,
as well as increased revenues and reduced operating expenses.
- Adjusted EBITDA from continuing operations in the third quarter
of 2013 totaled $3.0 million, an improvement from an adjusted
EBITDA loss from continuing operations of $2.2 million in the third
quarter of 2012 (see discussion about the presentation of adjusted
EBITDA from continuing operations, a non-GAAP term, below).
- Cash and cash equivalents, and short-term investments at
September 30, 2013 totaled $9.7 million.
Management Commentary "We are encouraged by our performance in
the third quarter as it reflects our continued focus on adding new
customers, establishing key relationships, and effectively
penetrating target markets," said Ofer Tziperman, OTI's CEO. "Our
continued successful execution was demonstrated by several key
wins, including multiple purchase orders for EasyFuel Plus, as well
as a recent $10 million purchase contract from one of our U.S.
channel partners for NFC readers.
"The $10 million contract represents the largest single reader
win for our company, and is the result of OTI's strategic shift to
focus on building our core cashless payment solutions and NFC
technology business. This win also reveals increasing traction for
greater adoption of NFC. In fact, we have doubled the number of
readers we have shipped globally to-date, and expect total
shipments to surpass 110,000 units this year. We're confident the
adoption of our patented NFC solutions will continue to expand over
the months and years ahead.
"Altogether, our expectations for the future remain high as we
build upon the momentum we've established and see a widening
pipeline of growth opportunities, particularly within our new
customer and partner relationships."
Conference Call OTI will hold a conference call today (November
26, 2013) at 10:30 a.m. Eastern time to discuss these results. The
company's CEO Ofer Tziperman and CFO Shay Tomer will host the
presentation, followed by a question and answer period.
To participate, please dial the appropriate number 5-10 minutes
prior to the start time and ask for the On Track Innovations
conference call.
U.S. dial-in: 1-877-941-1427 International dial-in:
1-480-629-9664 Conference ID: 4649642
The conference call will be broadcast simultaneously and
available for replay via the investor section of the company's
website at www.otiglobal.com.
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Liolios Group at
1-949-574-3860.
A replay of the call will be available after 1:30 p.m. Eastern
time on the same day through December 26, 2013.
U.S. replay dial-in: 1-877-870-5176 International replay
dial-in: 1-858-384-5517 Replay ID: 4649642
Adoption of U.S. Generally Accepted Accounting Principles (GAAP)
Standards Due to the changes in the composition of the company's
board of directors, including the election of eight new U.S.
directors on December 30, 2012, the company no longer qualifies as
a "Foreign Private Issuer" as of June 30, 2013, and will be
required to report as a domestic issuer commencing on January 1,
2014. As reported on May 31, 2012 and effective as of January 1,
2012, the company adopted International Financial Reporting
Standards (IFRS) as published by the International Accounting
Standards Board. However, as a domestic issuer, the company will no
longer be entitled to prepare its financial results in accordance
with IFRS. Therefore, the company has adopted US GAAP for the
fiscal year ended December 31, 2012 and thereafter.
It should be noted that the financial results for the periods
ended March 31, 2012, June 30, 2012, and September 30, 2012 were
previously published in accordance with IFRS. The financial results
for the period ended September 30, 2012 that appear in this press
release were prepared in accordance with US GAAP.
Use of Non-GAAP Financial Information This press release
contains certain non-GAAP measures, namely, adjusted EBITDA from
continuing operation, or adjusted earnings from continuing
operation before interest, income tax, depreciation and
amortization. Adjusted EBITDA from continuing operations represents
earnings before interest1, income tax, depreciation and
amortization, and further eliminates the effect of share-based
compensation expense. OTI believes that adjusted EBITDA from
continuing operations should be considered in evaluating the
company's operations since it provides a clearer indication of
OTI's operating results. This measure should be considered in
addition to results prepared in accordance with US GAAP, but should
not be considered a substitute for the US GAAP results. The
non-GAAP measures included in this press release have been
reconciled to the US GAAP results in the tables below.
1 "Financial expenses"
About OTI On Track Innovations Ltd. (OTI) is a leader in
contactless and NFC applications based on its extensive patent and
IP portfolio. OTI's field-proven innovations have been deployed
around the world to address NFC and cashless payment solutions,
petroleum payment and management, cashless parking fee collection
systems and mass transit ticketing. OTI markets and supports its
solutions through a global network of regional offices and
alliances. Visit the website: www.otiglobal.com, the content of it
does not form a part of this press release.
Safe Harbor for Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and other Federal
securities laws. Whenever we use words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate" or similar expressions,
we are making forward-looking statements. Because such statements
deal with future events and are based on OTI's current
expectations, they are subject to various risks and uncertainties
and actual results, performance or achievements of OTI could differ
materially from those described in or implied by the statements in
this press release. Forward-looking statements include statements
regarding the timing of closing, receipt of consideration and
amounts of consideration from the sale of the SmartID division to
SuperCom, if such transaction is closed at all, future reduction of
operating expenses, total shipments of NFC solutions and future
pipeline and growth opportunities. Forward-looking statements could
be impacted by the effects of the protracted evaluation and
validation periods in the U.S. and other markets for contactless
payment cards, market acceptance of new and existing products and
our ability to execute production on orders, as well as other risks
and uncertainties, including those discussed in the "Risk Factors"
section and elsewhere in our Annual Report on Form 20-F for the
year ended December 31, 2012, and in subsequent filings with the
Securities and Exchange Commission. Although we believe that the
expectations reflected in such forward-looking statements are based
on reasonable assumptions, we can give no assurance that our
expectations will be achieved. Except as otherwise required by law,
OTI disclaims any intention or obligation to update or revise any
forward-looking statements, which speak only as of the date hereof,
whether as a result of new information, future events or
circumstances or otherwise.
|
|
ON TRACK INNOVATIONS LTD. |
CONDENSED CONSOLIDATED BALANCE SHEET |
(In thousands, except share and per share data) |
|
|
|
|
|
|
|
|
September 30 |
|
December 31 |
|
|
2013 |
|
2012 |
|
|
(Unaudited) |
|
(Audited) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
7,038 |
|
$ |
9,304 |
Short-term investments |
|
|
2,661 |
|
|
8,712 |
Trade
receivables (net of allowance for doubtful accounts of $431 as of
September 30, 2013 and December 31, 2012) |
|
|
5,528 |
|
|
7,516 |
Other
receivables and prepaid expenses |
|
|
3,575 |
|
|
5,349 |
Short
term restricted deposit for employees benefit |
|
|
- |
|
|
2,922 |
Inventories |
|
|
5,997 |
|
|
7,049 |
Assets from discontinued operation - held for sale |
|
|
415 |
|
|
- |
|
|
|
|
|
|
|
Total
current assets |
|
|
25,214 |
|
|
40,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long
term restricted deposit for employees benefit |
|
|
631 |
|
|
1,099 |
|
|
|
|
|
|
|
Severance pay deposits |
|
|
710 |
|
|
836 |
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
14,124 |
|
|
13,074 |
|
|
|
|
|
|
|
Intangible assets, net |
|
|
341 |
|
|
656 |
|
|
|
|
|
|
|
Goodwill |
|
|
485 |
|
|
485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets |
|
$ |
41,505 |
|
$ |
57,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ON TRACK INNOVATIONS LTD. |
|
CONDENSED CONSOLIDATED BALANCE SHEET |
|
(In thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
September 30 2013 |
|
|
December 31 2012 |
|
|
|
|
(Unaudited) |
|
|
|
(Audited) |
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Short-term bank credit and current maturities of long-term bank
loans |
|
$ |
4,379 |
|
|
$ |
7,368 |
|
Trade
payables |
|
|
9,301 |
|
|
|
10,696 |
|
Accrued severance pay |
|
|
- |
|
|
|
3,539 |
|
Other
current liabilities |
|
|
4,865 |
|
|
|
10,971 |
|
Total
current liabilities |
|
|
18,545 |
|
|
|
32,574 |
|
|
|
|
|
|
|
|
|
|
Long-Term Liabilities |
|
|
|
|
|
|
|
|
Long-term loans, net of current maturities |
|
|
3,663 |
|
|
|
2,224 |
|
Accrued severance pay |
|
|
1,880 |
|
|
|
2,032 |
|
Deferred tax liability |
|
|
- |
|
|
|
53 |
|
Total
long-term liabilities |
|
|
5,543 |
|
|
|
4,309 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
|
24,088 |
|
|
|
36,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
Ordinary shares of NIS 0.1 par value: Authorized - 50,000,000
shares as of September 30, 2013 and December 31, 2012; issued:
33,873,796 and 32,938,011 shares as of September 30, 2013 and
December 31, 2012, respectively; outstanding: 32,695,097 and
31,759,312 shares as of September 30, 2013 and December 31, 2012,
respectively |
|
|
845 |
|
|
|
820 |
|
Additional paid-in capital |
|
|
211,734 |
|
|
|
210,853 |
|
Treasury shares at cost - 1,178,699 shares as of September 30, 2013
and December 31, 2012. |
|
|
(2,000 |
) |
|
|
(2,000 |
) |
Accumulated other comprehensive income (loss) |
|
|
(50 |
) |
|
|
36 |
|
Accumulated deficit |
|
|
(192,661 |
) |
|
|
(189,131 |
) |
Total
Shareholder's equity |
|
|
17,868 |
|
|
|
20,578 |
|
Non-controlling interest |
|
|
(451 |
) |
|
|
(459 |
) |
|
|
|
|
|
|
|
|
|
Total
Equity |
|
|
17,417 |
|
|
|
20,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Equity |
|
$ |
41,505 |
|
|
$ |
57,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ON TRACK INNOVATIONS LTD. |
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
|
(In thousands, except share and per share data) |
|
|
|
|
|
Nine months ended September 30 |
|
|
Three months ended September 30 |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
|
|
(Unaudited |
) |
|
|
(Unaudited |
) |
|
|
(Unaudited |
) |
|
|
(Unaudited |
) |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
14,259 |
|
|
$ |
12,835 |
|
|
$ |
5,605 |
|
|
$ |
4,119 |
|
Licensing and transaction fees |
|
|
3,375 |
|
|
|
3,672 |
|
|
|
1,163 |
|
|
|
1,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues |
|
|
17,634 |
|
|
|
16,507 |
|
|
|
6,768 |
|
|
|
5,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of sales |
|
|
9,458 |
|
|
|
8,879 |
|
|
|
3,619 |
|
|
|
2,470 |
|
Total
cost of revenues |
|
|
9,458 |
|
|
|
8,879 |
|
|
|
3,619 |
|
|
|
2,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
8,176 |
|
|
|
7,628 |
|
|
|
3,149 |
|
|
|
2,847 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
3,674 |
|
|
|
4,498 |
|
|
|
1,341 |
|
|
|
1,546 |
|
Selling and marketing |
|
|
5,652 |
|
|
|
6,835 |
|
|
|
2,059 |
|
|
|
2,165 |
|
General and administrative |
|
|
5,986 |
|
|
|
6,540 |
|
|
|
1,625 |
|
|
|
1,768 |
|
Other
operating income |
|
|
(4,307 |
) |
|
|
- |
|
|
|
(4,307 |
) |
|
|
- |
|
Amortization of intangible assets |
|
|
68 |
|
|
|
72 |
|
|
|
15 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
|
11,073 |
|
|
|
17,945 |
|
|
|
733 |
|
|
|
5,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) from continuing operations |
|
|
(2,897 |
) |
|
|
(10,317 |
) |
|
|
2,416 |
|
|
|
(2,660 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expense), net (*) |
|
|
(1,109 |
) |
|
|
(275 |
) |
|
|
(272 |
) |
|
|
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from continuing operations before taxes on
income |
|
|
(4,006 |
) |
|
|
(10,592 |
) |
|
|
2,144 |
|
|
|
(2,589 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes
on income |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) from continuing operations |
|
|
(4,007 |
) |
|
|
(10,594 |
) |
|
|
2,143 |
|
|
|
(2,591 |
) |
Net
income (loss) from discontinued operations |
|
|
486 |
|
|
|
1,158 |
|
|
|
(320 |
) |
|
|
578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
|
|
(3,521 |
) |
|
|
(9,436 |
) |
|
|
1,823 |
|
|
|
(2,013 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss (income) attributable to noncontrolling interest |
|
|
(9 |
) |
|
|
58 |
|
|
|
(73 |
) |
|
|
22 |
|
Net
loss (income) attributable to shareholders |
|
$ |
(3,530 |
) |
|
$ |
(9,378 |
) |
|
$ |
1,750 |
|
|
$ |
(1,991 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net profit (loss) attributable to shareholders per
ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
continuing operations |
|
$ |
(0.12 |
) |
|
$ |
(0.33 |
) |
|
$ |
0.06 |
|
|
$ |
(0.08 |
) |
From
discontinued operations |
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
$ |
((0.01 |
|
|
$ |
0.02 |
|
|
|
$ |
(0.11 |
) |
|
$ |
(0.29 |
) |
|
$ |
0.05 |
|
|
$ |
(0.06 |
) |
Weighted average number of ordinary shares used in computing basic
net profit (loss) per ordinary share |
|
|
32,574,280 |
|
|
|
32,120,021 |
|
|
|
32,787,077 |
|
|
|
32,221,618 |
|
Weighted average number of ordinary shares used in computing
diluted net profit (loss) per ordinary share |
|
|
32,574,280 |
|
|
|
32,120,021 |
|
|
|
33,804,074 |
|
|
|
32,221,618 |
|
(*) includes in nine months ended September 30 2013, $722
finance expenses resulted from exchange rate differentials. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ON TRACK INNOVATIONS LTD. |
|
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENT |
|
The following tables reflect selected On Track
Innovations Ltd., non-GAAP results reconciled to GAAP results: |
|
(In thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30 |
|
|
Nine months ended September 30 |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
2012 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) from continuing operations |
|
$ |
(4,007 |
) |
|
$ |
(10,594 |
) |
|
$ |
2,143 |
|
$ |
(2,591 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses |
|
|
1,109 |
|
|
|
275 |
|
|
|
272 |
|
|
(71 |
) |
|
Depreciation |
|
|
1,113 |
|
|
|
938 |
|
|
|
439 |
|
|
310 |
|
|
Taxes
on income |
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
|
2 |
|
|
Amortization expenses |
|
|
68 |
|
|
|
72 |
|
|
|
15 |
|
|
28 |
|
Total EBITDA from continuing operations |
|
$ |
(1,716 |
) |
|
$ |
(9,307 |
) |
|
$ |
2,870 |
|
$ |
(2,322 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
$ |
219 |
|
|
$ |
651 |
|
|
$ |
107 |
|
$ |
80 |
|
Total ADJUSTED EBITDA from continuing operations |
|
$ |
(1,497 |
) |
|
$ |
(8,656 |
) |
|
$ |
2,977 |
|
$ |
(2,242 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ON TRACK INNOVATIONS LTD. |
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
|
(In thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30 |
|
|
|
2013 |
|
|
2012 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,007 |
) |
|
$ |
(10,594 |
) |
Adjustments required to reconcile net loss to net cash used in
operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation related to options and shares issued to
employees and others |
|
|
219 |
|
|
|
651 |
|
Amortization of intangible assets |
|
|
68 |
|
|
|
72 |
|
Depreciation |
|
|
1,113 |
|
|
|
938 |
|
Loss on sale of fixed assets |
|
|
79 |
|
|
|
- |
|
loss from disposal of a subsidiary |
|
|
189 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accrued severance pay, net |
|
|
(2,991 |
) |
|
|
893 |
|
Accrued interest and linkage differences |
|
|
(106 |
) |
|
|
23 |
|
Decrease in deferred tax liability |
|
|
(7 |
) |
|
|
(9 |
) |
Decrease in trade receivables, net |
|
|
1,912 |
|
|
|
3,923 |
|
Decrease (Increase) in other receivables and prepaid expenses |
|
|
1,127 |
|
|
|
(412 |
) |
Decrease in inventories |
|
|
605 |
|
|
|
256 |
|
Decrease in trade payables |
|
|
(1,178 |
) |
|
|
(619 |
) |
Decrease in other current liabilities |
|
|
(6,036 |
) |
|
|
(464 |
) |
Net cash used in continuing operating activities |
|
|
(9,013 |
) |
|
|
(5,342 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(2,699 |
) |
|
|
(630 |
) |
Purchase of short term investments and long term restricted
deposit |
|
|
(325 |
) |
|
|
(8,066 |
) |
Acquisition of business operations |
|
|
- |
|
|
|
(100 |
) |
Proceeds from restricted deposit for employee benefit |
|
|
3,390 |
|
|
|
- |
|
Proceeds from maturity and sale of short term investments |
|
|
6,447 |
|
|
|
13,184 |
|
Proceeds from sale of fixed assets |
|
|
168 |
|
|
|
- |
|
Net cash provided by investing activities |
|
|
6,981 |
|
|
|
4,388 |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Increase (decrease) in short-term bank credit, net |
|
|
(2,131 |
) |
|
|
1,824 |
|
Proceeds from long-term bank loans |
|
|
2,794 |
|
|
|
290 |
|
Repayment of long-term bank loans |
|
|
(2,198 |
) |
|
|
(2,850 |
) |
Proceeds from exercise of options and warrants, net |
|
|
647 |
|
|
|
9 |
|
Net cash used in financing activities |
|
|
(888 |
) |
|
|
(727 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from discontinued operations |
|
|
|
|
|
|
|
|
Net cash provided by discontinued operating activities |
|
|
678 |
|
|
|
1,485 |
|
Total net cash provided by discontinued operations |
|
|
678 |
|
|
|
1,485 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
(24 |
) |
|
|
176 |
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents |
|
|
(2,266 |
) |
|
|
(20 |
) |
Cash and cash equivalents at the beginning of the period |
|
|
9,304 |
|
|
|
12,517 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
$ |
7,038 |
|
|
$ |
12,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact: Scott Liolios or Matt Glover Liolios Group,
Inc. 949 574 3860 Email Contact
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