On Track Innovations Ltd.
OTI FY 2004 THIRD QUARTER & NINE MONTHS REVENUES UP 34% & 11%, RESPECTIVELY
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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OTI FY 2004 THIRD QUARTER & NINE MONTHS REVENUES
UP 34% & 11%, RESPECTIVELY
Fort Lee, NJ- November 29, 2004 – On Track Innovations Ltd. (OTI) (NASDAQ:
OTIV; Prime Standard (Frankfurt): OT5) today announced its consolidated
financial results for the nine months and third quarter ended September 30,
2004.
For the third quarter, Revenues for the third quarter rose 34% to
$5.5 million from $4.1 million in the same period last year, and up 19% from
the previous quarter. Operating loss decreased 26% to $1.1 million from $1.5
million at the same period in 2003.Gross Profit climbed to 46% from 37% in
the year prior same period Net loss for the quarter ended September 30, 2004,
was down 35% to $1.2 million from $1.8 million in 2003 .
Revenues for the first nine months increased 11% to $15.4 million from $13.8
million for the same period of last year. Combined licensing and transaction
fees, and customer service and technical support revenues increased 88% to
$2.1 million from $1.1 in 2003 and constituted 13% of total revenues compared
to 8% in 2003. This increase represents OTI’s successful business model of
providing the customer more than products, and creating long-term
relationships through service and fees. Gross Profit for first nine months
was down 4% to $6.5 million from $6.8 million for the same period last year.
The small decrease was due to projects with relatively lower margins. The
operating loss for the nine months ended September 30, 2004 increased to $6.8
million from $2.6 million in the same period in 2003. Most of these expenses
were reported earlier in the year, and include $2.1 million one time expenses
related to raising of capital and a $1.3 million increase in marketing
expenses to increase our presence in China and the Far-East, and to promote
major projects in the US. Net loss increased to $7.1 million, from
$3.7 million in 2003. The increase was mainly due to the increase in the
operating loss. Cash and cash equivalents were $27.6 million at September 30,
2004.
OTI has scheduled a conference call for Tuesday, November 30, 2004, which
will be hosted by Oded Bashan, President and CEO, Guy Shafran, CFO, and Ohad
Bashan, President OTI America, for 10:00 AM EST. To participate toll free:
1-800-963-8290 (USA), 1-800-931-5196 (Israel), 0-800-182-1463 (Germany), ID
Code: OTI. To attend the Web cast, use the following link:
http://www.otiglobal.com/content.aspx?id=98
end of ad-hoc-announcement (c)DGAP 29.11.2004
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WKN: 924895; ISIN: IL0010834682; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hannover, München und Stuttgart
292209 Nov 04
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