On Track Innovations Ltd.
OTI REPORTS FY 2005 SIX MONTH FINANCIAL RESULTS (Part 1/2)
Ad hoc announcement §15 WpHG – Part 1
SIX MONTH FINANCIAL RESULTS
OTI REPORTS FY 2005 SIX MONTH FINANCIAL RESULTS (Part 1/2)
Ad hoc announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Fort Lee, NJ – August 18, 2005 – On Track Innovations Ltd. (OTI) (NASDAQ:
OTIV; Prime Standard (Frankfurt): OT5), 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 six months ended June 30, 2005. Revenues for the
first six months increased to $14.3 million from $9.9 million for the same
period of last year. Revenues for the second quarter of 2005 were up to $7.8
million from $4.6 million in the second quarter of 2004. The increase is
mainly due to sales in the payments market. Gross margin for the first half of
2005 decreased to 35% from 40% for the same period in 2004. The decrease in
our overall gross margin is mainly due to the execution of the initial stages
of projects which are characterized by lower margins in their early stages.
Operating loss for the six months ended June 30, 2005 decreased by 20% to
$(4.5) million from $(5.7) million in the same period in 2004. Net loss for
the six months ended June 30, 2005 decreased by 21% to $(4.7) million, from
$(5.9) million for the same period in 2004. Cash and cash equivalents and
short term investments were at $30.3 million compared to $28.5 million on
December 31, 2004.
The Company has scheduled a conference call and simultaneous Web cast for
Thursday, August 18, 2005, which will be hosted by Oded Bashan, President and
CEO, Guy Shafran, CFO, and Ohad Bashan, Head of Global Marketing and President
OTI America, for 10:00 AM EDT to discuss operating results and future
outlook. To participate, call: 1-800-963-8290 (U.S. toll free), 1-800-931-5196
(Israel toll free), 0-800-182-1463 (Germany toll free), or 1-973-409-9260
(standard international) ID Code: OTI. To attend the Web cast, use the
following links:
http://www.otiglobal.com/content.aspx?id=98
For those unable to participate, the teleconference will be available for
replay until midnight August 25th, by calling U.S: 877-519-4471 or
International; 973-341-3080 and entering the PIN number # 6368583, or on the
web at: http://www.otiglobal.com/content.aspx?id=98.
On Track Innovations Ltd.
Z.H.R. Industrial Zone
12000 P.O. Box 32 Rosh Pina
Israel
ISIN: IL0010834682
WKN: 924895
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hannover, München und Stuttgart
End of ad hoc announcement (c)DGAP 18.08.2005
Issuer’s information/explanatory remarks concerning this ad hoc announcement:
OTI REPORTS FY 2005 SIX MONTH FINANCIAL RESULTS
– Revenues Up 45% Compared to First Six Months of 2004
– Operating Loss Decreased by 20%
– Growth Related Mainly to Contactless Payments Market in the US
Fort Lee, NJ – August 18, 2005 – On Track Innovations Ltd. (OTI) (NASDAQ:
OTIV; Prime Standard (Frankfurt): OT5), 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 six months ended June 30, 2005.
– Revenues for the first six months increased by 45% to $14.3 million from
$9.9 million for the same period of last year.
– Strong balance sheet with cash, cash equivalents and short term investments
of more than $30 million.
– Net loss for the period decreased by 21% to $(4.7) million, from $(5.9)
million for the same period in 2004.
– Licensing and transaction fees for the first six months were up 230% to $1.7
million from $529,000 for the same period in 2004.
– Gross margin for the six months decreased to 35% from 40% for the same
period in 2004. The decrease in our overall gross margin is mainly due to
the execution of the initial stages of projects which are characterized by
lower margins in their early stages.
Oded Bashan, President & CEO of OTI, commented: “The increase in revenues
represents the rapid advancements in the contactless market around the world,
and mainly, the contactless payments market in the US. Our financial position
remains strong with more than $30 million in cash and cash equivalents and
short term investments.”
“While revenues were up 45% for the six months, compared to the same period
last year, our gross margin decreased to 35%, mainly due to the execution of
initial stages of projects which are characterized by lower margins in their
early stages.” Mr. Bashan continued, “The completion of a series of strategic
acquisitions in China that we announced earlier this week will assist us in
increasing these margins, we continue to implement our strategy of capturing a
leading position in the contactless market.”
End of Part 1/2
End of message (c)DGAP
182224 Aug 05
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