On Track Innovations Ltd.
OTI REPORTS FY 2005 SIX MONTH FINANCIAL RESULTS (Part 2/2)
Ad hoc announcement §15 WpHG – Part 2
FINANCIAL RESULTS
OTI REPORTS FY 2005 SIX MONTH FINANCIAL RESULTS (Part 2/2)
Ad hoc announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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OTI REPORTS FY 2005 SIX MONTH FINANCIAL RESULTS (Part 2/2)
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:
Financial Results
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.
About OTI
Established in 1990, OTI (NASDAQ: OTIV, Prime Standard: OT5) designs, develops
and markets secure contactless microprocessor-based smart card technology to
address the needs of a wide variety of markets. Applications developed by OTI
include product solutions for petroleum payment systems, homeland security
solutions, electronic passports and IDs, payments, mass transit ticketing,
parking, loyalty programs and secure campuses. OTI has a global network of
regional offices to market and support its products. The company was awarded
the prestigious ESCAT Award for smart card innovation in both 1998 and 2000.
For more information on OTI, visit http://www.otiglobal.com .
# # #
(TABLES TO FOLLOW)
This press release contains forward-looking statements. These statements can
be identified by their use of the words “will”, “anticipates” and “expects”
and other similar expressions, as well as by such phrases as “starting to see”
and “we believe”. Each of these statements is subject to certain risks and
uncertainties, such as market acceptance of new products and our ability to
execute production on orders, which could cause actual results to differ
materially from those in the statements included in this press release.
Although OTI believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no assurance that
its expectations will be achieved. 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
otherwise. results could differ materially from expected results.
OTI Contact: Media Relations IR Contact:
Galit Mendelson Adam Handelsman Paul Holm
Director of Corporate
Communication 5W Public Relations PMH Group
201 944 5200 ext. 111 212 999 5585 212 496 7238
galit@otiglobal.com ahandelsman@5wpr.com pmhgroupinc@aol.com
End of Part 2/2
End of message (c)DGAP
182226 Aug 05
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