OTI Reports FY 2006 Fourth Quarter and Full Year Financial Results
Monday March 5, 7:35 am ET
- Annual revenues of $40.6 million; gross margin increased to 46% from 39% in 2005
- Fourth quarter revenues climb to $13.2 million
- Q4 GAAP net loss close to breakeven of $(0.3) million; Non-GAAP net income of $0.5 million
FORT LEE, N.J., March 5 /PRNewswire-FirstCall/ -- On Track Innovations Ltd. (OTI) (Nasdaq: OTIV - News), 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 fourth quarter and fiscal year ended December 31, 2006.
- Revenues: Revenues for the year ended December 31, 2006 were $40.6
million, an increase of 14% compared to $35.7 million in the same
period last year. Revenues for the fourth quarter reached $13.2
million, an increase of 42% compared to $9.3 million in the same period
last year.
- Gross Margin: Gross margin for the year ended December 31, 2006 was 46%
compared to 39% in the same period last year. Gross margin for the
fourth quarter was 48% compared to 52% in the fourth quarter of 2005.
- GAAP Net Income (Loss): GAAP net loss for the year decreased to $(6.6)
million from $(9.1) million in the same period last year. GAAP net loss
for the fourth quarter was $(0.3) million, a substantial decrease
compared to $(2.3) million in the fourth quarter last year.
- Non-GAAP Net Income (Loss): Non-GAAP net loss for the year ended
December 31, 2006 was $(3.4) million, a substantial decrease compared
to $(8.4) million in the same period last year. Non GAAP net income for
the fourth quarter was $0.5 million compared to a net loss of $(1.9)
million in the fourth quarter last year.
- GAAP Net Income (Loss) per Share: GAAP loss per share for the year was
$(0.47) compared to $(0.96) in the same period last year. GAAP loss per
share for the fourth quarter was $(0.02), compared to $(0.22) in the
fourth quarter of 2005.
- Non-GAAP Income (Loss) per Share: Non-GAAP net loss per share for the
year was $(0.25), compared to $(0.88) in the same period last year.
Non-GAAP net income per share for the fourth quarter was $0.03 compared
to a net loss per share of $(0.18) for the same period last year.
- Strong Balance Sheet with cash, equivalents and short term investment
totaling $48.3 Million.
- GAAP operating expenses: GAAP operating expenses for the year were
$26.8 million compared to $24.2 million for the same period last year.
GAAP operating expenses for the fourth quarter were $6.8 million
compared to $7.3 million for the same period last year.
- Non-GAAP Operating Expenses: $ 23.6 million for the year ended December
31, 2006 compared to $23.5 million for the same period last year. Non-
GAAP operating expenses for the fourth quarter were $6.0 million
compared to $6.9 million in the same period last year.
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