On Track Innovations Ltd. (OTI) (NASDAQ: OTIV) ("Company"or"OTI"), a global provider of near-field communications (NFC) and non-cash payment solutions, provided business updates and announced financial results for the third quarter that ended September 30, 2018.
- OTI has delivered a total of more than 3,000 advanced payment systems Japan.
- OTI delivered about 8,000 advanced non-contact readers to the widespread Russian retail self-service market.
- The company received a certificate from MIR National Card Paiment System, a key component for effective penetration into the strategic Russian market without payment.
- In August, Apriva released a white version that affirmed its partnership partnership with OTI to establish new services for the automation and vending of a new generation, enabling OTI to offer merchants a pre-certified EMV solution for self-service kiosks.
- The OTI received the Interbank Netbook Interac certification in October, enabling Canadian companies to integrate OTI's secure cashless payment solutions into vending machines, kiosks and other devices without supervision in a significant Canadian market.
"I'm pleased to announce another quarter of uninterrupted operational execution, which is highlighted by our robust and growing revenues throughout the year," he said. Shlomi Cohen, Chief Executive Officer of On Track Innovation. "Revenue from the third quarter 6.5 million dollars represents the highest revenue of the third quarter since 2013. We continued to make significant progress on several key fronts, primarily through successful sales efforts at the company Japan i United States.
"In addition to the success in our existing markets, we continued to expand our efforts to new international markets – as evidenced by the award of the MIR certificate Russia, where in the third quarter we delivered almost 8,000 advanced contactless readers, as well as Interac certification Canada. Both of these certificates are crucial for successful business in these countries, enabling our sales team to focus their focused on well-tailored opportunities abroad.
"We also experienced our fourth consecutive quarter positively adapted EBITDA and at the same time expand our periodic income base by 19% at the absolute dollar level 1.5 million dollars per quarter, compared with $ 1.2 million in the same year. We also reduced our debt by 89% in the quarter compared to the previous quarter, with the total debt now in the right $ 0.5 million.
"Our ability to maintain a significant technological advantage over competition, and we carefully manage the costs, has positioned us well for steady income growth and the creation of shareholder value in the long run," Cohen concluded.
K3 2018 Financial Statements
- Total revenues in the third quarter of 2018 increased by 39% 6.5 million dollars, Compared to 4.7 million dollars in the same period last year.
- Recurring revenues, at the absolute dollar level, increased by 19% 1.5 million dollars, Compared to $ 1.2 million in the same period last year.
- Gross profit in the third quarter of 2018 $ 3.4 million, or 53% of revenues, compared with $ 2.5 million, or 53% of revenues, in the same period last year.
- The net loss from continuing operations in the third quarter of 2018 was 158,000 dollars, or $ (0.00) per share, compared to net loss from continuing operations $ 573,000, or ($ 0.01) per share, in the same period last year.
- Adjusted EBITDA in the third quarter of 2018 was $ 362,000, compared to the adjusted loss of EBITDA $ 74,000 in the same period last year.
- Cash, cash equivalents and short-term placements in September 30, 2018 in total 5.9 million dollars, Compared to $ 8.8 million at June 30, 2018 i $ 8.7 million at September 30, 2017. The debt at the end of the third quarter of 2018 decreased by 89% $ 0.5 million, Compared to 4.5 million dollars at the end of the second quarter of 2018