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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