OTI Reports First Quarter 2017 Financial Results

ROSH PINNA, Israel, May 10, 2017 (GLOBE NEWSWIRE) -- On Track Innovations Ltd.(OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC) and cashless payment solutions, reported financial results for the first quarter ended March 31, 2017.  

Q1 2017 Operational Highlights  

• Received purchase orders for thousands of cashless payment solutions for the growing fast food self-serve kiosk market, to be delivered during 2017.  
• Received purchase order for first installment of cashless payment systems sale into Japanese market  
• Enhanced sales organization depth and capabilities with the appointment of Larry Susman as Vice President of Sales  

Q1 2017 Financial Details  

• Total quarterly revenue decreased to $4.0 million, a 28% decrease from $5.6 million in the prior quarter and a 12% decrease from $4.6 million in the same year-ago period.  
• Gross profit as a percentage of revenues increased to 55%, a 12% increase over 43% in the prior quarter and an increase of 4% over 51% in the same year-ago period.  
• Operating expenses decreased to $2.9 million, a 13% decrease from $3.4 million in the prior quarter and a 3% decrease from $3.0 million in the same year-ago period.  
• Net cash used in continuing operating activities decreased 43% to $0.7 million compared to $1.2 million in the same year-ago period.  
• Cash, cash equivalents and short-term investments at March 31, 2017 totaled $10.8 million, a decrease of 6% from December 31, 2016 and an increase of 13% from the same year-ago period.   

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