FORT LEE, N.J. , Dec. 1 /PRNewswire-FirstCall/ -- On Track Innovations Ltd.
(OTI) (Nasdaq: OTIV), 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
first nine months and third quarter ended September 30, 2008 . Revenues for the
first nine months were
"We are primarily focusing on controlling and reducing our operating
expenses to the most efficient and effective level required to carry out our
current and pending pipeline of projects for '09 and '10," said Oded Bashan ,
OTI Chairman and CEO. "We believe that our strong and healthy balance sheet
Conference call and Webcast Information
The Company has scheduled a conference call and simultaneous Web cast for Monday, December 1, 2008 at 9:00 a.m. Eastern Standard Time to discuss operating results and future outlook which will hosted by Oded Bashan , Chairman and CEO, Ohad Bashan , President and Tanir Horn, CFO. To participate, call: 1-888-407-2553 (U.S. toll free), 1-800-270-345 ( Israel toll free), 0-800-182-3010 ( Germany toll free). To listen to the Web cast, use the following link: http://www.otiglobal.com/content.aspx?id=226
For those unable to participate, the teleconference will be available for replay until midnight December 8th , by calling U.S.: 1-877-456-0009 on the web at: http://www.otiglobal.com/content.aspx?id=226
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, OTI uses non-GAAP measures of gross profit, net income and earnings per share, which are adjustments from results based on GAAP to exclude non-cash equity-based compensation charges in accordance with SFAS 123( R ) and EITF 96-18, and amortization of intangible assets in 2008 and exclude non-cash equity-based compensation charges in accordance with SFAS 123( R ), and amortization of intangible assets in 2007. OTI management believes the non-GAAP financial information provided in this release provides meaningful supplemental information regarding our performance and enhances the understanding of the Company's on-going economic performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Management uses both GAAP and non-GAAP information in evaluating and operating the business and as such deemed it important to provide all this information to investors.