On Track Innovations (OTIV) Tops Q3 EPS by 1c, Revenues Beat

On Track Innovations (NASDAQ: OTIV) reported Q3 EPS of $0.00, $0.01 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $6.5 million versus the consensus estimate of $5.71 million.

• Total revenue in the third quarter of 2018 increased 39% to $6.5 million, compared to $4.7 million in the same year-ago period.
• Recurring revenues, on an absolute dollar basis, increased by 19% to $1.5 million, compared to $1.2 million in the same year-ago period.
• Gross profit in the third quarter of 2018 was $3.4 million, or 53% of revenues, compared to $2.5 million, or 53% of revenues, in the same year-ago period.
• Net loss from continuing operations in the third quarter of 2018 was $158,000, or $(0.00) per share, compared to a net loss from continuing operations of $573,000, or ($0.01) per share, in the same year-ago period.
• Adjusted EBITDA in the third quarter of 2018 was $362,000, compared with adjusted EBITDA loss of $74,000 in the same year-ago period.
• Cash, cash equivalents and short-term investments at September 30, 2018 totaled $5.9 million, compared to $8.8 million at June 30, 2018 and $8.7 million at September 30, 2017. Debt at the end of the third quarter of 2018 decreased by 89% to $0.5 million, compared to $4.5 million at the end of the second quarter of 2018.

"I am pleased to announce another quarter of continued operational execution, highlighted by our robust sequential and year-over-year revenue growth," said Shlomi Cohen, Chief Executive Officer of On Track Innovations. "The third quarter revenue of $6.5 million represents the highest third quarter revenue achieved since 2013. We continued to make notable progress on several key fronts, primarily through successful sales efforts in Japan and the United States.

For earnings history and earnings-related data on On Track Innovations (OTIV) click here.

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