/C O R R E C T I O N -- On Track Innovations Ltd./
March 06 2008 - 10:49AM
PR Newswire (US)
In the news release, OTI (NASDAQ:OTIV) Reports FY 2007 Fourth
Quarter and Full Year Financial Results, in the CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS table, the line "Amortization
of intangible assets," the numbers in the third and fourth column
were inverted, as incorrectly transmitted by PR Newswire. The
corrected table follows: ON TRACK INNOVATIONS LTD CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except share
and per share data) Year ended Three months ended December 31
December 31 2006 2007 2006 2007 Revenues Sales $35,171 $40,854
$10,417 $12,237 Licensing and transaction fees 5,382 2,631 2,775
779 Total revenues 40,553 43,485 13,192 13,016 Cost of Revenues
Cost of sales 21,871 25,918 6,911 7,451 Total cost of revenues
21,871 25,918 6,911 7,451 Gross profit 18,682 17,567 6,281 5,565
Operating Expenses Research and development, net 7,065 12,265 1,811
4,062 Selling and marketing 7,072 9,670 1,952 2,812 General and
administrative 11,948 17,593 2,771 4,149 Amortization of intangible
assets 821 1,314 264 328 Gain from sale of subsidiaries (122) - - -
Total operating expenses 26,784 40,842 6,798 11,351 Operating loss
(8,102) (23,275) (517) (5,786) Financial income, net 1,712 1,862
434 390 Other expenses, net (75) (136) (95) (25) Loss before taxes
on income and minority interests (6,465) (21,549) (178) (5,421)
Income tax benefit 323 226 9 29 Minority shares in loss 625 1.038
32 - of subsidiary Equity in loss of affiliate (1,087) (358) (118)
(86) Net loss $(6,604) $(20,643) $(255) $(5,478) Basic and diluted
net loss per ordinary share from: Net loss $(0.47) $(1.09) $(0.02)
$(0.29) Weighted average number of ordinary shares used in
computing basic and diluted net loss per ordinary share 13,919,958
18,896,214 15,309,225 19,220,122 DATASOURCE: On Track Innovations
Ltd.
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