On Track Innovations Ltd. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Third Quarter of 2018
For the six months, the company's total revenues were $12,016,000 against $10,966,000 reported a year ago. Operating loss from continuing operations was $436,000 against $530,000 reported a year ago. Loss from continuing operations before taxes on income was $563,000 against $640,000 reported a year ago. Net loss from continuing operations was $525,000 against loss of $696,000 reported a year ago. Net loss was $613,000 against $772,000 reported a year ago. Basic and diluted net loss attributable to shareholders per ordinary was $0.01 compared to $0.02 a year ago. Net cash used in continuing operating activities was $66,000 against was $2,257,000 reported a year ago. Purchase of property and equipment, net was $414,000 against $98,000 reported a year ago. Total EBITDA from continuing operations was $244,000 against $53,000 reported a year ago. Total adjusted EBITDA from continuing operations was $429,000 against $227,000 reported a year ago.
Looking towards the third quarter of 2018, the company is expecting double-digit revenue growth compared to the third quarter of 2017 as a result of execution across all business units as continue gaining market share in the cashless payments arena.