for nine months and the third quarter ended September 30, 2007.
Revenues for the nine months ended September 30, 2007 were
$30.5 million, an increase of 11% compared to $27.4 million in the same
period last year. Revenues in the third quarter were $9.9 million, an
increase of 23% compared to $8.0 million in the same period last year.
* GAAP Gross Profit: GAAP Gross Profit for the nine months ended September
30, 2007 was $12.0 million, a decrease of 3% compared to $12.4 million
in the same period last year. In the third quarter GAAP gross profit was
$3.6 million, an increase of 5% compared to $3.4 million in the third
quarter of 2006. GAAP gross margin for the nine months ended September
30, 2007 was 39% compared to 45% in the same period last year. GAAP
gross margin in the quarter was 36% compared to 43% in the third quarter
of 2006.
* Non-GAAP Gross Profit: Non-GAAP Gross Profit was $12.0 million for the
nine months ended September 30, 2007, a decrease of 3% compared to $12.4
million in the same period last year. Non-GAAP Gross Profit for the
third quarter of 2007 was $3.6 million, an increase of 5% compared to
$3.4 million in the third quarter of 2006. Non-GAAP gross margin for the
nine months ended September 30, 2007 was 40% compared to 45% in the same
period last year. Non-GAAP gross margin in the third quarter was 37%
compared to 43% in the third quarter of 2006.
* GAAP Net Loss: GAAP Net Loss for the nine months ended September 30,
2007 was $(15.2) million, an increase of 139% compared to $(6.3) million
in the same period last year. GAAP net loss for the third quarter of
2007 was $(7.9) million, an increase of 228% compared to $(2.4) million
in the third quarter last year.
* Non-GAAP Net Loss: Non-GAAP Net Loss for the nine months ended September
30, 2007 was $(10.4) million, an increase of 161% compared to $(4.0)
million in the same period last year. Non-GAAP net loss for the third
quarter of 2007 was $(6.0) million, an increase of 263% compared to
$(1.7) million in the third quarter last year.
* GAAP Loss per Share: GAAP Loss per Share for the nine months ended
September 30, 2007 was $(0.81) compared to $(0.47) in the same period
last year. GAAP loss per share for the third quarter of 2007 was
$(0.41), compared to $(0.16) in the third quarter of 2006.
* Non-GAAP Loss per Share: Non-GAAP Loss per Share for the nine months
ended September 30, 2007 was $(0.55) compared to $(0.29) in the same
period last year. Non-GAAP loss per share for the third quarter of 2007
was $(0.31), compared to $(0.11) in the third quarter of 2006.
* Strong Balance Sheet: Total assets were at $113.1 million with cash
equivalent and short term investments totaling $41.4 million.
Non-GAAP results for the third quarter and nine months period of 2007 and2006 exclude the impact of SFAS 123(R) and amortization of intangible assets.Please see the attached table for a full reconciliation of GAAP to Non-GAAPresults.
"During the first nine months of 2007, OTI's revenues have grown slowerthan expected and our loss was bigger than expected. The increase in operatingexpenses on a Non-GAAP basis included a $2.5 million provision for doubtfulaccounts based on management decision. These results reflect the fact that OTIis involved in large scale projects that are characterized by longimplementation cycles, we therefore update our forecast for 2007 to reflectrevenue growth of about 10% compared to 2006 and we update our forecastedgross margin for the year to be between 39%-41%," said Oded Bashan, Chairmanand CEO of OTI.
"Although this is not always reflected in our financial results, we aremaking progress in the overall business. The number of projects in thepipeline have increased, the large projects we are involved in areprogressing, and we are introducing new products and expanding our IP."
Conference call and Webcast Information
The Company has scheduled a conference call and simultaneous Webcast forMonday, November 26, 2007, which will be hosted by Oded Bashan, Chairman andCEO, Ohad Bashan, President, and Guy Shafran, CFO, for 09:30 AM EST to discussoperating results and future outlook. To participate, call: 1-866-491-4244(U.S. toll free); 180-924-5917 (Israel toll free); 0-800-180-8316 (Germanytoll free); and 1-973-582-2815 (standard international) ID Code: OTI Q3 2007Results Conference Call. To attend the Webcast, use the following links:
www.otiglobal.com/content.aspx?id=226For those unable to participate, the teleconference will be available forreplay until midnight December 3rd, by calling U.S: 877-519-4471 orInternational; 973-341-3080 and entering the PIN number # 9478392, or on theweb at:
www.otiglobal.com/content.aspx?id=226Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generallyaccepted accounting principles, or GAAP, OTI uses non-GAAP measures of grossprofit, net income and earnings per share, which are adjustments from resultsbased on GAAP to exclude non-cash equity-based compensation charges inaccordance with SFAS 123(R) and amortization of intangible assets. OTImanagement believes the non-GAAP financial information provided in thisrelease provides meaningful supplemental information regarding our performanceand enhances the understanding of the Company's on-going economic performance.The presentation of this non-GAAP financial information is not intended to beconsidered in isolation or as a substitute for results prepared in accordancewith GAAP. Management uses both GAAP and non-GAAP information in evaluatingand operating the business and as such deemed it important to provide
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