On Track Innovations Shares Surge After Q1 Results

Shares of

jumped over 6 percent in pre-market trading after the company reported a narrower loss for the first quarter ended March 31, 2015. The Rosh Pina, Israel-based company posted quarterly net loss from continuing operations of $2.1 million, or $0.05 per share, versus a year-ago net loss from continuing operations of $3.0 million, or $0.09 per share. Its total revenue slipped 4 percent to $5.0 million from $5.2 million. However, analysts were expecting a loss of $0.07 per share on revenue of $4.70 million. Its gross profit fell to $2.5 million from $2.6 million. Adjusted EBITDA loss from continuing operations fell to $1.1 million, versus an adjusted EBITDA loss from continuing operations of $1.7 million in the year-ago period. Operating expenses shrank 19% year-over-year to $4.3 million from $5.4 million. At the end of the quarter, the company had $15.8 million in cash and cash equivalents, and short-term investments. "The first quarter was in line with our expectations, with meaningful progress across all of our key corporate initiatives, including generating greater operating efficiencies through productivity gains," commented oti CEO, Ofer Tziperman. "The significant reduction in net cash consumed from operations as well as the decrease in our total operating expenses by 14% sequentially and 19% year-over-year demonstrates our success with these efforts." On Track Innovations shares climbed 6.47 percent to $1.48 in pre-market trading.