NFC Times Exclusive Insight – The new CEO of Israel-based On Track Innovations, Shlomi Cohen, is starting his tenure with the announcement by the company of declining revenue and continuing losses for the second quarter of 2015.
OTI reported its second quarter earnings just two days after announcing Cohen’s appointment as CEO, and many observers have speculated that the company’s poor performance had been behind the resignation of Cohen’s predecessor, former CEO Ofer Tziperman. The company announced at the same time that two key board members quit.
The company’s revenue increased by 8% during the quarter from the quarter before, but was down a full 25% from the previous year. Adjusted EBITDA from continuing operations improved sequentially, but OTI still reported a loss for the quarter.