Israel-based contactless and NFC vendor On Track Innovations today reported revenue fell by 22% in 2012 to US$40 million, and losses widened to $17.4 million for the year.
The struggling vendor, which announced March 11 the appointment of a new CEO to replace co-founder Oded Bashan–who was effectively ousted from the post in December by a dissident shareholders group–had delayed the release of its 2012 results.
The results released today may be provisional. The OTI board is believed to be reviewing the company’s books and deciding how much it might agree to give Bashan in severance pay. It noted in its announcement today that the company is “reviewing the termination provisions of former management’s employment agreements and assessing the amount of the provisions necessary.” The decision on severance might also include Bashan’s son, Ohad, who resigned in December, as well, as president and chief marketing officer.