NFC Times Exclusive Insight – On Track Innovations CEO Shlomi Cohen sought to reassure investors that the company he took over nine months ago is more competitive and is moving toward profitability, though he declines to predict when it will turn its first yearly profit since its founding in 1990.
OTI under Cohen has continued to reduce operating expenses, through a 20% cut in its workforce and an increase in outsourcing of manufacturing, as well as lowering employee salaries at headquarters by 10%. That helped cut net losses to under $900,000 for the first quarter of 2016, compared with nearly $2.1 million for the same period a year earlier. The loss from EBITDA from continuing operations dipped to under $400,000, the lowest loss in more than two years, according to the vendor, which added that its operating expenses also were the lowest in more than two years.
