OTI 2010 Performance Makes for Promising 2011
On Track Innovations contactless microprocessor-based smart card solutions announced FY/10 total revenues of $53.6 million, $22.2 million up from the previous year figure of $31.4 million. This is a 71% increase in one year. Meanwhile, revenues from transaction fees totaled $4.0 million, a 37% increase compared to $2.9 million last year, while gross margin increased to 54% vs. 47% last year. OTI applications include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking and loyalty programs. Subsequent to this performance, OTI execs are projecting 2011 revenue to grow to $55-$60 million.
