On Track Innovations contactless smart card solutions has received a new $6 million order to support of the next stage expansion of a national ID program. This supports an existing ID project announced last year to modernize and improve the security of its electronic ID cards. OTI successfully supplied its end-to-end turnkey solution based on its “eID Magna” platform in support of the nationwide infrastructure setup.
This after the contactless microprocessor-based smart card solutions posted 1Q/11 total revenues of $12 million, a 17% decrease compared to $14.4 million last year and revenues from licensing and transaction fees of $1.2 million, a 32% increase compared to $874,000 last year. It also saw a gross margin of 53%; non-GAAP operating expenses of $6.8 million, a 4% decrease compared to $7.1 million last year; GAAP operating expenses of $7.4 million, a 9% decrease compared to $8.2 million last year; and a balance sheet with cash, cash equivalents and short-term investments of $37.2 million.
The new system includes both stationary and mobile stations for data enrollment and card issuance, the creation of a central national registry database, as well as the provision of contactless, highly-secured smart ID cards and a Biometric Automatic Fingerprint Identification System (AFIS), to detect and prevent double registration attempts by the same ID applicant(CardFlash Library, 2011-05-24).