NJ-based On Track Innovations reported that revenues in the third quarter was $9.9 million, an increase of 23%. In the quarter GAAP gross profit was $3.6 million, an increase of 5% compared to 3Q/06. However, the non-GAAP net loss for the third quarter was $6.0 million, an increase of 263% compared to the third quarter last year. OTI says its revenues have grown slower than expected and its loss was bigger than expected. The increase in operating expenses included a $2.5 million provision for doubtful accounts. The Company is also involved in large scale projects that are characterized by long implementation cycles. During the quarter, OTI was selected to provide Garanti Payment Systems with its “Saturn 6000” contactless reader for security-enhanced EMV transactions for Garanti’s “Tap & Go” program. OTI updated its forecast for 2007 to reflect revenue growth of about 10% compared to 2006. For more information on OTI’s third quarter performance visit CardData ([www.carddata.com]).