|oti Reports 43% Revenue Increase in First Quarter 2014|
"In the first quarter, we made strong progress executing on our strategic plan to focus on our core business of cashless payment solutions," said the company's CEO Ofer Tziperman. "This was demonstrated by the 43% growth in the quarter, driven by our industry-leading technology and expanded salesforce. Strong demand for our NFC readers in the U.S. and European markets led to the milestone of our 600,000 Saturn Reader unit sold to date, which has accelerated over the last 12 months.
"Given the strong start to the year, it appears we've reached an inflection point in terms of our growth and opportunity. We plan to build on this momentum and take advantage of strong industry tailwinds in the cashless payments space.
"Looking ahead, we expect to increase revenue by at least 30% in 2014 and achieve positive adjusted EBITDA on a quarterly basis by the end of Q1 2015, discounting any positive results from our patent monetization activities."