Revenue during the quarter went up marginally by 2.89 percent to $5.59 million from $5.43 million in the previous year period. Gross margin for the quarter contracted 695 basis points over the previous year period to 42.82 percent. Operating margin for the quarter stood at negative 17.19 percent as compared to a negative 18.47 percent for the previous year period.

Operating loss for the quarter was $0.96 million, compared with an operating loss of $1 million in the previous year period.

"We are proud to report the 5th quarter in a row of improvement in nearly all aspects of our results, as well as significant improvement in our year-over-year results," said Mr. Cohen. "Our financial results for 2016 were strong across the board. We increased our revenues by more than 11%, maintained our gross margin levels, reduced our debt by 10%, and dramatically decreased our net losses by 88% and our adjusted EBITDA losses by 93%. This is a remarkable achievement as it was accomplished in a year in which our primary focus was on restructuring and on establishing and maintaining operational efficiency. We strongly believe that during 2017 we will present a positive adjusted EBITDA."

Cash flow from investing activities was $3.55 million for the year, down 22.38 percent or $1.02 million, when compared with the last year.

The company has spent $0.36 million cash to carry out financing activities during the year as against cash inflow of $0.31 million in the last year period.

Cash and cash equivalents stood at $5.95 million as on Dec. 31, 2016, up 9.21 percent or $0.50 million from $5.45 million on Dec. 31, 2015.

Debt comes down
On Track Innovations has recorded a decline in total debt over the last one year. It stood at $5.58 million as on Dec. 31, 2016, down 9.56 percent or $0.59 million from $6.17 million on Dec. 31, 2015.