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On Track Innovations' (OTIV) CEO Shlomi Cohen on Q3 2015 Results - Earnings Call Transcript


Greeting and welcome to OTI’s Third Quarter 2015 Earnings Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.

I would now like turn the conference over to Shlomi Cohen, CEO. Thank you, you may begin.

Shlomi Cohen - CEO

Thank you. Thank you and good morning, every one. It has been a busy and productive three months since I was appointed as CEO in August. During the quarter we made meaningful progress executing on our new key initiative design to accelerating growth and reduce cost. The programs we have been implementing to optimize are going to factor in process and reduce cost result in improved gross margin and lower operating expenses in Q3.

This result demonstrates that the operational changes we have been taking are creating a leaner more efficient organization. While we experienced strong growth in our petroleum segment during the quarter, the retail segment sales were down. The Company over recent years has focused on restructuring and R&D...