In the first full year since a takeover ousted former CEO and co-founder Oded Bashan, Israel-based NFC and contactless company On Track Innovations showed some progress in its efforts to turn around the chronically unprofitable company, in part by focusing on sales of contactless point-of-sale terminals.

But executives declined to commit to a time frame for profitability. And investors were not impressed. Shares in the company traded down about 11% Thursday following the release of the company’s fourth quarter and full-year earnings report.

OTI reported an adjusted operating loss for 2013 of US$3.5 million, improved from a loss of $15.4 million in 2012. The nonadjusted net loss was $3 million, down from a loss of $17.4 million in 2012. CEO Ofer Tziperman described this as “the lowest level of annual GAAP net loss in our company's history (and) as a first step toward profitability.” He attributed it to a combination of increased revenue and decreased operating costs due to reduced employee head count and divested business units.