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Pointer Telocation Reports Q1 2013 Financial Results



             Pointer Telocation Reports Q1 2013 Financial Results

- Revenues of $22.1 million

- Adjusted EBITDA - $2.8 million in Q1 2013

- Non-GAAP net income of $1.8 million in Q1 2013

PR Newswire

ROSH HAAYIN, Israel, May 13, 2013

ROSH HAAYIN, Israel, May 13, 2013 /PRNewswire/ -- Pointer Telocation Ltd.
(Nasdaq CM: PNTR) - a leading developer, manufacturer and operator of Mobile
Resource Management (MRM) and roadside assistance services for the automotive
industry, announced today its financial results for the first quarter of 2013.

Financial Highlights

Revenues: Pointer's revenues for the first quarter of 2013 increased 2% to
$22.1 million as compared to $21.6 million in the first quarter of 2012.

International activities for the first quarter of 2013 were 27% of total
revenues same as in the comparable period of 2012.

Revenues from products in the first quarter of 2013 decreased 5% to $7.4
million (34% of revenues) compared to $7.8 million (36% of revenues) in the
same period in 2012.

Pointer's revenues from services in the first quarter of 2013 increased 7% to
$14.7 million (66% of revenues) compared to $13.8 million (64% of revenues),
in the comparable period of 2012.

Gross Profit: In the first quarter of 2013, gross profit was $7.2 million (33%
of revenues) compared to $7.5 million (35% of revenues) in the first quarter
of 2012.

Operating Income: Operating income increased 7% to $1.5 million in the first
quarter of 2013 compared to $1.4 million in the first quarter of 2012.

Net Income: Pointer recorded net income of $0.8 million or $0.14 per share in
the first quarter of 2013 compared to $0.2 million, or $0.03 per share, in the
first quarter of 2012.

Non GAAP net income: Pointer recorded non-GAAP net income of $1.8 million in
the first quarter of 2013, increase of 20% as compared to non-GAAP net income
of $1.5 million in the first quarter of 2012.

Adjusted EBITDA: Pointer's adjusted EBITDA for the first quarter of 2013 was
$2.8 million same as in the first quarter of 2012.

David Mahlab, Pointer's Chief Executive Officer, commented on the results: "We
have continued to improve our performance with emphasis on profitability,
which has improved while maintaining stability in our top line. We continue to
face tough economic conditions worldwide, mainly in Europe. As a result, we
have experienced recent prices and margins erosion as reflected in our gross
margin performance although the overall company performance continues to
improve. We are working intensively toward additional product releases later
this year, both in technology and in services, which should enable us to
maintain our market position and continue improving. While we are currently
focusing our marketing efforts in Latin America on both the services and
technology sides of our business, we keep exploring for growth opportunities
in additional markets."

Conference Call Information:

Pointer Telocation's management will host today, Monday, May 13^th, 2013 a
conference call with the investment community to review and discuss the
financial results, and will also be available to answer questions.   

The conference call will commence at 9:30 AM EDT, 16:30 PM Israel time.

To participate in the call, please dial in to one of the teleconferencing
numbers below. Please begin placing your call at least 5 minutes before the
time set for the commencement of the conference call.

From USA: + 1-800-896-9108, From Israel: 03-918-0688

A replay will be available from May 14^th, 2013 at the company website:
www.pointer.com

Reconciliation between results on a GAAP and Non-GAAP basis.

Reconciliation between results on a GAAP and Non-GAAP basis is provided in a
table immediately following the Condensed Interim Consolidated Statements of
Cash Flows.

Pointer uses adjusted EBITDA and non-GAAP net income as a non-GAAP financial
performance measurement.

We calculate adjusted EBITDA by adding back to net income, net loss from
discontinued operations, financial expenses, taxes, depreciation, the effects
of non-cash stock-based compensation expense, amortization and non-cash
impairment of goodwill and intangible assets.

We calculate non-GAAP net income by adding back to net income, net loss from
discontinued operations, the effects of non-cash stock based compensation
expenses, amortization of intangibles related to acquisitions and non-cash tax
expenses resulting from timing differences relating to the amortization of
acquisition-related intangible assets and goodwill.

The purpose of such adjustments is to give an indication of our performance
exclusive of non-GAAP charges that are considered by management to be outside
of our core operating results.

Adjusted EBITDA and non-GAAP net income are provided to investors to
complement results provided in accordance with GAAP, as management believes
the measure helps illustrate underlying operating trends in the Company's
business and uses the measure to establish internal budgets and goals, manage
the business and evaluate performance. We believe that these non-GAAP measures
help investors to understand our current and future operating cash flow and
performance, especially as our acquisitions have resulted in amortization and
non-cash items that have had a material impact on our GAAP profits. Adjusted
EBITDA and non GAAP net income should not be considered in isolation or as a
substitute for comparable measures calculated and should be read in
conjunction with our consolidated financial statements prepared in accordance
with GAAP. These non-GAAP financial measures may differ materially from the
non-GAAP financial measures used by other companies.

About Pointer Telocation:
Pointer Telocation is a leading provider of technology and services to the
automotive and insurance industries, offering a set of services including Road
Side Assistance, Stolen Vehicle Recovery and Fleet Management. Pointer has a
growing list of customers and products installed in more than 45 countries.
Cellocator, a Pointer Products Division, is a leading AVL (Automatic Vehicle
Location) solutions provider for stolen vehicle retrieval, fleet management,
car & driver safety, public safety, vehicle security and more. The Company's
top management and the development center are located in the Afek Industrial
Area of Rosh Ha'ayin, Israel.

For more information: http://www.pointer.com

Forward Looking Statements
This press release contains historical information and forward-looking
statements within the meaning of The Private Securities Litigation Reform Act
of 1995 with respect to the business, financial condition and results of
operations of the Company. The words "believe," "expect," "anticipate,"
"intend," "seems," "plan," "aim," "should" and similar expressions are
intended to identify forward-looking statements. Such statements reflect the
current views, assumptions and expectations of the Company with respect to
future events and are subject to risks and uncertainties. Many factors could
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements, including,
among others, changes in the markets in which the Company operates and in
general economic and business conditions, loss or gain of key customers and
unpredictable sales cycles, competitive pressures, market acceptance of new
products, inability to meet efficiency and cost reduction objectives, changes
in business strategy and various other factors, both referenced and not
referenced in this press release. Various risks and uncertainties may affect
the Company and its results of operations, as described in reports filed by
the Company with the Securities and Exchange Commission from time to time. The
Company does not assume any obligation to update these forward-looking
statements.

Contact:
Zvi Fried, V.P. and Chief Financial Chen Livne, Gelbart-Kahana Investor
Officer                             Relations
Tel: 972-3-572 3111                 Tel: 972-3-607 4717, +972-54-302 2983
E-mail: zvif@pointer.com            E-mail: chen@gk-biz.com

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
                                      March 31,           December 31,

                                      2013                2012
                                      Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents             $            2,330  $              3,685
Restricted cash                       103                 108
Trade receivables                     18,548              16,215
Other accounts receivable and         2,477               2,069
prepaid expenses
Inventories                           4,144               3,982
Total current assets                  27,602              26,059
LONG-TERM ASSETS:
Long-term accounts receivable         552                 582
Severance pay fund                    9,458               9,034
Property and equipment, net           10,093              10,364
Investment and long term loans to     921                 814
affiliate 
Other intangible assets, net          1,887               2,242
Goodwill                              48,231              47,190
Total long-term assets                71,142              70,226
Total assets                          $          98,744   $            96,285

 

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)
                                            March 31,             December 31,
                                            2013                  2012
                                            Unaudited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current          $              9,622  $          
maturities of long-term loans                                      11,129
Trade payables                              11,338                11,248
Deferred revenues and customer advances     9,605                 6,954
Other accounts payable and accrued          6,291                 7,251
expenses
Total current liabilities                   36,856                36,582
LONG-TERM LIABILITIES:
Long-term loans from banks                  9,003                 9,339
Long-term loans from shareholders and       927                   925
others
Deferred tax and other long-term            4,008                 3,765
liabilities
Accrued severance pay                       10,739                10,328
                                            24,677                24,357
COMMITMENTS AND CONTINGENT LIABILITIES
EQUITY:
Pointer Telocation Ltd's shareholders'
equity:
Share capital                               3,871                 3,871
Additional paid-in capital                  120,655               120,290
Accumulated other comprehensive income      1,514                 1,127
Accumulated deficit                         (94,733)              (95,540)
Total Pointer Telocation Ltd's              31,307                29,748
shareholders' equity
Non-controlling interest                    5,904                 5,598
Total equity                                37,211                35,346
Total liabilities and equity                $            98,744   $          
                                                                   96,285

 

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands
                                    Three months ended            Year ended

                                    March 31,                     December 31,
                                    2013           2012           2012
                                    Unaudited
Revenues:
Products                            $              $              $        
                                    7,422          7,825           30,402
Services                            14,723         13,783         54,430
Total revenues                      22,145         21,608         84,832
Cost of revenues:
Products                            4,381          4,625          17,988
Services                            10,560         9,427          38,573
Amortization and impairment of      -              60             181
intangible assets
Total cost of revenues              14,941         14,112         56,742
Gross profit                        7,204          7,496          28,090
Operating expenses:
Research and development            670            716            2,716
Selling and marketing               2,325          2,259          9,067
General and administrative          2,283          2,588          9,232
Amortization of intangible assets   381            504            1,987
Total operating expenses            5,659          6,067          23,002
Operating income                    1,545          1,429          5,088
Financial expenses, net             338            465            1,628
Other income (expenses), net        6              (7)            (5)
Income before taxes on income       1,213          957            3,455
Taxes on income                     164            289            861
Income  after taxes on income       1,049          668            2,594
Equity in gains (losses) of         112            (48)           38
affiliate
Income from continuing operations   1,161          620            2,632
Loss from discontinued operations,  -              182            995
net
Net income                          $              $              $          
                                    1,161             438          1,637

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands
                                 Three months ended            Year ended

                                 March 31,                     December 31,
                                 2013           2012           2012
                                 Unaudited
Other comprehensive income
(loss):
Currency translation             $              $              $              
adjustments of foreign             695            655          299
operations
Realized losses (gains) on
derivatives designated as cash
flow                             (24)           (79)           224

    hedges
Unrealized losses on
derivatives designated as cash
flow                             -              263            14

    hedges
Total comprehensive income       1,832          1,277          2,174
Profit from continuing
operations attributable to:
Equity holders of the parent     807            301            1,833
Non-controlling interests        354            319            799
                                 1,161          620            2,632
Loss from discontinued
operations attributable to:
Equity holders of the parent     -              138            630
Non-controlling interests        -              44             365
                                 -              $              $              
                                                 182           995
Total comprehensive income
attributable to:
Equity holders of the parent     $              $              $          
                                 1,194           746            1,493
Non-controlling interests        638            531            681
                                 $              $              $          
                                 1,832          1,277           2,174
Earnings per share attributable
to Pointer Telocation Ltd's

    shareholders:
Basic net earnings per share     $              $              $              
                                 0.14           0.03           0.23
Diluted net earnings per share   $              $              $              
                                 0.14           0.03           0.23

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
                                          Three months ended      Year ended

                                          March 31,               December 31,
                                          2013       2012         2012
                                          Unaudited
Cash flows from operating activities:
Net income                                $          $            $        
                                          1,161       438          1,637
Adjustments required to reconcile net
income to net cash

    provided by operating activities:
Depreciation, amortization and            1,083      1,350        5,546
impairment
Accrued interest and exchange rate
changes of debenture                      (24)       14           118

   and long-term loans
Accrued severance pay, net                (40)       (37)         91
Gain from sale of property and            (68)       (38)         (271)
equipment, net
Equity in losses (gains) of affiliate     (112)      48           (38)
Amortization of stock-based compensation  33         101          265
Decrease in restricted cash               5          2            15
Increase in trade receivables, net        (2,013)    (3,038)      (1,572)
Decrease (increase) in other accounts
receivable and                            (393)      (259)        46

   prepaid expenses
Decrease (increase) in inventories        (53)       802          395
Write-off of inventories                  18         -            337
Deferred income taxes                     161        -            847
Decrease in long-term accounts            23         156          234
receivable
Increase (decrease)  in trade payables    (178)      165          965
Increase  (decrease) in other accounts
payable and accrued                       1,416      1,832        (274)

   expenses
Net cash provided by operating            1,019      1,536        8,341
activities
Cash flows from investing activities:
Purchase of property and equipment        (1,027)    (1,307)      (4,033)
Proceeds from sale of property and        670        432          1,733
equipment
Investment and loans/Repayments in        32         (729)        (669)
affiliate
Acquisition of subsidiary (a)             -          (251)        (251)
Purchase of business activity (b)         -          (3,125)      (3,125)
Net cash used in investing activities     (325)      (4,980)      (6,345)

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
                                          Three months ended      Year ended

                                          March 31,               December 31,
                                          2013       2012         2012
                                          Unaudited
Cash flows from financing activities:
Repayment of long-term loans from banks   (3,175)    (2,607)      (12,253)
Repayment of long-term loans from others  (3)        -            -
Receipt of long-term loans from banks     1,348      3,181        11,670
Dividend paid to the non-controlling      -          -            (1,215)
interest
Proceeds from issuance of shares and      -          5            1,945
exercise of warrants
Short-term bank credit, net               (376)      2,130        (345)
Net cash provided by (used in) financing  (2,206)    2,709        (198)
activities
Effect of exchange rate changes on cash   157        31           419
and cash equivalents
Decrease in cash and cash equivalents     (1,355)    (704)        2,217
Cash and cash equivalents at the          3,685      1,468        1,468
beginning of the period
Cash and cash equivalents at the end of   $          $            $        
the period                                2,330       764          3,685

 

 

                                Three months ended            Year ended

                                March 31,                     December 31,
                                2013           2012            2012
(a) Acquisition of subsidiary:
    Property and equipment      $              $               $              
                                      -            22            22
    Technology                  -              58              58
    Goodwill                    -              304             304
    Minority Interest
                                -              (133)           (133)
     
                                $              $               $              
                                      -          251           251

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
                            Three months ended                Year ended

                            March 31,                         December 31,
                            2013             2012              2012
(b) Purchase of activity:
    Working capital         $                $                 $              
                                -              27                27
    Property and equipment  -                112               112
    Customer list           -                1,364             1,364
    Goodwill                -                1,669             1,669
    Accrued severance pay,  -                (23)              (23)
    net
    Minority Interest
                            -                (24)              (24)
    Employees accruals
                            $                $                 $          
                                -             3,125             3,125

 

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
ADDITIONAL INFORMATION
U.S. dollars in thousands
The following table reconciles the GAAP to non-GAAP operating results:
Adjusted EBITDA
                                        Three months ended        Year ended

                                        March 31,                 December 31,
                                        2013         2012          2012
 GAAP Net income as reported:           $            $             $          
                                         1,161           438        1,637
 Financial expenses, net                338          470           1,628
 Tax on income                          164          289           861
 Loss from discontinued operations,     -            182           995
 net
 Stock based compensation  expenses     33           101           265
 Depreciation, amortization and         1,083        1,338         5,198
 impairment
                                        $            $             $        
                                         2,779        2,818         10,584
Non GAAP Net income
                                        Three months ended        Year ended

                                        March 31,                 December 31,
                                        2013         2012          2012
 GAAP Net income as reported:           $            $             $          
                                         1,161           438        1,637
 amortization and impairment of         381          564           2,168
 intangible assets
 Loss from discontinued operations,     -            182           995
 net
 Stock based compensation
                                        33           101           265
  expenses
 non-cash tax expenses (income)
 resulting from timing

 differences relating to the            248          218           819
 amortization of acquisition-

 related intangible assets and
 goodwill            
                                        $            $             $          
                                         1,823        1,503         5,884

 

SOURCE Pointer Telocation Ltd.

Website: http://www.pointer.com
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