ROSH HAAYIN, Israel,
Nov. 15, 2018 /PRNewswire/
-- Pointer Telocation Ltd. (NASDAQ: PNTR) (TASE:
PNTR), a leading provider of telematic services and technology
solutions for Fleet Management, Mobile Asset Management and
Internet of Vehicles, announced its financial results for third
quarter and nine months ended September 30,
2018.
Financial Highlights for Third Quarter 2018 Compared to Third
Quarter 2017
- Total revenues of $18.7 million,
down 7% as reported due to foreign currency exchange headwinds and
up 1% on a constant currency basis
- Service revenues of $12.8
million, down 4% as reported and up 8% on a constant
currency basis
- Operating income of $2.5 million
(13% of revenue), down 13%
- Net income of $1.8 million, down
4%
- Cash, net of debt, totaled $2
million. Generated $3.1
million in operating cash flow during the quarter
- Total subscribers reached 274,000, an increase of 10%
Financial Highlights for First Nine Months of 2018 Compared
to First Nine Months of 2017
- Total revenues of $59.4 million
as reported, up from $59.3 million,
and up 4% on a constant currency basis
- Service revenues of $39.8
million, up 3% as reported, and up 9% on a constant currency
basis
- Operating income of $7.8 million
(13% of revenue), down 2%
- Net income of $5.5 million, up
1%
Management Commentary
David Mahlab, Pointer's Chief
Executive Officer, commented:
"This was another solid quarter for Pointer. We delivered improved
service margins, strong earnings and impressive cash flow
generation while facing tough headwinds from foreign currency
exchange rates in our markets in Latin
America, which negatively impacted reported revenue. Our
bottom line performance is good, and it demonstrates our underlying
strength.
"During the period, we continued to advance our capabilities in
the IOT space and in providing our safety and driver behavior
solution through our machine learning technology. Our platform will
harness our real-time driver data to deliver more efficient,
cost-effective products and services to our customers, many of whom
have already provided positive initial feedback on these upcoming
offerings. Initial introduction of the solution has been well
received by our customers. We are also currently beta testing our
asset tracking solution in North
America and intend to start shipping before the end of the
year.
"As reported recently, in India, we have been officially certified to
the AIS 140 standard, which we believe will drive a substantial
increase in telematics adoption in this growing market. We expect
to start delivering Cello CANiQ IN devices in India by the end of the year, and we should
benefit from deliveries in the Americas as well. We expect a
significant ramp up in North
America in 2019 and beyond. Meanwhile, in Brazil we secured several new contracts during
the third quarter that will have an impact in 2019 as well.
"Our markets, while highly fragmented, continue to expand, and
we are positioned around the globe to pursue them."
Yaniv Dorani, Pointer's Chief
Financial Officer, commented:
"During the period, we continued to strengthen our balance sheet
and improve our capital structure. In the third quarter, we
generated $3.1 million in operating
cash flow and ended the quarter with $2.0
million in net cash, achieving positive net cash for the
first time in more than a decade. Over the past nine months, we
have reduced our long-term debt by $3.8
million."
|
Third Quarter 2018
Financial Summary Compared to Third Quarter 2017
|
|
(in millions,
except per share amounts)
|
Q3/2018
|
Q3/2017
|
|
Total
Revenues
|
$18.7
|
$20.2
|
|
Service
Revenues
|
$12.8
|
$13.3
|
|
Operating Income (%
of Revenue)
|
$2.5 (13%)
|
$2.9 (14%)
|
|
Diluted
EPS
|
$0.22
|
$0.23
|
|
Non-GAAP Diluted
EPS
|
$0.31
|
$0.28
|
|
EBITDA
|
$3.1
|
$3.6
|
|
First Nine Months
of 2018 Financial Summary Compared to First Nine Months of
2017
|
|
(in millions, except per share
amounts)
|
1-9/2018
|
1-9/2017
|
|
Total
Revenues
|
$59.4
|
$59.3
|
|
Service
Revenues
|
$39.8
|
$38.6
|
|
Operating Income (%
of Revenue)
|
$7.8 (13%)
|
$8.0 (13%)
|
|
Diluted
EPS
|
$0.67
|
$0.67
|
|
Non-GAAP Diluted
EPS
|
$0.91
|
$0.89
|
|
EBITDA
|
$9.8
|
$10.1
|
Revenues from services decreased 4% as reported to $12.8 million as compared to $13.3 million in the third quarter of 2017. In
local currency terms, revenues from services increased by 8%.
Revenues from products decreased 14% as reported in the third
quarter of 2018 to $5.9 million from
$6.9 million. In local currency
terms, revenues from products decreased by 11%. The currency
exchange rate impact on total revenues for the third quarter of
2018 compared to the third quarter of 2017 was approximately
$1.8 million.
Conference Call Information
As previously announced, Pointer Telocation's management will
host a conference call today, at 10:00 a.m.
Eastern Time, 3:00 p.m. UK
time, 17:00 p.m. Israel time. On the call, management will
review and discuss the results. To listen to the call, please dial
in to one of the following teleconferencing numbers. Please begin
placing your call a few minutes before the conference call
commences.
Dial in numbers are as follows:
From the USA +1-877-407-0789
or 1-201-689-8562
From Israel 1-809-406-247
From the UK
0-800-756-3429
A replay will be available a few hours following the call on the
company's website for one year.
The call will also be accompanied by a live webcast over the
Internet and accessible at
http://public.viavid.com/index.php?id=131448.
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 EBITDA, Non-GAAP operating income and Non-GAAP net
income as Non-GAAP financial performance measurements.
Pointer calculates EBITDA by adding back to net income financial
expenses, taxes and depreciation and amortization of intangible
assets.
Pointer calculates Non-GAAP operating income by adding back to
operating income the effects of non-cash stock-based compensation
expenses, amortization of long-lived assets, other expenses of
retirement costs and losses and acquisition related one-time
costs.
Pointer calculates Non-GAAP net income by adding back to net
income the effects of non-cash stock-based compensation expenses,
amortization of long lived assets, non-cash tax expenses, other
expenses of retirement costs and acquisition related one-time
costs.
The purpose of such adjustments is to give an indication of the
Company's performance exclusive of Non-GAAP charges that are
considered by management to be outside of the Company's core
operating results.
EBITDA and Non-GAAP operating and net income are provided to
investors to complement the results provided in accordance with
GAAP, as management believes these measures help to illustrate
underlying operating trends in the Company's business and uses
these measures to establish internal budgets and goals, manage the
business and evaluate performance. Management believes that these
Non-GAAP measures help investors to understand the Company's
current and future operating cash flow and performance, especially
as the Company's acquisitions have resulted in amortization and
non-cash items that have had a material impact on the Company's
GAAP profits. EBITDA and Non-GAAP operating and net income should
not be considered in isolation or as a substitute for comparable
measures calculated and should be read in conjunction with the
Company's 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
For over 20 years, Pointer
has rewritten the rules for the Mobile Resource Management
(MRM) market and is a pioneer in the Connected Car segment.
Pointer has in-depth knowledge of the needs of this market and has
developed a full suite of tools, technology and services to respond
to them. The vehicles of the future will be intimately networked
with the outside world, enhancing and optimizing the in-car
experience.
Pointer's innovative and reliable cloud-based
software-as-a-service (SAAS) platform extracts and captures an
organization's critical mobility data points – from office,
drivers, routes, points-of-interest, logistic-network, vehicles,
trailers, containers and cargo. The SAAS platform analyzes the raw
data converting it into valuable information for Pointer's
customers providing them with actionable insights and thus enabling
the customers to improve their bottom line and increase their
profitability.
For more information, please visit http://www.pointer.com, the
content of which does not form a part of this press release.
Risks Regarding Forward Looking
Statements
Certain statements made herein that use words
such as "estimate", "project", "intend", "expect", "believe",
"may", "might", "predict", "potential", "anticipate", "plan" or
similar expressions are intended to identify forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and other securities laws. For example, when the
Company discusses its platform that will harness its real-time
driver data to deliver better products and services, the Company's
strength, adoption of the Company's solutions and other trends in
the markets and various territories, it is using forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties that could cause the actual
results, performance or achievements of the Company to be
materially different from those that may be expressed or implied by
such statements, including, among others, changes in general
economic and business conditions. For additional information
regarding these and other risks and uncertainties associated with
the Company's business, reference is made to the Company's reports
filed from time to time with the U.S. Securities and Exchange
Commission. The Company does not undertake to revise or update any
forward-looking statements for any reason.
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands
|
|
|
September
30,
2018
|
|
December 31,
2017
|
|
|
Unaudited
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
8,315
|
|
7,375
|
|
Trade and unbilled
receivables
|
|
12,527
|
|
13,660
|
|
Other accounts
receivable and prepaid expenses
|
|
3,349
|
|
2,865
|
|
Inventories
|
|
6,217
|
|
6,551
|
|
|
|
|
|
|
Total current
assets
|
|
30,408
|
|
30,451
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Long-term loan to
related party
|
|
968
|
|
973
|
|
Long-term unbilled and
other accounts receivable
|
|
1,290
|
|
1,116
|
|
Severance pay
fund
|
|
3,184
|
|
3,546
|
|
Property and
equipment, net
|
|
5,756
|
|
5,848
|
|
Other intangible
assets, net
|
|
1,299
|
|
1,935
|
|
Goodwill
|
|
38,246
|
|
41,010
|
|
Deferred tax
asset
|
|
8,323
|
|
9,585
|
|
|
|
|
|
|
Total long-term
assets
|
|
59,066
|
|
64,013
|
|
|
|
|
|
|
Total assets
|
|
89,474
|
|
94,464
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands
|
|
|
September
30,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
|
Unaudited
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Short-term bank credit
and current maturities of long-term
loans
|
|
3,249
|
|
5,101
|
|
Trade
payables
|
|
5,353
|
|
6,204
|
|
Deferred revenues and
customer advances
|
|
709
|
|
777
|
|
Other accounts payable
and accrued expenses
|
|
7,728
|
|
9,117
|
|
|
|
|
|
|
Total current
liabilities
|
|
17,039
|
|
21,199
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Long-term loans from
banks
|
|
3,048
|
|
5,015
|
|
Deferred taxes and
other long-term liabilities
|
|
416
|
|
838
|
|
Accrued severance
pay
|
|
3,633
|
|
3,996
|
|
|
|
|
|
|
Total long term
liabilities
|
|
7,097
|
|
9,849
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
Pointer Telocation
Ltd.'s shareholders' equity:
|
|
|
|
|
|
Share
capital
|
|
6,049
|
|
5,995
|
|
Additional paid-in
capital
|
|
129,895
|
|
129,076
|
|
Accumulated other
comprehensive income
|
|
(7,104)
|
|
(2,340)
|
|
Accumulated
deficit
|
|
(63,738)
|
|
(69,597)
|
|
|
|
|
|
|
Total Pointer
Telocation Ltd.'s shareholders' equity
|
|
65,102
|
|
63,134
|
|
|
|
|
|
|
Non-controlling
interest
|
|
236
|
|
282
|
|
|
|
|
|
|
Total
equity
|
|
65,338
|
|
63,416
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
89,474
|
|
94,464
|
|
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands, except for share and per share
information
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year ended
December 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2017
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
19,555
|
|
20,725
|
|
5,918
|
|
6,896
|
|
26,182
|
|
Services
|
|
39,798
|
|
38,579
|
|
12,812
|
|
13,336
|
|
51,973
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
59,353
|
|
59,304
|
|
18,730
|
|
20,232
|
|
78,155
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
11,740
|
|
12,831
|
|
3,551
|
|
4,078
|
|
16,073
|
|
Services
|
|
16,309
|
|
16,294
|
|
5,160
|
|
5,673
|
|
21,914
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of
revenues
|
|
28,049
|
|
29,125
|
|
8,711
|
|
9,751
|
|
37,987
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
31,304
|
|
30,179
|
|
10,019
|
|
10,481
|
|
40,168
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
3,446
|
|
3,024
|
|
1,087
|
|
1,037
|
|
4,051
|
|
Selling and
marketing
|
|
10,983
|
|
10,360
|
|
3,438
|
|
3,599
|
|
14,038
|
|
General and
administrative
|
|
8,400
|
|
8,463
|
|
2,852
|
|
2,827
|
|
11,275
|
|
Amortization of
intangible assets
|
|
367
|
|
339
|
|
119
|
|
112
|
|
463
|
|
One-time acquisition
related costs
|
|
262
|
|
-
|
|
-
|
|
-
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
23,458
|
|
22,186
|
|
7,496
|
|
7,575
|
|
29,859
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
7,846
|
|
7,993
|
|
2,523
|
|
2,906
|
|
10,309
|
|
Financial expenses,
net
|
|
856
|
|
708
|
|
190
|
|
288
|
|
1,004
|
|
Other expenses
(income)
|
|
13
|
|
(7)
|
|
(2)
|
|
(4)
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on
income
|
|
6,977
|
|
7,292
|
|
2,335
|
|
2,622
|
|
9,300
|
|
Taxes on
income
|
|
1,481
|
|
1,877
|
|
531
|
|
739
|
|
(7,221)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
5,496
|
|
5,415
|
|
1,804
|
|
1,883
|
|
16,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from
continuing
operations attributable to
Pointer
Telocation Ltd.'s
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings per
share
|
|
0.68
|
|
0.68
|
|
0.22
|
|
0.24
|
|
2.07
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
per share
|
|
0.67
|
|
0.67
|
|
0.22
|
|
0.23
|
|
2.03
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average -Basic
number of shares
|
|
8,088,700
|
|
7,977,376
|
|
8,131,988
|
|
7,989,398
|
|
7,997,684
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average –
fully diluted number of shares
|
|
8,273,532
|
|
8,104,756
|
|
8,274,676
|
|
8,172,362
|
|
8,130,566
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
U.S. dollars in
thousands
|
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year
ended
December
31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2017
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
5,496
|
|
5,415
|
|
1,804
|
|
1,883
|
|
16,521
|
|
Adjustments required
to reconcile net income to
net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,939
|
|
2,142
|
|
593
|
|
691
|
|
2,924
|
|
Accrued interest and
exchange rate changes of
debenture and long-term loans
|
|
7
|
|
-
|
|
(18)
|
|
-
|
|
52
|
|
Accrued severance pay,
net
|
|
15
|
|
134
|
|
(30)
|
|
22
|
|
93
|
|
Gain from sale of
property and equipment, net
|
|
(73)
|
|
(85)
|
|
(24)
|
|
(18)
|
|
(113)
|
|
Stock-based
compensation
|
|
792
|
|
299
|
|
406
|
|
83
|
|
380
|
|
Decrease (increase) in
trade and unbilled
receivables, net
|
|
69
|
|
(2,271)
|
|
857
|
|
(144)
|
|
(1,616)
|
|
Decrease
(increase) in other accounts
receivable and prepaid
expenses
|
|
(1,039)
|
|
(569)
|
|
330
|
|
(89)
|
|
(206)
|
|
Decrease (increase) in
inventories
|
|
1,017
|
|
(807)
|
|
266
|
|
(240)
|
|
(1,170)
|
|
Decrease (increase) in
deferred income taxes
|
|
616
|
|
1,096
|
|
276
|
|
274
|
|
(8,018)
|
|
Decrease (increase) in
long-term unbilled and
other accounts receivable
|
|
(99)
|
|
4
|
|
103
|
|
(48)
|
|
165
|
|
Decrease in trade
payables
|
|
(479)
|
|
(1,558)
|
|
(726)
|
|
(347)
|
|
(1,597)
|
|
Increase (decrease) in
other accounts payable
and accrued expenses
|
|
(1,095)
|
|
2,200
|
|
(713)
|
|
1,206
|
|
2,285
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
7,166
|
|
6,000
|
|
3,124
|
|
3,273
|
|
9,700
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(2,061)
|
|
(1,987)
|
|
(428)
|
|
(875)
|
|
(3,033)
|
|
Purchase of other
intangible assets
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(233)
|
|
Proceeds from sale of
property and equipment
|
|
72
|
|
86
|
|
23
|
|
31
|
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(1,989)
|
|
(1,901)
|
|
(405)
|
|
(844)
|
|
(3,152)
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year ended
December 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2017
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term
loans from banks
|
|
(3,810)
|
|
(3,369)
|
|
(1,165)
|
|
(1,356)
|
|
(4,875)
|
|
Proceeds from issuance
of shares and exercise of
options, net of issuance costs
|
|
80
|
|
387
|
|
-
|
|
111
|
|
395
|
|
Short-term bank
credit, net
|
|
(41)
|
|
(305)
|
|
(120)
|
|
(3)
|
|
(231)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(3,771)
|
|
(3,287)
|
|
(1,285)
|
|
(1,248)
|
|
(4,711)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
on cash and cash equivalents
|
|
(466)
|
|
126
|
|
(287)
|
|
123
|
|
(528)
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
|
940
|
|
938
|
|
1,147
|
|
1,304
|
|
1,309
|
|
Cash and cash
equivalents at the beginning of the period
|
|
7,375
|
|
6,066
|
|
7,168
|
|
5,700
|
|
6,066
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
8,315
|
|
7,004
|
|
|
8,315
|
|
7,004
|
|
7,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
INFORMATION
|
|
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
The following table
reconciles GAAP to non-GAAP operating results:
|
|
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year
ended
December
31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
31,304
|
|
30,179
|
|
10,019
|
|
10,481
|
|
40,168
|
|
Stock-based
compensation expenses
|
|
65
|
|
2
|
|
32
|
|
1
|
|
3
|
|
Non-GAAP gross
profit
|
|
31,369
|
|
30,181
|
|
10,051
|
|
10,482
|
|
40,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
|
7,846
|
|
7,993
|
|
2,523
|
|
2,906
|
|
10,309
|
|
Stock-based
compensation expenses
|
|
792
|
|
299
|
|
406
|
|
83
|
|
380
|
|
Amortization and
impairment of long lived assets
|
|
367
|
|
339
|
|
119
|
|
112
|
|
463
|
|
Other expenses of
retirement costs
|
|
-
|
|
125
|
|
-
|
|
-
|
|
125
|
|
Acquisition related
one-time costs
|
|
262
|
|
-
|
|
-
|
|
-
|
|
154
|
|
Non-GAAP operating
income
|
|
9,267
|
|
8,756
|
|
3,048
|
|
3,101
|
|
11,431
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
5,496
|
|
5,415
|
|
1,804
|
|
1,883
|
|
16,521
|
|
Stock-based
compensation expenses
|
|
792
|
|
299
|
|
406
|
|
83
|
|
380
|
|
Amortization and
impairment of long lived assets
|
|
367
|
|
339
|
|
119
|
|
112
|
|
463
|
|
Other expenses of
retirement costs
|
|
-
|
|
125
|
|
-
|
|
-
|
|
125
|
|
Non cash tax
expenses
|
|
613
|
|
1,030
|
|
238
|
|
229
|
|
(8,213)
|
|
Acquisition related
one-time costs
|
|
262
|
|
-
|
|
-
|
|
-
|
|
154
|
|
Non-GAAP net
income
|
|
7,530
|
|
7,208
|
|
2,567
|
|
2,307
|
|
9,430
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share from continuing
operations - Diluted
|
|
0.91
|
|
0.89
|
|
0.31
|
|
0.28
|
|
1.16
|
|
Non-GAAP weighted
average number of shares - Diluted*
|
|
8,273,532
|
|
8,104,756
|
|
8,274,676
|
|
8,172,362
|
|
8,130,566
|
|
* In calculating
diluted non-GAAP net income per share, the diluted weighted average
number of shares
outstanding excludes the effects of stock-based compensation
expenses in accordance with FASB ASC 718.
|
|
EBITDA
|
|
U.S. dollars in
thousands
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year
ended
December
31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income as
reported:
|
|
5,496
|
|
5,415
|
|
1,804
|
|
1,883
|
|
16,521
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
856
|
|
708
|
|
190
|
|
288
|
|
1,004
|
|
Tax on
income
|
|
1,481
|
|
1,877
|
|
531
|
|
739
|
|
(7,221)
|
|
Depreciation,
amortization and impairment of
goodwill and intangible
assets
|
|
1,939
|
|
2,142
|
|
593
|
|
691
|
|
2,924
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
9,772
|
|
10,142
|
|
3,118
|
|
3,601
|
|
13,228
|
|
|
|
|
|
|
|
|
|
|
|
Company contact:
Yaniv Dorani, CFO
Tel: +972-3-5723111
E-mail: yanivd@pointer.com
Investor Relations Contact at Hayden IR, LLC:
Brett Maas
Tel: +1-646-536-7331
E-mail: brett@haydenir.com
Dave Fore
Tel:
+1-206-395-2711
E-mail: dave@haydenir.com
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SOURCE Pointer Telocation Ltd.
