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05.08.2013 12:15:00
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Ituran Location And Control Ltd. Presents Results For The Second Quarter 2013
AZOUR, Israel, Aug. 5, 2013 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN, TASE: ITRN), today announced its consolidated financial results for the second quarter ended June 30, 2013.
Highlights of the Second quarter
- A 18 thousand increase in net subscribers in the quarter, to a record of 702 thousand as of June 30, 2013;
- Gross margin at 50.9% and record operating margin at 23.5%;
- EBITDA of $13.7 million or 31.7% of revenues;
- Generated $11.9 million in operating cash flow; ended the quarter with $38.5 million in net cash (including long-term deposits);
- Dividend of $3.5 million declared for the quarter;
Second quarter 2013 Results
Revenues for the second quarter of 2013 were $43.2 million, representing a 15% growth from revenues of $37.6 million in the second quarter of 2012. 74% of revenues were from location based service subscription fees and 26% from product revenues.
Revenues from subscription fees increased 14% over the same period last year. The increase in subscription fees was primarily due to the growth in the subscriber base, which expanded from 639,000 as of June 30, 2012, to 702,000 as of June 30, 2013.
Product revenues increased by 18% compared with the same period last year. This increase was driven primarily by sales in Israel.
Gross profit for the second quarter of 2013 was $22.0 million (50.9% of revenues), an increase of 19% compared with $18.4 million (49.1% of revenues) in the second quarter of 2012.
Operating profit for the second quarter of 2013 was $10.2 million (23.5% of revenues), an increase of 43% compared with an operating profit of $7.1 million (18.9% of revenues) in the second quarter of 2012.
EBITDA for the quarter was $13.7 million (31.7% of revenues), an increase of 30% compared to an EBITDA of $10.5 million (28.1% of revenues) in the second quarter of 2012.
Net profit was US$6.7 million in the second quarter of 2013 (15.6% of revenues), compared with a net profit of US$10.1 million (27.0% of revenues) in the second quarter of 2012. Fully diluted EPS in the second quarter of 2013 was US$0.32, compared with fully diluted EPS of US$0.48 in the second quarter of 2012. During the second quarter of 2012, a legal settlement with Leonardo contributed approximately $5 million to the net income.
Cash flow from operations during the quarter was $11.9 million.
As of June 30, 2013, the Company had net cash, including long-term deposits, of $38.5 million or $1.84 per share. This is compared with $34.2 million or $1.63 per share as at December 31, 2012.
For the second quarter, a dividend of $3.5 million was declared in line with the Company's stated policy of issuing at least 50% of net profits in a dividend, on a quarterly basis.
Eyal Sheratzky, Co-CEO of Ituransaid, "We are very pleased with our performance in the second quarter of 2013. Our subscriber base continues to show solid growth especially in Brazil and Israel, surpassing the milestone of 700,000 subscribers for the first time. Very evident this quarter is the operating leverage in our business model. We achieved record operating income and operating margin which was driven by our continued revenue growth with minimal growth in operating expenses."
Conference Call Information
The Company will also be hosting a conference call later today, August 5, 2013 at 9am Eastern Time. On the call, management will review and discuss the results, and will be available to answer investor questions.
To participate, please call one of the following teleconferencing numbers. Please begin placing your calls a few minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Number: 1 888 407 2553
ISRAEL Dial-in Number: 03 918 0610
CANADADial-in Number: 1 866 485 2399
INTERNATIONAL Dial-in Number: +972 3 918 0610
At: 9:00am Eastern Time, 6:00am Pacific Time, 4:00pm Israel Time
For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Ituran's website.
Certain statements in this press release are "forward-looking statements" within the meaning of the Securities Act of 1933, as amended. These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.
About Ituran
Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security. Ituran's subscriber base has been growing significantly since the Company's inception to over 702,000 subscribers distributed globally. Established in 1995, Ituran has over 1,300 employees worldwide, provides its location based services and has a market leading position in Israel, Brazil, Argentina and the United States.
Company Contact Udi Mizrahi VP Finance, Ituran (Israel) +972 3 557 1348 | International Investor Relations Ehud Helft & Kenny Green CCG Investor Relations (US) +1 646 201 9246 |
* Financial Tables to Follow **
ITURAN LOCATION AND CONTROL LTD. | ||
CONSOLIDATED BALANCE SHEETS | ||
US dollars | ||
June 30, | December 31, | |
(in thousands) | 2013 | 2012 |
Current assets | ||
Cash and cash equivalents | 33,655 | 29,453 |
Accounts receivable (net of allowance for doubtful accounts) | 30,893 | 26,190 |
Other current assets | 16,232 | 15,399 |
Inventories | 12,732 | 14,747 |
_______ | _______ | |
93,512 | 85,789 | |
------------ | ------------ | |
Long-term investments and other assets | ||
Deposit in escrow | 4,964 | 4,939 |
Investments in affiliated company | 164 | 160 |
Investments in other company | 85 | 82 |
Other non-current assets | 1,596 | 1,890 |
Deferred income taxes | 3,690 | 4,174 |
Funds in respect of employee rights upon retirement | 6,019 | 5,515 |
_______ | _______ | |
16,518 | 16,760 | |
------------ | ------------ | |
Property and equipment, net | 33,738 | 34,156 |
------------ | ------------ | |
Intangible assets, net | 2,357 | 2,591 |
------------ | ------------ | |
Goodwill | 7,833 | 8,043 |
------------ | ------------ | |
_______ | _______ | |
Total assets | 153,958 | 147,339 |
_______ | _______ | |
_______ | _______ | |
ITURAN LOCATION AND CONTROL LTD. | ||
CONSOLIDATED BALANCE SHEETS | ||
US dollars | ||
June 30, | December 31, | |
(in thousands) | 2013 | 2012 |
Current liabilities | ||
Credit from banking institutions | 90 | 221 |
Accounts payable | 10,564 | 9,524 |
Deferred revenues | 10,195 | 9,526 |
Other current liabilities | 25,976 | 22,373 |
_______ | _______ | |
46,825 | 41,644 | |
---------- | ---------- | |
Long-term liabilities | ||
Liability for employee rights upon retirement | 8,895 | 7,915 |
Provision for contingencies | 2,888 | 3,864 |
Other non-current liabilities | 100 | 460 |
Deferred revenues | 983 | 806 |
Deferred income taxes | 584 | 643 |
_______ | _______ | |
13,450 | 13,688 | |
----------- | ----------- | |
Stockholders' equity | 89,443 | 88,027 |
Non-controlling interests | 4,240 | 3,980 |
_______ | _______ | |
Total equity | 93,683 | 92,007 |
----------- | ----------- | |
_______ | _______ | |
Total liabilities and equity | 153,958 | 147,339 |
_______ | _______ | |
_______ | _______ | |
ITURAN LOCATION AND CONTROL LTD. | ||||
CONSOLIDATED STATEMENTS OF INCOME | ||||
US dollars | US dollars | |||
Six month period | Three month period | |||
(in thousands except per share data) | 2013 | 2012 | 2013 | 2012 |
Revenues: | ||||
Location-based services | 63,422 | 57,335 | 32,029 | 28,120 |
Wireless communications products | 20,732 | 17,951 | 11,150 | 9,431 |
_______ | _______ | _______ | _______ | |
84,154 | 75,286 | 43,179 | 37,551 | |
---------- | ---------- | ----------- | ----------- | |
Cost of revenues: | ||||
Location-based services | 23,258 | 22,634 | 11,725 | 11,156 |
Wireless communications products | 17,903 | 15,850 | 9,443 | 7,972 |
_______ | _______ | _______ | _______ | |
41,161 | 38,484 | 21,168 | 19,128 | |
---------- | ---------- | ----------- | ----------- | |
_______ | _______ | _______ | _______ | |
Gross profit | 42,993 | 36,802 | 22,011 | 18,423 |
Research and development expenses | 334 | 340 | 169 | 157 |
Selling and marketing expenses | 4,972 | 4,369 | 2,582 | 2,228 |
General and administrative expenses | 17,348 | 17,128 | 8,638 | 8,513 |
Other expenses, net | 922 | 425 | 466 | 442 |
_______ | _______ | _______ | _______ | |
Operating income | 19,417 | 14,540 | 10,156 | 7,083 |
Other income, net | - | 6,755 | - | 6,755 |
Financing income, net | 240 | 819 | 179 | 809 |
_______ | _______ | _______ | _______ | |
Income before income tax | 19,657 | 22,114 | 10,335 | 14,647 |
Income tax expense | (6,234) | (6,243) | (3,150) | (4,051) |
Share in losses of affiliated companies, net | (1) | (14) | (1) | - |
_______ | _______ | _______ | _______ | |
Net income for the period | 13,422 | 15,857 | 7,184 | 10,596 |
Less: Net income attributable to non-controlling interests | (690) | (613) | (454) | (452) |
_______ | _______ | _______ | _______ | |
Net income attributable to the Company | 12,732 | 15,244 | 6,730 | 10,144 |
_______ | _______ | _______ | _______ | |
_______ | _______ | _______ | _______ | |
Basic and diluted earnings per share attributable to Company's stockholders | 0.61 | 0.73 | 0.32 | 0.48 |
_______ | _______ | _______ | _______ | |
_______ | _______ | _______ | _______ | |
Basic and diluted weighted average number of shares outstanding | 20,968 | 20,968 | 20,968 | 20,968 |
_______ | _______ | _______ | _______ | |
_______ | _______ | _______ | _______ | |
ITURAN LOCATION AND CONTROL LTD. | ||||
STATEMENTS OF CASH FLOWS | ||||
US dollars | US dollars | |||
Six month period | Three month period | |||
(in thousands except per share data) | 2013 | 2012 | 2013 | 2012 |
Cash flows from operating activities | ||||
Net income for the period | 13,422 | 15,857 | 7,184 | 10,596 |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 6,694 | 7,258 | 3,531 | 3,448 |
Exchange differences on principal of deposit and loans, net | 130 | (183) | 33 | (309) |
Losses (gains) in respect of trading marketable securities | - | (2) | - | 2 |
Increase in liability for employee rights upon retirement | 728 | 659 | 238 | 407 |
Share in losses of affiliated companies, net | 1 | 14 | 1 | - |
Deferred income taxes | (452) | (152) | (63) | (770) |
Capital losses (gains) on sale of property and equipment, net | 9 | (5) | (5) | 2 |
Decrease (increase) in accounts receivable | (3,871) | (3,242) | 665 | (1,017) |
Decrease (increase) in other current assets | 1,174 | (6,159) | 952 | (4,105) |
Decrease (increase) in inventories | 2,484 | (1,767) | (188) | (524) |
Increase (decrease) in accounts payable | (1,158) | 2,715 | 899 | 1,619 |
Increase (decrease) in deferred revenues | 518 | 653 | (870) | (313) |
Increase (decrease) in other current liabilities | 1,094 | 675 | (478) | 3,365 |
_______ | _______ | _______ | _______ | |
Net cash provided by operating activities | 20,773 | 16,321 | 11,899 | 12,401 |
--------- | --------- | ----------- | ----------- | |
Cash flows from investment activities | ||||
Increase in funds in respect of employee rights upon retirement, net of withdrawals | (329) | (366) | (187) | (175) |
Capital expenditures | (5,660) | (3,758) | (3,090) | (2,760) |
Deposit | 313 | (25) | 91 | (50) |
Proceeds from sale of property and equipment | 223 | 161 | 79 | 52 |
Repayment of loan to a former employee | - | 355 | - | - |
Sale of marketable securities | - | 70 | - | 70 |
_______ | _______ | _______ | _______ | |
Net cash used in investment activities | (5,453) | (3,563) | (3,108) | (2,863) |
--------- | --------- | ----------- | ----------- | |
Cash flows from financing activities | ||||
Short term credit from banking institutions, net | (21) | 415 | (289) | 17 |
Repayment of long term loans | (114) | (22) | (103) | (11) |
Dividend paid to non-controlling interests | (541) | (400) | (541) | (132) |
Dividend paid | (9,585) | (28,116) | (7,015) | (28,116) |
_______ | _______ | _______ | _______ | |
Net cash provided by (used in) financing activities | (10,261) | (28,123) | (7,948) | 28,242)) |
--------- | --------- | ----------- | ----------- | |
Effect of exchange rate changes on cash and cash equivalents | (857) | (928) | (1,030) | (1,265) |
--------- | --------- | ----------- | ----------- | |
_______ | _______ | _______ | _______ | |
Net increase in cash and cash equivalents | 4,202 | (16,293) | (187) | (19,969) |
Balance of cash and cash equivalents at beginning of period | 29,453 | 35,270 | 33,842 | 38,946 |
_______ | _______ | _______ | _______ | |
Balance of cash and cash equivalents at end of the period | 33,655 | 18,977 | 33,655 | 18,977 |
_______ | _______ | _______ | _______ | |
_______ | _______ | _______ | _______ | |
ITURAN LOCATION AND CONTROL LTD. | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (cont.) | ||
Appendix A – Company no longer consolidated | ||
US dollars | ||
Six month period | ||
(in thousands except per share data) | 2013 | 2012 |
Working capital | - | 890 |
Property and equipment, net | - | (753) |
Intangible assets | - | (137) |
_______ | _______ | |
- | - | |
_______ | _______ | |
_______ | _______ | |
Supplementary information on investing activities not involving cash flows: | ||
In May 2013, the Company declared a dividend in an amount of US$ 2,894 thousand. The dividend will be paid in July 2013. | ||
During the six month period ended June 30, 2013, the Company purchased property and equipment in an amount of US$ 2,471 thousand using a directly related liability. | ||
Supplementary disclosure of cash flow information | ||
US dollars | ||
Six month period | ||
(in thousands except per share data) | 2013 | 2012 |
Interest paid | 142 | 102 |
______ | ______ | |
______ | ______ | |
Income taxes paid, net of refunds | 4,226 | 3,476 |
______ | ______ | |
SOURCE Ituran Location and Control Ltd.
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