ROSH HAAYIN, Israel, October 4, 2011 /PRNewswire/ --
Pointer Telocation Ltd. (Nasdaq CM: PNTR , TASE: PNTR) - a leading supplier of technology and service for managing mobile resources and providing roadside services to the vehicle industry and to the insurance market, reports entering into an agreement for the supply and installation of advanced solutions to manage a fleet of vehicles in Brazil in a tri-annual agreement for over $3.2 million. This is the largest transaction that Pointer signed in Brazil since commencing sales in Brazil a year ago.
Pointer entered into an agreement with a leading company in Brazil to install its solutions in a fleet of over 2,000 motor vehicles. The order will result in a significant increase in the number of the Company's subscribers in Brazil.
The transaction is in respect of motorcycles, cars and heavy trucks and will enable Pointer's customers to benefit from achieving efficiency and savings when managing mobile resources with a fairly low investment, and utilizing the global growth and change that the Telematics field is undergoing.Pointer's solutions will enable the Brazilian company to effectively track the assets, monitor the vehicle's engine, manage fuel consumption in the Brazilian company's motor vehicles, unauthorized use of the vehicle, improve productivity and reduce accidents. The systems to be installed in Brazil also include a package of solutions to manage a fleet of vehicles with advanced control and command technologies, including the service of stolen vehicle recovery. These solutions were developed and manufactured in Cellocator, the technology division of Pointer which is considered to be the leading provider of technologies for Mobile Resources Management (MRM) for vehicle fleets and cargo. Cellocator's product platforms enable Pointer to provide its customers, inter alia, with vehicle diagnostic services, monitoring drivers' behavior and payment according to driving traits based on cellular technology. David Mahl a b , President and CEO of Pointer said : "We are very satisfied that a Brazilian customer of such a significant size chose our solutio ns. This important agreement is part of o ur consistent growth strategy for the Company's operations abroad, while increasing revenues and profitability of the products and s ervices that the Company supplies. We prove d our solution quality vs . numerous competitors. The combination of our technology division Cellocator together with the quality of our local subsidiary enabled us to be chosen as the preferred vendor. T he present transaction in Brazil is proof of the Company's ability to sign agreements with top-rate customers in t he markets in which we operate and to offer them a unique technology and a complete solution. I believe that the increased international exposure and recognition for the Company's products will continue and even increase th e growth trends and the number of customer s abroad. After consistent growth and record r e venues in the second quarter of 2011, I estimate that in the coming year we will be able to increase the Company's revenues from operations abroad, which today comprise approximately 28% of the Company's total revenues ." Pointer reported record revenues in the first six months of 2011 of an aggregate of $43 million, 23% growth compared to the equivalent period in 2010. In 2010, the Company's revenues increased by 13% and aggregated 73.9 million dollars. Non-GAAP net income for the first six months of 2011 was an aggregate of $2.5 million Pointer's adjusted EBITDA for the first six months of 2011 was an aggregate of $5.6 million. The growth in revenues is expressed also in improved profitability.
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