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Pointer Telocation Reports Q3 2011 Financial Results

Revenues from products in the third quarter of 2011 increased 29% to $8.3 million (37% of revenues), as compared to $6.4 million (35% of revenues) in the third quarter of 2010. Revenues from products in the first nine months of 2011 increased 38% to $24.1 million (37% of revenues), as compared to $17.5 million (33% of revenues) in the first nine months of 2010.

Pointer's revenues from services in the third quarter of 2011 increased 16% to $14 million (63% of revenues), up from $12.1 million (65% of revenues), in the comparable period of 2010. Revenues from services in the first nine months of 2011 increased 15% to $41.4 million (63% of revenues), compared to $36.1 million (67% of revenues) in the first nine months of 2010.

Gross Profit: In the third quarter of 2011, gross profit increased 12% to $7.6 million from $6.8 million in the third quarter of 2010. In the first nine months of 2011 gross profit was $23.1 million, an increase of 15% as compared to gross profit of $20.1 million in the first nine months of 2010.

Operating Income: In the third quarter of 2011, operating income was $1.2 million, compared to $1.7 million in the third quarter of 2010. Operating income in the first nine months of 2011 was $4 million compared to operating income of $5.3 million in the first nine months of 2010.

Net Income: Pointer recorded net loss for the third quarter of 2011 of $188 thousand or $0.04 diluted net loss per share, compared to a net income of $438 thousand or $0.09 diluted net income per share in the third quarter of 2010.

Non-GAAP net income for the third quarter of 2011 was $1.1 million, compared to $ 1.4 million in the third quarter of 2010. Non-GAAP net income for the first nine months of 2011 was $3.5 million, compared to $4.2 million in the first nine months of 2010.

Adjusted EBITDA: Pointer's adjusted EBITDA for the third quarter of 2011 was $2.4 million, as compared to $2.8 million in the comparable period in 2010. Pointer's adjusted EBITDA for the first nine months of 2011 was $8 million, as compared to $8.6 million in the first nine months of 2010.

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