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Pointer Telocation Reports Q3 2011 Financial Results

INTERIM CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands
                                                                   
                                                 September 30,   December 31,   
                                                     2011           2010
                                                  Unaudited       
 
    ASSETS
 
    CURRENT ASSETS:
    Cash and cash equivalents                      $ 1,156        $ 2,233
    Restricted cash                                    126            133
    Trade receivables                               16,560         13,914
    Other accounts receivable and prepaid
    expenses                                         2,355          2,982
    Inventories                                      4,924          3,739
 
    Total current assets                            25,121         23,001
 
    LONG-TERM ASSETS:
    Long-term accounts receivable                      709            832
    Severance pay fund                               7,475          7,624
    Property and equipment, net                     11,484         11,255
    Investment in affiliate                            515            295
    Other intangible assets, net                     4,287          6,497
    Goodwill                                        51,942         53,926
 
    Total long-term assets                          76,412         80,429
 
    Total assets                                 $ 101,533      $ 103,430

The accompanying notes are an integral part of the interim consolidated financial statements.

INTERIM CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except share and per share data)
                                                 September 30,  December 31,
                                                     2011           2010
                                                  Unaudited
 
    LIABILITIES AND SHAREHOLDERS' EQUITY
 
    CURRENT LIABILITIES:
    Short-term bank credit and current maturities
    of long-term loans                             $ 12,846       $ 13,170
    Trade payables                                   11,233         10,064
    Deferred revenues and customer advances           8,257          7,806
    Other accounts payable and accrued expenses       7,360          7,054
 
    Total current liabilities                        39,696         38,094
 
    LONG-TERM LIABILITIES:
    Long-term loans from banks                        8,582         11,526
    Long-term loans from shareholders and others        952            957
    Other long-term liabilities                       1,598            842
    Accrued severance pay                             8,713          8,365
 
                                                     19,845         21,690
    COMMITMENTS AND CONTINGENT LIABILITIES
 
    EQUITY:
    Pointer Telocation Ltd's shareholders'
    equity:
    Share capital -
    Ordinary shares of NIS 3 par value -
    Authorized: 8,000,000 shares at September 30,
    2011 and December 31, 2010; Issued and
    outstanding: 4,785,848 and 4,771,181 shares
    at September 30, 2011 and December 31, 2010,
    respectively                                      3,293          3,280
    Additional paid-in capital                      118,811        118,512
    Accumulated other comprehensive income            1,577          3,292
    Accumulated deficit                             (87,978)       (88,216)
 
    Total Pointer Telocation Ltd's shareholders'
    equity                                           35,703         36,868
 
    Non-controlling interest                          6,289          6,778
 
    Total equity                                     41,992         43,646
 
    Total liabilities and shareholders' equity    $ 101,533      $ 103,430

The accompanying notes are an integral part of the interim consolidated financial statements.

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