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Pointer Telocation Reports Q3 2011 Financial Results

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except per share data)

                                                                        
                                 Nine months         Three months       Year
                                    ended                ended         ended
                                September 30,        September 30,   December 31,
                               2011       2010      2011     2010       2010
                                                  Unaudited
    Revenues:                                                       
    Products               $ 24,084   $ 17,464   $ 8,287    $ 6,423 $ 25,415
    Services                 41,429     36,114    14,046     12,104   48,448
 
    Total revenues           65,513     53,578    22,333     18,527   73,863
 
    Cost of revenues:
    Products                 13,784      9,578     4,894      3,358   14,175
    Services                 27,858     23,125     9,610      8,166   31,264
    Amortization of
    intangible assets           733        738       244        246      978
 
    Total cost of revenues   42,375     33,441    14,748     11,770   46,417
 
    Gross profit             23,138     20,137     7,585      6,757   27,446
 
    Operating expenses:
    Research and development  2,290      1,779       783        613    2,532
    Selling and marketing     6,839      5,420     2,493      1,795    7,441
    General and
    administrative            8,579      6,295     2,612      2,231    9,062
    Amortization of
    intangible assets         1,383      1,319       459        430    1,774
 
    Total operating expenses 19,091     14,813     6,347      5,069   20,809
 
    Operating income          4,047      5,324     1,238      1,688    6,637
    Financial expenses, net   1,370      1,516       520        522    1,976
    Other expenses, net          92         23       101          -       21
 
    Income before taxes on
    income                    2,585      3,785       617      1,166    4,640
    Taxes on income             950      1,323       257        331    1,524
 
    Income after taxes on
    income                    1,635      2,462       360        835    3,116
    Equity in losses of
    affiliate                 1,069        836       271        295    1,158
 
    Net income                  566      1,626        89        540    1,958
    Less - net income
    attributable to
    non-controlling interest    328        836       277        102      828
 
    Net income (loss)
    attributable to Pointer
    Telocation Ltd.                                
    shareholders              $ 238      $ 790    $ (188)     $ 438  $ 1,130
 
    Earnings per share
    attributable to Pointer
    Telocation Ltd's
    shareholders:
    Basic net earnings                             
    (loss) per share         $ 0.05     $ 0.17   $ (0.04)    $ 0.09   $ 0.24
 
    Diluted net earnings                           
    (loss) per share         $ 0.04     $ 0.15   $ (0.04)    $ 0.09   $ 0.22

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

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

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