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Pointer Telocation Reports Q3 2011 Financial Results

U.S. dollars in thousands

                                                                        
                                                                        
                      Nine months ended      Three months ended    Year ended
                                                                    December
                        September 30,          September 30,           31,
                      2011        2010      2011       2010           2010
                                      Unaudited
    Cash flows from
    operating
    activities:
 
    Consolidated
    net income       $ 566       $ 1,626   $ 89       $ 540          $ 1,958
    Adjustments
    required to
    reconcile
    consolidated
    net income to
    net cash
    provided by
    operating
    activities:
    Depreciation,
    amortization
    and impairment   4,646         4,160  1,578       1,419            5,568
    Accrued
    interest and
    exchange rate
    changes of
    debenture and
    long-term loans    100           95       6          34              178
    Accrued
    severance pay,
    net                552         (187)    202        (132)           (364)
    Gain from sale
    of property and
    equipment, net    (138)         (68)    (85)        (30)            (93)
    Equity in
    losses of
    affiliate        1,069          836     271         295           1,158
    Stock-based
    compensation
    expenses           352           94     122          22             121
    Increase in
    restricted cash      7            -       3           -            (133)
    Increase in
    trade
    receivables,
    net             (3,170)      (3,090)    510        (708)         (1,618)
    Decrease
    (increase) in
    other accounts
    receivable and
    prepaid
    expenses          287          (990)    406         322            (436)
    Increase in
    inventories    (1,244)       (2,107)   (756)       (587)         (1,964)
    Write-off of
    inventories        66             -      28           -            (212)
    Deferred income
    taxes              58         1,241      90         334             185
    Increase in 
    long-term
    accounts
    receivable        271          (479)    (68)        (68)          1,322
    Increase in
    trade payables  1,719         2,040     963       1,190             981
    Increase
    (decrease) in
    other accounts
    payable and
    accrued
    expenses        2,217           374    (423)       (514)           (127)
 
    Net cash
    provided by
    operating
    activities       7,358       3,545     2,936      2,117          6,524
 
    Cash flows from
    investing
    activities:
 
    Purchase of
    property and
    equipment       (3,931)     (2,931)   (1,322)      (993)         (4,481)
    Proceeds from
    sale of
    property and
    equipment          676         440       405         84             641
    Proceeds from
    sale of
    investments in
    previously
    consolidated
    subsidiaries
    (a)                 40          -         40          -               -
    Investments in
    affiliate       (1,496)      (900)      (390)      (420)         (1,490)
 
    Net cash used
    in investing
    activities      (4,711)    (3,391)    (1,267)    (1,329)         (5,330)
 
    Cash flows from
    financing
    activities:
 
    Receipt of
    long-term loans
    from banks       6,232      3,180        (16)     1,851              57
    Repayment of
    long-term loans
    from banks      (6,096)    (4,202)    (1,607)      (919)         (7,016)
    Repayment of
    long-term loans
    from
    shareholders
    and others      (1,061)    (1,134)    (1,039)    (1,115)         (1,122)
    Receipt of
    long-term loans
    from
    shareholders
    and others           -         43          -          -           5,090
    Proceeds from
    issuance of
    shares and
    exercise of
    options, net        48         57         15          -               -
    Dividend paid
    to the
    non-controlling
    interest          (896)    (1,170)         -          -           (2,250)
    Short-term bank
    credit, net     (1,631)     1,257        259     (2,257)           2,656
 
    Net cash used
    in financing
    activities      (3,404)    (1,969)    (2,388)    (2,440)          (2,585)
 
    Effect of
    exchange rate
    changes on cash
    and cash
    equivalents       (320)       293       (388)       141              415
 
    Decrease in
    cash and cash
    equivalents     (1,077)    (1,522)    (1,107)    (1,511)            (976)
    Cash and cash
    equivalents at
    the beginning
    of the period    2,233      3,209      2,263      3,198            3,209
 
    Cash and cash
    equivalents at
    the end of the                                                           
    period         $ 1,156    $ 1,687    $ 1,156     $ 1,687         $ 2,233
 

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

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