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TheStreet Open House

Pointer Telocation Reports Q3 2011 Financial Results

Stock quotes in this article: PNTR

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

                                                                       
                                    Nine months       Three months     Year
                                       ended              ended       ended
                                                                     December
                                   September 30,      September 30,    31,
                                  2011      2010     2011     2010     2010
                                              Unaudited
        Proceeds from sale of
        investments in
        previously consolidated
    (a) subsidiaries:
 
        The subsidiaries' assets
        and liabilities at date
        of sale:
 
        Working capital
        (excluding cash and cash
        equivalents)              $ 281     $ -      $ 281     $ -    $ -
        Non-controlling
        interests                  (432)      -       (432)      -      -
        Gain from sale of
        subsidiaries Receivables
        for sale of investments
        in subsidiaries             111                111
 
                                   $ 40     $ -       $ 40     $ -    $ -
 

ADDITIONAL INFORMATION

U.S. dollars in thousands

The following table reconciles the GAAP to non-GAAP operating results:

Non GAAP Net income

                                                                       
                              Nine months         Three months        Year
                                ended                 ended           ended
                            September 30           September 30      December 31   
                          2011        2010       2011        2010      2010
                                         Unaudited
 
    GAAP Net income as
    reported:            $ 566       $ 1,626    $ 89        $ 540    $ 1,958
 
    Amortization of
    intangible assets    2,116         2,057     703          676      2,752
    Stock based
    compensation
 
    expenses               352            94     122           22        121
    non-cash tax
    expenses resulting
    from timing
    differences
    relating to the
    amortization of
    acquisition-related
    intangible assets
    and goodwill           479           451      163          150       604
 
    Non-GAAP Net 
    income             $ 3,513       $ 4,228  $ 1,077      $ 1,388   $ 5,435

Adjusted EBITDA

                                                                       
                             Nine months          Three months       Year   
                                ended                 ended         ended
                            September 30           September 30    December 31
                          2011        2010       2011        2010      2010
                                         Unaudited
 
    GAAP Net income as
    reported:            $ 566       $ 1,626    $ 89        $ 540    $ 1,958
 
    One time charge
    attributable to
    efforts to expand
    services to Israeli
    insurance companies    486             -       -             -         -
    Financial expenses,
    net                  1,370         1,516     520           522     1,976
    Tax on income          950         1,323     257           331     1,524
    Depreciation and
    amortization         4,646         4,160   1,578         1,419     5,568
 
    Non-GAAP Adjusted
    EBITDA             $ 8,018       $ 8,625 $ 2,444       $ 2,812  $ 11,026

- - - - - - - - - - - -

   
   Contact:

   Zvi Fried, V.P. and Chief Financial Officer        Chen Livne,Gelbart-Kahana 
   Tel.; +972-3-572-3111                              Investor relations
   E-mail: zvif@pointer.com                           Tel: +972-54-302-2983
                                                      E-mail: chen@gk-biz.com

SOURCE Pointer Telocation Ltd

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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