March 29, 2012
Pointer Telocation Ltd. (
- Yearly revenues of $86 million, 16% growth from $74 million in 2010
- 2011 EBITDA - $9.4 million
- 2011 Non-GAAP net income of $3.9 million
- 2011 Net loss - $8.5 million including a non-cash impairment charge of $6.7 million
Nasdaq CM: PNTR
TASE: PNTR) - a leading developer, manufacturer and operator of Mobile Resource Management (MRM) and roadside assistance services for the automotive industry, announced today its financial results for the fiscal year ended
December 31, 2011
Pointer's total revenues for 2011 increased 16% to
International activities for 2011 were
(28% of total revenues) compared to
in 2010 (27% of total revenues).
Revenues from products in 2011 increased 22% to
(36% of revenues) compared to
(34.4% of revenues) in 2010.
Pointer's revenues from services in 2011 increased 13.6% to
(64% of revenues) up from
(65.6% of revenues), in 2010.
In 2011, gross profit was
: Operating loss of
in 2011 compared to operating income of
in 2010. The operating loss was primarily attributable to the non-cash impairment of
goodwill and development technology of the Cellocator business, which we acquired in
. Excluding this non-cash impairment, operating income in 2011 was
Pointer recorded a net loss of
per share compared to net income of
per share, in 2010.
Non GAAP net income:
Pointer recorded non-GAAP net income of
during 2011, as compared to non-GAAP net income of
: Pointer's adjusted EBITDA for 2011 was
, Pointer's Chief Executive Officer,
commented on the results: "Although 2011 was a challenging year, mainly for the technology segment, Pointer succeeded in expanding its business and achieved record revenues of
, an increase of 16% compared to 2010. The net loss in 2011 was mainly caused by a non-cash impairment losses and unforeseen additional tax expenses due to new legislation in
. Despite of our losses in 2011, we believe that the continuous growth in service activities together with revenues from new products released at the end of 2011 will lead to increased revenues and an improvement in our bottom-line performance in 2012".
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