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Pointer Telocation Reports 2011 Financial Results

ROSH HAAYIN, Israel, March 29, 2012 /PRNewswire/ --

 

  • 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

Pointer Telocation Ltd. (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.

Financial Highlights

Revenue s : Pointer's total revenues for 2011 increased 16% to $86 million compared to $73.9 million in 2010.

International activities for 2011 were $24.4 million (28% of total revenues) compared to $20.1 million in 2010 (27% of total revenues).

Revenues from products in 2011 increased 22% to $31 million (36% of revenues) compared to $25.4 million (34.4% of revenues) in 2010.

Pointer's revenues from services in 2011 increased 13.6% to $55 million (64% of revenues) up from $48.4 million (65.6% of revenues), in 2010.

Gross Profit: In 2011, gross profit was $29 million up from $27.4 million in 2010.

Operating Income  (loss): Operating loss of $2.6 million in 2011 compared to operating income of $6.6 million in 2010. The operating loss was primarily attributable to the non-cash impairment of $6.7 million goodwill and development technology of the Cellocator business, which we acquired in September 2007. Excluding this non-cash impairment, operating income in 2011 was $4.1 million.

Net Income  (loss) : Pointer recorded a net loss of $8.5 million, or $1.78 per share compared to net income of $1.1 million, or $0.24 per share, in 2010.

Non GAAP net income:  Pointer recorded non-GAAP net income of $3.9 million during 2011, as compared to non-GAAP net income of $5.4 million in 2010.

Adjusted EBITDA: Pointer's adjusted EBITDA for 2011 was $9.4 million compared to $11 million in 2010.

David  Mahlab , 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 $86 million, 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 Israel. 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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