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Pointer Telocation Reports Q1 2012 Financial Results

Stocks in this article: PNTR

ROSH HAAYIN, Israel, May 30, 2012 /PRNewswire/ --

  • Record revenues of $21.6M
  • Non-GAAP Net Income of $ 1.3M in Q1 2012
  • Adjusted EBITDA $2.6M compared to $3.1M  in Q1 2011

Pointer Telocation Ltd. (Nasdaq CM: PNTR) - a leading developer, manufacturer and operator of  Mobile Resource Management (MRM) and roadside assistance services for the automotive industry and insurance market, announced today its financial results for the first quarter of 2012.

Financial Highlights

Revenues: Pointer's revenues for the first quarter of 2012 increased 3% to $21.6 million, as compared to $21.1 million in the first quarter of 2011.

International activities for the first quarter of 2012 were 27% of total revenues compared to 28% in the comparable period of 2011.

Revenues from products in the first quarter of 2012 were $7.8 million, which was unchanged in comparison to the same period in 2011.

Pointer's revenues from services in the first quarter of 2012 increased 4% to $13.8 million (63.8% of revenues), up from $13.2 million (62.8% of revenues), in the comparable period of 2011.

Gross Profit: In the first quarter of 2012, gross profit decreased 5% to $7.4 million from $7.9 million in the first quarter of 2011.

Operating Income: In the first quarter of 2012, operating income was $1.3 million, compared to $1.5 million in the first quarter of 2011.

Net Income: Pointer recorded net income attributable to Pointer's shareholders for the first quarter of 2012 of $0.2 million or $0.03 per share, compared to net income of $0.4 million or $0.08 per share in the first quarter of 2011.

Net income attributable to a non-controlling interest in affiliates in the first quarter of 2012 was $0.3 million compared to a net loss of $77 thousand for the comparable period in 2011.

Adjusted  EBITDA: Pointer's Adjusted EBITDA for the first quarter of 2012 was $2.6 million, as compared to $3.1 million in the comparable period in 2011.

David Mahlab, Pointer's Chief Executive Officer, commented on the results, "We are happy with our level of revenue achievement, given the challenging global economic conditions. We have invested considerable resources in our Latin American activities and expect to see positive results from this investment. Additionally, as planned we released new products in Q1 2012, which were well received by our consumers. While economic conditions remain difficult and have influenced our margins, we have and will continue to carefully manage the pressures; and we expect that our new products together with continued growth in Latin America will be reflected in our results during  2012."

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