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Pointer Telocation Reports Q2 2012 Financial Results

Stocks in this article: PNTR

ROSH HAAYIN, Israel, August 27, 2012 /PRNewswire/ --

  • Revenues of $21.2M
  • Non-GAAP Net Income of $ 1.1M
  • Adjusted EBITDA $2.5M

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 second quarter of 2012.

Financial Highlights

Revenues: Pointer's revenues for the second quarter of 2012 decreased 4% to $21.2 million, as compared to $22.1 million in the second quarter of 2011.

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

Revenues from products in the second quarter of 2012 were $7.7 million, compared to $7.9 million in the same period in 2011.

Pointer's revenues from services in the second quarter of 2012 decreased 5% to $13.5 million, from $14.2 million, in the comparable period of 2011(64% of revenues in both periods).

Gross Profit: In the second quarter of 2012, gross profit decreased 12% to $6.8 million from $7.7 million in the second quarter of 2011.

Operating Income: In the second quarter of 2012, operating income was $0.7 million, compared to $1.3 million in the second quarter of 2011.

Net Income: Pointer recorded net income attributable to Pointer's shareholders for the second quarter of 2012 of $200 thousand or $0.04 per share, compared to net income of $40 thousand or $0.01 per share in the second quarter of 2011.

Net loss attributable to a non-controlling interest in affiliates in the second quarter of 2012 was $250 thousand compared to a net income of $130 thousand for the comparable period in 2011.

Adjusted  EBITDA: Pointer's adjusted EBITDA for the second quarter of 2012 was $2.5 million, as compared to $2.7 million in the comparable period in 2011.

David Mahlab, Pointer's Chief Executive Officer, commented on the results: "We have succeeded to maintain our revenue level and positive net income despite the challenges of the weak global market which has influenced our target market significantly and driven down prices. Our recently launched products have been well received and together with costs savings, and an aggressive sales and marketing approach we were able to maintain momentum. We expect the weak global economy to continue to affect us, but our efforts in launching new products and our additional investment in Latin America should enable us to achieve our long term goals."

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