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Pointer Telocation Reports Q3 2012 Financial Results:

Stocks in this article: PNTR

ROSH HAAYIN, Israel, November 28, 2012 /PRNewswire/ --

  • Revenues of $20.2M
  • Non-GAAP Net Income of $ 1.4M
  • 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 third quarter of 2012.

Financial Highlights

Revenues: Pointer's revenues for the third quarter of 2012 decreased 9.7% to $20.2 million, as compared to $22.3 million in the third quarter of 2011.

International activities for the third quarter of 2012 were 26% of total revenues compared to 28% in the comparable period of 2011.

Revenues from products in the third quarter of 2012 were $7 million, compared to $8.3 million in the same period in 2011. (34.7% and 37.1%, of revenues respectively).

Pointer's revenues from services in the third quarter of 2012 decreased 6.3% to $13.2 million, from $14.1 million, in the comparable period of 2011 (65.3% and 62.9%, of revenues respectively).

Gross Profit: In the third quarter of 2012, gross profit decreased 12% to $6.8 million from $7.6 million in the third quarter of 2011.

Operating Income: In the third quarter of 2012, operating income was $1.2 million, similar  to $1.2 million in the third quarter of 2011.

Net Income: Pointer recorded net income attributable to Pointer's shareholders for the third quarter of 2012 of $229 thousand or $0.04 per share, compared to a net loss of $188 thousand or a $0.04 loss per share in the third quarter of 2011.

Net income attributable to a non-controlling interest in affiliates in the third quarter of 2012 was $123 thousand compared to $277 thousand for the comparable period in 2011.

Adjusted  EBITDA: Pointer's adjusted EBITDA for the third quarter of 2012 was $2.5 million, as compared to $2.6 million in the comparable period in 2011.

David Mahlab, Pointer's Chief Executive Officer, commented on the results: "We have succeeded in maintaining our bottom line results though our revenue declined this quarter. The declining revenues are mainly as a result of currency exchange rates and weakness in sales of the technology sector due to global economy conditions. We have concentrated on improving our operations in order to face prevailing market conditions and to accommodate our expense level. We expect the weak global economy to continue to affect us, but expect that our efforts in launching new products and our additional investment in Latin America together with continued improvement of our operating costs will enable us to achieve our long term goals."

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