Ituran Location And Control Ltd. Presents Results For The Fourth Quarter And Full Year 2012

AZOUR, Israel, February 19, 2013 /PRNewswire/ --

In the news release, "Ituran Location and Control Ltd. Presents Results for the Fourth Quarter and Full Year 2012" issued on 19 Feb 2013 11:00 GMT, by Ituran Location and Control Ltd NASDAQ:ITRN over PR Newswire, we are advised by a representative of the company that two figures have been corrected in the third column of the third table. Complete, corrected release follows:

Ituran Location and Control Ltd. (NASDAQ: ITRN, TASE: ITRN), today announced its consolidated financial results for the quarter and year ended December 31, 2012.

Highlights of the Fourth Quarter of 2012

• Revenues of $38.2 million growing 3.4% year-over-year; in local currency term revenues grew 8.5% year-over-year;
• A 14 thousand quarterly increase in net subscribers to a record of 667 thousand subscribers as of December 31, 2012;
• Gross margin at 49.3% and operating margin at 21.0%;
• EBITDA of $12.2 million at 31.8% of revenues;
• Operating profit of $8.0 million growing 15% compared with $7.0 million in the fourth quarter of 2011 (excluding the legal expenses related to ICMS in Brazil);
• Generated $9 million in operating cash flow; ended the quarter with $34.2 million in net cash and equivalents;
• Dividend of $7.0 million declared for the quarter;

Fourth Quarter 2012 Results

Revenues for the fourth quarter of 2012 were $38.2 million, representing a 3.4% growth from revenues of $37.0 million in the fourth quarter of 2011. 76.2% of revenues were from location based service subscription fees and 23.8% from product revenues.

Revenues from subscription fees were $29.1 million, an increase of 2.4% over the same period last year. In local currency terms, subscription revenues grew by 8.5% compared with the fourth quarter of last year due to the increase in the subscriber base, which expanded from 623,000 as of December 31, 2011, to 667,000 as of December 31, 2012.

Product revenues were $9.1 million, an increase of 6.6% compared with the same period last year.

Gross profit for the fourth quarter of 2012 was $18.8 million (49.3% of revenues), an increase of 0.9% compared with $18.7 million (50.5% of revenues) in the fourth quarter of last year.

Operating profit for the fourth quarter of 2012 was $8.0 million (21.0% of revenues), compared with an operating loss of $0.3 million  in the fourth quarter of 2011. In the fourth quarter of 2011, the Company made a provision for $7.3 million in legal expenses related to ICMS in Brazil.  

EBITDA for the quarter was $12.2 million (31.8% of revenues), compared to an EBITDA of $3.7 million (9.9% of revenues) in the fourth quarter of 2011.

Financial expense in the fourth quarter of 2012 was $28 thousand compared with a financial income of $671 thousand in the fourth quarter of 2011.

Net profit was $4.4 million in the fourth quarter of 2012 (11.5% of revenues), compared with a net profit of $1.6 million (4.3% of revenues), as reported in the fourth quarter of 2011.

Fully diluted EPS in the fourth quarter of 2012 was US$0.21, compared with fully diluted EPS of US$0.08 in the fourth quarter of 2011.

Cash flow from operations during the quarter was $9 million.

Full Year Results

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