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TheStreet Open House

Pointer Telocation Reports 2012 Financial Results

Stocks in this article: PNTR

ROSH HAAYIN, Israel, March 4, 2013 /PRNewswire/ --

  • Annual revenues of $85 million
  • 2012 adjusted EBITDA - $10.6 million compared to $9.4 million in 2011
  • 2012 Non-GAAP net income of $5.9 million compared to $3.9 million in 2011

Pointer Telocation Ltd. (NasdaqCM: 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, 2012.

Financial Highlights

Revenues: Pointer's total revenues for 2012 decreased 1% to $85 million compared to $85.9 million in 2011.

International activities for 2012 accounted for revenue of $22.3 million (26% of total revenues) compared to $23.7 million in 2011 (28% of total revenues).

Revenues from products in 2012 decreased 2% to $30.4 million (36% of revenues) compared to $31 million (36% of revenues) in 2011.

Pointer's revenues from services in 2012 decreased 1% to $54.4 million (64% of revenues) compared to $54.8 million (64% of revenues), in 2011.

Gross Profit: In 2012, gross profit was $28 million (33% of revenues) compared to $28.9 million (34% of revenues) in 2011.

Operating Income (loss): Operating income was $5.1 million in 2012 compared to an operating loss of $2.6 million in 2011.

Net Income (loss): Pointer recorded a net income of $1.2 million or $0.23 per share compared to net loss of $8.5 million, or $1.79 loss per share, in 2011.

Non GAAP net income: Pointer recorded non-GAAP net income of $5.9 million during 2012, as compared to non-GAAP net income of $3.9 million in 2011.

Adjusted EBITDA: Pointer's adjusted EBITDA for 2012 was $10.6 million compared to $9.4 million in 2011.

David Mahlab ,  Pointer's Chief Executive Officer , commented on the results: "We succeeded in basically maintaining our revenue level - it was eroded by approximately $1million or 1% vs. 2011 as we faced a tough economic situation worldwide and especially in Europe. Much more important to note is that we have returned to profitability GAAP based, improving our bottom line significantly vs. 2011 despite basically maintaining our level of revenues year over year. Now we are launching a new driver behavior solution which, together with additional product releases planned later this year, should help us maintain our position in the market and help us face the economic situation worldwide. We are continuing in our efforts to improve results especially in view of our business in Latin America."

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