Computeruser.com
Latest News

Ituran Location and Control Ltd. Presents Results for the Fourth Quarter and Full Year 2010

Israel March 1, 2011 December 31, 2010

     Highlights of the Fourth Quarter      - A 42 thousand year-over-year increase in net subscribers to       a record of 604 thousand as of December 31, 2010;      - Gross margin at 48.7% and operating margin at 20.8%;      - EBITDA of $12.9 million or 31.7% of revenues;      - Generated $9.6 million in operating cash flow; ended the       quarter with $60.9 million in net cash (including marketable       securities and deposits for short and long term);  

Fourth Quarter 2010 Results

$40.7 million $33.7 million

December 31, 2010 December 31, 2009 Israel Brazil

$19.8 million $17.1 million

$8.5 million $6.9 million

$12.9 million $10.7 million

$0.3 million $0.7 million

$3.5 million to $4.4 million

$6.5 million $5.8 million $5.5 million

$0.31 $0.28 $0.26

$9.6 million

Full Year Results

$147.8 million $121.4 million

$72.5 $60.6 million

US$30.6 million US$24.4 million

$46.6 million $36.9 million

$21.7 million $21.0 million $18.2 million $1.00 $0.87

$33.4 million

December 31, 2010 $60.9 million $2.90 US$54.0 million $2.57 September 30, 2010 $78.1 million December 31, 2009

Dividend

$21 million November 2009

March 23, 2011 April 6, 2011

$100 million Brazil Israel

Conference Call Information

March 1, 2011 10am ET

To participate, please call one of the following teleconferencing numbers. Please begin placing your calls a few minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

                         US Dial-in Number: 1-888-668-9141                        ISRAEL Dial-in Number: 03-918-0609                       CANADA Dial-in Number: 1-866-485-2399                   INTERNATIONAL Dial-in Number: +972-3-918-0609                      At: 10:00am Eastern Time, 7:00am Pacific                           Time, 5:00pm Israel Time  

For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Ituran’s website.

Certain statements in this press release are "forward-looking statements" within the meaning of the Securities Act of 1933, as amended. These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.

About Ituran

Israel Brazil Argentina the United States

     CONSOLIDATED BALANCE SHEETS                                                             US dollars                                                           December 31 ,     (in thousands)                                       2010       2009                                                       ------------------      Current assets     Cash and cash equivalents                          46,674     60,813     Deposit in escrow                                   5,238      5,227     Investments in trading marketable securities        1,509      4,213     Accounts receivable (net of allowance for doubtful     accounts)                                          31,161     24,906     Other current assets                                9,604      6,136     Inventories                                         8,501      7,924 (*)                                                       -------    -------                                                       102,687    109,219                                                       -------    -------      Long-term investments and debit balances      Deposit in escrow                                   7,858      7,840     Investments in affiliated company                     220        205     Investments in other company                           86         80     Other assets                                        2,426      1,742     Loan to former employee                               558        558     Deferred income taxes                               4,934      5,653     Funds in respect of employee rights upon retirement 4,498      3,606                                                       -------    -------                                                        20,580     19,684                                                       -------    -------     Property and equipment, net                        46,148     42,262 (*)                                                       -------    -------     Intangible assets, net                              4,402      5,064                                                       -------    -------     Goodwill                                           10,079      9,639                                                       -------    -------                                                       -------    -------                                                         -------    -------     Total assets                                      183,896    185,868                                                       -------    -------                                                       -------    -------      (*) Reclassified        CONSOLIDATED BALANCE SHEETS                                                         US dollars                                                      December 31,     (in thousands)                                  2010      2009                                                 ------------------     Current liabilities     Credit from banking institutions                  98         6     Accounts payable                              13,087    13,459     Deferred revenues                              4,614     5,486     Other current liabilities                     18,227    17,443                                                  -------   -------                                                   36,026    36,394                                                  -------   -------      Long-term liabilities     Long term loans                                  233         -     Liability for employee rights upon retirement  6,472     5,457     Provision for contingencies                    5,324     3,071     Deferred income taxes                          1,046     1,209                                                  -------   -------                                                   13,075     9,737                                                  -------   -------      Capital Notes                                  5,894     5,894                                                  -------   -------      shareholders' equity                         124,509   130,126     Non -controlling interest                      4,392     3,717                                                  -------   -------     Total shareholders' equity                   128,901   133,843                                                  -------   -------                                                   -------   -------     Total liabilities and shareholders' equity   183,896   185,868                                                  -------   -------                                                  -------   -------        CONSOLIDATED STATEMENTS OF INCOME                                         US dollars         US dollars                                      Year ended     Three month period     (in thousands                   December 31,     ended December 31,     except per share data)          2010     2009      2010      2009                                 -------------------------------------     Revenues:     Location-based services      108,101   91,574    28,780    26,061     Wireless communications     products                      39,724   29,807    11,965     7,613                                  -------  -------   -------   -------                                  147,825  121,381    40,745    33,674                                  -------  -------   -------   -------     Cost of revenues:     Location-based services       40,977   33,377    11,029     9,611     Wireless communications     products                      34,354   27,445     9,881     6,928                                  -------  -------   -------   -------                                   75,331   60,822    20,910    16,539                                  -------  -------   -------   -------        Gross profit               72,494   60,559    19,835    17,135     Research and development     expenses                         481      372       148        97     Selling and marketing     expenses                       8,675    7,684     2,174     2,205     General and administrative     expenses                      32,703   27,213     9,075     7,673     Other expenses (income), net      55      908       (29)      235                                  -------  -------   -------   -------     Operating income              30,580   24,382     8,467     6,925     Other expenses                  (944)       -      (944)        -     Financing income (expenses)     , net                            139    1,604      (320)      660                                  -------  -------   -------   -------        Income before taxes on        income                     29,775   25,986     7,203     7,585                                  -------  -------   -------   -------     Taxes on income               (7,686)  (7,139)   (1,142)   (1,804)     Share in gains (losses) of     affiliated     companies, net                    (3)      13        (1)       (3)                                  -------  -------   -------   -------        Net income for the year    22,086   18,860     6,060     5,778     Less :Net income     attributable     To non controlling interest   (1,071)    (668)     (287)     (247)                                  -------  -------   -------   -------     Net income attributable to     company     Shareholders                  21,015   18,192     5,773     5,531                                  -------  -------   -------   -------     Earnings per share:      Basic                           1.00     0.87      0.28      0.26                                  -------  -------   -------   -------     Diluted                         1.00     0.87      0.28      0.26                                  -------  -------   -------   -------     Weighted average number of     shares outstanding (in     thousands):      Basic                         20,968   20,968    20,968    20,968                                  -------  -------   -------   -------     Diluted                       20,977   20,977    20,977    20,977                                  -------  -------   -------   -------                          CONSOLIDATED STATEMENTS OF CASH FLOWS                                                  US dollars        US dollars                                                Year ended       Three months                                                                 period ended                                                December31,     December 31 ,     (in thousands)                            2010     2009     2010    2009                                             --------------------------------     Cash flows from operating activities     Net income for the period               22,086   18,860    6,060   5,778     Adjustments to reconcile net income to     net cash from operating activities:     Depreciation amortization and     impairment of goodwill                  15,876   12,530    4,363   3,771     Exchange differences on principal of     deposit and loan, net                      834       28      453     (40)     Gains in respect of trading marketable     securities                                   -   (1,421)       -     (25)     Increase in liability for employee     rights upon retirement                     667      676        9     192     Share in losses (gains) of affiliated     companies, net                               3      (13)       1       3     Deferred income taxes                      824      988      225     307     Capital loses (gains) on sale of     property and equipment, net               (299)      (2)    (320)      8     Decrease (increase) in accounts     receivable                              (4,669)     722      270    (660)     Decrease in other current assets        (1,287)  (1,716)      96     132     Decrease in inventories                    129      646     (366)    291     Increase (decrease) in accounts payable (1,229)   1,734   (2,130)  1,304     Increase (decrease) in deferred     revenues                                (1,221)     631     (453)   (420)     Increase in other current liabilities     and provision for contingencies          1,733    4,063    1,401   1,821                                             ------   ------   ------  ------       Net cash provided by operating       activities                            33,477   37,726    9,609  12,462                                             ------   ------   ------  ------     Cash flows from investing activities     Increase in funds in respect of     employee rights upon     retirement, net of withdrawals            (662)    (794)    (123)   (205)     Capital expenditures                   (18,641) (15,698)  (4,032) (4,765)     Intangible assets expenditures             (85)       -      (85)      -     Deposit                                    (52)    (389)      (7)    (26)     Proceeds from sale of property and     equipment                                1,286      106      582      48     Investment in available for sale     marketable securities                        -     (182)       -       -     Investment in trading marketable     securities                              (2,664) (34,467)  (1,338)      -     Sale of trading marketable securities    5,552   60,600    1,338       -     Sale of available for sale marketable     securities                                   -    3,886        -     244                                             ------   ------   ------  ------     Net cash provide by (used in)     investment activities                  (15,266)  13,062   (3,665) (4,704)                                             ------   ------   ------  ------     Cash flows from financing activities     Short-term credit from banking     institutions ,net                           46     (316)    (670)   (188)     Receipt of long term loans from banking     institutions                               297        -      132       -     Repayment of long term loans               (18)              (12)      -     Acquisition of non controlling interest (2,223)       -                -     Dividend paid to non-controlling     interest                                     -     (169)       -       -     Dividend paid                          (31,621)   (3566)       -       -                                             ------   ------   ------  ------     Net cash used in financing activities  (33,519)  (4,051)    (550)   (188)                                             ------   ------   ------  ------     Effect of exchange rate changes on cash     and cash equivalents                     1,199    1,565    1,066     (14)                                             ------   ------   ------  ------                                              ------   ------   ------  ------     Net Increase (decrease) in cash and     cash equivalents                       (14,139)  48,302    6,460   7,556     Balance of cash and cash equivalents at     beginning of period                     60,813   12,511   40,214  53,257                                             ------   ------   ------  ------     Balance of cash and cash equivalents at     end of period                           46,674   60,813   46,674  60,813                                             ------   ------   ------  ------                                             ------   ------   ------  ------        Company Contact                 International Investor Relations     Udi Mizrahi                     Ehud Helft & Kenny Green     [email protected]                [email protected]     VP Finance, Ituran              CCG Investor Relations     (Israel) +972-3-557-1348        (US) +1-646-201-9246  

SOURCE Ituran Location and Control Ltd

Leave a comment

seks shop - izolasyon
basic theory test book basic theory test