ROSH HAAYIN, Israel,
Aug. 16, 2017 /PRNewswire/ --
Financial Highlights of the Quarter
- Record revenues of $20.0 million,
up 24% year-over-year;
- Recurring Service revenues of $12.9
million, up 27% year-over-year;
- Record EBITDA of $3.4 million, up
54% year-over-year;
- Net income doubled year-over-year to $2.0 million;
- Total subscribers reached 239,000, an increase of 24%
year-over-year;
Pointer Telocation Ltd. (Nasdaq: PNTR) (TASE: PNTR),
a leading provider of telematic services and technology
solutions for Fleet Management, Mobile Asset Management and
Internet of Vehicles, announced today its financial results for the
second quarter of 2017. [1]
Financial summary for the second quarter of 2017
Revenues for the second quarter of 2017 increased 24% to
$20.0 million as compared to
$16.2 million in the second quarter
of 2016.
Revenues from products in the second quarter of 2017 increased
18% to $7.1 million (36% of revenues)
compared to $6.0 million (37% of
revenues) in the comparable period of 2016.
Revenues from recurring services in the second quarter of 2017
increased 27% to $12.9 million (64%
of revenues) compared to $10.2
million (63% of revenues), in the comparable period of 2016.
The growth in service revenue was primarily due to the growth in
the subscriber base which grew by 47,000 subscribers since
June 30, 2016 and 8,000 subscribers
since March 31, 2017.
Gross profit was $10.3
million (51.4% of revenues) compared to $7.7 million (47.7% of revenues) in the second
quarter of 2016.
Operating income on a GAAP basis was $2.8 million (14.1% of revenues), an increase of
72%, compared with $1.6 million
(10.1% of revenues) in the second quarter of 2016.
Non-GAAP operating income was $3.1
million (15.2% of revenues), an increase of 71% compared to
$1.8 million (11% of revenues) in the
second quarter of 2016.
GAAP net income (from continuing operations) was
$2.0 million, double the net income
of $1.0 million reported in the
second quarter of 2016.
Non-GAAP net income (from continuing operations) was
$2.6 million (12.9% of revenues), an
increase of 78%, compared with $1.5
million (9% of revenues) in the second quarter of 2016.
EBITDA (from continuing operations) was $3.4 million (17.1% of revenues), an increase of
54% compared with $2.2 million (13.8%
of revenues) in the second quarter of 2016.
Cash and Cash Equivalents totaled $5.7 million and Total Debt was
$12.7 million.
Management Comment
David Mahlab, Pointer's Chief
Executive Officer, commented: "We are extremely pleased with
our record results for the quarter. We achieved strong
revenue growth and increased margins with nearly 2/3 of our total
revenues comprised of recurring service revenues. In addition
to these financial achievements, we continued to execute our long
term strategic objectives to strengthen our position as a leading
provider of technology solutions in Fleet Management, Mobile Asset
Management and the Internet of Vehicles. Our results
demonstrate the success of our long-term strategy for growing our
business, increasing profitability and building shareholder
value."
Mr. Mahlab continued, "In the past months, we have made
great progress on two strategically important deployments. We
have successfully completed most of the installations with Femsa,
the Coca-Cola bottling company in Mexico, and we have fully deployed our driving
behavior solution integrated with Mobileye devices in a 5,000-car
fleet in New York City. In
addition, we recently announced a new long-term product supply
agreement with a leading US-based telematics provider. This
contract is the first substantial win for our new Nano CelloTrack
technology. We believe this is the first of many other
opportunities that we expect to capitalize on in the coming
quarters."
Conference Call Information Pointer Telocation's
management will host a conference call today, at 7:00am Pacific Time, 10:00
Eastern Time, 17:00 Israel
time. On the call, management will review and discuss the
results. To listen to the call, please dial in to one of the
following teleconferencing numbers. Please begin placing your call
a few minutes before the conference call commences.
Dial in numbers are as follows:
From the USA: +1 866 744
5399; From Israel: 03-918-0691; From the UK 0-800-917-5108
A replay will be available a few hours following the call on the
company's website.
Reconciliation between results on a GAAP and Non-GAAP
basis
Reconciliation between results on a GAAP and Non-GAAP basis is
provided in a table immediately following the Condensed Interim
Consolidated Statements of Cash Flows.
Pointer uses EBITDA and Non-GAAP net income as Non-GAAP
financial performance measurements.
Pointer calculates EBITDA by adding back to net income financial
expenses, taxes, depreciation and amortization and impairment of
goodwill and intangible assets.
Pointer calculates Non-GAAP net income by adding back to net
income the effects of non-cash stock based compensation expenses,
amortization and impairment of long lived assets, non-cash tax
expenses, other expenses of retirement costs, spin-off related
expenses and losses and acquisition related one-time costs.
The purpose of such adjustments is to give an indication of the
Company's performance exclusive of Non-GAAP charges that are
considered by management to be outside of the Company's core
operating results.
EBITDA and non-GAAP net income are provided to investors to
complement results provided in accordance with GAAP, as management
believes the measure helps illustrate underlying operating trends
in the Company's business and uses the measure to establish
internal budgets and goals, manage the business and evaluate
performance. Management believes that these non-GAAP measures help
investors to understand the Company's current and future operating
cash flow and performance, especially as the Company's acquisitions
have resulted in amortization and non-cash items that have had a
material impact on the Company's GAAP profits. EBITDA and non GAAP
net income should not be considered in isolation or as a substitute
for comparable measures calculated and should be read in
conjunction with the Company's consolidated financial statements
prepared in accordance with GAAP. These non-GAAP financial measures
may differ materially from the non-GAAP financial measures used by
other companies.
[1] On June 8, 2016 Pointer
spun off its Israeli subsidiary, Shagrir Group Vehicle Services
Ltd., through which Pointer carried out its road side assistance
(RSA) activities and listed Shagrir's shares for trade on the Tel
Aviv Stock Exchange. The results of Shagrir until that date are
included in Pointer's results as discontinued operation.
About Pointer Telocation
For over 20 years, Pointer has rewritten the rules for the
Mobile Resource Management (MRM) market and is a pioneer in
the Connected Car segment. Pointer has in-depth knowledge of
the needs of this market and has developed a full suite of tools,
technology and services to respond to them. The vehicles of the
future will be intimately networked with the outside world,
enhancing and optimizing the in-car experience.
Pointer's innovative and reliable cloud-based
software-as-a-service (SAAS) platform extracts and captures an
organization's critical mobility data points – from office,
drivers, routes, points-of-interest, logistic-network, vehicles,
trailers, containers and cargo. The SAAS platform analyzes the raw
data converting it into valuable information for Pointer's
customers providing them with actionable insights and thus enabling
the customers to improve their bottom line and increase their
profitably.
For more information, please visit http://www.pointer.com
Forward Looking Statements
This press release contains historical information and
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 with respect to the
business, financial condition and results of operations of the
Company. The words "believe," "expect," "anticipate," "intend,"
"seems," "plan," "aim," "should" and similar expressions are
intended to identify forward-looking statements. Such statements
reflect the current views, assumptions and expectations of the
Company with respect to future events and are subject to risks and
uncertainties. Many factors could cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements,
including, among others, changes in the markets in which the
Company operates and in general economic and business conditions,
loss or gain of key customers and unpredictable sales cycles,
competitive pressures, market acceptance of new products, inability
to meet efficiency and cost reduction objectives, changes in
business strategy and various other factors, both referenced and
not referenced in this press release. Various risks and
uncertainties may affect the Company and its results of operations,
as described in reports filed by the Company with the Securities
and Exchange Commission from time to time. The Company does not
assume any obligation to update these forward-looking
statements.
INTERIM
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
June 30,
2017
|
|
December 31,
2016
|
|
|
Unaudited
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
5,700
|
|
$
6,066
|
Trade
receivables
|
|
14,273
|
|
11,464
|
Other accounts
receivable and prepaid expenses
|
|
3,008
|
|
2,504
|
Inventories
|
|
5,915
|
|
5,242
|
|
|
|
|
|
Total current
assets
|
|
28,896
|
|
25,276
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
Long-term loan to
related party
|
|
940
|
|
831
|
Long-term accounts
receivable
|
|
588
|
|
564
|
Severance pay
fund
|
|
3,340
|
|
2,878
|
Property and
equipment, net
|
|
5,752
|
|
5,614
|
Other intangible
assets, net
|
|
1,939
|
|
2,178
|
Goodwill
|
|
40,759
|
|
38,107
|
Deferred tax
asset
|
|
478
|
|
1,433
|
|
|
|
|
|
Total long-term
assets
|
|
53,796
|
|
51,605
|
|
|
|
|
|
Total assets
|
|
$
82,692
|
|
$
76,881
|
|
|
|
|
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
|
Unaudited
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Short-term bank credit
and current maturities of long-term loans
|
|
$
5,211
|
|
$
4,836
|
Trade
payables
|
|
6,539
|
|
7,116
|
Deferred revenues and
customer advances
|
|
1,079
|
|
1,037
|
Other accounts payable
and accrued expenses
|
|
7,671
|
|
6,839
|
|
|
|
|
|
Total current
liabilities
|
|
20,500
|
|
19,828
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Long-term loans from
banks
|
|
7,525
|
|
10,182
|
Deferred taxes and
other long-term liabilities
|
|
988
|
|
976
|
Accrued severance
pay
|
|
3,808
|
|
3,206
|
|
|
|
|
|
Total long term
liabilities
|
|
12,321
|
|
14,364
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
Pointer Telocation
Ltd's shareholders' equity:
|
|
|
|
|
Share
capital
|
|
5,970
|
|
5,837
|
Additional paid-in
capital
|
|
128,798
|
|
128,438
|
Accumulated other
comprehensive income
|
|
(2,477)
|
|
(5,633)
|
Accumulated
deficit
|
|
(82,588)
|
|
(86,115)
|
|
|
|
|
|
Total Pointer
Telocation Ltd's shareholders' equity
|
|
49,703
|
|
42,527
|
|
|
|
|
|
Non-controlling
interest
|
|
168
|
|
162
|
|
|
|
|
|
Total
equity
|
|
49,871
|
|
42,689
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
82,692
|
|
$
76,881
|
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands
|
|
|
|
|
Six months
ended
June
30,
|
|
Three months
ended
June
30,
|
|
Year
ended
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
|
Unaudited
|
|
Unaudited
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$
13,829
|
|
$
11,555
|
|
$
7,147
|
|
$
6,048
|
|
$
22,784
|
Services
|
|
25,243
|
|
19,485
|
|
12,894
|
|
10,166
|
|
41,569
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
39,072
|
|
31,040
|
|
20,041
|
|
16,214
|
|
64,353
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
8,753
|
|
7,178
|
|
4,477
|
|
3,782
|
|
13,904
|
Services
|
|
10,621
|
|
8,774
|
|
5,258
|
|
4,702
|
|
18,672
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of
revenues
|
|
19,374
|
|
15,952
|
|
9,735
|
|
8,484
|
|
32,576
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
19,698
|
|
15,088
|
|
10,306
|
|
7,730
|
|
31,777
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
1,987
|
|
1,824
|
|
1,017
|
|
919
|
|
3,669
|
Selling and
marketing
|
|
6,761
|
|
5,615
|
|
3,456
|
|
2,968
|
|
11,774
|
General and
administrative
|
|
5,634
|
|
4,227
|
|
2,886
|
|
2,093
|
|
9,004
|
Amortization of
intangible assets
|
|
226
|
|
195
|
|
113
|
|
105
|
|
473
|
One-time acquisition
related costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
609
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
14,608
|
|
11,861
|
|
7,472
|
|
6,085
|
|
25,529
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
5,090
|
|
3,227
|
|
2,834
|
|
1,645
|
|
6,248
|
Financial expenses,
net
|
|
419
|
|
243
|
|
259
|
|
323
|
|
1,046
|
Other expenses
(income)
|
|
-
|
|
(4)
|
|
-
|
|
2
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on
income
|
|
4,671
|
|
2,988
|
|
2,575
|
|
1,320
|
|
5,193
|
Taxes on
income
|
|
1,138
|
|
854
|
|
609
|
|
276
|
|
1,845
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
3,533
|
|
2,134
|
|
1,966
|
|
1,044
|
|
3,348
|
Income (loss) from
discontinued operation, net
|
|
-
|
|
154
|
|
-
|
|
(168)
|
|
154
|
Net income
|
|
$
3,533
|
|
$
2,288
|
|
$
1,966
|
|
$
876
|
|
$
3,502
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from
continuing
operations attributable to Pointer
Telocation Ltd's shareholders:
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings per
share
|
|
$
0.44
|
|
$
0.27
|
|
$
0.24
|
|
$
0.13
|
|
$
0.43
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
per share
|
|
$
0.44
|
|
$
0.27
|
|
$
0.24
|
|
$
0.13
|
|
$ 0.42
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average -Basic
number of shares
|
|
7,942,957
|
|
7,787,009
|
|
7,978,102
|
|
7,789,365
|
|
7,820,767
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average –
fully diluted number of shares
|
|
8,070,953
|
|
7,924,421
|
|
8,111,119
|
|
7,934,321
|
|
7,938,290
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
|
Six months
ended
June
30,
|
|
Three months
ended
June
30,
|
|
Year
ended
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
3,533
|
|
$
2,288
|
|
$
1,966
|
|
$
876
|
|
$
3,502
|
Adjustments required
to reconcile net income
to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,451
|
|
1,775
|
|
601
|
|
877
|
|
3,258
|
Accrued interest and
exchange rate changes of debenture and long-term loans
|
|
-
|
|
74
|
|
-
|
|
290
|
|
29
|
Accrued severance pay,
net
|
|
112
|
|
121
|
|
54
|
|
74
|
|
20
|
Gain from sale of
property and equipment, net
|
|
(67)
|
|
(179)
|
|
(49)
|
|
(53)
|
|
(232)
|
Stock-based
compensation
|
|
217
|
|
94
|
|
106
|
|
36
|
|
320
|
Increase in trade
receivables, net
|
|
(2,127)
|
|
(4,284)
|
|
(1,202)
|
|
(585)
|
|
(3,489)
|
Decrease
(increase) in other accounts receivable and prepaid
expenses
|
|
(480)
|
|
(906)
|
|
131
|
|
(249)
|
|
(942)
|
Decrease (increase) in
inventories
|
|
(567)
|
|
443
|
|
(418)
|
|
207
|
|
(1,063)
|
Decrease in deferred
income taxes
|
|
822
|
|
1,038
|
|
452
|
|
248
|
|
1,774
|
Decrease (increase) in
long-term accounts receivable
|
|
52
|
|
(9)
|
|
123
|
|
126
|
|
99
|
Increase (decrease) in
trade payables
|
|
(1,211)
|
|
2,042
|
|
(732)
|
|
296
|
|
3,346
|
Increase in other
accounts payable and accrued expenses
|
|
994
|
|
2,460
|
|
192
|
|
1,293
|
|
2,455
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
2,729
|
|
4,957
|
|
1,224
|
|
3,436
|
|
9,077
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(1,112)
|
|
(2,861)
|
|
(344)
|
|
(1,284)
|
|
(4,129)
|
Purchase of other
intangible assets
|
|
-
|
|
(115)
|
|
-
|
|
(115)
|
|
(115)
|
Proceeds from sale of
property and equipment
|
|
55
|
|
594
|
|
37
|
|
118
|
|
648
|
Acquisition of
subsidiary (a)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(8,531)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(1,057)
|
|
(2,382)
|
|
(307)
|
|
(1,281)
|
|
(12,127)
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
Six months
ended
June
30,
|
|
Three months
ended
June
30,
|
|
Year
ended
December
31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receipt of long-term
loans from banks
|
|
-
|
|
95
|
|
-
|
|
-
|
|
6,263
|
|
Repayment of long-term
loans from banks
|
|
(2,013)
|
|
(2,250)
|
|
(1,063)
|
|
(1,123)
|
|
(4,976)
|
|
Proceeds from issuance
of shares and exercise
of options, net of issuance costs
|
|
276
|
|
-
|
|
197
|
|
-
|
|
98
|
|
Distribution as a
dividend in kind of previously
consolidated
subsidiary (b)
|
|
-
|
|
(1,870)
|
|
-
|
|
(1,870)
|
|
(1,870)
|
|
Short-term bank
credit, net
|
|
(302)
|
|
128
|
|
(21)
|
|
83
|
|
716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
(used) in financing activities
|
|
(2,039)
|
|
(3,897)
|
|
(887)
|
|
(2,910)
|
|
231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
on cash and cash equivalents
|
|
1
|
|
(280)
|
|
(84)
|
|
(155)
|
|
(462)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
|
(366)
|
|
(1,602)
|
|
(54)
|
|
(910)
|
|
(3,281)
|
|
Cash and cash
equivalents at the beginning of the period
|
|
6,066
|
|
9,347
|
|
5,754
|
|
8,655
|
|
9,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
$
5,700
|
|
$
7,745
|
|
$
5,700
|
|
$
7,745
|
|
$
6,066
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Acquisition of
subsidiary:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working capital (Cash
and cash equivalent excluded)
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(334)
|
|
Property and
equipment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,239)
|
|
Intangible
assets
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,098)
|
|
Goodwill
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(6,070)
|
|
Deferred
taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
714
|
|
Payables for
acquisition of investments in subsidiaries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(8,531)
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
|
Six months
ended
June
30,
|
|
Three months
ended
June
30,
|
|
Year
ended
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
|
Unaudited
|
|
Unaudited
|
|
|
(b)
|
Distribution as a
dividend in kind of previously consolidated subsidiary:
|
|
|
|
|
|
|
|
|
|
|
|
The subsidiaries'
assets and liabilities at date of distribution:
|
|
|
|
|
|
|
|
|
|
|
|
Working
capital
(excluding cash and
cash equivalents)
|
|
$
-
|
|
(5,443)
|
|
$
-
|
|
(5,443)
|
|
(5,443)
|
|
Property and
equipment
|
|
-
|
|
7,048
|
|
-
|
|
7,048
|
|
7,048
|
|
Goodwill and other
intangible assets
|
|
-
|
|
15,883
|
|
-
|
|
15,883
|
|
15,883
|
|
Other long term
liabilities
|
|
-
|
|
(1,781)
|
|
-
|
|
(1,781)
|
|
(1,781)
|
|
Non-controlling
interest
|
|
-
|
|
373
|
|
-
|
|
373
|
|
373
|
|
Accumulated other
comprehensive loss
|
|
-
|
|
(213)
|
|
-
|
|
(213)
|
|
(213)
|
|
Dividend in
kind
|
|
|
|
(17,737)
|
|
|
|
(17,737)
|
|
(17,737)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
(1,870)
|
|
$
-
|
|
$
(1,870)
|
|
$
(1,870)
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
Non-cash investing
activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
$
156
|
|
$
39
|
|
$
54
|
|
$
(12)
|
|
$
48
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
INFORMATION
|
U.S. dollars in
thousands (except share and per share data)
|
The following table
reconciles the GAAP to non-GAAP operating results:
|
|
|
|
Six months
ended
June
30,
|
|
Three months
ended
June
30,
|
|
Year
ended
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
19,698
|
|
$
15,088
|
|
$
10,306
|
|
$
7,730
|
|
$
31,777
|
Stock-based
compensation expenses
|
|
2
|
|
4
|
|
1
|
|
1
|
|
6
|
Non-GAAP gross
profit
|
|
$
19,700
|
|
15,092
|
|
$
10,307
|
|
7,731
|
|
31,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
|
$
14,608
|
|
$
11,861
|
|
$
7,472
|
|
$
6,085
|
|
$
25,529
|
Stock-based
compensation expenses
|
|
215
|
|
90
|
|
105
|
|
35
|
|
314
|
Amortization and
impairment of long lived assets
|
|
226
|
|
195
|
|
113
|
|
105
|
|
473
|
Other expenses of
retirement costs
|
|
125
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisition related
one-time costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
609
|
Non-GAAP operating
expenses
|
|
$
14,042
|
|
$
11,576
|
|
$
7,254
|
|
$
5,945
|
|
$
24,133
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
|
$
5,090
|
|
$
3,227
|
|
$
2,834
|
|
$
1,645
|
|
$
6,248
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income
|
|
$
5,658
|
|
$
3,516
|
|
$
3,053
|
|
$
1,786
|
|
$
7,650
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
from continuing operations
|
|
$
3,533
|
|
$
2,134
|
|
$
1,966
|
|
$
1,044
|
|
$
3,348
|
Stock-based
compensation expenses
|
|
217
|
|
94
|
|
106
|
|
36
|
|
320
|
Amortization and
impairment of long lived assets
|
|
226
|
|
195
|
|
113
|
|
105
|
|
473
|
Other expenses of
retirement costs
|
|
125
|
|
-
|
|
-
|
|
-
|
|
-
|
Non cash tax
expenses
|
|
801
|
|
854
|
|
415
|
|
276
|
|
1,723
|
Acquisition related
one-time costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
609
|
Non-GAAP net
income from continuing operations
|
|
$
4,902
|
|
$
3,277
|
|
$
2,600
|
|
$
1,461
|
|
$
6,473
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operation
|
|
-
|
|
154
|
|
-
|
|
(168)
|
|
154
|
Non cash tax
expenses
|
|
-
|
|
249
|
|
-
|
|
91
|
|
249
|
Spin-off related
expenses and losses
|
|
-
|
|
349
|
|
-
|
|
349
|
|
349
|
Amortization and
impairment of long lived assets
|
|
-
|
|
67
|
|
-
|
|
28
|
|
67
|
Non-GAAP net
income
|
|
$
4,902
|
|
$
4,096
|
|
$
2,600
|
|
$
1,761
|
|
$
7,292
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share from continuing
operations - Diluted
|
|
$
0.61
|
|
$
0.41
|
|
$
0.32
|
|
$
0.18
|
|
$
0.82
|
Non-GAAP weighted
average number of shares
- Diluted*
|
|
8,070,953
|
|
7,924,421
|
|
8,111,119
|
|
7,934,321
|
|
7,938,290
|
* In calculating diluted non-GAAP net income per share, the
diluted weighted average number of shares outstanding excludes the
effects of stock-based compensation expenses in accordance with
FASB ASC 718.
EBITDA
|
U.S. dollars in
thousands
|
|
|
|
Six months
ended June
30,
|
|
Three months
ended June
30,
|
|
Year
ended December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income from
continuing operations
as reported:
|
|
$
3,533
|
|
$
2,134
|
|
$
1,966
|
|
$
1,044
|
|
$
3,348
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
419
|
|
243
|
|
259
|
|
323
|
|
1,046
|
Tax on
income
|
|
1,138
|
|
854
|
|
609
|
|
276
|
|
1,845
|
Depreciation,
amortization and impairment of
goodwill and intangible assets
|
|
1,451
|
|
1,109
|
|
601
|
|
591
|
|
2,590
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA from
continuing operations
|
|
$
6,541
|
|
$
4,340
|
|
$
3,435
|
|
$
2,234
|
|
$
8,829
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
from discontinued operation
|
|
-
|
|
154
|
|
-
|
|
(168)
|
|
154
|
Financial expenses ,
net
|
|
-
|
|
47
|
|
-
|
|
28
|
|
47
|
Tax on
income
|
|
-
|
|
249
|
|
-
|
|
91
|
|
249
|
Depreciation,
amortization and impairment of goodwill and intangible
assets
|
|
-
|
|
668
|
|
-
|
|
288
|
|
668
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
6,541
|
|
$
5,458
|
|
$
3,435
|
|
$
2,473
|
|
$
9,947
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
Yaniv Dorani, CFO
Tel.: +972-3-572 3111
E-mail: yanivd@pointer.com
Gavriel Frohwein/Ehud Helft, GK Investor Relations
Tel: +1-646-688-3559
E-mail: pointer@gkir.com
View original
content:http://www.prnewswire.com/news-releases/pointer-telocation-reports-second-quarter-2017-financial-results-300505162.html
SOURCE Pointer Telocation Ltd