ROSH HAAYIN, Israel,
Feb. 27, 2018 /PRNewswire/ --
Financial Highlights of 2017
- Revenues of $78.2 million,
up 21% year-over-year;
- Recurring service revenues of $52.0
million, up 25% year-over-year;
- Net income from continuing operations of $16.5 million, which includes $9.2 million of income resulting from the
realization of a deferred tax asset;
- Non-GAAP net income from continuing operations of $9.4 million, an increase of 47%
year-over-year;
- EBITDA from continuing operations of $13.2 million, up 50% year-over-year;
- Total subscribers reached 258,000, an increase of 16%
year-over-year;
Financial Highlights of the Quarter
- Revenues of $18.9 million, up 8%
year-over-year;
- Recurring service revenues of $13.4 million, up 16% year-over-year;
- Net income of $11.1 million:
which includes the above-mentioned realization of a deferred tax
asset;
- Non-GAAP net income of $2.2
million, an increase of 26% year-over-year;
- EBITDA of $3.1 million, up 40%
year-over-year;
Pointer Telocation Ltd. (NasdaqCM: PNTR) (TASE: PNTR) - a
leading provider of telematic services and technology solutions for
Fleet Management, Mobile Asset Management and Internet of Vehicles,
announced its financial results for the three months period and
fiscal year ended December 31,
2017.[1]
[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.
Management Comment
David Mahlab, Pointer's Chief
Executive Officer, commented: "We are very proud with our Q4
and full year 2017 results, built on our ability to execute our
strategy successfully. To reiterate, our overall strategic
goals are to (i) continue to develop cutting edge technologies to
provide actionable business intelligence with strong ROI to our
Fleet Management, Mobile Asset Management and Internet of Vehicles
customers, (ii) pursue selective M&A opportunities to expand
our market share and capabilities, and (iii) continue to grow
revenues organically while improving our profitability margins. Our
record full year financial results reflect successful execution on
this strategy, and demonstrate strong revenue growth and
profitability, improved margins and cash generation.
"The integration of Cielo in Brazil progresses according to plan and we
look forward to the increasing its contribution to our results in
2018. We have also successfully completed the integration of our
recent acquisition in South Africa
and are already starting to enjoy the synergies from this
acquisition. Our investments in technology as well as in
sales and marketing are enabling us to maintain our growth and
momentum in the market."
Mr. Mahlab continued, "During 2017, our technology was
instrumental in winning new customers, increasing our revenues from
recurring services and broadening our customer base for fleet
management solutions and mobile asset tracking.
"During the year, we announced several wins, including two for
connected car projects, one with Nissan India and the other with
Peugeot-Citroen's importer in Israel, Lubinski. The successful integration
of Cielo's technology enabled us to win an important contract in
Brazil, with Fibria. Our mobile
asset management technology, Cellocator's Nano CelloTrack, lead to
a key win in North America. Earlier in the year, we announced
that Femsa chose our most advanced fleet management solution which
was successfully implemented during 2017. Looking ahead, we are
confident of our ability to continue growing our business
successfully for the foreseeable future."
Financial Summary for the Full Year of 2017
Revenues for 2017 were $78.2
million compared to $64.4
million in 2016, an increase of 21%. Revenues from products
were $26.2 million (34% of revenues)
compared to $22.8 million (35% of
revenues) in 2016, an increase of 15%.
Revenues from recurring services were $52.0 million (66% of revenues) compared to
$41.6 million (65% of revenues) in
2016, an increase of 25%.
Gross profit was $40.2
million (51.4% of revenues) in 2017, an increase of 26%
compared to $31.8 million (49.4% of
revenues) in 2016.
GAAP operating income was $10.3
million compared with $6.2
million in 2016.
Non-GAAP operating income was $11.4 million (15% of revenues), an increase of
49% compared to $7.7 million (11.9%
of revenues) in 2016.
GAAP net income from continuing operations was
$16.5 million compared with a net
income of $3.3 million in 2016. This
amount includes the one-time realization of a deferred tax asset of
$9.2 million, which was recorded
following management determination
that it is more likely
than not that the deferred tax assets
will be realized in future periods.
Non-GAAP net income from continuing operations was
$9.4 million (12% of revenues), an
increase of 46%, compared with $6.5
million (10.1% of revenues) in 2016.
Fully diluted earnings per share based on GAAP net income
from continuing operations in 2017 was $2.03 per share, compared to $0.42 per share in 2016.
Fully diluted earnings per share based on non GAAP net
income from continuing operations in 2017 was
$1.16 per share, compared to
$0.82 per share in 2016.
EBITDA from continuing operations in 2017 was
$13.2 million (16.9% of revenues), an
increase of 50%, compared with $8.8
million (13.7% of revenues) in 2016.
Operating cash flow for 2017 was $9.7 million. Cash and cash equivalents at
year-end totaled $7.4 million
and total debt was $10.1
million.
Financial summary for the fourth quarter of 2017
Revenues for the fourth quarter of 2017 increased 8% to
$18.9 million as compared to
$17.4 million in the fourth quarter
of 2016.
Revenues from products in the fourth quarter of 2017 decreased
6% to $5.5 million (29% of revenues)
compared to $5.8 million (34 % of
revenues) in the comparable period of 2016.
Revenues from recurring services in the fourth quarter of 2017
increased 16% to $13.4 million (71%
of revenues) compared to $11.6
million (66% 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 36,000 subscribers since
December 31, 2016 and 9,000
subscribers since September 30,
2017.
Gross profit was $10.0
million (53.0% of revenues) compared to $8.9 million (50.9% of revenues) in the fourth
quarter of 2016.
Operating income on a GAAP basis was $2.3 million (12.3% of revenues), an increase of
43%, compared with $1.6 million (9.3%
of revenues) in the fourth quarter of 2016.
Non-GAAP operating income was $2.7
million (14.2% of revenues), an increase of 15% compared to
$2.3 million (13.3% of revenues) in
the fourth quarter of 2016.
GAAP net income was $11.1
million (59% of revenues), compared to $0.5 million (2.9% of revenues) million reported
in the fourth quarter of 2016. That includes the one-time
realization in the current quarter of a tax asset of $9.2 million, as mentioned above.
Non-GAAP net income was $2.2
million (11.8% of revenues), an increase of 26%, compared
with $1.8 million (10.1% of revenues)
in the fourth quarter of 2016.
Fully diluted earnings per share based on a GAAP basis in
the fourth quarter was $1.35 per
share, compared to $0.06 per share in
the fourth quarter of 2016.
Fully diluted earnings per share based on a non GAAP
basis in the fourth quarter was $0.27 per share, compared to $0.22 per share in the fourth quarter of
2016.
EBITDA was $3.1 million
(16.4% of revenues), an increase of 40% compared with $2.2 million (12.6% of revenues) in the fourth
quarter of 2016.
Operating cash flow in the quarter was $3.7 million.
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
+1-888-281-1167; From Israel 03-918-0685; 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 operating income and net income
as Non-GAAP financial performance measurements.
Pointer calculates EBITDA by adding back to net income financial
expenses, taxes and depreciation and amortization of intangible
assets.
Pointer calculates Non-GAAP operating income by adding
back to operating income the effects of non-cash stock based
compensation expenses, amortization of long lived assets, other
expenses of retirement costs and losses and acquisition related
one-time costs.
Pointer calculates Non-GAAP net income by adding back to
net income the effects of non-cash stock based compensation
expenses, amortization 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 operating and 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 operating and 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.
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.
Contacts:
Yaniv Dorani, CFO
Tel: +972-3-5723111
E-mail: yanivd@pointer.com
Gavriel Frohwein/Ehud Helft, GK Investor Relations
Tel: +1-646-688-3559
E-mail: pointer@gkir.com
INTERIM
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
December 31,
2017
|
|
December 31,
2016
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
|
7,375
|
|
6,066
|
Trade
receivables
|
|
13,660
|
|
11,464
|
Other accounts
receivable and prepaid expenses
|
|
2,865
|
|
2,504
|
Inventories
|
|
6,551
|
|
5,242
|
|
|
|
|
|
Total current
assets
|
|
30,451
|
|
25,276
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
Long-term loan to
related party
|
|
973
|
|
831
|
Long-term accounts
receivable
|
|
1,116
|
|
564
|
Severance pay
fund
|
|
3,546
|
|
2,878
|
Property and
equipment, net
|
|
5,848
|
|
5,614
|
Other intangible
assets, net
|
|
1,935
|
|
2,178
|
Goodwill
|
|
41,010
|
|
38,107
|
Deferred tax
asset
|
|
9,585
|
|
1,433
|
|
|
|
|
|
Total long-term
assets
|
|
64,013
|
|
51,605
|
|
|
|
|
|
Total assets
|
|
94,464
|
|
76,881
|
|
|
|
|
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Short-term bank credit
and current maturities of long-term loans
|
|
5,101
|
|
4,836
|
Trade
payables
|
|
5,927
|
|
7,116
|
Deferred revenues and
customer advances
|
|
891
|
|
1,037
|
Other accounts payable
and accrued expenses
|
|
9,280
|
|
6,839
|
|
|
|
|
|
Total current
liabilities
|
|
21,199
|
|
19,828
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Long-term loans from
banks
|
|
5,015
|
|
10,182
|
Deferred taxes and
other long-term liabilities
|
|
838
|
|
976
|
Accrued severance
pay
|
|
3,996
|
|
3,206
|
|
|
|
|
|
Total long term
liabilities
|
|
9,849
|
|
14,364
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
Pointer Telocation
Ltd's shareholders' equity:
|
|
|
|
|
Share
capital
|
|
5,995
|
|
5,837
|
Additional paid-in
capital
|
|
129,076
|
|
128,438
|
Accumulated other
comprehensive income
|
|
(2,340)
|
|
(5,633)
|
Accumulated
deficit
|
|
(69,597)
|
|
(86,115)
|
|
|
|
|
|
Total Pointer
Telocation Ltd's shareholders' equity
|
|
63,134
|
|
42,527
|
|
|
|
|
|
Non-controlling
interest
|
|
282
|
|
162
|
|
|
|
|
|
Total
equity
|
|
63,416
|
|
42,689
|
|
|
|
|
|
Total liabilities and
equity
|
|
94,464
|
|
76,881
|
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands
|
|
|
|
Year
ended
December
31,
|
|
Three months
ended
December
31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Products
|
|
26,182
|
|
22,784
|
|
5,457
|
|
5,836
|
|
Services
|
|
51,973
|
|
41,569
|
|
13,394
|
|
11,562
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
78,155
|
|
64,353
|
|
18,851
|
|
17,398
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
Products
|
|
16,073
|
|
13,904
|
|
3,242
|
|
3,425
|
|
Services
|
|
21,914
|
|
18,672
|
|
5,620
|
|
5,109
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of
revenues
|
|
37,987
|
|
32,576
|
|
8,862
|
|
8,534
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
40,168
|
|
31,777
|
|
9,989
|
|
8,864
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
4,051
|
|
3,669
|
|
1,027
|
|
975
|
|
Selling and
marketing
|
|
14,038
|
|
11,774
|
|
3,678
|
|
3,060
|
|
General and
administrative
|
|
11,275
|
|
9,004
|
|
2,812
|
|
2,626
|
|
Amortization of
intangible assets
|
|
463
|
|
473
|
|
124
|
|
173
|
|
One-time acquisition
related costs
|
|
32
|
|
609
|
|
32
|
|
409
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
29,859
|
|
25,529
|
|
7,673
|
|
7,243
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
10,309
|
|
6,248
|
|
2,316
|
|
1,621
|
|
Financial expenses,
net
|
|
1,004
|
|
1,046
|
|
296
|
|
422
|
|
Other
expenses
|
|
5
|
|
9
|
|
12
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on
income
|
|
9,300
|
|
5,193
|
|
2,008
|
|
1,195
|
|
Taxes expenses
(income)
|
|
(7,221)
|
|
1,845
|
|
(9,098)
|
|
694
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
16,521
|
|
3,348
|
|
11,106
|
|
501
|
|
Income from
discontinued operation, net
|
|
-
|
|
154
|
|
-
|
|
-
|
|
Net income
|
|
16,521
|
|
3,502
|
|
11,106
|
|
501
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from
continuing operations
attributable to Pointer Telocation Ltd's
shareholders:
|
|
|
|
|
|
|
|
|
|
Basic net earnings per
share
|
|
2.07
|
|
0.43
|
|
1.38
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
per share
|
|
2.03
|
|
0.42
|
|
1.35
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average -Basic
number of shares
|
|
7,997,684
|
|
7,820,767
|
|
8,057,946
|
|
7,825,840
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average –
fully diluted number of shares
|
|
8,130,566
|
|
7,938,290
|
|
8,207,997
|
|
7,960,118
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
|
Year
ended
December
31,
|
|
Three months
ended
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
16,521
|
|
3,502
|
|
11,106
|
|
501
|
Adjustments required
to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,924
|
|
3,258
|
|
782
|
|
582
|
Accrued interest and
exchange rate changes of debenture and long-term loans
|
|
52
|
|
29
|
|
52
|
|
-
|
Accrued severance pay,
net
|
|
93
|
|
20
|
|
(41)
|
|
(17)
|
Gain from sale of
property and equipment, net
|
|
(113)
|
|
(232)
|
|
(28)
|
|
(27)
|
Stock-based
compensation
|
|
380
|
|
320
|
|
81
|
|
115
|
Decrease (increase) in
trade receivables, net
|
|
(1,616)
|
|
(3,489)
|
|
655
|
|
(59)
|
Decrease
(increase) in other accounts receivable and prepaid
expenses
|
|
(206)
|
|
(942)
|
|
363
|
|
(321)
|
Increase in
inventories
|
|
(1,170)
|
|
(1,063)
|
|
(363)
|
|
(1,042)
|
Decrease (increase) in
deferred income taxes
|
|
(8,018)
|
|
1,774
|
|
(9,114)
|
|
589
|
Decrease in long-term
accounts receivable
|
|
165
|
|
99
|
|
161
|
|
126
|
Increase (decrease) in
trade payables
|
|
(1,874)
|
|
3,346
|
|
(316)
|
|
1,127
|
Increase in other
accounts payable and accrued expenses
|
|
2,562
|
|
2,455
|
|
362
|
|
887
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
9,700
|
|
9,077
|
|
3,700
|
|
2,461
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(3,033)
|
|
(4,129)
|
|
(1,046)
|
|
(391)
|
Purchase of other
intangible assets
|
|
(233)
|
|
(115)
|
|
(233)
|
|
-
|
Proceeds from sale of
property and equipment
|
|
114
|
|
648
|
|
28
|
|
24
|
Acquisition of
subsidiary (a)
|
|
-
|
|
(8,531)
|
|
-
|
|
(8,531)
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(3,152)
|
|
(12,127)
|
|
(1,251)
|
|
(8,898)
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
|
|
Year
ended
December
31,
|
|
Three months
ended
December
31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receipt of long-term
loans from banks
|
|
|
-
|
|
6,777
|
|
-
|
|
(499)
|
Repayment of long-term
loans from banks
|
|
|
(4,875)
|
|
(5,490)
|
|
(1,506)
|
|
(1,401)
|
Proceeds from issuance
of shares and exercise of options, net of issuance costs
|
|
|
394
|
|
98
|
|
7
|
|
27
|
Distribution as a
dividend in kind of previously
consolidated
subsidiary (b)
|
|
|
-
|
|
(1,870)
|
|
-
|
|
-
|
Short-term bank
credit, net
|
|
|
(231)
|
|
716
|
|
74
|
|
644
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
(used) in financing activities
|
|
|
(4,712)
|
|
231
|
|
(1,425)
|
|
(1,229)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
on cash and cash equivalents
|
|
|
(527)
|
|
(462)
|
|
(653)
|
|
(334)
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents
|
|
|
1,309
|
|
(3,281)
|
|
371
|
|
(8,000)
|
Cash and cash
equivalents at the beginning of the period
|
|
|
6,066
|
|
9,347
|
|
7,004
|
|
14,066
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
|
7,375
|
|
6,066
|
|
7,375
|
|
6,066
|
|
|
|
|
|
|
|
|
|
(a)
Acquisition of subsidiary:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working capital (Cash and
cash equivalent excluded)
|
|
-
|
|
(334)
|
|
-
|
|
(334)
|
Property and
equipment
|
|
-
|
|
(1,239)
|
|
-
|
|
(1,239)
|
Intangible assets
|
|
-
|
|
(2,098)
|
|
-
|
|
(2,098)
|
Goodwill
|
|
-
|
|
(6,070)
|
|
-
|
|
(6,070)
|
Deferred taxes
|
|
-
|
|
714
|
|
-
|
|
714
|
Payables for acquisition of
investments
in subsidiaries
|
|
-
|
|
496
|
|
-
|
|
496
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
(8,531)
|
|
-
|
|
(8,531)
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
|
Year
ended
December
31,
|
|
Three months
ended
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
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)
|
|
-
|
|
-
|
|
Property and
equipment
|
|
-
|
|
7,048
|
|
-
|
|
-
|
|
Goodwill and other
intangible assets
|
|
-
|
|
15,883
|
|
-
|
|
-
|
|
Other long term
liabilities
|
|
-
|
|
(1,781)
|
|
-
|
|
-
|
|
Non-controlling
interest
|
|
-
|
|
373
|
|
-
|
|
-
|
|
Accumulated other
comprehensive loss
|
|
-
|
|
(213)
|
|
-
|
|
-
|
|
Dividend in
kind
|
|
-
|
|
(17,737)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
(1,870)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
INFORMATION
|
U.S. dollars in
thousands (except share and per share data)
|
|
The following table
reconciles the GAAP to non-GAAP operating results:
|
|
|
|
|
Year
ended
December
31,
|
|
Three months
ended
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
40,168
|
|
31,777
|
|
9,989
|
|
8,864
|
Stock-based
compensation expenses
|
|
3
|
|
6
|
|
1
|
|
1
|
Non-GAAP gross
profit
|
|
40,171
|
|
31,783
|
|
9,990
|
|
8,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
|
10,309
|
|
6,248
|
|
2,316
|
|
1,621
|
Stock-based
compensation expenses
|
|
380
|
|
320
|
|
81
|
|
115
|
Amortization of long
lived assets
|
|
463
|
|
473
|
|
124
|
|
173
|
Other expenses of
retirement costs
|
|
125
|
|
-
|
|
-
|
|
-
|
Acquisition related
one-time costs
|
|
154
|
|
609
|
|
154
|
|
409
|
Non-GAAP operating
income
|
|
11,431
|
|
7,650
|
|
2,675
|
|
2,318
|
|
|
|
|
|
|
|
|
|
GAAP net income
from continuing operations
|
|
16,521
|
|
3,348
|
|
11,106
|
|
501
|
Stock-based
compensation expenses
|
|
380
|
|
320
|
|
81
|
|
115
|
Amortization of long
lived assets
|
|
463
|
|
473
|
|
124
|
|
173
|
Other expenses of
retirement costs
|
|
125
|
|
-
|
|
-
|
|
-
|
Non cash tax
expenses
|
|
(8,213)
|
|
1,723
|
|
(9,243)
|
|
572
|
Acquisition related
one-time costs
|
|
154
|
|
609
|
|
154
|
|
409
|
Non-GAAP net
income from continuing operations
|
|
9,430
|
|
6,473
|
|
2,222
|
|
1,770
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operation
|
|
-
|
|
154
|
|
-
|
|
-
|
Non cash tax
expenses
|
|
-
|
|
249
|
|
-
|
|
-
|
Spin-off related
expenses and losses
|
|
-
|
|
349
|
|
-
|
|
-
|
Amortization of long
lived assets
|
|
-
|
|
67
|
|
-
|
|
-
|
Non-GAAP net
income
|
|
9,430
|
|
7,292
|
|
2,222
|
|
1,770
|
|
|
|
|
|
|
|
|
|
GAAP net income per
share from continuing operations - Diluted
|
|
2.03
|
|
0.42
|
|
1.35
|
|
0.06
|
|
|
|
|
|
|
|
|
|
Adjustments to GAAP
net income (as detailed above) - Diluted
|
|
(0.87)
|
|
0.40
|
|
(1.08)
|
|
0.16
|
Non-GAAP net
income per share from continuing operations -
Diluted
|
|
1.16
|
|
0.82
|
|
0.27
|
|
0.22
|
Non-GAAP weighted
average number of shares - Diluted*
|
|
8,130,566
|
|
7,938,290
|
|
8,207,997
|
|
7,960,118
|
* 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
|
|
|
|
Year
ended December
31
|
|
Three months
ended December
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
GAAP Net income from
continuing operations as reported:
|
|
16,521
|
|
3,348
|
|
11,106
|
|
501
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
1,004
|
|
1,046
|
|
296
|
|
422
|
Tax on
income
|
|
(7,221)
|
|
1,845
|
|
(9,098)
|
|
694
|
Depreciation and
amortization of intangible assets
|
|
2,924
|
|
2,590
|
|
782
|
|
582
|
|
|
|
|
|
|
|
|
|
EBITDA from
continuing operations
|
|
13,228
|
|
8,829
|
|
3,086
|
|
2,199
|
|
|
|
|
|
|
|
|
|
Income
from discontinued operation
|
|
-
|
|
154
|
|
-
|
|
-
|
Financial expenses ,
net
|
|
-
|
|
47
|
|
-
|
|
-
|
Tax on
income
|
|
-
|
|
249
|
|
-
|
|
-
|
Depreciation and
amortization of intangible assets
|
|
-
|
|
668
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
13,228
|
|
9,947
|
|
3,086
|
|
2,199
|
View original
content:http://www.prnewswire.com/news-releases/pointer-telocation-reports-results-for-the-full-year-and-the-fourth-quarter-of-2017-300604821.html
SOURCE Pointer Telocation Ltd