• |
Growth in both aftermarket and OEM subscribers: net increase in aftermarket of 23,000 and net increase in OEM of 1,000;
|
• |
Revenues of $67.5 million, an increase of 27% year-over-year;
|
• |
Net income of $9.1 million, versus last year's $6.3 million net loss;
|
• |
EBITDA of $18.2 million, up 30% year-over-year (excluding last year's impairment);
|
• |
Generated $19.0 million in quarterly operating cash flow;
|
• |
Declared dividend of $3 million; Renewed share buy-back program;
|
Company Contact
|
International Investor Relations
| |
Udi Mizrahi
udi_m@ituran.com
Deputy CEO & VP Finance, Ituran
(Israel) +972 3 557 1348
|
Ehud Helft
ituran@gkir.com
GK Investor & Public Relations
(US) +1 646 201 9246
|
Page
| |
Condensed Consolidated Interim Financial Statements:
| |
Condensed Consolidated Balance Sheets |
2-3
|
Condensed Consolidated Statements of Income (loss) |
4
|
Condensed Consolidated Statements of Cash Flows |
5
|
US dollars
| ||||||||
June 30,
|
December 31,
| |||||||
(in thousands)
|
2021
|
2020
| ||||||
(unaudited)
| ||||||||
Current assets
| ||||||||
Cash and cash equivalents
|
65,576
|
72,183
| ||||||
Investments in marketable securities
|
6,217
|
6,663
| ||||||
Accounts receivable (net of allowance for doubtful accounts)
|
45,864
|
39,343
| ||||||
Other current assets
|
38,578
|
38,624
| ||||||
Inventories
|
21,170
|
22,622
| ||||||
177,405
|
179,435
| |||||||
Non- Current investments and other assets
| ||||||||
Investments in affiliated companies
|
1,042
|
908
| ||||||
Investments in other companies
|
1,529
|
1,263
| ||||||
Other non-current assets
|
3,340
|
2,953
| ||||||
Deferred income taxes
|
12,659
|
11,910
| ||||||
Funds in respect of employee rights upon retirement
|
14,877
|
13,558
| ||||||
33,447
|
30,592
| |||||||
Property and equipment, net
|
37,164
|
37,653
| ||||||
Operating lease right-of-use assets, net
|
4,258
|
5,548
| ||||||
Intangible assets, net
|
18,013
|
19,382
| ||||||
Goodwill
|
39,806
|
39,862
| ||||||
Total assets
|
310,093
|
312,472
|
US dollars
| ||||||||
June 30,
|
December 31,
| |||||||
(in thousands)
|
2021
|
2020
| ||||||
(unaudited)
| ||||||||
Current liabilities
| ||||||||
Credit from banking institutions
|
17,590
|
20,388
| ||||||
Accounts payable
|
21,387
|
19,716
| ||||||
Deferred revenues
|
26,053
|
24,351
| ||||||
Obligation to purchase non-controlling interests
|
11,002
|
10,595
| ||||||
Other current liabilities
|
41,200
|
37,677
| ||||||
117,232
|
112,727
| |||||||
Non- Current liabilities
| ||||||||
Long term loan
|
20,938
|
34,068
| ||||||
Liability for employee rights upon retirement
|
20,646
|
19,715
| ||||||
Deferred income taxes
|
2,230
|
2,494
| ||||||
Deferred revenues
|
8,751
|
8,536
| ||||||
Others non-current liabilities
|
2,324
|
2,341
| ||||||
Operating lease liabilities, non-current
|
1,639
|
2,692
| ||||||
56,528
|
69,846
| |||||||
Stockholders' equity
|
132,280
|
127,192
| ||||||
Non-controlling interests
|
4,053
|
2,707
| ||||||
Total equity
|
136,333
|
129,899
| ||||||
Total liabilities and equity
|
310,093
|
312,472
|
US dollars
|
US dollars
| |||||||||||||||
Six month period ended June 30, |
Three month period ended June 30, | |||||||||||||||
(in thousands except per share data)
|
2021
|
2020
|
2021
|
2020
| ||||||||||||
(unaudited)
|
(unaudited)
| |||||||||||||||
Revenues:
| ||||||||||||||||
Telematics services
|
92,562
|
92,707
|
46,943
|
43,731
| ||||||||||||
Telematics products
|
42,265
|
28,978
|
20,519
|
9,580
| ||||||||||||
134,827
|
121,685
|
67,462
|
53,311
| |||||||||||||
Cost of revenues:
| ||||||||||||||||
Telematics services
|
41,990
|
40,501
|
21,220
|
18,159
| ||||||||||||
Telematics products
|
31,652
|
22,558
|
15,421
|
7,495
| ||||||||||||
73,642
|
63,059
|
36,641
|
25,654
| |||||||||||||
Gross profit
|
61,185
|
58,626
|
30,821
|
27,657
| ||||||||||||
Research and development expenses
|
6,841
|
7,305
|
3,295
|
3,419
| ||||||||||||
Selling and marketing expenses
|
5,880
|
5,899
|
2,923
|
2,840
| ||||||||||||
General and administrative expenses
|
22,005
|
25,999
|
10,907
|
12,076
| ||||||||||||
Impairment of goodwill
|
-
|
10,508
|
-
|
10,508
| ||||||||||||
Impairment of intangible assets and other expenses (income), net
|
(86
|
)
|
3,700
|
(74
|
)
|
3,673
| ||||||||||
Operating income (loss)
|
26,545
|
5,215
|
13,770
|
(4,859
|
)
| |||||||||||
Other income (expense), net
|
(3
|
)
|
3
|
-
|
13
| |||||||||||
Financing income (expense), net
|
(1,982
|
)
|
863
|
(989
|
)
|
1,517
| ||||||||||
Income (loss) before income tax
|
24,560
|
6,081
|
12,781
|
(3,329
|
)
| |||||||||||
Income tax expenses
|
(5,718
|
)
|
(4,817
|
)
|
(2,905
|
)
|
(2,891
|
)
| ||||||||
Share in gains (losses) of affiliated companies ,net
|
(21
|
)
|
(887
|
)
|
(10
|
)
|
16
| |||||||||
Net income (loss) for the period
|
18,821
|
377
|
9,866
|
(6,204
|
)
| |||||||||||
Less: Net income attributable to non-controlling interest
|
(1,452
|
)
|
(343
|
)
|
(758
|
)
|
(129
|
)
| ||||||||
Net income (loss) attributable to the Company
|
17,369
|
34
|
9,108
|
(6,333
|
)
| |||||||||||
Basic and diluted earnings (losses) per share attributable to Company's stockholders
|
0.83
|
0.01
|
0.44
|
(0.30
|
)
| |||||||||||
Basic and diluted weighted average number of shares outstanding (in thousands)
|
20,813
|
20,813
|
20,813
|
20,813
|
US dollars
|
US dollars
| |||||||||||||||
Six month period ended June 30, |
Three month period ended June 30, | |||||||||||||||
(in thousands)
|
2021
|
2020
|
2021
|
2020
| ||||||||||||
(unaudited)
|
(unaudited)
| |||||||||||||||
Cash flows from operating activities
| ||||||||||||||||
Net income (loss) for the period
|
18,821
|
377
|
9,866
|
(6,204
|
)
| |||||||||||
Adjustments to reconcile net income to net cash from operating activities:
| ||||||||||||||||
Depreciation and amortization
|
8,735
|
9,826
|
4,383
|
4,603
| ||||||||||||
Interest and exchange rate differences on loans, net
|
4
|
(542
|
)
|
33
|
56
| |||||||||||
Loss (gain) in respect of trading marketable securities
|
365
|
(16
|
)
|
(116
|
)
|
(106
|
)
| |||||||||
Gain in respect of investments in other companies
|
-
|
(1,524
|
)
|
-
|
(1,524
|
)
| ||||||||||
Increase in liability for employee rights upon retirement
|
1,178
|
895
|
716
|
61
| ||||||||||||
Share in losses (gains) of affiliated companies, net
|
21
|
887
|
10
|
(16
|
)
| |||||||||||
Deferred income taxes
|
(882
|
)
|
(369
|
)
|
39
|
(1,167
|
)
| |||||||||
Capital loss (gain) on sale of property and equipment, net
|
(53
|
)
|
87
|
(49
|
)
|
27
| ||||||||||
Decrease (increase) in accounts receivable
|
(6,533
|
)
|
3,487
|
(945
|
)
|
7,978
| ||||||||||
Decrease in other current assets
|
1,032
|
2,949
|
1,552
|
3,477
| ||||||||||||
Decrease (increase) in inventories
|
1,229
|
229
|
(431
|
)
|
607
| |||||||||||
Increase (decrease) in accounts payable
|
1,008
|
(2,245
|
)
|
1,964
|
(2,435
|
)
| ||||||||||
Increase (decrease) in deferred revenues
|
1,863
|
(3,710
|
)
|
42
|
(2,307
|
)
| ||||||||||
Increase in other current and non-current liabilities
|
743
|
6,178
|
1,264
|
2,798
| ||||||||||||
Impairment of goodwill
|
-
|
10,508
|
-
|
10,508
| ||||||||||||
Impairment of other intangible assets
|
-
|
3,661
|
-
|
3,661
| ||||||||||||
Increase (decrease) in obligation for purchase non-controlling interests
|
686
|
(698
|
)
|
686
|
(749
|
)
| ||||||||||
Net cash provided by operating activities
|
28,217
|
29,980
|
19,014
|
19,268
| ||||||||||||
Cash flows from investment activities
| ||||||||||||||||
Increase in funds in respect of employee rights upon retirement, net of withdrawals
|
(1,504
|
)
|
(363
|
)
|
(765
|
)
|
(255
|
)
| ||||||||
Capital expenditures
|
(6,819
|
)
|
(5,579
|
)
|
(4,102
|
)
|
(2,128
|
)
| ||||||||
Return from (investments in) affiliated and other companies
|
(420
|
)
|
(492
|
)
|
(138
|
)
|
4
| |||||||||
Investments in long term deposit
|
(79
|
)
|
(35
|
)
|
-
|
(13
|
)
| |||||||||
Proceeds from sale of property and equipment
|
628
|
196
|
407
|
30
| ||||||||||||
Net cash used in investment activities
|
(8,194
|
)
|
(6,273
|
)
|
(4,598
|
)
|
(2,362
|
)
| ||||||||
Cash flows from financing activities
| ||||||||||||||||
Short term credit from banking institutions, net
|
(83
|
)
|
2,660
|
(34
|
)
|
-
| ||||||||||
Repayment of long term loan
|
(14,982
|
)
|
(8,802
|
)
|
(4,211
|
)
|
(4,517
|
)
| ||||||||
Purchase of shares from minority shareholders
|
-
|
(750
|
)
|
-
|
(750
|
)
| ||||||||||
Dividend paid
|
(10,100
|
)
|
(9,967
|
)
|
(10,100
|
)
|
(4,917
|
)
| ||||||||
Dividend paid to non-controlling interest
|
(385
|
)
|
-
|
(356
|
)
|
-
| ||||||||||
Net cash used in financing activities
|
(25,550
|
)
|
(16,859
|
)
|
(14,701
|
)
|
(10,184
|
)
| ||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(1,080
|
)
|
(4,030
|
)
|
1,728
|
202
| ||||||||||
Net increase (decrease) in cash and cash equivalents
|
(6,607
|
)
|
2,818
|
1,443
|
6,924
| |||||||||||
Balance of cash and cash equivalents at beginning of the period
|
72,183
|
53,964
|
64,133
|
49,858
| ||||||||||||
Balance of cash and cash equivalents at end of the period
|
65,576
|
56,782
|
65,576
|
56,782
|
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Disclaimer
Ituran Location and Control Ltd. published this content on 23 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2021 10:33:01 UTC.