ROSH HAAYIN, Israel,
Aug. 15, 2019 /PRNewswire/
-- 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 its financial results for second quarter and
six months ended June 30, 2019.
Financial Highlights for Second Quarter of 2019 Compared to
Second Quarter of 2018
- Record revenues of $21.4 million,
up 9% as reported and up 16% on a constant currency basis
- Service revenues of $12.5
million, down 5% as reported and up 5% on a constant
currency basis
- Operating income of $1.8 million
(8% of revenue), down from $2.8
million for the prior-year period
- Net income of $1.1 million, down
from $1.9 million for the prior-year
period
- Adjusted EBITDA of $3.3 million,
down from $3.6 million for the
prior-year period
- Cash net of debt totaled to $2.7
million at June 30, 2019
- Total subscribers reached 282,000, an increase of 4%
year-over-year
Management Comment
David Mahlab, Pointer's Chief
Executive Officer, commented:
"We are very excited to report record revenue of $21.4 million in the second quarter, driven by
significant product revenue in North
America. We are seeing increasing traction in this key
expansion market as we benefit from synergies with our primary
partner, ID Systems, and we expect to accelerate our combined
efforts there as we fully integrate our business and operations,
post-acquisition. We believe we are on track to close this
transaction in October 2019 after the
parties extended the date after which each party can terminate the
merger agreement without cause until the end of October.
Meanwhile in other major markets we saw strong growth in
Brazil in the second quarter based
on wins we announced earlier this year, and we expect to continue
this momentum in Brazil and other
Latin America markets.
During the fourth quarter of 2018 and the first quarter of 2019,
we significantly reduced services to low margin customers, cutting
approximately 15,000 low revenue subscribers in total, in order to
enhance our long-term profitability. In the second quarter of 2019,
we executed our plans and returned to subscriber growth of about 4%
quarter-over-quarter. We expect to continued momentum in our
service subscriber growth going forward.
For the remainder of 2019, we continue to expect double-digit
growth in our overall business comparing same period in 2018, with
accelerating growth on our top line and continuing investment in
new products and solutions, particularly for the North American
market."
|
Second Quarter
2019 Financial Summary Compared to Second Quarter
2018
|
|
|
(in millions,
except per share amounts)
|
June 30,
2019
|
June 30,
2018
|
|
Total
Revenues
|
$21.4
|
$19.7
|
|
Service
Revenues
|
$12.5
|
$13.2
|
|
Operating Income (%
of Revenue)
|
$1.8 (8%)
|
$2.8 (14%)
|
|
Diluted Earnings per
Share (EPS)
|
$0.13
|
$0.23
|
|
Non-GAAP Diluted
EPS
|
$0.22
|
$0.30
|
|
Net Income
|
$1.1
|
$1.9
|
|
EBITDA
|
$2.9
|
$3.4
|
|
First Half 2019
Financial Summary Compared to First Half 2018
|
|
|
(in millions,
except per share amounts)
|
June 30,
2019
|
June 30,
2018
|
|
Total
Revenues
|
$39.7
|
$40.6
|
|
Service
Revenues
|
$24.9
|
$27.0
|
|
Operating Income (%
of Revenue)
|
$3.0 (8%)
|
$5.3 (13%)
|
|
Diluted Earnings per
Share (EPS)
|
$0.20
|
$0.44
|
|
Non-GAAP Diluted
EPS
|
$0.42
|
$0.60
|
|
Net Income
|
$1.7
|
$3.7
|
|
EBITDA
|
$4.8
|
$6.7
|
Revenues from services decreased 5% to $12.5 million as compared to $13.2 million in the second quarter of 2018. In
constant currency terms, revenues from services increased by
5%. Revenues from products increased by 36% as reported in the
second quarter of 2019 to $8.9
million from $6.6 million in
the second quarter of 2018. In constant currency terms, revenues
from products increased by 37%. The currency exchange rate impact
on total revenues for the second quarter of 2019 compared to the
second quarter of 2018 was approximately $1.5 million. The currency exchange rate impact
on operating income for the second quarter of 2019 compared to the
second quarter of 2018 was immaterial.
Conference Call Information
As previously announced, Pointer Telocation's management will
host a conference call today, at 10:00 a.m.
Eastern Time, 3:00 p.m. UK time, 5:00 p.m.
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 +1-877-407-0789
or 1-201-689-8562
From Israel 1-809-406-247
From the UK
0-800-756 -3429
A replay will be available a few hours following the call on the
company's website for one year.
Reconciliation between results on a GAAP and Non-GAAP
basis
A 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, adjusted EBITDA, Non-GAAP operating income,
Non-GAAP net income and presentation of results in a constant
currency based on the local currencies in which operations are
conducted prior to giving effect to exchange rates into U.S.
dollars 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 adjusted EBITDA by adding back to EBITDA
Stock-based compensation expenses and acquisition related costs.
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 and losses and
acquisition related 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 and acquisition related costs.
Pointer calculates results on a constant currency based on the
local currencies on a nominal value, without giving effect to
conversion into U.S. dollar.
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 and to neutralize fluctuations in local
currencies against the dollar.
EBITDA, Adjusted EBITDA, Non-GAAP operating and net income
and presentation of results on a constant currency basis are
provided to investors to complement the results provided in
accordance with GAAP, as management believes these measures help to
illustrate underlying operating trends in the Company's business
and uses these measures 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, adjusted EBITDA, Non-GAAP
operating and net income and presentation of results on a constant
currency basis 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
profitability.
For more information, please visit http://www.pointer.com, the
content of which does not form a part of this press release.
Risks Regarding Forward Looking Statements
Certain statements made herein that use words such as
"estimate," "project," "intend," "expect," "'believe", "may",
"might", "predict", "potential", "anticipate", "plan" or similar
expressions are intended to identify forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 and other securities laws. For example, when the Company
discusses increasing traction in the North America market, potential acceleration
of efforts with I.D. Systems, full integration of the companies'
businesses and timing of closing of the acquisition transaction
with I.D. Systems, continued positive momentum in Brazil, other Latin
America markets and in the number of service subscribers and
rates of top and bottom line growth for the remainder of 2019 as
well as continued investment in products and solutions, it is using
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties that could cause
the actual results, performance or achievements of the Company to
be materially different from those that may be expressed or implied
by such statements, including, among others, changes in general
economic and business conditions. For additional information
regarding these and other risks and uncertainties associated with
the Company's business, reference is made to the Company's reports
filed from time to time with the U.S. Securities and Exchange
Commission. The Company does not undertake to revise or update any
forward-looking statements for any reason.
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands
|
|
|
June 30,
2019
|
|
December 31,
2018
|
|
|
Unaudited
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
6,698
|
|
8,528
|
|
Trade and unbilled
receivables
|
|
17,688
|
|
13,902
|
|
Other accounts
receivable and prepaid expenses
|
|
5,484
|
|
3,362
|
|
Inventories
|
|
7,668
|
|
6,432
|
|
|
|
|
|
|
Total current
assets
|
|
37,538
|
|
32,224
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Long-term loan to
related party
|
|
1,022
|
|
948
|
|
Long-term unbilled and
other accounts receivable
|
|
940
|
|
1,258
|
|
Severance pay
fund
|
|
3,382
|
|
3,038
|
|
Property and
equipment, net
|
|
6,236
|
|
5,915
|
|
Other intangible
assets, net
|
|
1,073
|
|
1,229
|
|
Goodwill
|
|
39,044
|
|
37,538
|
|
Deferred tax
asset
|
|
7,856
|
|
7,934
|
|
Operating lease
right-of-use asset
|
|
3,280
|
|
-
|
|
|
|
|
|
|
Total long-term
assets
|
|
62,833
|
|
57,860
|
|
|
|
|
|
|
Total assets
|
|
100,371
|
|
90,084
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
June 30,
2019
|
|
December 31,
2018
|
|
|
Unaudited
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Short-term bank credit
and current maturities of long-term loans
|
|
2,068
|
|
2,354
|
|
Trade
payables
|
|
8,605
|
|
5,743
|
|
Deferred revenues and
customer advances
|
|
769
|
|
785
|
|
Other accounts payable
and accrued expenses
|
|
8,943
|
|
8,490
|
|
|
|
|
|
|
Total current
liabilities
|
|
20,385
|
|
17,372
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Long-term loans from
banks
|
|
1,933
|
|
2,685
|
|
Deferred taxes and
other long-term liabilities
|
|
343
|
|
360
|
|
Accrued severance
pay
|
|
3,751
|
|
3,531
|
|
Operating lease
liability
|
|
3,300
|
|
-
|
|
|
|
|
|
|
Total long term
liabilities
|
|
9,327
|
|
6,576
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
Pointer Telocation
Ltd.'s shareholders' equity:
|
|
|
|
|
|
Share
capital
|
|
6,059
|
|
6,050
|
|
Additional paid-in
capital
|
|
130,802
|
|
130,309
|
|
Accumulated other
comprehensive income
|
|
(5,762)
|
|
(8,151)
|
|
Accumulated
deficit
|
|
(60,547)
|
|
(62,278)
|
|
|
|
|
|
|
Total Pointer
Telocation Ltd.'s shareholders' equity
|
|
70,552
|
|
65,930
|
|
|
|
|
|
|
Non-controlling
interest
|
|
107
|
|
206
|
|
|
|
|
|
|
Total
equity
|
|
70,659
|
|
66,136
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
100,371
|
|
90,084
|
|
INTERIM
CONSOLIDATED STATEMENT OF OPERATIONS
|
|
U.S. dollars in
thousands, except for share and per share
information
|
|
|
|
|
|
|
|
|
|
Six months
ended
June 30,
|
|
Three months
ended
June 30,
|
|
Year ended
December 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
14,810
|
|
13,637
|
|
8,918
|
|
6,578
|
|
25,243
|
|
Services
|
|
24,891
|
|
26,986
|
|
12,525
|
|
13,162
|
|
52,543
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
39,701
|
|
40,623
|
|
21,443
|
|
19,740
|
|
77,786
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
9,892
|
|
8,188
|
|
6,109
|
|
3,963
|
|
15,104
|
|
Services
|
|
10,727
|
|
11,148
|
|
5,511
|
|
5,438
|
|
21,674
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of
revenues
|
|
20,619
|
|
19,336
|
|
11,620
|
|
9,401
|
|
36,778
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
19,082
|
|
21,287
|
|
9,823
|
|
10,339
|
|
41,008
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
2,641
|
|
2,359
|
|
1,370
|
|
1,122
|
|
4,707
|
|
Selling and
marketing
|
|
7,513
|
|
7,545
|
|
3,855
|
|
3,677
|
|
14,560
|
|
General and
administrative
|
|
5,038
|
|
5,548
|
|
2,452
|
|
2,661
|
|
11,169
|
|
Amortization of
intangible assets
|
|
173
|
|
248
|
|
78
|
|
121
|
|
456
|
|
One-time acquisition
related costs
|
|
711
|
|
262
|
|
260
|
|
-
|
|
300
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
16,076
|
|
15,962
|
|
8,015
|
|
7,581
|
|
31,192
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
3,006
|
|
5,325
|
|
1,808
|
|
2,758
|
|
9,816
|
|
Financial expenses,
net
|
|
365
|
|
666
|
|
145
|
|
332
|
|
1,133
|
|
Other expenses
(income)
|
|
(8)
|
|
15
|
|
(8)
|
|
-
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on
income
|
|
2,649
|
|
4,644
|
|
1,671
|
|
2,426
|
|
8,680
|
|
Taxes on
income
|
|
973
|
|
950
|
|
596
|
|
501
|
|
1,753
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
1,676
|
|
3,694
|
|
1,075
|
|
1,925
|
|
6,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from
continuing
operations attributable
to Pointer
Telocation Ltd.'s
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings per
share
|
|
0.21
|
|
0.46
|
|
0.13
|
|
0.24
|
|
0.85
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
per share
|
|
0.20
|
|
0.44
|
|
0.13
|
|
0.23
|
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average -Basic
number of shares
|
|
8,162,950
|
|
8,066,698
|
|
8,188,475
|
|
8,073,665
|
|
8,099,952
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average –
fully diluted number of
shares
|
|
8,360,140
|
|
8,257,968
|
|
8,393,890
|
|
8,221,373
|
|
8,279,562
|
|
INTERIM
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
Six months
ended
June 30,
|
|
Three months
ended
June 30,
|
|
Year ended
December 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
1,676
|
|
3,694
|
|
1,075
|
|
1,925
|
|
6,927
|
|
Adjustments required
to reconcile net income to
net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,746
|
|
1,345
|
|
1,068
|
|
627
|
|
2,571
|
|
Accrued interest and
exchange rate changes of
debenture and long-term
loans
|
|
(99)
|
|
25
|
|
(37)
|
|
24
|
|
(20)
|
|
Accrued severance pay,
net
|
|
(142)
|
|
46
|
|
(27)
|
|
(32)
|
|
71
|
|
Gain from sale of
property and equipment, net
|
|
(36)
|
|
(49)
|
|
(20)
|
|
(22)
|
|
(101)
|
|
Stock-based
compensation
|
|
471
|
|
386
|
|
125
|
|
244
|
|
1,198
|
|
Decrease (increase) in
trade and unbilled
receivables, net
|
|
(3,310)
|
|
(788)
|
|
(2,517)
|
|
200
|
|
(1,121)
|
|
Increase in other
accounts
receivable and prepaid expenses
|
|
(2,214)
|
|
(1,370)
|
|
(1,362)
|
|
(749)
|
|
(855)
|
|
Decrease (increase) in
inventories
|
|
(1,359)
|
|
751
|
|
(557)
|
|
541
|
|
(56)
|
|
Decrease (increase) in
deferred income taxes
|
|
385
|
|
341
|
|
266
|
|
186
|
|
779
|
|
Decrease (increase) in
long-term unbilled and
other accounts receivable
|
|
381
|
|
(202)
|
|
(173)
|
|
(360)
|
|
220
|
|
Increase (decrease) in
trade payables
|
|
2,496
|
|
247
|
|
3,292
|
|
358
|
|
48
|
|
Increase (decrease) in
other accounts payable
and accrued expenses
|
|
1,117
|
|
(382)
|
|
250
|
|
(1,214)
|
|
(1,064)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
1,112
|
|
4,044
|
|
1,383
|
|
1,728
|
|
8,597
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(1,507)
|
|
(1,633)
|
|
(977)
|
|
(674)
|
|
(2,721)
|
|
Proceeds from sale of
property and equipment
|
|
36
|
|
49
|
|
20
|
|
22
|
|
101
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(1,471)
|
|
(1,584)
|
|
(957)
|
|
(652)
|
|
(2,620)
|
|
INTERIM
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
Six months
ended
June 30,
|
|
Three months
ended
June 30,
|
|
Year ended
December 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term
loans from banks
|
|
(1,585)
|
|
(2,645)
|
|
(367)
|
|
(1,294)
|
|
(5,078)
|
|
Proceeds from issuance
of shares and exercise of
options, net of issuance costs
|
|
20
|
|
80
|
|
20
|
|
76
|
|
89
|
|
Short-term bank
credit, net
|
|
546
|
|
79
|
|
32
|
|
21
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(1,019)
|
|
(2,486)
|
|
(315)
|
|
(1,197)
|
|
(4,957)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
on cash and cash equivalents
|
|
(453)
|
|
(181)
|
|
(288)
|
|
(477)
|
|
133
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash
and cash equivalents
|
|
(1,831)
|
|
(207)
|
|
(177)
|
|
(598)
|
|
1,153
|
|
Cash and cash
equivalents at the beginning of the
period
|
|
8,529
|
|
7,375
|
|
6,875
|
|
7,766
|
|
7,375
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
6,698
|
|
7,168
|
|
6,698
|
|
7,168
|
|
8,528
|
|
ADDITIONAL
INFORMATION
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
The following table
reconciles GAAP to non-GAAP operating results:
|
|
|
|
Six months
ended
June 30,
|
|
Three months
ended
June 30,
|
|
Year ended
December 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
19,082
|
|
21,287
|
|
9,823
|
|
10,339
|
|
41,008
|
|
Stock-based
compensation expenses
|
|
61
|
|
33
|
|
27
|
|
24
|
|
104
|
|
Non-GAAP gross
profit
|
|
19,143
|
|
21,320
|
|
9,850
|
|
10,363
|
|
41,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
|
3,006
|
|
5,325
|
|
1,808
|
|
2,758
|
|
9,816
|
|
Stock-based
compensation expenses
|
|
471
|
|
386
|
|
125
|
|
244
|
|
1,198
|
|
Amortization and
impairment of long lived assets
|
|
173
|
|
248
|
|
78
|
|
121
|
|
456
|
|
Acquisition related
one-time costs
|
|
711
|
|
262
|
|
260
|
|
-
|
|
300
|
|
Non-GAAP operating
income
|
|
4,361
|
|
6,221
|
|
2,271
|
|
3,123
|
|
11,770
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
1,676
|
|
3,694
|
|
1,075
|
|
1,925
|
|
6,927
|
|
Stock-based
compensation expenses
|
|
471
|
|
386
|
|
125
|
|
244
|
|
1,198
|
|
Amortization and
impairment of long lived assets
|
|
173
|
|
248
|
|
78
|
|
121
|
|
456
|
|
Non cash tax
expenses
|
|
449
|
|
375
|
|
283
|
|
204
|
|
759
|
|
Acquisition related
one-time costs
|
|
711
|
|
262
|
|
260
|
|
-
|
|
300
|
|
Non-GAAP net
income
|
|
3,480
|
|
4,965
|
|
1,821
|
|
2,494
|
|
9,640
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share from continuing
operations - Diluted
|
|
0.42
|
|
0.60
|
|
0.22
|
|
0.30
|
|
1.16
|
|
Non-GAAP weighted
average number of shares -
Diluted*
|
|
8,360,140
|
|
8,257,968
|
|
8,393,890
|
|
8,221,373
|
|
8,279,562
|
|
|
|
|
|
|
|
|
|
|
|
* 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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income as
reported:
|
|
1,676
|
|
3,694
|
|
1,075
|
|
1,925
|
|
6,927
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
365
|
|
666
|
|
145
|
|
332
|
|
1,133
|
|
Tax on
income
|
|
973
|
|
950
|
|
596
|
|
501
|
|
1,753
|
|
Depreciation,
amortization and impairment of
goodwill and intangible
assets
|
|
1,746
|
|
1,345
|
|
1,068
|
|
627
|
|
2,571
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
4,760
|
|
6,655
|
|
2,884
|
|
3,385
|
|
12,384
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expenses
|
|
471
|
|
386
|
|
125
|
|
244
|
|
1,198
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related
costs
|
|
711
|
|
262
|
|
260
|
|
-
|
|
300
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
5,942
|
|
7,303
|
|
3,269
|
|
3,629
|
|
13,882
|
|
|
|
|
|
|
|
|
|
|
|
|
Company contact:
Yaniv Dorani, CFO
Tel: +972-3-5723111
E-mail: yanivd@pointer.com
Investor Relations Contact at Hayden IR, LLC:
Brett Maas
Tel: 646-536-7331
E-mail: brett@haydenir.com
Dave Fore
Tel: 206-395-2711
E-mail: dave@haydenir.com
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SOURCE Pointer Telocation Ltd