ROSH HAAYIN, Israel,
Nov. 13, 2014 /PRNewswire/ --
Third Quarter Highlights (versus third quarter last
year)
- 6% revenue growth to $ 25.8
million, with 20% growth in service revenue;
- EBITDA growth of 15% to $3.0
million;
- Gross margin of 34.1% versus 31.3% last year;
- 40% growth in operating income to $2.1 million;
Pointer Telocation Ltd. (Nasdaq CM: PNTR) - a leading
developer, manufacturer and operator of Mobile Resource Management
(MRM) and roadside assistance services for the automotive industry,
announced today its financial results for the third quarter of
2014.
Financial Highlights
Revenues: Pointer's revenue for the third quarter of 2014
increased 5.9% to $25.8 million,
compared to $24.4 million in the
third quarter of 2013.
International activities for the third quarter of 2014 were 32%
of total revenues compared to 28% in the same period in 2013.
Pointer's revenues from services in the third quarter of 2014
increased 20% to $18.2 million (71%
of revenues) compared to $15.2
million (62% of revenues), in the comparable period of
2013.
Gross Profit: In the third quarter of 2014, gross profit
was $8.8 million (34.1% of revenues)
compared to $7.6 million (31.3% of
revenues) in the third quarter of 2013. Gross margin from products
was 42.5% versus 39.1% in the third quarter last year. Gross margin
from services was 30.6% versus 26.5% in the quarter last
year.
Operating Income: Operating income increased 40% to
$2.1 million (8.3% of revenues) in
the third quarter of 2014 compared to $1.5
million (6.3% of revenues) in the third quarter of 2013.
Operating income included an 'other income' of $0.3 million related to our previously announced
acquisition in South Africa.
Financial expenses were $0.9
million compared with $0.2
million in the third quarter of last year. The increase was
primarily as a result of the devaluation of Israeli Shekel
denominated bank deposits due to the change in the US Dollar-Israel
Shekel exchange rate during the third quarter of 2014.
Net Income: Pointer recorded net income of $0.9 million or $0.14 per share in the third quarter of 2014, at
a similar level to that of the third quarter of 2013, despite the
financial expenses increase as mentioned above.
Non GAAP net income: Pointer recorded non-GAAP net income
of $1.7 million in the third quarter
of 2014, as compared to non-GAAP net income of $1.9 million in the third quarter of 2013.
Adjusted EBITDA: Pointer's adjusted EBITDA for the third
quarter of 2014 was $3.0 million, an
increase of 15% compared to the $2.6
million reported in the third quarter of 2013.
Management Comment
David Mahlab, Pointer's Chief
Executive Officer, commented on the results: "We are
pleased with our third quarter results, in particular with our
strong growth in service revenue and the growth of international
revenue portion of the overall sales. We are also happy with the
improvement in our gross and operating margins. Our EBITDA
growth of 15% puts us at $10 million
in EBITDA so far this year, and demonstrates the success of our
ongoing strategy."
Continued Mr. Mahlab, "We grew our MRM service customer
base by approximately 20% over the past year, and I expect that our
service revenues will continue to grow over the coming year."
Conference Call Information:
Pointer Telocation's management will host a conference call
today, November 13, 2014, at
9:30 Eastern Time, 16:30 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 USA: + 1-888-281-1167
From Israel: 03-918-0650
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 adjusted EBITDA and Non-GAAP net income as Non-GAAP
financial performance measurements.
We calculate adjusted EBITDA by adding back to net income, net
loss from discontinued operations, financial expenses, taxes,
depreciation, the effects of non-cash stock-based compensation
expense, amortization and non-cash impairment of goodwill and
intangible assets.
We calculate Non-GAAP net income by adding back to net income,
net loss from discontinued operations, the effects of non-cash
stock based compensation expenses, amortization of intangibles
related to acquisitions, non-cash tax expenses resulting from
timing differences relating to the amortization of
acquisition-related intangible assets and goodwill and the
devaluation of Israeli shekel denominated bank deposits based on
the US dollar-Israel Shekel exchange rate.
The purpose of such adjustments is to give an indication of our
performance exclusive of Non-GAAP charges that are considered by
management to be outside of our core operating results.
Adjusted 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. We believe that these Non-GAAP measures help
investors to understand our current and future operating cash flow
and performance, especially as our acquisitions have resulted in
amortization and non-cash items that have had a material impact on
our GAAP profits. Adjusted 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 our
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:
Pointer Telocation
is a leading developer, manufacturer and operator of Mobile
Resource Management (MRM) and roadside assistance services for the
automotive industry. Pointer has a growing list of customers
and products installed in more than 45 countries. Cellocator, a
Pointer Products Division, is a leading AVL (Automatic Vehicle
Location) solutions provider for stolen vehicle retrieval, fleet
management, car & driver safety, public safety, vehicle
security and more. The Company's top management and the development
center are located in the Afek Industrial Area of Rosh Ha'ayin, Israel.
For more information: 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.
|
Contact:
|
|
|
Zvi Fried, V.P. and
Chief Financial Officer
|
Ehud Helft, GK
Investor & Public Relations
|
|
Tel.; 972-3-572 3111
|
Tel: +1 646 201
9246
|
|
E-mail:
zvif@pointer.com
|
E-mail:
pointer@gkir.com
|
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands
|
|
|
|
September 30,
2014
|
|
December 31,
2013
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 8,991
|
|
$
3,349
|
|
Restricted
cash
|
|
63
|
|
81
|
|
Trade
receivables
|
|
20,149
|
|
19,793
|
|
Other accounts
receivable and prepaid expenses
|
|
2,156
|
|
2,033
|
|
Inventories
|
|
6,208
|
|
6,038
|
|
|
|
|
|
|
Total current
assets
|
|
37,567
|
|
31,294
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Long-term accounts
receivable
|
|
523
|
|
546
|
|
Severance pay
fund
|
|
9,032
|
|
9,349
|
|
Property and
equipment, net
|
|
12,718
|
|
13,975
|
|
Other intangible
assets, net
|
|
2,325
|
|
2,936
|
|
Goodwill
|
|
52,014
|
|
55,127
|
|
|
|
|
|
|
Total long-term
assets
|
|
76,612
|
|
81,933
|
|
|
|
|
|
|
Total assets
|
|
$
114,179
|
|
$
113,227
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands (except share and per share data)
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
|
Unaudited
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Short-term bank credit
and current maturities of long-term loans
|
|
$
7,687
|
|
$
10,643
|
|
Trade
payables
|
|
12,387
|
|
14,793
|
|
Deferred revenues and
customer advances
|
|
7,552
|
|
7,753
|
|
Other accounts payable
and accrued expenses
|
|
8,816
|
|
10,768
|
|
|
|
|
|
|
Total current
liabilities
|
|
36,442
|
|
43,957
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Long-term loans from
banks
|
|
14,129
|
|
9,301
|
|
Long-term loans from
others
|
|
1,121
|
|
1,301
|
|
Deferred taxes and
other long-term liabilities
|
|
6,418
|
|
5,712
|
|
Accrued severance
pay
|
|
10,055
|
|
10,317
|
|
|
|
|
|
|
|
31,723
|
|
26,631
|
|
COMMITMENTS AND
CONTINGENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
Pointer Telocation
Ltd's shareholders' equity:
|
|
|
|
|
|
Share
capital
|
|
5,705
|
|
3,878
|
|
Additional paid-in
capital
|
|
129,528
|
|
120,996
|
|
Accumulated other
comprehensive income
|
|
(982)
|
|
1,456
|
|
Accumulated
deficit
|
|
(85,543)
|
|
(89,220)
|
|
|
|
|
|
|
Total Pointer
Telocation Ltd's shareholders' equity
|
|
48,708
|
|
37,110
|
|
|
|
|
|
|
Non-controlling
interest
|
|
(2,694)
|
|
5,529
|
|
|
|
|
|
|
Total
equity
|
|
46,014
|
|
42,639
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
114,179
|
|
$
113,227
|
|
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands
|
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year
ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$ 24,783
|
|
$ 25,022
|
|
$ 7,613
|
|
$ 9,206
|
|
$
34,662
|
|
Services
|
|
53,933
|
|
44,756
|
|
18,214
|
|
15,192
|
|
63,195
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
78,716
|
|
69,778
|
|
25,827
|
|
24,398
|
|
97,857
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
14,718
|
|
14,798
|
|
4,376
|
|
5,602
|
|
20,763
|
|
Services
|
|
37,185
|
|
32,510
|
|
12,632
|
|
11,167
|
|
45,497
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of
revenues
|
|
51,903
|
|
47,308
|
|
17,008
|
|
16,769
|
|
66,260
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
26,813
|
|
22,470
|
|
8,819
|
|
7,629
|
|
31,597
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
2,606
|
|
2,296
|
|
840
|
|
826
|
|
3,244
|
|
Selling and
marketing
|
|
8,459
|
|
7,524
|
|
2,936
|
|
2,629
|
|
10,398
|
|
General and
administrative
|
|
8,917
|
|
7,165
|
|
3,016
|
|
2,512
|
|
10,539
|
|
Other Expenses
(Income)
|
|
(336)
|
|
-
|
|
(336)
|
|
-
|
|
403
|
|
Amortization of
intangible assets
|
|
789
|
|
639
|
|
222
|
|
129
|
|
967
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
20,435
|
|
17,624
|
|
6,678
|
|
6,096
|
|
25,551
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
6,378
|
|
4,846
|
|
2,141
|
|
1,533
|
|
6,046
|
|
Financial expenses,
net
|
|
1,724
|
|
785
|
|
912
|
|
187
|
|
1,077
|
|
Other income
(expenses), net
|
|
6
|
|
-
|
|
-
|
|
(7)
|
|
3,299
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on
income
|
|
4,660
|
|
4,061
|
|
1,229
|
|
1,339
|
|
8,268
|
|
Taxes on
income
|
|
1,368
|
|
1,054
|
|
354
|
|
591
|
|
1,337
|
|
|
|
|
|
|
|
|
|
|
|
|
Income after taxes on
income
|
|
3,292
|
|
3,007
|
|
875
|
|
748
|
|
6,931
|
|
Equity in gains of
affiliate
|
|
-
|
|
340
|
|
-
|
|
158
|
|
340
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
3,292
|
|
3,347
|
|
875
|
|
906
|
|
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 3,292
|
|
$ 3,347
|
|
$
875
|
|
$
906
|
|
$
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands
|
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year
ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from
continuing operations attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
3,677
|
|
2,565
|
|
1,065
|
|
780
|
|
6,320
|
|
Non-controlling
interests
|
|
(385)
|
|
782
|
|
(190)
|
|
126
|
|
951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,292
|
|
3,347
|
|
875
|
|
906
|
|
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Pointer Telocation Ltd's
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings
(loss) per share
|
|
$
0.5
|
|
$
0.46
|
|
$
0.14
|
|
$ 0.14
|
|
$
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share
|
|
$
0.48
|
|
$
0.46
|
|
$
0.13
|
|
$ 0.14
|
|
$
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year
ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 3,292
|
|
$ 3,347
|
|
$ 875
|
|
$ 906
|
|
$
7,271
|
|
Adjustments required
to reconcile consolidated net income
to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
amortization and impairment
|
|
3,591
|
|
2,768
|
|
1,116
|
|
855
|
|
4,049
|
|
Gain from obtaining
control in a subsidiary previously accounted for by the equity
method
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,299)
|
|
Other
income
|
|
(336)
|
|
-
|
|
(336)
|
|
-
|
|
-
|
|
Accrued interest and
exchange rate changes of debenture and long-term loans
|
|
13
|
|
(37)
|
|
4
|
|
(18)
|
|
21
|
|
Accrued severance pay,
net
|
|
113
|
|
(114)
|
|
(12)
|
|
(47)
|
|
(397)
|
|
Gain from sale of
property and equipment, net
|
|
(130)
|
|
(169)
|
|
(33)
|
|
(2)
|
|
(195)
|
|
Equity in gains of
affiliate
|
|
-
|
|
(340)
|
|
-
|
|
(158)
|
|
(340)
|
|
Amortization of
stock-based compensation
|
|
285
|
|
163
|
|
110
|
|
106
|
|
374
|
|
Decrease in restricted
cash
|
|
18
|
|
17
|
|
2
|
|
7
|
|
27
|
|
Increase (decrease) in
trade receivables, net
|
|
(1,296)
|
|
(2,852)
|
|
409
|
|
(1,374)
|
|
(1,270)
|
|
Decrease (increase) in
other accounts receivable and prepaid expenses
|
|
(291)
|
|
(363)
|
|
338
|
|
(107)
|
|
148
|
|
Increase in
inventories
|
|
(283)
|
|
(945)
|
|
(66)
|
|
(851)
|
|
(685)
|
|
Deferred income
taxes
|
|
1,085
|
|
671
|
|
281
|
|
240
|
|
1,272
|
|
Decrease (increase) in
long-term accounts receivable
|
|
(7)
|
|
12
|
|
2
|
|
(20)
|
|
(4)
|
|
Increase
(decrease) in trade payables
|
|
(840)
|
|
1,531
|
|
(1,333)
|
|
1,959
|
|
1,290
|
|
Increase (decrease) in
other accounts payable and accrued expenses
|
|
(1,604)
|
|
1,718
|
|
(262)
|
|
458
|
|
1,449
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
3,610
|
|
5,407
|
|
1,095
|
|
1,954
|
|
9,711
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(3,204)
|
|
(3,188)
|
|
(956)
|
|
(752)
|
|
(4,663)
|
|
Proceeds from sale of
property and equipment
|
|
1,111
|
|
1,458
|
|
244
|
|
660
|
|
1,216
|
|
Investment and
loans/Repayments in affiliate, net
|
|
-
|
|
101
|
|
-
|
|
35
|
|
137
|
|
Acquisition of
subsidiary (a)
|
|
(688)
|
|
-
|
|
(688)
|
|
-
|
|
(3,973)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(2,781)
|
|
(1,629)
|
|
(1,400)
|
|
(57)
|
|
(7,283)
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year
ended
December
31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
|
Unaudited
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Receipt of long-term
loans from banks
|
|
12,884
|
|
3,710
|
|
(43)
|
|
29
|
|
7,127
|
|
Repayment of long-term
loans from banks
|
|
(7,080)
|
|
(7,859)
|
|
(2,277)
|
|
(2,261)
|
|
(10,137)
|
|
Repayment of long-term
loans from shareholders
|
|
(353)
|
|
-
|
|
13
|
|
-
|
|
-
|
|
Repurchase of shares
from non-controlling interests
|
|
(7,740)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Proceeds from issuance
of shares, net
|
|
10,065
|
|
-
|
|
-
|
|
-
|
|
7
|
|
Short-term bank
credit, net
|
|
(2,374)
|
|
(387)
|
|
208
|
|
659
|
|
563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
5,402
|
|
(4,536)
|
|
(2,099)
|
|
(1,573)
|
|
(2,440)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
(589)
|
|
(230)
|
|
(395)
|
|
(32)
|
|
(324)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents
|
|
5,642
|
|
(988)
|
|
(2,799)
|
|
292
|
|
(336)
|
|
Cash and cash
equivalents at the beginning of the period
|
|
3,349
|
|
3,685
|
|
$ 11,790
|
|
2,405
|
|
3,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
$ 8,991
|
|
$ 2,697
|
|
$ 8,991
|
|
$ 2,697
|
|
$ 3,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year
ended
December
31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
|
Unaudited
|
|
|
|
(a)
|
Acquisition of
subsidiary:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working capital (Cash
and cash equivalent excluded)
|
|
$
221
|
|
$
-
|
|
$
221
|
|
$
-
|
|
$
130
|
|
Property and
equipment
|
|
565
|
|
-
|
|
565
|
|
-
|
|
2,486
|
|
Other intangible
assets
|
|
238
|
|
-
|
|
238
|
|
-
|
|
1,690
|
|
Goodwill
|
|
(336)
|
|
-
|
|
(336)
|
|
-
|
|
4,894
|
|
Long term loans from
banks and others
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,342)
|
|
Investment in
subsidiary previously accounted for by the equity method
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,885)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
688
|
|
$
-
|
|
$ 688
|
|
$
-
|
|
$
3,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Non-cash
activity:
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares in
respect of acquisition of non-controlling interests in
subsidiary
|
|
$ 11,385
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of the interim consolidated financial
statements.
|
|
ADDITIONAL
INFORMATION
|
|
U.S. dollars in
thousands
|
|
|
The following table
reconciles the GAAP to non-GAAP operating results:
|
|
|
Non GAAP Net
income
|
|
|
Nine months
ended
September
30
|
|
Three months
ended
September
30
|
|
Year
ended
December
31
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income (loss)
as reported
|
|
$
3,292
|
|
$
3,347
|
|
$
875
|
|
$
906
|
|
$
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and
impairment of intangible assets
|
|
789
|
|
639
|
|
222
|
|
129
|
|
967
|
|
Other expenses of
termination costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
403
|
|
Profit raise from
gaining control in subsidiary previously treated by the equity
method and acquisition related goodwill adjustment
|
|
(336)
|
|
-
|
|
(336)
|
|
-
|
|
(3,299)
|
|
Stock based
compensation expenses
|
|
291
|
|
163
|
|
109
|
|
106
|
|
374
|
|
Non-cash tax expenses
resulting from timing differences relating to the amortization of
acquisition-related intangible assets and goodwill
|
|
1,059
|
|
1,350
|
|
351
|
|
787
|
|
1,700
|
|
Financial expenses
resulting from the devaluation
of Israeli shekel denominated bank deposits
|
|
498
|
|
-
|
|
498
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net
income
|
|
$
5,593
|
|
$
5,499
|
|
$
1,719
|
|
$
1,928
|
|
$
7,416
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
Nine months
ended
September
30
|
|
Three months
ended
September
30
|
|
Year
ended
December
31
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income (loss)
as reported:
|
|
$
3,292
|
|
$ 3,347
|
|
$
875
|
|
$
906
|
|
$
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
1,724
|
|
785
|
|
912
|
|
187
|
|
1,077
|
|
Tax on
income
|
|
1,368
|
|
1,054
|
|
354
|
|
591
|
|
1,337
|
|
Profit raise from
gaining control in subsidiary previously treated by the equity
method and acquisition related goodwill adjustment
|
|
(336)
|
|
-
|
|
(336)
|
|
-
|
|
(3,299)
|
|
Stock based
compensation expenses
|
|
291
|
|
163
|
|
109
|
|
106
|
|
374
|
|
Depreciation,
amortization and impairment of goodwill and intangible
assets
|
|
3,591
|
|
2,768
|
|
1,116
|
|
855
|
|
4,049
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
EBITDA
|
|
$
9,930
|
|
$
8,117
|
|
$
3,030
|
|
$
2,645
|
|
$
10,809
|
SOURCE Pointer Telocation Ltd.