UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of November 2014
Commission File Number: 001-13138
Pointer
Telocation Ltd.
(Translation of registrant's name into English)
14 Hamelacha Street, Rosh Ha'ayin, Israel
48091
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F o
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Pointer Telocation Ltd.
On November 13, 2014, Pointer Telocation
Ltd. issued a press release announcing its Q3 2014 financial results.
A copy of this press release is annexed
hereto as Exhibit 1 and is incorporated herein by reference.
Exhibit
Exhibit 1 |
|
Press release dated November 13, 2014,
announcing Pointer
Telocation Ltd.’s Q3 2014 financial
results. |
The US GAAP information set forth in the
Interim Consolidated Balance Sheets, Interim Consolidated Statements of Operations and Interim Consolidated Statements of Cash
Flows in the financial tables on Pages 5 - 10 of Exhibit 1 is hereby incorporated by reference into all effective registration
statements filed by the registrant under the Securities Act of 1933.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Date: November 13, 2014 |
|
POINTER TELOCATION LTD.
By: /s/ Yossi Ben Shalom
——————————————
Yossi Ben Shalom
Chairman of the Board of Directors |
Exhibit 1
For
Immediate Release
Pointer Telocation Reports Q3 2014 Financial
Results
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; |
Rosh HaAyin, Israel November 13th,
2013 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 |
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
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 | |
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
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 | |
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
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 |
|
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
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 | |
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
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 | ) |
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
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.
- - - - - - -
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
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 | |
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