AZOUR, Israel, Nov. 21,
2022 /PRNewswire/ -- Ituran Location and Control Ltd.
(NASDAQ: ITRN) announced that the Board of Directors approved the
distribution of a cash dividend in the amount of $0.14 per share, totaling approximately
US$3 million. The dividend will be paid to shareholders of
record as of December 21, 2022. The
Company will pay the dividend out on January
4, 2023 net of taxes at the rate of 25%.
In its decision to approve the distribution of the cash
dividend, the Board of Directors examined whether the Company meets
the distribution criteria according to Israeli law. The Board of
Directors concluded that the above mentioned distribution will not
undermine the Company's ability to keep performing in its current
course of business or future plans, and is able to meet its
undertakings when due.
Retained earnings as of September 30,
2022, prior to the distribution was US$162.2 million and retained earnings will
reach US$159.2 million after the
distribution. The Board of Directors emphasized that as of
September 30, 2022, the Company had a
cash balance in hand of US$30.1
million (this amount is prior to the payment of a dividend
of US$3 million which was issued for
the second quarter 2022 and was paid out in October 2022). The Company also had credit from
banking institutions of US$16.0
million. As of September 30,
2022, the Company's current assets (excluding cash and cash
equivalents) were in the sum of US$123.3
million and current liabilities were in the sum of
US$96.6 million.
About Ituran
Ituran is a leader in the emerging mobility technology field,
providing value-added location-based services, including a full
suite of services for the connected-car. Ituran offers Stolen
Vehicle Recovery, fleet management as well as mobile asset
location, management & control services for vehicles, cargo and
personal security for the retail, insurance industry and car
manufacturers. Ituran is the largest OEM telematics provider in
Latin America. Its products and
applications are used by customers in over 20 countries. Ituran is
also the founder of the Tel-Aviv
based DRIVE startup incubator to promote the development of smart
mobility technology.
Ituran's subscriber base has been growing significantly since
the Company's inception to approaching 2 million subscribers using
its location based services with a market leading position in
Israel and Latin America. Established in 1995, Ituran has
approximately 3,000 employees worldwide, with offices in
Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada
and the United States.
For more information, please visit Ituran's website, at:
www.ituran.com
Company Contact
Udi Mizrahi
udi_m@ituran.com
Deputy CEO &VP Finance, Ituran
(Israel) +972 3 557 1348
International Investor Relations
Ehud Helft
ituran@gkir.com
GK Investor & Public Relations
(US) +1 212 378 8040
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SOURCE Ituran Location and Control Ltd.
