ROSH HAAYIN, Israel,
Aug. 14, 2014 /PRNewswire/ --
Highlights
- First half 2014 revenues of $52.9
million, up 17% year-over-year;
- Second quarter revenues of $25.9
million, up 11% year-over-year;
- Second quarter gross profit of $8.6
million, up 12% year-over-year;
- Second quarter adjusted EBITDA of $3.0 million, up 11% year-over-year;
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 second quarter and
first half of 2014.
Financial Highlights
Revenues: Pointer's revenues for the second quarter of
2014 increased 11% to $25.9 million
as compared to $23.2 million in the
second quarter of 2013.
International activities for each of the second quarter and for
the first half of 2014 accounted for 31% of total revenues,
compared to 26% in the same periods in 2013.
Revenues from services in the second quarter of 2014 increased
20% to $17.8 million (69% of
revenues) compared to $14.8 million
(64% of revenues), in the comparable period of 2013.
For the first half of 2014 revenues from services increased 21%
to $35.7 million (67% of revenues)
compared to $29.6 million (65% of
revenues), in the comparable period of 2014.
Gross Profit: In the second quarter of 2014, gross profit
was $8.6 million (33.2% of revenues)
compared to $7.6 million (32.9% of
revenues) in the second quarter of 2013.
Operating Income: Operating income in the second quarter
of 2014 was $1.7 million,
approximately the same as in the second quarter of 2013.
Net Income: Pointer recorded net income of $1.0 million, or $0.15 per share, in the second quarter of 2014
compared to $1.3 million, or
$0.17 per share, in the second
quarter of 2013.
Non-GAAP net income: Pointer recorded Non-GAAP net income
of $1.7 million in the second quarter
of 2014, approximately the same as in the second quarter of
2013.
Adjusted EBITDA: Pointer's adjusted EBITDA for the second
quarter of 2014 was $3.0 million, an
increase of 11% compared to $2.7
million in the second quarter of 2013.
Management Comment
David Mahlab, Pointer's Chief
Executive Officer, commented on the results: "Our second
quarter results demonstrate continued year over year growth in
revenue and EBITDA. It also demonstrates a further shift towards
service revenues as a larger part of our overall revenue mix. This
is very much in-line with our long-term strategic plan to focus on
growing the service segment, which provides a recurring revenue
stream on an ongoing monthly basis."
Conference Call Information:
Pointer Telocation's management will host a conference call
today, 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: + 1-888-407 2553
From Israel: 03-918-0610
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 and non-cash tax expenses resulting from
timing differences relating to the amortization of
acquisition-related intangible assets and goodwill.
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
|
|
|
|
|
|
|
|
June 30,
2014
|
|
December 31,
2013
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 11,790
|
|
$
3,349
|
|
Restricted
cash
|
|
65
|
|
81
|
|
Trade
receivables
|
|
21,356
|
|
19,793
|
|
Other accounts
receivable and prepaid expenses
|
|
2,563
|
|
2,033
|
|
Inventories
|
|
6,359
|
|
6,038
|
|
|
|
|
|
|
Total current
assets
|
|
42,133
|
|
31,294
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Long-term accounts
receivable
|
|
537
|
|
546
|
|
Severance pay
fund
|
|
9,517
|
|
9,349
|
|
Property and
equipment, net
|
|
13,438
|
|
13,975
|
|
Other intangible
assets, net
|
|
2,471
|
|
2,936
|
|
Goodwill
|
|
55,878
|
|
55,127
|
|
|
|
|
|
|
Total long-term
assets
|
|
81,841
|
|
81,933
|
|
|
|
|
|
|
Total assets
|
|
$ 123,974
|
|
$
113,227
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands (except share and per share data)
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
|
Unaudited
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Short-term bank credit
and current maturities of long-term loans
|
|
$
8,787
|
|
$
10,643
|
|
Trade
payables
|
|
14,958
|
|
14,793
|
|
Deferred revenues and
customer advances
|
|
8,396
|
|
7,753
|
|
Other accounts payable
and accrued expenses
|
|
8,748
|
|
10,768
|
|
|
|
|
|
|
Total current
liabilities
|
|
40,889
|
|
43,957
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Long-term loans from
banks
|
|
16,776
|
|
9,301
|
|
Long-term loans from
others
|
|
1,161
|
|
1,301
|
|
Deferred taxes and
other long-term liabilities
|
|
6,596
|
|
5,712
|
|
Accrued severance
pay
|
|
10,620
|
|
10,317
|
|
|
|
|
|
|
|
35,153
|
|
26,631
|
|
COMMITMENTS AND
CONTINGENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
Pointer Telocation
Ltd's shareholders' equity:
|
|
|
|
|
|
Share
capital
|
|
5,705
|
|
3,878
|
|
Additional paid-in
capital
|
|
140,786
|
|
120,996
|
|
Accumulated other
comprehensive loss from transactions with shareholders
Accumulated other
comprehensive income
|
|
(11,368)
|
|
-
|
|
1,995
|
1,456
|
|
Accumulated
deficit
|
|
(86,608)
|
|
(89,220)
|
|
|
|
|
|
|
Total Pointer
Telocation Ltd's shareholders' equity
|
|
50,510
|
|
37,110
|
|
|
|
|
|
|
Non-controlling
interest
|
|
(2,578)
|
|
5,529
|
|
|
|
|
|
|
Total
equity
|
|
47,932
|
|
42,639
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
123,974
|
|
$
113,227
|
|
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
Six months
ended
June
30,
|
|
Three months
ended
June
30,
|
|
Year
ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$ 17,170
|
|
$ 15,816
|
|
$ 8,054
|
|
$ 8,394
|
|
$
34,662
|
|
Services
|
|
35,719
|
|
29,564
|
|
17,820
|
|
14,841
|
|
63,195
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
52,889
|
|
45,380
|
|
25,874
|
|
23,235
|
|
97,857
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
10,342
|
|
9,198
|
|
4,946
|
|
4,817
|
|
20,763
|
|
Services
|
|
24,553
|
|
21,343
|
|
12,344
|
|
10,783
|
|
45,497
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of
revenues
|
|
34,895
|
|
30,541
|
|
17,290
|
|
15,600
|
|
66,260
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
17,994
|
|
14,839
|
|
8,584
|
|
7,635
|
|
31,597
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
1,766
|
|
1,470
|
|
908
|
|
800
|
|
3,244
|
|
Selling and
marketing
|
|
5,523
|
|
4,894
|
|
2,832
|
|
2,569
|
|
10,398
|
|
General and
administrative
|
|
5,901
|
|
4,653
|
|
2,944
|
|
2,370
|
|
10,539
|
|
Other
expenses
|
|
-
|
|
-
|
|
-
|
|
-
|
|
403
|
|
Amortization of
intangible assets
|
|
567
|
|
510
|
|
230
|
|
129
|
|
967
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
13,757
|
|
11,527
|
|
6,914
|
|
5,868
|
|
25,551
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
4,237
|
|
3,312
|
|
1,670
|
|
1,767
|
|
6,046
|
|
Financial expenses,
net
|
|
812
|
|
598
|
|
308
|
|
260
|
|
1,077
|
|
Other income,
net
|
|
6
|
|
7
|
|
9
|
|
1
|
|
3,299
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on
income
|
|
3,431
|
|
2,721
|
|
1,371
|
|
1,508
|
|
8,268
|
|
Taxes on
income
|
|
1,014
|
|
467
|
|
414
|
|
303
|
|
1,337
|
|
|
|
|
|
|
|
|
|
|
|
|
Income after taxes on
income
|
|
2,417
|
|
2,254
|
|
957
|
|
1,205
|
|
6,931
|
|
Equity in gains of
affiliate
|
|
-
|
|
182
|
|
-
|
|
70
|
|
340
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
2,417
|
|
2,436
|
|
957
|
|
1,275
|
|
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 2,417
|
|
$ 2,436
|
|
$
957
|
|
$ 1,275
|
|
$
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
June
30,
|
|
Three months
ended
June
30,
|
|
Year
ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss)
from continuing operations attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
2,612
|
|
1,778
|
|
1,146
|
|
971
|
|
6,320
|
|
Non-controlling
interests
|
|
(195)
|
|
658
|
|
(189)
|
|
304
|
|
951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,417
|
|
2,436
|
|
957
|
|
1,275
|
|
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Pointer Telocation
Ltd's shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings
(loss) per share
|
|
$ 0.36
|
|
$ 0.32
|
|
$
0.15
|
|
$
0.17
|
|
$
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share
|
|
$ 0.35
|
|
$ 0.32
|
|
$
0.14
|
|
$
0.17
|
|
$
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
Six months
ended
June
30,
|
|
Three months
ended
June
30,
|
|
Year
ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 2,417
|
|
$ 2,436
|
|
$
957
|
|
$ 1,275
|
|
$
7,271
|
|
Adjustments required
to reconcile consolidated net income
to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
amortization and impairment
|
|
2,475
|
|
1,913
|
|
1,194
|
|
830
|
|
4,049
|
|
Gain from obtaining
control in a subsidiary previously
accounted for by the equity
method
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,299)
|
|
Accrued interest and
exchange rate changes of debenture
and long-term loans
|
|
9
|
|
(19)
|
|
4
|
|
5
|
|
21
|
|
Accrued severance pay,
net
|
|
125
|
|
(67)
|
|
138
|
|
(27)
|
|
(397)
|
|
Gain from sale of
property and equipment, net
|
|
(97)
|
|
(166)
|
|
(32)
|
|
(98)
|
|
(195)
|
|
Equity in gains of
affiliate
|
|
-
|
|
(182)
|
|
-
|
|
(70)
|
|
(340)
|
|
Amortization of
stock-based compensation
|
|
175
|
|
58
|
|
127
|
|
25
|
|
374
|
|
Decrease in restricted
cash
|
|
16
|
|
10
|
|
1
|
|
5
|
|
27
|
|
Increase (decrease) in
trade receivables, net
|
|
(1,705)
|
|
(1,478)
|
|
378
|
|
535
|
|
(1,270)
|
|
Decrease (increase) in
other accounts receivable and
prepaid expenses
|
|
(629)
|
|
(257)
|
|
(69)
|
|
136
|
|
148
|
|
Increase in
inventories
|
|
(217)
|
|
(94)
|
|
(481)
|
|
(59)
|
|
(685)
|
|
Deferred income
taxes
|
|
804
|
|
432
|
|
319
|
|
271
|
|
1,272
|
|
Decrease (increase) in
long-term accounts receivable
|
|
(9)
|
|
32
|
|
(50)
|
|
9
|
|
(4)
|
|
Increase
(decrease) in trade payables
|
|
493
|
|
(428)
|
|
1,117
|
|
(250)
|
|
1,290
|
|
Increase (decrease) in
other accounts payable and
accrued expenses
|
|
(1,342)
|
|
1,259
|
|
(988)
|
|
(157)
|
|
1,449
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
2,515
|
|
3,449
|
|
2,615
|
|
2,430
|
|
9,711
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(2,248)
|
|
(2,436)
|
|
(1,094)
|
|
(1,409)
|
|
(4,663)
|
|
Proceeds from sale of
property and equipment
|
|
867
|
|
798
|
|
160
|
|
128
|
|
1,216
|
|
Investment and
loans/Repayments in affiliate, net
|
|
(7,740)
|
|
66
|
|
-
|
|
34
|
|
137
|
|
Acquisition of
subsidiary (a)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,973)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(9,121)
|
|
(1,572)
|
|
(934)
|
|
(1,247)
|
|
(7,283)
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
Six months
ended
June
30,
|
|
Three months
ended
June
30,
|
|
Year
ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Receipt of long-term
loans from banks
|
|
12,927
|
|
3,681
|
|
1,490
|
|
2,333
|
|
7,127
|
|
Repayment of long-term
loans from banks
|
|
(4,803)
|
|
(5,598)
|
|
(2,597)
|
|
(2,420)
|
|
(10,137)
|
|
Repayment of long-term
loans from others
|
|
(366)
|
|
-
|
|
(251)
|
|
-
|
|
-
|
|
Proceeds from issuance
of shares
|
|
10,065
|
|
-
|
|
6
|
|
-
|
|
7
|
|
Short-term bank
credit, net
|
|
(2,582)
|
|
(1,046)
|
|
(1,382)
|
|
(670)
|
|
563
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
15,241
|
|
(2,963)
|
|
(2,734)
|
|
(757)
|
|
(2,440)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
(194)
|
|
(194)
|
|
(227)
|
|
(351)
|
|
(324)
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents
|
|
8,441
|
|
(1,280)
|
|
(1,280)
|
|
75
|
|
(336)
|
|
Cash and cash
equivalents at the beginning of the period
|
|
3,349
|
|
3,685
|
|
13,070
|
|
2,330
|
|
3,685
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
$ 11,790
|
|
$ 2,405
|
|
$ 11,790
|
|
$ 2,405
|
|
|
$
3,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
June
30,
|
|
Three months
ended
June
30,
|
|
Year
ended
December
31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
|
Unaudited
|
|
|
|
(a)
|
Acquisition of
subsidiary:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working capital (Cash
and cash equivalent
excluded)
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
130
|
|
Property and
equipment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,486
|
|
Other intangible
assets
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,690
|
|
Goodwill
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,894
|
|
Long term loans from
banks and others
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,342)
|
|
Investment in
subsidiary previously accounted for
by the equity method
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,885)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
3,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Non cash investing
activity:
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares in
respect of acquisition
of non-controlling
interests in subsidiary
|
|
11,385
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 11,385
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
INFORMATION
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
The following table
reconciles the GAAP to Non-GAAP operating results:
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income
|
|
|
|
|
|
|
|
|
|
Six months
ended
June
30
|
|
Three months
ended
June
30
|
|
Year
ended
December
31
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income as
reported
|
|
$
2,417
|
|
$
2,436
|
|
$
957
|
|
$
1,275
|
|
$
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and
impairment of
intangible assets
|
|
567
|
|
510
|
|
230
|
|
129
|
|
967
|
|
Other expenses of
termination costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
403
|
|
Profit raise from
gaining control in
subsidiary previously treated by
the
equity method
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,299)
|
|
Stock based
compensation expenses
|
|
182
|
|
58
|
|
133
|
|
25
|
|
374
|
|
Non-cash tax expenses
resulting from
timing differences relating to
the
amortization of
acquisition-related
intangible assets and
goodwill
|
|
708
|
|
563
|
|
356
|
|
315
|
|
1,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net
income
|
|
$
3,874
|
|
$
3,567
|
|
$
1,676
|
|
$
1,744
|
|
$
7,416
|
|
Adjusted
EBITDA
|
|
|
Six months
ended
June
30
|
|
Three months
ended
June
30
|
|
Year
ended
December
31
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income
as reported:
|
|
$ 2,417
|
|
$ 2,436
|
|
$
957
|
|
$ 1,275
|
|
$
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,077
|
|
Financial expenses,
net
|
|
812
|
|
598
|
|
307
|
|
260
|
|
1,337
|
|
Tax on
income
|
|
1,014
|
|
467
|
|
414
|
|
303
|
|
(3,299)
|
|
Stock based
compensation expenses
|
|
182
|
|
58
|
|
133
|
|
25
|
|
374
|
|
Depreciation,
amortization and
impairment of goodwill and
intangible assets
|
|
2,475
|
|
1,913
|
|
1,194
|
|
830
|
|
4,049
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
6,900
|
|
$
5,472
|
|
$
3,005
|
|
$
2,693
|
|
$
10,809
|
SOURCE Pointer Telocation Ltd.