ROSH HAAYIN, Israel,
Feb. 28, 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 full year and fourth
quarter ended December 31, 2018.
Financial Highlights for Full Year of 2018 Compared to Full
Year of 2017
- Total revenues of $77.8 million,
similar as in previous year and up 5% on a constant currency
basis
- Service revenues of $52.5
million, up 1% as reported and up 9% on a constant currency
basis
- Operating income of $9.8 million (13% of revenue), down 5%
- Net income of $6.9 million, down
from $16.5 million. 2017 net
income included $9.2 million onetime
income resulting from the realization of a deferred tax asset
- Non-GAAP net income of $9.6
million, up 2%
- Adjusted EBITDA of $13.6 million
same as in 2017
- Cash, net of debt, totaled $3.5
million. Generated $8.6
million in operating cash flow during the year
- Total subscribers reached 276,000, an increase of 7%
Financial Highlights for Fourth Quarter 2018 Compared to
Fourth Quarter 2017
- Total revenues of $18.4 million
as reported, down from $18.9 million
as reported, up 8% on a constant currency basis
- Service revenues of $12.7
million, down from $13.4
million as reported, up 8% on a constant currency basis
- Operating income of $2.0 million
(11% of revenue), down 15%
- Net income of $1.4 million, down
from $11.1 million. Fourth
quarter 2017 net income included $9.2
million onetime income resulting from the realization of a
deferred tax asset
- Non-GAAP net income of $2.1
million, down 5%
- Adjusted EBITDA of $3.0 million,
down 5%
Management Commentary
David Mahlab, Pointer's Chief
Executive Officer, commented:
"The fourth quarter capped a solid year for Pointer, though we had
currency exchange rate headwinds. In 2018, we strengthened our
balance sheet, reversing the Company from a position of net debt to
net cash, for the first time in more than a decade.
Also, in the fourth quarter, we continued our trend of positive
operating cash flow despite elevated investments in R&D and
Sales and Marketing as planned in order to support our North America market expansion. Despite
continued currency exchange headwinds, we delivered double-digit
operating margin and positive earnings on both a GAAP and non-GAAP
basis, demonstrating the leverage we have built into our operating
model."
"In the year, we announced major wins of new contracts that will
escalate our products sales in 2019. We focus on increasing our
presence in the U.S. and we already started shipping new products
to this market during the fourth quarter, and we expect deliveries
to ramp this year to additional US based customers. Meanwhile, in
Brazil, we secured several new
service contracts in 2018 that will have an impact in the third and
fourth quarters of 2019 as well. All of this should help us achieve
our growth goals in 2019."
"Looking forward in 2019, we expect our markets and
opportunities to continue to expand. We expect to see double-digit
growth in our overall revenues, driven in part by 30% or greater
product revenue growth in 2019 especially in the North American
market"
Yaniv Dorani, Pointer's Chief
Financial Officer, commented:
"In 2018, we continued to strengthen our balance sheet and
improve our capital structure. In the fourth quarter, we generated
$1.4 million in operating cash flow
and ended the quarter with $3.5
million in net cash, continuing the trend of positive net
cash from the previous quarter. In 2018, we reduced our debt by
$5.1 million, and we remain on track for
continued positive operating cash flow and long-term debt reduction
in 2019."
Full Year 2018 Financial Summary Compared to Full Year
2017
|
(in millions,
except per share amounts)
|
2018
|
2017
|
|
Total
Revenues
|
$77.8
|
$78.2
|
|
Service
Revenues
|
$52.5
|
$52.0
|
|
Operating Income (%
of Revenue)
|
$9.8 (13%)
|
$10.3
(13%)
|
|
Diluted
EPS
|
$0.84
|
$2.03
|
|
Non-GAAP Diluted
EPS
|
$1.16
|
$1.16
|
|
Adjusted
EBITDA
|
$13.6
|
$13.6
|
Fourth Quarter 2018 Financial Summary Compared to Fourth
Quarter 2017
|
(in millions,
except per share amounts)
|
Q4/2018
|
Q4/2017
|
|
Total
Revenues
|
$18.4
|
$18.9
|
|
Service
Revenues
|
$12.7
|
$13.4
|
|
Operating Income (%
of Revenue)
|
$2.0 (11%)
|
$2.3 (12%)
|
|
Diluted
EPS
|
$0.18
|
$1.35
|
|
Non-GAAP Diluted
EPS
|
$0.25
|
$0.27
|
|
Adjusted
EBITDA
|
$3.0
|
$3.2
|
In 2018, revenues from services increased 1% as reported
to $52.5 million as compared to
$52.0 million. In local currency
terms, revenues from services increased by 9%. Revenues from
products decreased 4% as reported in 2018 to
$25.2 million from $26.2 million. In local currency terms, revenues
from products decreased by 3%. The currency exchange rate impact on
total revenues for the year 2018 compared to the year 2017 was
approximately $4.2
million.
In the fourth quarter of 2018, revenues from services decreased
5% as reported to $12.7 million as
compared to $13.4 million. In local
currency terms, revenues from services increased by 8%. Revenues
from products increased 4% as reported to $5.7 million from $5.5
million in the same period a year ago. In local currency
terms, revenues from products increased by 9%. The currency
exchange rate impact on total revenues in the fourth quarter
compared to a year ago was approximately $1.9 million.
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.
The call will also be accompanied by a live webcast over
the Internet and accessible at
http://public.viavid.com/index.php?id=133125.
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 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. 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, other expenses of retirement costs and losses
and acquisition related one-time 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, other expenses of retirement
costs and acquisition related one-time 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 its expectations for growth
in 2019, and, in particular, in North
America, and the impact of contracts on growth as well as
continuation of certain trends, 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
|
|
|
|
December
31, 2018
|
|
December 31,
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
8,528
|
|
7,375
|
|
Trade and unbilled
receivables
|
|
13,902
|
|
13,660
|
|
Other accounts
receivable and prepaid expenses
|
|
3,362
|
|
2,865
|
|
Inventories
|
|
6,432
|
|
6,551
|
|
|
|
|
|
|
Total current
assets
|
|
32,224
|
|
30,451
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Long-term loan to
related party
|
|
948
|
|
973
|
|
Long-term unbilled and
other accounts receivable
|
|
1,258
|
|
1,116
|
|
Severance pay
fund
|
|
3,038
|
|
3,546
|
|
Property and
equipment, net
|
|
5,915
|
|
5,848
|
|
Other intangible
assets, net
|
|
1,229
|
|
1,935
|
|
Goodwill
|
|
37,538
|
|
41,010
|
|
Deferred tax
asset
|
|
7,934
|
|
9,585
|
|
|
|
|
|
|
Total long-term
assets
|
|
57,860
|
|
64,013
|
|
|
|
|
|
|
Total assets
|
|
90,084
|
|
94,464
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Short-term bank credit
and current maturities of long-term loans
|
|
2,354
|
|
5,101
|
|
Trade
payables
|
|
5,743
|
|
6,204
|
|
Deferred revenues and
customer advances
|
|
785
|
|
777
|
|
Other accounts payable
and accrued expenses
|
|
8,490
|
|
9,117
|
|
|
|
|
|
|
Total current
liabilities
|
|
17,372
|
|
21,199
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Long-term loans from
banks
|
|
2,685
|
|
5,015
|
|
Deferred taxes and
other long-term liabilities
|
|
360
|
|
838
|
|
Accrued severance
pay
|
|
3,531
|
|
3,996
|
|
|
|
|
|
|
Total long term
liabilities
|
|
6,576
|
|
9,849
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
Pointer Telocation
Ltd.'s shareholders' equity:
|
|
|
|
|
|
Share
capital
|
|
6,050
|
|
5,995
|
|
Additional paid-in
capital
|
|
130,309
|
|
129,076
|
|
Accumulated other
comprehensive income
|
|
(8,151)
|
|
(2,340)
|
|
Accumulated
deficit
|
|
(62,278)
|
|
(69,597)
|
|
|
|
|
|
|
Total Pointer
Telocation Ltd.'s shareholders' equity
|
|
65,930
|
|
63,134
|
|
|
|
|
|
|
Non-controlling
interest
|
|
206
|
|
282
|
|
|
|
|
|
|
Total
equity
|
|
66,136
|
|
63,416
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
90,084
|
|
94,464
|
|
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands, except for share and per share
information
|
|
|
|
Year
ended
December
31,
|
|
Three months
ended
December
31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
25,243
|
|
26,182
|
|
5,688
|
|
5,457
|
|
|
Services
|
|
52,543
|
|
51,973
|
|
12,745
|
|
13,394
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
77,786
|
|
78,155
|
|
18,433
|
|
18,851
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
15,104
|
|
16,073
|
|
3,364
|
|
3,242
|
|
|
Services
|
|
21,674
|
|
21,914
|
|
5,365
|
|
5,620
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of
revenues
|
|
36,778
|
|
37,987
|
|
8,729
|
|
8,862
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
41,008
|
|
40,168
|
|
9,704
|
|
9,989
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
4,707
|
|
4,051
|
|
1,261
|
|
1,027
|
|
|
Selling and
marketing
|
|
14,560
|
|
14,038
|
|
3,578
|
|
3,678
|
|
|
General and
administrative
|
|
11,169
|
|
11,275
|
|
2,769
|
|
2,812
|
|
|
Amortization of
intangible assets
|
|
456
|
|
463
|
|
90
|
|
124
|
|
|
One-time acquisition
related costs
|
|
300
|
|
32
|
|
38
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
31,192
|
|
29,859
|
|
7,736
|
|
7,673
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
9,816
|
|
10,309
|
|
1,968
|
|
2,316
|
|
|
Financial expenses,
net
|
|
1,133
|
|
1,004
|
|
277
|
|
296
|
|
|
Other expenses
(income)
|
|
3
|
|
5
|
|
(11)
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on
income
|
|
8,680
|
|
9,300
|
|
1,702
|
|
2,008
|
|
|
Taxes on
income
|
|
1,753
|
|
(7,221)
|
|
273
|
|
(9,098)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
6,927
|
|
16,521
|
|
1,429
|
|
11,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from
continuing operations attributable to Pointer Telocation Ltd.'s
shareholders:
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings per
share
|
|
0.85
|
|
2.07
|
|
0.18
|
|
1.38
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
per share
|
|
0.84
|
|
2.03
|
|
0.18
|
|
1.35
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average -Basic
number of shares
|
|
8,099,952
|
|
7,997,684
|
|
8,133,338
|
|
8,057,946
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average –
fully diluted number of shares
|
|
8,279,562
|
|
8,130,566
|
|
8,297,653
|
|
8,207,997
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
|
Year
ended
December
31,
|
|
Three months
ended
December
31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
6,927
|
|
16,521
|
|
1,429
|
|
11,106
|
|
|
Adjustments required
to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,571
|
|
2,924
|
|
633
|
|
782
|
|
|
Accrued interest and
exchange rate changes of debenture and long-term loans
|
|
(20)
|
|
52
|
|
(27)
|
|
52
|
|
|
Accrued severance pay,
net
|
|
71
|
|
93
|
|
56
|
|
(41)
|
|
|
Gain from sale of
property and equipment, net
|
|
(101)
|
|
(113)
|
|
(28)
|
|
(28)
|
|
|
Stock-based
compensation
|
|
1,198
|
|
380
|
|
407
|
|
81
|
|
|
Decrease (increase) in
trade and unbilled receivables, net
|
|
(1,121)
|
|
(1,616)
|
|
(1,191)
|
|
655
|
|
|
Decrease
(increase) in other accounts receivable and prepaid
expenses
|
|
(855)
|
|
(206)
|
|
184
|
|
363
|
|
|
Increase in
inventories
|
|
(56)
|
|
(1,170)
|
|
(1,073)
|
|
(363)
|
|
|
Decrease (increase) in
deferred income taxes
|
|
779
|
|
(8,018)
|
|
163
|
|
(9,114)
|
|
|
Decrease in long-term
unbilled and other accounts receivable
|
|
220
|
|
165
|
|
319
|
|
161
|
|
|
Increase (decrease)
in trade payables
|
|
48
|
|
(1,597)
|
|
527
|
|
(316)
|
|
|
Increase (decrease) in
other accounts payable and accrued expenses
|
|
(1,064)
|
|
2,285
|
|
31
|
|
362
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
8,597
|
|
9,700
|
|
1,430
|
|
3,700
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(2,721)
|
|
(3,033)
|
|
(660)
|
|
(1,046)
|
|
|
Purchase of other
intangible assets
|
|
-
|
|
(233)
|
|
-
|
|
(233)
|
|
|
Proceeds from sale of
property and equipment
|
|
101
|
|
114
|
|
29
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(2,620)
|
|
(3,152)
|
|
(631)
|
|
(1,251)
|
|
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
Year
ended
December
31,
|
|
Three months
ended
December
31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term
loans from banks
|
|
(5,078)
|
|
(4,875)
|
|
(1,268)
|
|
(1,506)
|
|
|
Proceeds from
issuance of shares and exercise of options, net
of issuance costs
|
|
89
|
|
395
|
|
9
|
|
7
|
|
|
Short-term bank
credit, net
|
|
32
|
|
(231)
|
|
74
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(4,957)
|
|
(4,711)
|
|
(1,185)
|
|
(1,425)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
on cash and cash equivalents
|
|
133
|
|
(528)
|
|
599
|
|
(653)
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
|
1,153
|
|
1,309
|
|
213
|
|
371
|
|
|
Cash and cash
equivalents at the beginning of the period
|
|
7,375
|
|
6,066
|
|
8,315
|
|
7,004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
8,528
|
|
7,375
|
|
8,528
|
|
7,375
|
|
|
ADDITIONAL
INFORMATION
|
|
|
U.S. dollars in
thousands, except share and per share data
|
|
The following
table reconciles GAAP to non-GAAP operating
results:
|
|
|
|
Year
ended
December
31,
|
|
Three months
ended
December
31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
41,008
|
|
40,168
|
|
9,704
|
|
9,989
|
|
|
Stock-based
compensation expenses
|
|
104
|
|
3
|
|
39
|
|
1
|
|
|
Non-GAAP gross
profit
|
|
41,112
|
|
40,171
|
|
9,743
|
|
9,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
|
9,816
|
|
10,309
|
|
1,968
|
|
2,316
|
|
|
Stock-based
compensation expenses
|
|
1,198
|
|
380
|
|
407
|
|
81
|
|
|
Amortization and
impairment of long lived assets
|
|
456
|
|
463
|
|
90
|
|
124
|
|
|
Other expenses of
retirement costs
|
|
-
|
|
125
|
|
-
|
|
-
|
|
|
Acquisition related
one-time costs
|
|
300
|
|
154
|
|
38
|
|
154
|
|
|
Non-GAAP operating
income
|
|
11,770
|
|
11,431
|
|
2,503
|
|
2,675
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
6,927
|
|
16,521
|
|
1,429
|
|
11,106
|
|
|
Stock-based
compensation expenses
|
|
1,198
|
|
380
|
|
407
|
|
81
|
|
|
Amortization and
impairment of long lived assets
|
|
456
|
|
463
|
|
90
|
|
124
|
|
|
Other expenses of
retirement costs
|
|
-
|
|
125
|
|
-
|
|
-
|
|
|
Non cash tax
expenses
|
|
759
|
|
(8,213)
|
|
147
|
|
(9,243)
|
|
|
Acquisition related
one-time costs
|
|
300
|
|
154
|
|
38
|
|
154
|
|
|
Non-GAAP net
income
|
|
9,640
|
|
9,430
|
|
2,111
|
|
2,222
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share from continuing operations - Diluted
|
|
1.16
|
|
1.16
|
|
0.25
|
|
0.27
|
|
|
Non-GAAP weighted
average number of shares - Diluted*
|
|
8,279,562
|
|
8,130,566
|
|
8,297,653
|
|
8,207,997
|
|
* 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 and
Adjusted EBITDA
|
|
U.S. dollars in
thousands
|
|
|
|
Year ended
December 31,
|
|
Three months
ended
December
31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income as
reported:
|
|
6,927
|
|
16,521
|
|
1,429
|
|
11,106
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
1,133
|
|
1,004
|
|
277
|
|
296
|
|
|
Tax on
income
|
|
1,753
|
|
(7,221)
|
|
273
|
|
(9,098)
|
|
|
Depreciation and
amortization of goodwill and intangible assets
|
|
2,571
|
|
2,924
|
|
633
|
|
782
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
12,384
|
|
13,228
|
|
2,612
|
|
3,086
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expenses
|
|
1,198
|
|
380
|
|
407
|
|
81
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
13,582
|
|
13,608
|
|
3,019
|
|
3,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company contact:
Yaniv Dorani,
CFO
Tel: +972-3-5723111
E-mail: yanivd@pointer.com
Investor Relations Contact at Hayden IR, LLC:
Brett
Maas
Tel: +1-646-536-7331
E-mail: brett@haydenir.com
Dave Fore
Tel:
+1-206-395-2711
E-mail: dave@haydenir.com
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SOURCE Pointer Telocation Ltd.