PR Newswire
ROSH HAAYIN, Israel, March 2, 2017
ROSH HAAYIN, Israel, March 2, 2017 /PRNewswire/ -- Pointer Telocation Ltd. (Nasdaq: PNTR) - a leading developer, manufacturer and operator of Mobile Resource Management (MRM) services, announced today its financial results for the three month period and fiscal year ended December 31, 2016.
On June 8, 2016 Pointer spun off its Israeli subsidiary, Shagrir Group Vehicle Services Ltd., through which Pointer carried out its road side assistance (RSA) activities and listed Shagrir's shares for trade on the Tel Aviv Stock Exchange. The results of Shagrir until that date are included in Pointer's results as discontinued operations.
Financial Summary for the Fourth Quarter of 2016
Revenues for the fourth quarter of 2016 increased 15% to $17.4 million as compared to $15.1 million in the fourth quarter of 2015. In local currency terms in the territories where the subsidiaries operate, revenues increased by 18%.
Revenues from products in the fourth quarter of 2016 increased 3% to $5.8 million (34% of revenues) compared to $5.6 million (37% of revenues) in the comparable period of 2015.
Revenues from services in the fourth quarter of 2016 increased 22% to $11.6 million (66% of revenues) compared to $9.5 million (63% of revenues), in the comparable period of 2015. In local currency terms, revenue from services increased by 27%.
Gross profit was $8.9 million (50.9% of revenues), an increase of 18% compared to $7.5 million (49.6% of revenues) in the fourth quarter of 2015.
Non-GAAP operating income was $2.3 million (13.3% of revenues), an increase of 26% compared to $1.8 million (12.2% of revenues) in the fourth quarter of 2015. GAAP operating income was $1.6 million compared with $0.7 million in the fourth quarter of 2015.
Non-GAAP net income from continuing operations was $1.8 million (10.2% of revenues), an increase of 14%, compared with $1.6 million (10.3% of revenues) in the fourth quarter of 2015. GAAP net income from continuing operations was $501 thousand compared with a net income of $147 thousand in the fourth quarter of 2015.
Adjusted EBITDA from continuing operations was $2.3 million, an increase of 4% compared with $2.2 million in the fourth quarter of 2015.
Financial Summary for the Full Year of 2016
Revenues for 2016 were $64.4 million compared to $60.6 million in 2015, an increase of 6%. In local currency terms, revenues increased by 13% compared with 2015.
Revenues from products were $22.8 million (35% of revenues) compared to $22.3 million (37% of revenues) in 2015, an increase of 2%.
Revenues from services were $41.6 million (65% of revenues) compared to $38.3 million (63% of revenues) in 2015, an increase of 9%. In local currency terms, revenues from services increased by 18%.
Gross profit was $31.8 million (49.4% of revenues) in 2016, an increase of 9% compared to $29.3 million (48.3% of revenues) in 2015.
Non-GAAP operating income was $7.7 million (11.9% of revenues), an increase of 8% compared to $7.1 million (11.7% of revenues) in 2015. GAAP operating income was $6.2 million compared with $5.3 million in 2015.
Non-GAAP net income from continuing operations was $6.5 million (10.1% of revenues), an increase of 2%, compared with $6.4 million (10.5% of revenues).
GAAP net income from continuing operations was $3.3 million compared with a net income of $3.5 million in 2015.
Adjusted EBITDA from continuing operations in 2016 and 2015 was $8.8 million (13.6% and 14.5% of revenues, in both years, respectively).
Management Comment
David Mahlab, Pointer's Chief Executive Officer, commented: "As we exit 2016, we are very proud of our performance. We showed a solid level of revenue growth in the fourth quarter, especially our service revenues which were driven by the increase in our subscriber base. Further contributing to our subscriber-base was the successful acquisition of Cielo, which is enabling us to further expand our business in the Southern part of Brazil. We are also pleased with the improvements in our margins, which is a demonstration of the strong operating leverage inherent to our business model. Additionally, our solid operating cash flow of $8.8 million for the year contributed to our balance sheet strength, enabling us to take advantage of further growth opportunities in our markets."
Continued Mr. Mahlab, "Looking ahead to 2017, we have a number of exciting prospects ahead of us in the Internet of Vehicles space, that we are working on. Our recently announced solution to install our driver-behavior technology on over 4,000 for-hire vehicles in New York City, working under popular ride sharing apps, continues on track. We also made strong progress in penetrating companies with large fleets, including FEMSA, the largest public bottler by sales volume of Coca-Cola products in the world. As our results from the fourth quarter show, our growth drivers are increasingly contributing and for 2017 as a whole, we look forward to a year of double-digit revenue growth."
Conference Call Information Pointer Telocation's management will host a conference call today, at 7:00am Pacific Time, 10:00 Eastern Time, 17:00 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: +1 888 281 1167; From Israel: 03-918-0644
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 financial expenses, taxes, depreciation, amortization and impairment of goodwill and intangible assets and the effects of non-cash stock-based compensation expenses.
We calculate Non-GAAP net income by adding back to net income the effects of non-cash stock based compensation expenses, amortization and impairment of long lived assets, non-cash tax expenses, spin-off related expenses and losses and acquisition related one-time costs.
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 provider of technology and services to the automotive and insurance industries, offering a set of services including Road Side Assistance, Stolen Vehicle Recovery and Fleet Management. 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, please visit 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.
CONSOLIDATED BALANCE SHEETS | ||||
U.S. dollars in thousands | ||||
| ||||
| | December 31, | ||
| | 2016 | | 2015 |
| | | | |
ASSETS | | | | |
| | | | |
CURRENT ASSETS: | | | | |
Cash and cash equivalents | | $ 6,066 | | $ 7,252 |
Trade receivables | | 11,464 | | 9,494 |
Other accounts receivable and prepaid expenses | | 2,504 | | 1,596 |
Inventories | | 5,582 | | 4,697 |
Current assets of discontinued operation | | - | | 11,616 |
| | | | |
Total current assets | | 25,616 | | 34,655 |
| | | | |
| | | | |
LONG-TERM ASSETS: | | | | |
Long-term loan to related party | | 831 | | - |
Long-term accounts receivable | | 564 | | 490 |
Severance pay fund | | 2,878 | | 2,740 |
Property and equipment, net | | 5,274 | | 3,278 |
Other intangible assets, net | | 1,778 | | 443 |
Goodwill | | 38,377 | | 31,388 |
Deferred tax asset | | 1,433 | | 3,086 |
Long term assets of discontinued operation | | - | | 27,358 |
| | | | |
Total long-term assets | | 51,135 | | 68,783 |
| | | | |
Total assets | | $ 76,751 | | $ 103,438 |
CONSOLIDATED BALANCE SHEETS Werbung Mehr Nachrichten zur Pointer Telocation Aktie kostenlos abonnieren
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