Pointer Telocation Reports Q3 2015 Financial Results
Highlights of the third quarter of 2015
- Total revenue of $24.9 million
- MRM revenue of $14.6 million: in local currency terms MRM revenue grew 7% year over year and MRM service revenue grew by 20% year over year
- Strong MRM margin profile: gross margins of 49% and operating margin of 11%
ROSH HAAYIN, Israel, Nov. 12, 2015 /PRNewswire/ -- Pointer Telocation Ltd. (Nasdaq CM: PNTR) - a leading developer, manufacturer and operator of Mobile Resource Management (MRM) services, announced today its financial results for the third quarter of 2015.
Financial Highlights
Revenue for the third quarter of 2015 decreased 3.5% to $24.9 million as compared to $25.8 million in the third quarter of 2014.
The significant strengthening of the US Dollar, in particular versus the Brazilian Real and Israeli Shekel, reduced the revenue level in US Dollars compared with that of the third quarter of 2014. In local currency terms in the territories where Pointer's subsidiaries operate, revenue showed an increase of 8%, year-over-year.
Revenue from products in the third quarter of 2015 decreased 10.3% to $6.8 million (27% of revenue) compared to $7.6 million (29% of revenue) in the comparable period of 2014.
Revenue from services in the third quarter of 2015 decreased 0.7% to $18.1 million (73% of revenue) compared to $18.2 million (71% of revenue), in the comparable period of 2014. In local currency terms, revenue from services increased by 13% over the same period last year.
Gross profit in the third quarter of 2015 was $8.6 million, a decrease of 2.9% compared to $8.8 million in the third quarter of 2014.
Gross margin in the third quarter of 2015 was 34.4% of revenue, compared to 34.1% of revenue in the third quarter of 2014.
Operating income in the third quarter of 2015 was $1.8 million (7.4% of revenue), a decrease of 14.2% compared to $2.1 million (8.3% of revenue) in the third quarter of 2014.
Net income in the third quarter was $1.1 million, or $0.14 per share, compared to $0.8 million, or $0.14 per share, in the third quarter of 2014.
Non-GAAP net income in the third quarter was $1.6 million, a decrease of 8.2% as compared to non-GAAP net income of $1.7 million in the third quarter of 2014.
Adjusted EBITDA for the third quarter of 2015 was $2.9 million, a decrease of 5.2% compared to $3.0 million in the third quarter of 2014.
In connection with Pointer's plan to spin-off its Shagrir business to shareholders, pro-forma information providing certain details of the financial performance of the Shagrir RSA business and Pointer MRM business is provided separately in Exhibit A and is for informational purposes only.
Management Comment
David Mahlab, Pointer's Chief Executive Officer, commented: "During the third quarter, we continued to face significant currency headwinds, which hid our solid growth in local currency terms when expressed in our reporting currency (US dollars). However, from a local currency perspective, we are pleased with our overall MRM revenue growth of 7% and particularly the 20% growth in MRM service revenue. The MRM business is the one that will remain with us following the planned divestment of Shagrir next year and our focus is the service segment, where we see most of the growth potential going forward."
Continued Mr. Mahlab, "During the fourth quarter we plan to release new products within the Internet of Things (IOT) and for the MRM market, which we expect to act as growth drivers as we head into 2016. We also expect to see improvement on both the top and bottom line in our Brazilian operations, despite the generally weak economy there. We are continuing to actively search for acquisition opportunities in the regions in which we operate. I believe that our ongoing investment in research and development will continue to strengthen our competitive advantage in the MRM market and we look forward to continued growth in our MRM and IOT business."
Conference Call Information:
Pointer Telocation's management will host a conference call today, November 12, 2015, at 6:30am Pacific Time, 9:30am Eastern Time, 4:30pm 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: + 1-888-668-9141
From Israel and International: +972 3-918-0610
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, amortization and impairment of goodwill and intangible assets, the effects of non-cash stock-based compensation expense, profit raise from gaining control in subsidiary previously treated by the equity method and related goodwill adjustment.
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 and impairment of long lived assets , non-cash tax expenses resulting from timing differences relating to the amortization of acquisition-related intangible assets and goodwill, profit raise from gaining control in subsidiary previously treated by the equity method, acquisition related goodwill adjustment, onetime 'other expense' related to the termination cost of a former general manger of a Pointer subsidiary and restructuring in a subsidiary, loss from sale of subsidiary, one time financial expenses resulting from the devaluation of Israeli Shekel denominated bank deposits and non-cash tax income from raised tax asset.
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: 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 Tel: 972-3-572 3111 E-mail: [email protected] |
Ehud Helft, GK Investor & Public Relations Tel: +1 646 201 9246 E-mail: [email protected]
|
| INTERIM CONSOLIDATED BALANCE SHEETS |
||||
| U.S. dollars in thousands |
||||
| September 30, |
December 31, |
|||
| Unaudited |
||||
| ASSETS |
||||
| CURRENT ASSETS: |
||||
| Cash and cash equivalents |
$ 8,180 |
$ 8,557 |
||
| Restricted cash |
- |
62 |
||
| Trade receivables |
18,475 |
19,032 |
||
| Other accounts receivable and prepaid expenses |
2,184 |
1,853 |
||
| Inventories |
5,373 |
6,133 |
||
| Deferred tax asset |
362 |
901 |
||
| Property and equipment held for sale |
519 |
1,034 |
||
| Total current assets |
35,093 |
37,572 |
||
| LONG-TERM ASSETS: |
||||
| Long-term accounts receivable |
585 |
408 |
||
| Severance pay fund |
8,151 |
8,609 |
||
| Property and equipment, net |
9,325 |
10,075 |
||
| Other intangible assets, net |
1,149 |
1,950 |
||
| Goodwill |
47,238 |
48,941 |
||
| Deferred tax asset |
3,339 |
3,449 |
||
| Total long-term assets |
69,787 |
73,432 |
||
| Total assets |
$ 104,880 |
$ 111,004 |
||
| INTERIM CONSOLIDATED BALANCE SHEETS |
||||
| U.S. dollars in thousands (except share and per share data) |
||||
| September 30, |
December 31, |
|||
| 2015 |
2014 |
|||
| Unaudited |
||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||
| CURRENT LIABILITIES: |
||||
| Short-term bank credit and current maturities of long-term loans |
$ 5,228 |
$ 7,478 |
||
| Trade payables |
11,565 |
11,460 |
||
| Deferred revenues and customer advances |
6,174 |
6,420 |
||
| Other accounts payable and accrued expenses |
7,833 |
8,972 |
||
| Total current liabilities |
30,800 |
34,330 |
||
| LONG-TERM LIABILITIES: |
||||
| Long-term loans from banks |
9,497 |
12,046 |
||
| Long-term loans from shareholders and others |
273 |
997 |
||
| Deferred taxes and other long-term liabilities |
307 |
298 |
||
| Accrued severance pay |
9,052 |
9,537 |
||
| Total long term liabilities |
19,129 |
22,878 |
||
| COMMITMENTS AND CONTINGENT LIABILITIES |
||||
| EQUITY: |
||||
| Pointer Telocation Ltd's shareholders' equity: |
||||
| Share capital |
5,770 |
5,705 |
||
| Additional paid-in capital |
128,572 |
129,618 |
||
| Accumulated other comprehensive income |
(6,590) |
(2,909) |
||
| Accumulated deficit |
(71,782) |
(75,767) |
||
| Total Pointer Telocation Ltd's shareholders' equity |
55,970 |
56,647 |
||
| Non-controlling interest |
(1,019) |
(2,851) |
||
| Total equity |
54,951 |
53,796 |
||
| Total liabilities and equity |
$ 104,880 |
$ 111,004 |
||
| INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||
| U.S. dollars in thousands |
||||||||||
| Nine months ended September 30, |
Three months ended September 30, |
Year ended |
||||||||
| 2015 |
2014 |
2015 |
2014 |
2014 |
||||||
| Unaudited |
Unaudited |
|||||||||
| Revenues: |
||||||||||
| Products |
$ 21,083 |
$ 24,783 |
$ 6,827 |
$ 7,613 |
$ 33,099 |
|||||
| Services |
54,121 |
53,933 |
18,090 |
18,214 |
72,191 |
|||||
| Total revenues |
75,204 |
78,716 |
24,917 |
25,827 |
105,290 |
|||||
| Cost of revenues: |
||||||||||
| Products |
12,575 |
14,718 |
4,147 |
4,376 |
19,279 |
|||||
| Services |
36,947 |
37,185 |
12,205 |
12,632 |
50,461 |
|||||
| Total cost of revenues |
49,522 |
51,903 |
16,352 |
17,008 |
69,740 |
|||||
| Gross profit |
25,682 |
26,813 |
8,565 |
8,819 |
35,550 |
|||||
| Operating expenses: |
||||||||||
| Research and development |
2,534 |
2,606 |
816 |
840 |
3,390 |
|||||
| Selling and marketing |
8,873 |
8,459 |
2,967 |
2,936 |
11,219 |
|||||
| General and administrative |
8,162 |
8,917 |
2,770 |
3,016 |
11,883 |
|||||
| Other general and administrative expenses |
- |
- |
- |
- |
683 |
|||||
| Other income |
- |
(288) |
- |
(288) |
(288) |
|||||
| Amortization of intangible assets |
566 |
789 |
176 |
222 |
994 |
|||||
| Impairment of intangible and tangible assets |
- |
- |
- |
- |
1,122 |
|||||
| Total operating expenses |
20,135 |
20,483 |
6,729 |
6,726 |
29,003 |
|||||
| Operating income |
5,547 |
6,330 |
1,836 |
2,093 |
6,547 |
|||||
| Financial expenses, net |
537 |
1,724 |
360 |
912 |
2,424 |
|||||
| Other expenses (income), net |
12 |
(6) |
(2) |
- |
232 |
|||||
| Income before taxes on income |
4,998 |
4,612 |
1,478 |
1,181 |
3,891 |
|||||
| Taxes on income |
1,142 |
1,368 |
387 |
354 |
(8,849) |
|||||
| Net income |
$ 3,856 |
$ 3,244 |
$ 1,091 |
$ 827 |
$ 12,740 |
|||||
| INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||
| U.S. dollars in thousands |
|||||||||||
| Nine months ended September 30, |
Three months ended September 30, |
Year ended December 31, |
|||||||||
| 2015 |
2014 |
2015 |
2014 |
2014 |
|||||||
| Unaudited |
|||||||||||
| Profit (loss) from continuing operations attributable to: |
|||||||||||
| Equity holders of the parent |
3,985 |
3,629 |
1,117 |
1,017 |
13,453 |
||||||
| Non-controlling interests |
(129) |
(385) |
(26) |
(190) |
(713) |
||||||
| $ 3,856 |
$ 3,244 |
$ 1,091 |
$ 827 |
$ 12,740 |
|||||||
| Earnings per share attributable to Pointer Telocation |
|||||||||||
| Basic net earnings (loss) per share |
$ 0.52 |
$ 0.5 |
$ 0.14 |
$ 0.14 |
$ 1.81 |
||||||
| Diluted net earnings (loss) per share |
$ 0.50 |
$ 0.48 |
$ 0.14 |
$ 0.13 |
$ 1.74 |
||||||
| Weighted average -Basic number of shares |
7,705,355 |
7,365,202 |
7,725,653 |
7,688,563 |
7,446,707 |
||||||
| Weighted average – fully diluted number of shares |
7,957,361 |
7,698,289 |
7,950,062 |
8,010,573 |
7,726,653 |
||||||
| 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, |
||||||||
| 2015 |
2014 |
2015 |
2014 |
2014 |
||||||
| Unaudited |
Unaudited |
|||||||||
| Cash flows from operating activities: |
||||||||||
| Net income |
$ 3,856 |
$ 3,244 |
$ 1,091 |
$ 827 |
$ 12,740 |
|||||
| Adjustments required to reconcile net income to net cash provided by operating activities: |
||||||||||
| Depreciation and amortization |
2,946 |
3,591 |
961 |
1,116 |
4,767 |
|||||
| Impairment of tangible and intangible assets |
- |
- |
- |
- |
1,122 |
|||||
| Gain from a bargain purchase |
- |
(288) |
- |
(288) |
(288) |
|||||
| Accrued interest and exchange rate changes of debenture and long-term loans |
4 |
13 |
(6) |
4 |
17 |
|||||
| Accrued severance pay, net |
(19) |
113 |
19 |
(12) |
56 |
|||||
| Gain from sale of property and equipment, net |
(88) |
(130) |
(16) |
(33) |
(95) |
|||||
| Stock-based compensation |
245 |
285 |
71 |
110 |
375 |
|||||
| Decrease in restricted cash |
62 |
18 |
- |
2 |
19 |
|||||
| Increase (decrease) in trade receivables, net |
(293) |
(1,296) |
220 |
409 |
(1,141) |
|||||
| Increase in other accounts receivable |
(234) |
(291) |
826 |
338 |
(21) |
|||||
| Increase in inventories |
120 |
(283) |
300 |
(66) |
(462) |
|||||
| Decrease (increase) Deferred income taxes |
551 |
1,085 |
164 |
281 |
(9,120) |
|||||
| Decrease (increase) in long-term accounts receivable |
(106) |
(7) |
(120) |
2 |
126 |
|||||
| Increase (decrease) in trade payables |
296 |
(840) |
(604) |
(1,333) |
(654) |
|||||
| Decrease in other accounts payable and accrued expenses |
(1,040) |
(1,604) |
(749) |
(262) |
(1,845) |
|||||
| Net cash provided by operating activities |
6,300 |
3,610 |
2,157 |
1,095 |
5,596 |
|||||
| Cash flows from investing activities: |
||||||||||
| Purchase of property and equipment |
(2,511) |
(3,204) |
(1,157) |
(956) |
(4,458) |
|||||
| Proceeds from sale of property and equipment |
829 |
1,111 |
181 |
244 |
1,529 |
|||||
| Acquisition of subsidiary (a) |
- |
(688) |
- |
(688) |
(688) |
|||||
| Proceeds from sale of investments in previously consolidated subsidiaries (b) |
- |
- |
- |
- |
(41) |
|||||
| Net cash used in investing activities |
(1,682) |
(2,781) |
(976) |
(1,400) |
(3,658) |
|||||
| INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
| U.S. dollars in thousands |
|||||||||||
| Nine months ended September 30, |
Three months ended September 30, |
Year ended |
|||||||||
| 2015 |
2014 |
2015 |
2014 |
2014 |
|||||||
| Unaudited |
Unaudited |
||||||||||
| Cash flows from financing activities: |
|||||||||||
| Receipt of long-term loans from banks |
15,159 |
12,884 |
56 |
(43) |
12,577 |
||||||
| Repayment of long-term loans from banks |
(18,403) |
(7,080) |
(674) |
(2,277) |
(8,986) |
||||||
| Repayment of long-term loans from shareholders |
- |
(353) |
32 |
13 |
(301) |
||||||
| Repurchase of shares from non-controlling interests |
- |
(7,740) |
- |
- |
(7,740) |
||||||
| Proceeds from issuance of shares and exercise of |
15 |
10,065 |
9 |
- |
10,074 |
||||||
| Short-term bank credit, net |
(222) |
(2,374) |
264 |
208 |
(1,640) |
||||||
| Net cash provided (used) in financing activities |
(3,451) |
5,402 |
(313) |
(2,099) |
3,984 |
||||||
| Effect of exchange rate on cash and cash equivalents |
(1,544) |
(589) |
(1,135) |
(395) |
(714) |
||||||
| Increase (decrease) in cash and cash equivalents |
(377) |
5,642 |
(267) |
(2,799) |
5,208 |
||||||
| Cash and cash equivalents at the beginning of the |
8,557 |
3,349 |
8,447 |
11,790 |
3,349 |
||||||
| Cash and cash equivalents at the end of the period |
$ 8,180 |
$ 8,991 |
$ 8,180 |
$ 8,991 |
$ 8,557 |
||||||
| (a) |
Acquisition of subsidiary: |
||||||||||
| Working capital (Cash and cash equivalent |
$ - |
$ 221 |
$ - |
$ 221 |
$ 221 |
||||||
| Property and equipment |
- |
565 |
- |
565 |
565 |
||||||
| Other intangible assets |
- |
190 |
- |
190 |
190 |
||||||
| Goodwill |
- |
(288) |
- |
(288) |
(288) |
||||||
| $ - |
$ 688 |
$ - |
$ 688 |
$ 688 |
|||||||
| INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
| U.S. dollars in thousands |
|||||||||||
| Nine months ended September 30, |
Three months ended September 30, |
Year ended |
|||||||||
| 2015 |
2014 |
2015 |
2014 |
2014 |
|||||||
| Unaudited |
Unaudited |
||||||||||
| (b) |
Proceeds from sale of investments in previously consolidated subsidiaries: |
||||||||||
| The subsidiaries' assets and liabilities at date of sale: |
|||||||||||
| Working capital (excluding cash and cash equivalents) |
$ - |
$ - |
$ - |
$ - |
$ (18) |
||||||
| Property and equipment |
- |
- |
- |
- |
(30) |
||||||
| Long term loans from banks and others |
- |
- |
- |
- |
5 |
||||||
| Non-controlling interests |
- |
- |
- |
- |
(125) |
||||||
| Loss from sale of subsidiaries |
- |
- |
- |
- |
209 |
||||||
| $ - |
$ - |
$ - |
$ - |
$ 41 |
|||||||
| (c) |
Non-cash investing activity: |
||||||||||
| Purchase of property and equipment |
$ 317 |
$ 25 |
$ 317 |
$ 25 |
$ 45 |
||||||
| Issuance of shares in respect of acquisition of non-controlling interests in subsidiary |
$ 493 |
$ 11,385 |
$ 493 |
$ - |
$ 11,368 |
||||||
| ADDITIONAL INFORMATION |
||||||||||
| U.S. dollars in thousands |
||||||||||
| The following table reconciles the GAAP to non-GAAP operating results: |
||||||||||
| Nine months ended September 30, |
Three months ended September 30, |
Year ended December 31, |
||||||||
| 2015 |
2014 |
2015 |
2014 |
2014 |
||||||
| GAAP gross profit |
25,682 |
$ 26,812 |
$ 8,565 |
$ 8,819 |
$ 35,550 |
|||||
| Stock-based compensation expenses |
8 |
7 |
2 |
3 |
10 |
|||||
| Non-GAAP gross profit |
25,690 |
$ 26,820 |
$ 8,567 |
$ 8,822 |
$ 35,560 |
|||||
| GAAP operating expenses |
$ 20,134 |
$ 20,483 |
$ 6,728 |
$ 6,726 |
$ 29,003 |
|||||
| Stock-based compensation expenses |
237 |
284 |
69 |
107 |
380 |
|||||
| Amortization and impairment of long lived assets |
566 |
789 |
176 |
222 |
2,116 |
|||||
| Other expenses of termination costs and restructuring in subsidiary |
- |
- |
- |
- |
683 |
|||||
| Acquisition related goodwill adjustment |
- |
(288) |
- |
(288) |
(288) |
|||||
| Non-GAAP operating expenses |
$ 19,331 |
$ 19,698 |
$ 6,483 |
$ 6,685 |
$ 26,112 |
|||||
| GAAP operating income |
$ 5,548 |
$ 6,338 |
$ 1,837 |
$ 2,093 |
$ 6,547 |
|||||
| Non-GAAP operating income |
$ 6,358 |
$ 7,122 |
$ 2,083 |
$ 2,137 |
$ 9,448 |
|||||
| GAAP net income |
$ 3,856 |
$ 3,292 |
$ 1,091 |
$ 827 |
$ 12,740 |
|||||
| Stock-based compensation |
245 |
291 |
71 |
109 |
390 |
|||||
| Amortization and impairment of long lived assets |
566 |
789 |
176 |
222 |
2,116 |
|||||
| Acquisition related goodwill adjustment |
- |
(288) |
- |
(288) |
(288) |
|||||
| Other expenses of termination costs and restructuring in subsidiary |
- |
- |
- |
- |
683 |
|||||
| Loss from sale of subsidiary |
- |
- |
- |
- |
209 |
|||||
| Financial expenses resulting from the |
- |
498 |
- |
498 |
498 |
|||||
| Non-cash tax expenses resulting from timing |
693 |
1,059 |
240 |
351 |
1,379 |
|||||
| Non cash tax income from raised tax asset |
- |
- |
- |
- |
(9,799) |
|||||
| Non-GAAP net income |
$ 5,360 |
$ 5,593 |
$ 1,578 |
$ 1,719 |
$ 7,928 |
|||||
| Non-GAAP net income per share - Diluted |
$ 0.67 |
$ 0.73 |
$ 0.2 |
$ 0.21 |
$ 1.02 |
|||||
| Non-GAAP weighted average number of shares - |
7,957,361 |
7,698,289 |
7,950,062 |
8,010,573 |
7,726,653 |
|||||
| * 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. |
||||||||||
| ADDITIONAL INFORMATION |
|||||||||||
| U.S. dollars in thousands |
|||||||||||
| Adjusted EBITDA |
|||||||||||
| Nine months ended September 30, |
Three months ended September 30, |
Year ended December 31, |
|||||||||
| 2015 |
2014 |
2015 |
2014 |
2014 |
|||||||
| GAAP Net income as reported: |
$ 3,856 |
$ 3,244 |
$ 1,091 |
$ 827 |
$ 12,740 |
||||||
| Financial expenses, net |
537 |
1,724 |
360 |
912 |
2,424 |
||||||
| Tax on income |
1,142 |
1,368 |
387 |
354 |
(8,849) |
||||||
| Profit raise from gaining control in subsidiary |
- |
(288) |
- |
(288) |
(288) |
||||||
| Stock based compensation expenses |
245 |
291 |
71 |
109 |
390 |
||||||
| Loss from sale of subsidiary |
- |
- |
- |
- |
209 |
||||||
| Depreciation, amortization and impairment of |
2,946 |
3,591 |
961 |
1,116 |
5,889 |
||||||
| Adjusted EBITDA |
$ 8,726 |
$ 9,930 |
$ 2,870 |
$ 3,030 |
$ 12,515 |
||||||
| EXHIBIT A* |
|||||||||||
| U.S. dollars in thousands |
|||||||||||
| Three months ended |
Three months ended |
Year ended |
|||||||||
| Unaudited |
Unaudited |
Unaudited |
|||||||||
| MRM |
RSA |
Total |
MRM |
RSA |
Total |
MRM |
RSA |
Total |
|||
| Revenues: |
|||||||||||
| Products |
5,090 |
1,737 |
6,827 |
6,117 |
1,519 |
7,613 |
27,855 |
5,244 |
33,099 |
||
| Services |
9,470 |
8,620 |
18,090 |
9,317 |
8,897 |
18,214 |
37,522 |
34,670 |
72,191 |
||
| Total Revenues |
14,560 |
10,357 |
24,917 |
15,410 |
10,417 |
25,827 |
65,377 |
39,913 |
105,290 |
||
| Non-GAAP Cost of Revenues |
7,418 |
8,932 |
16,349 |
7,759 |
9,246 |
17,005 |
34,334 |
35,396 |
69,730 |
||
| Non-GAAP Gross Profit |
7,142 |
1,425 |
8,568 |
7,652 |
1,170 |
8,822 |
31,043 |
4,517 |
35,560 |
||
| 49.1% |
13.8% |
34.4% |
49.7% |
11.2% |
34.2% |
47.5% |
11.3% |
33.8% |
|||
| Non-GAAP Operating Expenses |
5,494 |
990 |
6,483 |
5,571 |
1,115 |
6,686 |
21,855 |
4,257 |
26,112 |
||
| Non-GAAP Operating Income |
1,649 |
436 |
2,084 |
2,080 |
56 |
2,136 |
9,187 |
260 |
9,448 |
||
| (*) See reconciliation information on p. 12 herein. |
|||||||||||
| (**) Note that certain figures for the year ended December 31, 2014 and Three months September, 2014 have been slightly revised from the previously reported figures as a result of allocation between segments and spin off the Car2Go subsidiary together with Shagrir, our RSA business. |
|||||||||||
SOURCE Pointer Telocation Ltd.
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