0001178913-12-003319.txt : 20121128 0001178913-12-003319.hdr.sgml : 20121128 20121128060341 ACCESSION NUMBER: 0001178913-12-003319 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20121128 FILED AS OF DATE: 20121128 DATE AS OF CHANGE: 20121128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pointer Telocation Ltd CENTRAL INDEX KEY: 0000920532 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13138 FILM NUMBER: 121227626 BUSINESS ADDRESS: STREET 1: 14 HAMELACHA STREET CITY: ROSH HA'AYIN STATE: L3 ZIP: 48091 BUSINESS PHONE: 97235723111 MAIL ADDRESS: STREET 1: 14 HAMELACHA STREET CITY: ROSH HA'AYIN STATE: L3 ZIP: 48091 FORMER COMPANY: FORMER CONFORMED NAME: NEXUS TELOCATION SYSTEMS LTD DATE OF NAME CHANGE: 19980623 FORMER COMPANY: FORMER CONFORMED NAME: NEXUS TELECOMMUNICATIONS SYSTEMS LTD DATE OF NAME CHANGE: 19980112 6-K 1 zk1212324.htm 6-K zk1212324.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
Report of Foreign Private Issuer
 
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
 
For the month of November 2012
 
Commission File Number: 001-13138
 
Pointer Telocation Ltd.
(Translation of registrant's name into English)
 
14 Hamelacha Street, Rosh Ha'ayin, Israel 48091
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F x Form 40-F o
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
 
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes o No x
 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________
 
 
 

 
 
Pointer Telocation Ltd.
 
On November 28, 2012, Pointer Telocation Ltd. issued a press release announcing its Q3 2012 financial results.

A copy of this press release is annexed hereto as Exhibit 1 and is incorporated herein by reference.
 
This Form 6-K is being incorporated by reference into all effective registration statements filed by the Registrant under the Securities Act of 1933.
 
Exhibit
 
Exhibit 1
Press release dated November 28, 2012, announcing Pointer Telocation’s Q3 2012 financial results.

 
 

 
 
Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
Date: November 28, 2012
 
POINTER TELOCATION LTD.
 
By: /s/ Yossi Ben Shalom
——————————————————  
Yossi Ben Shalom
Chairman of the Board of Directors

 


EX-99 2 exhibit_1.htm EXHIBIT 1 exhibit_1.htm


Exhibit 1
 
For Immediate Release

 
Pointer Telocation Reports Q3 2012 Financial Results:

 
·
Revenues of $20.2M
 
·
Non-GAAP Net Income of $ 1.4M
 
·
Adjusted EBITDA $2.5M
 
Rosh HaAyin, Israel November 28th, 2012 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 and insurance market, announced today its financial results for the third quarter of 2012.
 
Financial Highlights
 
Revenues: Pointer's revenues for the third quarter of 2012 decreased 9.7% to $20.2 million, as compared to $22.3 million in the third quarter of 2011.
 
International activities for the third quarter of 2012 were 26% of total revenues compared to 28% in the comparable period of 2011.
 
Revenues from products in the third quarter of 2012 were $7 million, compared to $8.3 million in the same period in 2011. (34.7% and 37.1%, of revenues respectively).
 
Pointer’s revenues from services in the third quarter of 2012 decreased 6.3% to $13.2 million, from $14.1 million, in the comparable period of 2011 (65.3% and 62.9%, of revenues respectively).
 
Gross Profit: In the third quarter of 2012, gross profit decreased 12% to $6.8 million from $7.6 million in the third quarter of 2011.
 
Operating Income: In the third quarter of 2012, operating income was $1.2 million, similar  to $1.2 million in the third quarter of 2011.
 
 
 

 
 
Net Income: Pointer recorded net income attributable to Pointer’s shareholders for the third quarter of 2012 of $229 thousand or $0.04 per share, compared to a net loss of $188 thousand or a $0.04 loss per share in the third quarter of 2011.
 
Net income attributable to a non-controlling interest in affiliates in the third quarter of 2012 was $123 thousand compared to $277 thousand for the comparable period in 2011.
 
Adjusted EBITDA: Pointer’s adjusted EBITDA for the third quarter of 2012 was $2.5 million, as compared to $2.6 million in the comparable period in 2011.
 
David Mahlab, Pointer's Chief Executive Officer, commented on the results: "We have succeeded in maintaining our bottom line results though our revenue declined this quarter. The declining revenues are mainly as a result of currency exchange rates and weakness in sales of the technology sector due to global economy conditions. We have concentrated on improving our operations in order to face prevailing market conditions and to accommodate our expense level. We expect the weak global economy to continue to affect us, but expect that our efforts in launching new products and our additional investment in Latin America together with continued improvement of our operating costs will enable us to achieve our long term goals."
 
Conference Call Information:
 
Pointer Telocation's management will host today, Wednesday, November  28th, 2012 a conference call with the investment community to review and discuss the financial results of Q3 2012, and will also be available to answer questions.
 
The conference call will commence at 9:30 AM EST, 4:30 PM Israel time.
 
To participate in the call, please dial in to one of the teleconferencing numbers below. Please begin placing your call at least 5 minutes before the time set for the commencement of the conference call.
 
From USA 1-888-668-9141; From Israel: 03-918-0609
 
A replay will be available from November 29th, 2012 on the Company’s website: www.pointer.com.

 
 

 
 
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 a non-GAAP financial performance measurement.
 
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 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 client list with products installed in over 45 countries. Cellocator, a Pointer Products Division, is a leading MRM (Mobile Resource Management) technology developer and manufacturer.
 
For more information: 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.

 
 

 
 
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2012

IN U.S. DOLLARS

UNAUDITED

INDEX


 
 

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
INTERIM CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands
 
   
September 30,
   
December 31,
 
   
2012
   
2011
 
   
Unaudited
       
             
ASSETS
           
             
CURRENT ASSETS:
           
Cash and cash equivalents
  $ 2,074     $ 1,468  
Restricted cash
    113       123  
Trade receivables
    16,958       14,427  
Other accounts receivable and prepaid expenses
    2,529       1,946  
Inventories
    4,161       4,467  
                 
Total current assets
    25,835       22,431  
                 
LONG-TERM ASSETS:
               
Long-term accounts receivable
    551       805  
Severance pay fund
    8,401       7,474  
Property and equipment, net
    10,300       10,839  
Investment and long term loans to affiliate
    771       266  
Other intangible assets, net
    2,672       3,030  
Goodwill
    45,147       44,493  
                 
Total long-term assets
    67,842       66,907  
                 
Total assets
  $ 93,677     $ 89,338  
 
The accompanying notes are an integral part of the interim consolidated financial statements.

 
2

 
 
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
INTERIM CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)

   
September 30,
   
December 31,
 
   
2012
   
2011
 
   
Unaudited
       
             
LIABILITIES AND SHAREHOLDERS' EQUITY
           
             
CURRENT LIABILITIES:
           
Short-term bank credit and current maturities of long-term loans
  $ 12,468     $ 13,208  
Trade payables
    10,156       9,821  
Deferred revenues and customer advances
    7,392       6,890  
Other accounts payable and accrued expenses
    7,028       7,440  
                 
Total current liabilities
    37,044       37,359  
                 
LONG-TERM LIABILITIES:
               
Long-term loans from banks
    8,022       7,715  
Long-term loans from shareholders and others
    931       943  
Other long-term liabilities
    3,691       2,895  
Accrued severance pay
    9,652       8,625  
                 
      22,296       20,178  
COMMITMENTS AND CONTINGENT LIABILITIES
               
                 
EQUITY:
               
Pointer Telocation Ltd’s shareholders' equity:
               
Share capital
    3,871       3,353  
Additional paid-in capital
    120,570       119,147  
Accumulated other comprehensive income
    (190 )     837  
Accumulated deficit
    (96,147 )     (96,743 )
                 
Total Pointer Telocation Ltd’s shareholders' equity
    28,104       26,594  
                 
Non-controlling interest
    6,233       5,207  
                 
Total equity
    34,337       31,801  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
  $ 93,677     $ 89,338  
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
 
3

 
 
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
INTERIM CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
U.S. dollars in thousands (except share and per share data)
 
   
Nine months ended
September 30,
   
Three months ended
September 30,
   
Year ended
 December 31,
 
   
2012
   
2011
   
2012
   
2011
   
2011
 
   
Unaudited
       
                               
Revenues:
                             
Products
  $ 22,525     $ 24,084     $ 7,009     $ 8,287     $ 31,140  
Services
    40,421       41,429       13,162       14,046       54,778  
                                         
Total revenues
    62,946       65,513       20,171       22,333       85,918  
                                         
Cost of revenues:
                                       
Products
    13,406       13,784       4,126       4,894       18,283  
Services
    28,391       27,858       9,317       9,610       37,249  
Amortization of intangible assets
    181       733       60       244       1,498  
                                         
Total cost of revenues
    41,978       42,375       13,503       14,748       57,030  
                                         
Gross profit
    20,968       23,138       6,668       7,585       28,888  
                                         
Operating expenses:
                                       
Research and development
    2,036       2,290       647       783       3,082  
Selling and marketing
    6,583       6,839       2,138       2,493       8,932  
General and administrative
    6,986       8,579       2,177       2,612       11,450  
Amortization of intangible assets
    1,486       1,383       481       459       1,821  
Impairment of goodwill and intangible assets
    -       -       -       -       6,216  
                                         
Total operating expenses
    17,091       19,091       5,443       6,347       31,501  
                                         
Operating income
    3,877       4,047       1,225       1,238       (2,613 )
Financial expenses, net
    1,285       1,370       357       520       1,779  
Other expenses (income), net
    12       92       3       101       77  
                                         
Income before taxes on income
    2,580       2,585       865       617       (4,469 )
Taxes on income
    738       950       192       257       2,383  
                                         
Income after Income taxes
    1,842       1,635       673       360       (6,852 )
Equity in losses of affiliate
    106       1,069       25       271       1,634  
                                         
Income from continuing operations
    1,736       566       648       89       (8,486 )
Loss from discontinued operations, net
    995       -       296       -       -  
                                         
Net income (loss)
    741       566       352       89       (8,486 )
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
 
4

 
 
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
INTERIM CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
U.S. dollars in thousands (except share and per share data)

   
Nine months ended
September 30,
   
Three months ended
September 30,
   
Year ended December 31,
 
   
2012
   
2011
   
2012
   
2011
   
2011
 
   
Unaudited
       
Other comprehensive income (loss):
                             
Currency translation adjustments of foreign operations
    (960 )     (1,871 )     (35 )     (2,978 )     (2,605 )
Realized losses on derivatives designated as cash flow hedges
    237       (225 )     76       (76 )     (219 )
Unrealized losses on derivatives designated as cash flow hedges
    (31 )     (61 )     (5 )     (273 )     (162 )
                                         
Total comprehensive income (loss)
    (13 )     (1,591 )     388       (3,238 )     (11,472 )
                                         
Profit from continuing operations attributable to:
                                       
Equity holders of the parent
    1,224       238       503       (188 )     (8,527 )
Non-controlling interests
    512       328       145       277       41  
                                         
      1,736       566       648       89       (8,486 )
                                         
Loss from discontinued operations attributable to:
                                       
Equity holders of the parent
    630       -       274       -       -  
Non-controlling interests
    365       -       22       -       -  
                                         
      995       -       296       -       -  
Total comprehensive income (loss) attributable to:
                                       
Equity holders of the parent
    (110 )     (1,476 )     229       (2,776 )     (10,982 )
Non-controlling interests
    97       (115 )     159       (462 )     (490 )
                                         
      (13 )     (1,591 )     388       (3,238 )     (11,472 )
                                         
Earnings (loss) per share attributable to Pointer Telocation Ltd's shareholders:
                                       
Basic net earnings (loss) per share
  $ 0.12     $ 0.05     $ 0.04     $ (0.04 )   $ (1.78 )
                                         
Diluted net earnings (loss) per share
  $ 0.12     $ 0.04     $ 0.04     $ (0.04 )   $ (1.79 )
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
 
5

 
 
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
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,
 
   
2012
   
2011
   
2012
   
2011
   
2011
 
   
Unaudited
       
                               
Net income (loss)
  $ 741     $ 566     $ 352     $ 89     $ (8,486 )
Adjustments required to reconcile net income
        to net cash provided by operating activities:
                                       
Depreciation, amortization and impairment
    4,270       4,646       1,211       1,578       12,710  
Accrued interest and exchange rate changes of debenture and long-term loans
    19       100       16       6       135  
Accrued severance pay, net
    103       552       148       202       487  
changes of long-term loans to affiliate
    34       -       6       -       -  
Gain from sale of property and equipment, net
    (228 )     (138 )     (104 )     (85 )     (95 )
Equity in losses of affiliate
    106       1,069       25       271       1,634  
Stock-based compensation expenses
    222       352       55       122       515  
Impairment loss of loan to minority shareholder in subsidiary
    -       -       -       -       489  
Decrease in restricted cash
    10       7       4       3       10  
Decrease (increase) in trade receivables, net
    (2,872 )     (3,170 )     (555 )     510       (1,462 )
Decrease (increase) in other accounts receivable and prepaid expenses
    (460 )     287       182       406       373  
Decrease (increase) in inventories
    358       (1,244 )     (441 )     (756 )     (1,035 )
Write-off of inventories
    109       66       25       28       304  
Deferred income taxes
    -       58       -       90       170  
Decrease (increase) in long-term accounts receivable
    269       271       36       (68 )     (177 )
Increase (decrease) in trade payables
    386       1,719       (587 )     963       452  
Increase (decrease) in other accounts payable and accrued expenses
    1,121       2,217       (284 )     (423 )     2,457  
                                         
Net cash provided by operating activities
    4,188       7,358       89       2,936       8,481  
                                         
Cash flows from investing activities:
                                       
                                         
Purchase of property and equipment
    (3,215 )     (3,930 )     (818 )     (1,321 )     (4,445 )
Proceeds from sale of property and equipment
    1,194       676       448       405       1,050  
Investment and loans/Repayments in affiliate
    (694 )     (1,496 )     23       (390 )     (1,740 )
Acquisition of Subsidiary (a)
    (251 )     -       -       -       -  
Purchase of activity (b)
    (3,125 )     -       -       -       -  
Proceeds from sale of investments in previously consolidated subsidiaries (c)
    -       39       -       39       39  
                                         
Net cash used in investing activities
    (6,091 )     (4,711 )     (347 )     (1,267 )     (5,096 )

The accompanying notes are an integral part of the interim consolidated financial statements.
 
 
6

 
 
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
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,
 
   
2012
   
2011
   
2012
   
2011
   
2011
 
   
Unaudited
       
                               
Cash flows from financing activities:
                             
                               
Proceeds from issuance of shares and exercise of options, net
    1,945       48       1,803       15       281  
Repayment of long-term loans from banks
    (9,397 )     (6,096 )     (3,740 )     (1,607 )     (8,937 )
Repayment of long-term loans from others
    -       (1,061 )     -       (1,039 )     (1,071 )
Receipt of long-term loans from banks, shareholders and others
    9,324       6,232       1,687       (16 )     8,384  
Dividend paid to the non-controlling interest
    -       (896 )     -       -       (1,594 )
Short-term bank credit, net
    (39 )     (1,631 )     (302 )     259       (1,002 )
                                         
Net cash provided by (used in) financing activities
    1,833       (3,404 )     (552 )     (2,388 )     (3,939 )
                                         
Effect of exchange rate on cash and cash equivalents
    676       (320 )     549       (388 )     (211 )
                                         
Increase (decrease) in cash and cash equivalents
    606       (1,077 )     (261 )     (1,107 )     (765 )
Cash and cash equivalents at the beginning of the period
    1,468       2,233       2,335       2,263       2,233  
                                         
Cash and cash equivalents at the end of the period
  $ 2,074     $ 1,156     $ 2,074     $ 1,156     $ 1,468  
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
 
7

 
 
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
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,
 
     
2012
   
2011
   
2012
   
2011
   
2011
 
     
Unaudited
       
                                 
(a)
Acquisition of subsidiary:
                             
                                 
 
Property and equipment
  $ 22     $ -     $ -     $ -     $ -  
 
Technology
    58       -       -       -       -  
 
Goodwill
    304       -       -       -       -  
 
Minority Interest
    (133 )     -       -       -       -  
      $ 251     $ -     $ -     $ -     $ -  
                                           
(b)
Purchase of activity:
                                       
                                           
 
Working capital
  $ 27     $ -     $ -     $ -     $ -  
 
Property and equipment
    112       -       -       -       -  
 
Customer list
    1,364       -       -       -       -  
 
Goodwill
    1,669       -       -       -       -  
 
Accrued severance pay, net
    (23 )     -       -       -       -  
 
Employees accruals
    (24 )     -       -       -       -  
      $ 3,125     $ -     $ -     $ -     $ -  
                                           
(c)
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)
  $ -     $ 32     $ -     $ 32     $ 32  
 
Non-controlling interests
            426               426       426  
 
Gain (Loss) from sale of subsidiaries
    -       (110 )     -       (110 )     (110 )
 
Receivables for sale of investments in subsidiaries
    -       (309 )     -       (309 )     (309 )
                                           
      $ -     $ 39     $ -     $ 39     $ 39  

 
8

 
 
POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
ADDITIONAL INFORMATION
U.S. dollars in thousands
 
The following table reconciles the GAAP to non-GAAP operating results:
 
Non GAAP Net income
 
   
Nine months ended
September 30,
   
Three months ended
September 30,
   
Year ended
 December 31,
 
   
2012
   
2011
   
2012
   
2011
   
2011
 
   
Unaudited
       
                               
GAAP Net income (loss) as reported:
  $ 741     $ 566     $ 352     $ 89     $ (8,486 )
Loss from discontinued operations, net
    995       -       296       -       -  
amortization and impairment of goodwill and  intangible assets from continuing operations
    1,667       2,116       541       703       9,535  
Stock based compensation
 expenses
    222       352       55       122       515  
non-cash tax expenses resulting from timing differences relating to the amortization of acquisition-related intangible assets and goodwill
    619       479       200       163       2,365  
                                         
Non-GAAP Net income
  $ 4,244     $ 3,513     $ 1,444     $ 1,077     $ 3,929  

Adjusted EBITDA

   
Nine months ended
September 30,
   
Three months ended
September 30,
   
Year ended
 December 31,
 
   
2012
   
2011
   
2012
   
2011
   
2011
 
   
Unaudited
       
                               
GAAP Net income (loss) as reported:
  $ 741     $ 566     $ 352     $ 89     $ (8,486 )
                                         
Loss from discontinued operations, net
    995       -       296       -       -  
One time charge attributable to efforts to expand services to Israeli insurance companies
    -       486       -       -       486  
Financial expenses, net
    1,285       1,370       357       520       1,779  
Tax on income
    738       950       192       257       2,383  
Stock based compensation  expenses
    222       352       55       122       515  
Depreciation , amortization and impairment of goodwill and intangible assets
    3,922       4,646       1,216       1,578       12,710  
                                         
Non-GAAP Adjusted EBITDA
  $ 7,903     $ 8,370     $ 2,468     $ 2,566     $ 9,387  
 
9