Exhibit 1
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Press release dated May 13, 2013, announcing Pointer Telocation’s Q1 2013 financial results.
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Date: May 13, 2013
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POINTER TELOCATION LTD.
By: /s/ Yossi Ben Shalom
——————————————
Yossi Ben Shalom
Chairman of the Board of Directors
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·
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Revenues of $22.1 million
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·
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Adjusted EBITDA - $2.8 million in Q1 2013
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·
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Non-GAAP net income of $1.8 million in Q1 2013
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Contact:
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Zvi Fried, V.P. and Chief Financial Officer
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Chen Livne, Gelbart-Kahana Investor Relations
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Tel.; 972-3-572 3111
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Tel: 972-3-607 4717, +972-54-302 2983
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E-mail: zvif@pointer.com
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E-mail: chen@gk-biz.com
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March 31,
2013
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December 31,
2012
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|||||||
Unaudited
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||||||||
ASSETS
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||||||||
CURRENT ASSETS:
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||||||||
Cash and cash equivalents
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$ | 2,330 | $ | 3,685 | ||||
Restricted cash
|
103 | 108 | ||||||
Trade receivables
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18,548 | 16,215 | ||||||
Other accounts receivable and prepaid expenses
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2,477 | 2,069 | ||||||
Inventories
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4,144 | 3,982 | ||||||
Total current assets
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27,602 | 26,059 | ||||||
LONG-TERM ASSETS:
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||||||||
Long-term accounts receivable
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552 | 582 | ||||||
Severance pay fund
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9,458 | 9,034 | ||||||
Property and equipment, net
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10,093 | 10,364 | ||||||
Investment and long term loans to affiliate
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921 | 814 | ||||||
Other intangible assets, net
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1,887 | 2,242 | ||||||
Goodwill
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48,231 | 47,190 | ||||||
Total long-term assets
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71,142 | 70,226 | ||||||
Total assets
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$ | 98,744 | $ | 96,285 |
March 31,
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December 31,
|
|||||||
2013
|
2012
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|||||||
Unaudited
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||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||
CURRENT LIABILITIES:
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||||||||
Short-term bank credit and current maturities of long-term loans
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$ | 9,622 | $ | 11,129 | ||||
Trade payables
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11,338 | 11,248 | ||||||
Deferred revenues and customer advances
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9,605 | 6,954 | ||||||
Other accounts payable and accrued expenses
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6,291 | 7,251 | ||||||
Total current liabilities
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36,856 | 36,582 | ||||||
LONG-TERM LIABILITIES:
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||||||||
Long-term loans from banks
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9,003 | 9,339 | ||||||
Long-term loans from shareholders and others
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927 | 925 | ||||||
Deferred tax and other long-term liabilities
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4,008 | 3,765 | ||||||
Accrued severance pay
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10,739 | 10,328 | ||||||
24,677 | 24,357 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES
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EQUITY:
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Pointer Telocation Ltd's shareholders' equity:
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Share capital
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3,871 | 3,871 | ||||||
Additional paid-in capital
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120,655 | 120,290 | ||||||
Accumulated other comprehensive income
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1,514 | 1,127 | ||||||
Accumulated deficit
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(94,733 | ) | (95,540 | ) | ||||
Total Pointer Telocation Ltd's shareholders' equity
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31,307 | 29,748 | ||||||
Non-controlling interest
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5,904 | 5,598 | ||||||
Total equity
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37,211 | 35,346 | ||||||
Total liabilities and equity
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$ | 98,744 | $ | 96,285 |
Three months ended
March 31,
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Year ended
December 31,
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|||||||||||
2013
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2012
|
2012
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||||||||||
Unaudited
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||||||||||||
Revenues:
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||||||||||||
Products
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$ | 7,422 | $ | 7,825 | $ | 30,402 | ||||||
Services
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14,723 | 13,783 | 54,430 | |||||||||
Total revenues
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22,145 | 21,608 | 84,832 | |||||||||
Cost of revenues:
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||||||||||||
Products
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4,381 | 4,625 | 17,988 | |||||||||
Services
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10,560 | 9,427 | 38,573 | |||||||||
Amortization and impairment of intangible assets
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- | 60 | 181 | |||||||||
Total cost of revenues
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14,941 | 14,112 | 56,742 | |||||||||
Gross profit
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7,204 | 7,496 | 28,090 | |||||||||
Operating expenses:
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||||||||||||
Research and development
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670 | 716 | 2,716 | |||||||||
Selling and marketing
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2,325 | 2,259 | 9,067 | |||||||||
General and administrative
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2,283 | 2,588 | 9,232 | |||||||||
Amortization of intangible assets
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381 | 504 | 1,987 | |||||||||
Total operating expenses
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5,659 | 6,067 | 23,002 | |||||||||
Operating income
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1,545 | 1,429 | 5,088 | |||||||||
Financial expenses, net
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338 | 465 | 1,628 | |||||||||
Other income (expenses), net
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6 | (7 | ) | (5 | ) | |||||||
Income before taxes on income
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1,213 | 957 | 3,455 | |||||||||
Taxes on income
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164 | 289 | 861 | |||||||||
Income after taxes on income
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1,049 | 668 | 2,594 | |||||||||
Equity in gains (losses) of affiliate
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112 | (48 | ) | 38 | ||||||||
Income from continuing operations
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1,161 | 620 | 2,632 | |||||||||
Loss from discontinued operations, net
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- | 182 | 995 | |||||||||
Net income
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$ | 1,161 | $ | 438 | $ | 1,637 |
Three months ended
March 31,
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Year ended
December 31,
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|||||||||||
2013
|
2012
|
2012
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||||||||||
Unaudited
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||||||||||||
Other comprehensive income (loss):
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||||||||||||
Currency translation adjustments of foreign operations
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$ | 695 | $ | 655 | $ | 299 | ||||||
Realized losses (gains) on derivatives designated as cash flow hedges
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(24 | ) | (79 | ) | 224 | |||||||
Unrealized losses on derivatives designated as cash flow hedges
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- | 263 | 14 | |||||||||
Total comprehensive income
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1,832 | 1,277 | 2,174 | |||||||||
Profit from continuing operations attributable to:
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||||||||||||
Equity holders of the parent
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807 | 301 | 1,833 | |||||||||
Non-controlling interests
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354 | 319 | 799 | |||||||||
1,161 | 620 | 2,632 | ||||||||||
Loss from discontinued operations attributable to:
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||||||||||||
Equity holders of the parent
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- | 138 | 630 | |||||||||
Non-controlling interests
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- | 44 | 365 | |||||||||
- | $ | 182 | $ | 995 | ||||||||
Total comprehensive income attributable to:
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||||||||||||
Equity holders of the parent
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$ | 1,194 | $ | 746 | $ | 1,493 | ||||||
Non-controlling interests
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638 | 531 | 681 | |||||||||
$ | 1,832 | $ | 1,277 | $ | 2,174 | |||||||
Earnings per share attributable to Pointer Telocation Ltd's shareholders:
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Basic net earnings per share
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$ | 0.14 | $ | 0.03 | $ | 0.23 | ||||||
Diluted net earnings per share
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$ | 0.14 | $ | 0.03 | $ | 0.23 |
Three months ended
March 31,
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Year ended
December 31,
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|||||||||||
2013
|
2012
|
2012
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||||||||||
Unaudited
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||||||||||||
Cash flows from operating activities:
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||||||||||||
Net income
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$ | 1,161 | $ | 438 | $ | 1,637 | ||||||
Adjustments required to reconcile net income to net cash provided by operating activities:
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||||||||||||
Depreciation, amortization and impairment
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1,083 | 1,350 | 5,546 | |||||||||
Accrued interest and exchange rate changes of debenture and long-term loans
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(24 | ) | 14 | 118 | ||||||||
Accrued severance pay, net
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(40 | ) | (37 | ) | 91 | |||||||
Gain from sale of property and equipment, net
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(68 | ) | (38 | ) | (271 | ) | ||||||
Equity in losses (gains) of affiliate
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(112 | ) | 48 | (38 | ) | |||||||
Amortization of stock-based compensation
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33 | 101 | 265 | |||||||||
Decrease in restricted cash
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5 | 2 | 15 | |||||||||
Increase in trade receivables, net
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(2,013 | ) | (3,038 | ) | (1,572 | ) | ||||||
Decrease (increase) in other accounts receivable and prepaid expenses
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(393 | ) | (259 | ) | 46 | |||||||
Decrease (increase) in inventories
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(53 | ) | 802 | 395 | ||||||||
Write-off of inventories
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18 | - | 337 | |||||||||
Deferred income taxes
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161 | - | 847 | |||||||||
Decrease in long-term accounts receivable
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23 | 156 | 234 | |||||||||
Increase (decrease) in trade payables
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(178 | ) | 165 | 965 | ||||||||
Increase (decrease) in other accounts payable and accrued expenses
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1,416 | 1,832 | (274 | ) | ||||||||
Net cash provided by operating activities
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1,019 | 1,536 | 8,341 | |||||||||
Cash flows from investing activities:
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||||||||||||
Purchase of property and equipment
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(1,027 | ) | (1,307 | ) | (4,033 | ) | ||||||
Proceeds from sale of property and equipment
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670 | 432 | 1,733 | |||||||||
Investment and loans/Repayments in affiliate
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32 | (729 | ) | (669 | ) | |||||||
Acquisition of subsidiary (a)
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- | (251 | ) | (251 | ) | |||||||
Purchase of business activity (b)
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- | (3,125 | ) | (3,125 | ) | |||||||
Net cash used in investing activities
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(325 | ) | (4,980 | ) | (6,345 | ) |
Three months ended
March 31,
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Year ended
December 31,
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|||||||||||
2013
|
2012
|
2012
|
||||||||||
Unaudited
|
||||||||||||
Cash flows from financing activities:
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||||||||||||
Repayment of long-term loans from banks
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(3,175 | ) | (2,607 | ) | (12,253 | ) | ||||||
Repayment of long-term loans from others
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(3 | ) | - | - | ||||||||
Receipt of long-term loans from banks
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1,348 | 3,181 | 11,670 | |||||||||
Dividend paid to the non-controlling interest
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- | - | (1,215 | ) | ||||||||
Proceeds from issuance of shares and exercise of warrants
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- | 5 | 1,945 | |||||||||
Short-term bank credit, net
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(376 | ) | 2,130 | (345 | ) | |||||||
Net cash provided by (used in) financing activities
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(2,206 | ) | 2,709 | (198 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents
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157 | 31 | 419 | |||||||||
Decrease in cash and cash equivalents
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(1,355 | ) | (704 | ) | 2,217 | |||||||
Cash and cash equivalents at the beginning of the period
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3,685 | 1,468 | 1,468 | |||||||||
Cash and cash equivalents at the end of the period
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$ | 2,330 | $ | 764 | $ | 3,685 |
Three months ended
March 31,
|
Year ended
December 31,
|
||||||||||||
2013
|
2012
|
2012
|
|||||||||||
(a)
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Acquisition of subsidiary:
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Property and equipment
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$ | - | $ | 22 | $ | 22 | |||||||
Technology
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- | 58 | 58 | ||||||||||
Goodwill
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- | 304 | 304 | ||||||||||
Minority Interest
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- | (133 | ) | (133 | ) | ||||||||
$ | - | $ | 251 | $ | 251 |
Three months ended
March 31,
|
Year ended
December 31,
|
||||||||||||
2013
|
2012
|
2012
|
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(b)
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Purchase of activity:
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Working capital
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$ | - | $ | 27 | $ | 27 | |||||||
Property and equipment
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- | 112 | 112 | ||||||||||
Customer list
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- | 1,364 | 1,364 | ||||||||||
Goodwill
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- | 1,669 | 1,669 | ||||||||||
Accrued severance pay, net
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- | (23 | ) | (23 | ) | ||||||||
Minority Interest
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- | (24 | ) | (24 | ) | ||||||||
Employees accruals
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|||||||||||||
$ | - | $ | 3,125 | $ | 3,125 |
Three months ended
March 31,
|
Year ended
December 31,
|
|||||||||||
2013
|
2012
|
2012
|
||||||||||
GAAP Net income as reported:
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$ | 1,161 | $ | 438 | $ | 1,637 | ||||||
Financial expenses, net
|
338 | 470 | 1,628 | |||||||||
Tax on income
|
164 | 289 | 861 | |||||||||
Loss from discontinued operations, net
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- | 182 | 995 | |||||||||
Stock based compensation expenses
|
33 | 101 | 265 | |||||||||
Depreciation, amortization and impairment
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1,083 | 1,338 | 5,198 | |||||||||
$ | 2,779 | $ | 2,818 | $ | 10,584 |
Three months ended
March 31,
|
Year ended
December 31,
|
|||||||||||
2013
|
2012
|
2012
|
||||||||||
GAAP Net income as reported:
|
$ | 1,161 | $ | 438 | $ | 1,637 | ||||||
amortization and impairment of intangible assets
|
381 | 564 | 2,168 | |||||||||
Loss from discontinued operations, net
|
- | 182 | 995 | |||||||||
Stock based compensation expenses
|
33 | 101 | 265 | |||||||||
non-cash tax expenses (income) resulting from timing differences relating to the amortization of acquisition-related intangible assets and goodwill
|
248 | 218 | 819 | |||||||||
$ | 1,823 | $ | 1,503 | $ | 5,884 |