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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Ituran Location and Control Ltd | NASDAQ:ITRN | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.07 | -0.22% | 31.47 | 30.65 | 31.96 | 31.75 | 31.20 | 31.50 | 70,095 | 01:00:00 |
|
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
|
|
Form 20-F ☒ Form 40-F ☐
|
|
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):
|
|
Yes ☐
No ☒
|
|
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):
|
|
Yes ☐
No ☒
|
|
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.
|
|
Yes ☐
No ☒
|
|
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ______
|
|
|
ITURAN LOCATION & CONTROL LTD.
(Registrant)
By: /s/
Eyal Sheratzky
Name:
Eyal Sheratzky
Title:
Co-Chief Executive Officer
|
| • |
Net subscriber growth of 47,000: net increase in aftermarket of 45,000 and net increase in OEM of 2,000;
|
| • |
Record revenue of $81.6 million, an increase of 11% year-over-year;
|
| • |
Net income of $12.2 million, an increase of 40% year-over-year;
|
| • |
EBITDA of $21.8 million, up 12% year-over-year;
|
| • |
Generated $17.5 million in quarterly operating cash flow;
|
| • |
Declared dividend of $3.0 million and continued share buy-back program totaling $3.5 million in the quarter;
|
|
Company Contact
|
International Investor Relations
|
|
|
Udi Mizrahi
udi_m@ituran.com
Deputy CEO & VP Finance, Ituran
(Israel) +972 3 557 1348
|
Ehud Helft
ituran@ekgir.com
EK Global Investor Relations
(US) +1 212 378 8040
|
|
Page
|
|
|
Condensed Consolidated Interim Financial Statements:
|
|
|
2-3
|
|
|
4
|
|
|
5
|
|
US dollars
|
||||||||
|
June 30,
|
December 31,
|
|||||||
|
(in thousands)
|
2023
|
2022
|
||||||
|
(unaudited)
|
||||||||
|
Current assets
|
||||||||
|
Cash and cash equivalents
|
34,205
|
27,850
|
||||||
|
Investments in marketable securities
|
257
|
316
|
||||||
|
Accounts receivable (net of allowance for doubtful accounts)
|
47,909
|
45,821
|
||||||
|
Other current assets
|
56,056
|
48,156
|
||||||
|
Inventories
|
28,048
|
28,509
|
||||||
|
166,475
|
150,652
|
|||||||
|
Non- Current investments and other assets
|
||||||||
|
Investments in affiliated companies
|
763
|
1,188
|
||||||
|
Investments in other companies
|
1,839
|
1,779
|
||||||
|
Other non-current assets
|
3,762
|
3,129
|
||||||
|
Deferred income taxes
|
12,849
|
11,400
|
||||||
|
Funds in respect of employee rights upon retirement
|
15,537
|
15,146
|
||||||
|
34,750
|
32,642
|
|||||||
|
Property and equipment, net
|
44,528
|
45,598
|
||||||
|
Operating lease right-of-use assets, net
|
7,994
|
9,905
|
||||||
|
Intangible assets, net
|
11,043
|
12,620
|
||||||
|
Goodwill
|
39,328
|
39,510
|
||||||
|
Total assets
|
304,118
|
290,927
|
||||||
|
US dollars
|
||||||||
|
June 30,
|
December 31,
|
|||||||
|
(in thousands)
|
2023
|
2022
|
||||||
|
(unaudited)
|
||||||||
|
Current liabilities
|
||||||||
|
Credit from banking institutions
|
4,143
|
11,845
|
||||||
|
Accounts payable
|
23,224
|
21,937
|
||||||
|
Deferred revenues
|
25,466
|
21,783
|
||||||
|
Other current liabilities
|
40,846
|
37,407
|
||||||
|
93,679
|
92,972
|
|||||||
|
Non- Current liabilities
|
||||||||
|
Long term loan
|
309
|
345
|
||||||
|
Liability for employee rights upon retirement
|
21,799
|
21,224
|
||||||
|
Deferred income taxes
|
1,395
|
1,534
|
||||||
|
Deferred revenues
|
14,335
|
13,036
|
||||||
|
Others non-current liabilities
|
1,983
|
2,071
|
||||||
|
Operating lease liabilities, non-current
|
4,975
|
6,886
|
||||||
|
44,796
|
45,096
|
|||||||
|
Stockholders’ equity
|
159,303
|
145,797
|
||||||
|
Non-controlling interests
|
6,340
|
7,062
|
||||||
|
Total equity
|
165,643
|
152,859
|
||||||
|
Total liabilities and equity
|
304,118
|
290,927
|
||||||
|
US dollars
|
US dollars
|
|||||||||||||||
|
Six month period
ended June 30, |
Three month period
ended June 30, |
|||||||||||||||
|
(in thousands except per share data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Revenues:
|
||||||||||||||||
|
Telematics services
|
114,963
|
102,540
|
59,186
|
52,314
|
||||||||||||
|
Telematics products
|
46,154
|
42,920
|
22,459
|
21,074
|
||||||||||||
|
161,117
|
145,460
|
81,645
|
73,388
|
|||||||||||||
|
Cost of revenues:
|
||||||||||||||||
|
Telematics services
|
48,642
|
44,739
|
25,250
|
22,607
|
||||||||||||
|
Telematics products
|
37,124
|
33,627
|
17,733
|
16,950
|
||||||||||||
|
85,766
|
78,366
|
42,983
|
39,557
|
|||||||||||||
|
Gross profit
|
75,351
|
67,094
|
38,662
|
33,831
|
||||||||||||
|
Research and development expenses
|
8,354
|
8,131
|
4,216
|
3,991
|
||||||||||||
|
Selling and marketing expenses
|
6,606
|
6,580
|
3,283
|
3,456
|
||||||||||||
|
General and administrative expenses
|
27,716
|
23,698
|
14,443
|
11,986
|
||||||||||||
|
Other income (expense), net
|
118
|
(118
|
)
|
75
|
(39
|
)
|
||||||||||
|
Operating income
|
32,557
|
28,803
|
16,645
|
14,437
|
||||||||||||
|
Other expense, net
|
(3
|
)
|
-
|
(24
|
)
|
-
|
||||||||||
|
Financing income (expense), net
|
154
|
(3,938
|
)
|
349
|
(1,373
|
)
|
||||||||||
|
Income before income tax
|
32,708
|
24,865
|
16,970
|
13,064
|
||||||||||||
|
Income tax expenses
|
(7,220
|
)
|
(5,918
|
)
|
(3,801
|
)
|
(3,454
|
)
|
||||||||
|
Share in losses of affiliated companies, net
|
(627
|
)
|
(121
|
)
|
(261
|
)
|
(78
|
)
|
||||||||
|
Net income for the period
|
24,861
|
18,826
|
12,908
|
9,532
|
||||||||||||
|
Less: Net income attributable to non-controlling interest
|
(1,257
|
)
|
(1,359
|
)
|
(659
|
)
|
(794
|
)
|
||||||||
|
Net income attributable to the Company
|
23,604
|
17,467
|
12,249
|
8,738
|
||||||||||||
|
Basic and diluted earnings per share attributable to Company’s stockholders
|
1.17
|
0.85
|
0.61
|
0.43
|
||||||||||||
|
Basic and diluted weighted average number of shares outstanding (in thousands)
|
20,158
|
20,497
|
20,118
|
20,460
|
||||||||||||
|
US dollars
|
US dollars
|
|||||||||||||||
|
Six month period
ended June 30, |
Three month period
ended June 30, |
|||||||||||||||
|
(in thousands)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Cash flows from operating activities
|
||||||||||||||||
|
Net income for the period
|
24,861
|
18,826
|
12,908
|
9,532
|
||||||||||||
|
Adjustments to reconcile net income to net cash from operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
10,051
|
9,893
|
5,146
|
4,986
|
||||||||||||
|
Loss (gain) in respect of trading marketable securities
|
(53
|
)
|
3,772
|
(54
|
)
|
1,422
|
||||||||||
|
Increase in liability for employee rights upon retirement
|
1,590
|
1,072
|
729
|
154
|
||||||||||||
|
Share in losses of affiliated companies, net
|
627
|
121
|
261
|
78
|
||||||||||||
|
Deferred income taxes
|
(1,394
|
)
|
142
|
(791
|
)
|
(15
|
)
|
|||||||||
|
Capital loss (gain) on sale of property and equipment, net
|
46
|
(295
|
)
|
53
|
(233
|
)
|
||||||||||
|
Increase in accounts receivable
|
(2,952
|
)
|
(5,051
|
)
|
(172
|
)
|
(1,366
|
)
|
||||||||
|
Increase in other current assets
|
(6,975
|
)
|
(6,251
|
)
|
(2,399
|
)
|
(3,225
|
)
|
||||||||
|
Decrease (increase) in inventories
|
(609
|
)
|
(3,995
|
)
|
(450
|
)
|
755
|
|||||||||
|
Increase (decrease) in accounts payable
|
939
|
255
|
(2,726
|
)
|
(956
|
)
|
||||||||||
|
Increase (decrease) in deferred revenues
|
5,227
|
541
|
2,498
|
(1,305
|
)
|
|||||||||||
|
Increase (decrease) in other current and non-current liabilities
|
3,544
|
(1,228
|
)
|
2,504
|
1,025
|
|||||||||||
|
Net cash provided by operating activities
|
34,902
|
17,802
|
17,507
|
10,852
|
||||||||||||
|
Cash flows from investment activities
|
||||||||||||||||
|
Decrease (increase) in funds in respect of employee rights upon retirement, net of withdrawals
|
(1,160
|
)
|
(373
|
)
|
(777
|
)
|
19
|
|||||||||
|
Capital expenditures
|
(6,282
|
)
|
(14,718
|
)
|
(3,379
|
)
|
(8,596
|
)
|
||||||||
|
Investments in affiliated and other companies
|
(607
|
)
|
(600
|
)
|
(312
|
)
|
(223
|
)
|
||||||||
|
Repayment of (Investments in) long term deposit
|
(45
|
)
|
130
|
(45
|
)
|
152
|
||||||||||
|
Sale of (investment in) marketable securities
|
99
|
(103
|
)
|
(103
|
)
|
|||||||||||
|
Proceeds from sale of property and equipment
|
58
|
783
|
40
|
573
|
||||||||||||
|
Net cash used in investment activities
|
(7,937
|
)
|
(14,881
|
)
|
(4,473
|
)
|
(8,178
|
)
|
||||||||
|
Cash flows from financing activities
|
||||||||||||||||
|
Short term credit from banking institutions, net
|
185
|
(99
|
)
|
(954
|
)
|
(50
|
)
|
|||||||||
|
Repayment of long term loan
|
(7,907
|
)
|
(8,223
|
)
|
(3,765
|
)
|
(4,046
|
)
|
||||||||
|
Dividend paid
|
(5,617
|
)
|
(5,766
|
)
|
(2,820
|
)
|
(2,875
|
)
|
||||||||
|
Purchase of treasury shares
|
(4,717
|
)
|
(3,446
|
)
|
(3,517
|
)
|
(3,446
|
)
|
||||||||
|
Dividend paid to non-controlling interest
|
(1,687
|
)
|
-
|
(892
|
)
|
-
|
||||||||||
|
Net cash used in financing activities
|
(19,743
|
)
|
(17,534
|
)
|
(11,948
|
)
|
(10,417
|
)
|
||||||||
|
Effect of exchange rate changes on cash and cash equivalents
|
(867
|
)
|
(3,022
|
)
|
(157
|
)
|
(2,840
|
)
|
||||||||
|
Net increase (decrease) in cash and cash equivalents
|
6,355
|
(17,635
|
)
|
929
|
(10,583
|
)
|
||||||||||
|
Balance of cash and cash equivalents at beginning of the period
|
27,850
|
50,306
|
33,276
|
43,254
|
||||||||||||
|
Balance of cash and cash equivalents at end of the period
|
34,205
|
32,671
|
34,205
|
32,671
|
||||||||||||
1 Year Ituran Location and Cont... Chart |
1 Month Ituran Location and Cont... Chart |
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