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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.56 | -1.88% | 29.30 | 29.28 | 29.37 | 29.565 | 28.96 | 29.30 | 39,062 | 18:22:48 |
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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
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Form 20-F ☒ Form 40-F ☐
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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):
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Yes ☐ No
☒
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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):
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Yes ☐
No ☒
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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.
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Yes ☐
No ☒
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If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ______
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ITURAN LOCATION & CONTROL LTD.
(Registrant)
By: /s/
Eyal Sheratzky
Name:
Eyal Sheratzky
Title:
Co-Chief Executive Officer
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| • |
Number of subscribers reached 2,291,000, adding a net 39,000 in the first quarter;
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| • |
Record revenue of $85.0 million, an increase of 7% year-over-year;
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| • |
Net income increased to $13.0 million, up by 15% year-over-year;
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| • |
EBITDA grew to $22.3 million, a 7% increase year-over-year;
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Operating cash flow of $11.4 million;
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| • |
The Board declared a dividend of $8 million or $0.39 per share, in-line with the Company’s dividend policy, which was increased in the prior quarter;
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Company Contact
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International Investor Relations
|
|
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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
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Page
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Condensed Consolidated Interim Financial Statements:
|
|
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6-7
|
|
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8
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|
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9
|
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US dollars
|
||||||||
|
March 31,
|
December 31,
|
|||||||
|
(in thousands)
|
2024
|
2023
|
||||||
|
(unaudited)
|
||||||||
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Current assets
|
||||||||
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Cash and cash equivalents
|
54,035
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53,434
|
||||||
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Investments in marketable securities
|
221
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119
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||||||
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Accounts receivable (net of allowance for doubtful accounts)
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49,271
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45,390
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||||||
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Other current assets
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54,467
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52,724
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||||||
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Inventories
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26,140
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26,872
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||||||
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184,134
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178,539
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|||||||
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Long-term investments and other assets
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||||||||
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Investments in affiliated companies
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710
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714
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||||||
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Investments in other companies
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1,972
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2,213
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||||||
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Other non-current assets
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3,851
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3,989
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||||||
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Deferred income taxes
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14,804
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14,452
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||||||
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Funds in respect of employee rights upon retirement
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18,957
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18,525
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||||||
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40,294
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39,893
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|||||||
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Property and equipment, net
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39,331
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41,955
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||||||
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Operating lease right of use assets, net
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7,831
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8,071
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||||||
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Intangible assets, net
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10,259
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10,830
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||||||
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Goodwill
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39,346
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39,400
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||||||
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Total assets
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321,195
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318,688
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||||||
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US dollars
|
||||||||
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March 31,
|
December 31,
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|||||||
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(in thousands)
|
2024
|
2023
|
||||||
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(unaudited)
|
||||||||
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Current liabilities
|
||||||||
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Credit from banking institutions
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320
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355
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||||||
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Accounts payable
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19,904
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20,842
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||||||
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Deferred revenues
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28,006
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27,117
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||||||
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Other current liabilities
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44,622
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44,150
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||||||
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92,852
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92,464
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|||||||
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Long-term liabilities
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||||||||
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Loan from bank institutions
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-
|
237
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||||||
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Liability for employee rights upon retirement
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24,959
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24,562
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||||||
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Deferred income taxes
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842
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1,116
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||||||
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Deferred revenues
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13,227
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13,259
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||||||
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Others non-current liabilities
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2,059
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2,027
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||||||
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Operating lease liabilities, non-current
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4,711
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4,774
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||||||
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45,798
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45,975
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|||||||
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Stockholders’ equity
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177,106
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174,454
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||||||
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Non-controlling interests
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5,439
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5,795
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||||||
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Total equity
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182,545
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180,249
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Total liabilities and equity
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321,195
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318,688
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||||||
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US dollars
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||||||||
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(in thousands
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Three months period
ended March 31 , |
|||||||
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except per share data)
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2024
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2023
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||||||
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(unaudited)
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||||||||
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Revenues:
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||||||||
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Telematics services
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60,935
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55,777
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||||||
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Telematics products
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24,091
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23,695
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85,026
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79,472
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|||||||
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Cost of revenues:
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||||||||
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Telematics services
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25,521
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23,392
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||||||
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Telematics products
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19,962
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19,391
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||||||
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45,483
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42,783
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|||||||
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Gross profit
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39,543
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36,689
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Research and development expenses
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4,523
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4,138
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||||||
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Selling and marketing expenses
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3,574
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3,323
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||||||
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General and administrative expenses
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14,456
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13,273
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||||||
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Other expenses (income), net
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(39
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)
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43
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|||||
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Operating income
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17,029
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15,912
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||||||
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Other income, net
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-
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21
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||||||
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Financing income (expenses), net
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75
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(195
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)
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|||||
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Income before income tax
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17,104
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15,738
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||||||
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Income tax expenses
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(3,430
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)
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(3,419
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)
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||||
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Share in losses of affiliated companies, net
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(81
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)
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(366
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)
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||||
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Net income for the period
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13,593
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11,953
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||||||
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Less: Net income attributable to non-controlling interest
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(557
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)
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(598
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)
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||||
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Net income attributable to the Company
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13,036
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11,355
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||||||
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Basic and diluted earnings per share attributable to Company’s stockholders
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0.66
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0.56
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||||||
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Basic and diluted weighted average number of shares outstanding (in thousands)
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19,894
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20,228
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||||||
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US dollars
|
||||||||
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Three months period
ended March 31 , |
||||||||
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(in thousands)
|
2024
|
2023
|
||||||
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(unaudited)
|
||||||||
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Cash flows from operating activities
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||||||||
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Net income for the period
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13,593
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11,953
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||||||
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Adjustments to reconcile net income to net cash from operating activities:
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||||||||
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Depreciation and amortization
|
5,298
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4,905
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||||||
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Loss (gain) in respect of trading marketable securities
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(104
|
)
|
1
|
|||||
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Increase in liability for employee rights upon retirement, net
|
762
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861
|
||||||
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Share in losses of affiliated company, net
|
81
|
366
|
||||||
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Deferred income taxes
|
(790
|
)
|
(603
|
)
|
||||
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Capital loss (gain) from sale of property and equipment, net
|
36
|
(7
|
)
|
|||||
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Increase in accounts receivable
|
(4,840
|
)
|
(2,780
|
)
|
||||
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Increase in other current and non-current assets
|
(3,485
|
)
|
(4,576
|
)
|
||||
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Decrease (increase) in inventories
|
521
|
(159
|
)
|
|||||
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Increase (decrease) in accounts payable
|
(470
|
)
|
3,665
|
|||||
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Increase in deferred revenues
|
1,264
|
2,729
|
||||||
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Increase (decrease) in other current and non-current liabilities
|
(464
|
)
|
1,040
|
|||||
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Net cash provided by operating activities
|
11,402
|
17,395
|
||||||
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Cash flows from investment activities
|
||||||||
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Increase in funds in respect of employee rights upon
|
||||||||
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retirement, net of withdrawals
|
(707
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)
|
(383
|
)
|
||||
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Capital expenditures
|
(3,131
|
)
|
(2,903
|
)
|
||||
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Return of (investments in) affiliated and other companies
|
138
|
(295
|
)
|
|||||
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Return of long term deposit
|
64
|
-
|
||||||
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Sale of investment in marketable securities
|
-
|
99
|
||||||
|
Proceeds from sale of property and equipment
|
156
|
18
|
||||||
|
Net cash used in investment activities
|
(3,480
|
)
|
(3,464
|
)
|
||||
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Cash flows from financing activities
|
||||||||
|
Short term credit from banking institutions, net
|
(273
|
)
|
1,139
|
|||||
|
Repayment of long term loan
|
-
|
(4,142
|
)
|
|||||
|
Dividend paid
|
(4,774
|
)
|
(2,797
|
)
|
||||
|
Dividend paid to non-controlling interest
|
(1,630
|
)
|
(795
|
)
|
||||
|
Acquisition of company shares
|
-
|
(1,200
|
)
|
|||||
|
Net cash used in financing activities
|
(6,677
|
)
|
(7,795
|
)
|
||||
|
Effect of exchange rate changes on cash and cash equivalents
|
(644
|
)
|
(710
|
)
|
||||
|
Net increase in cash and cash equivalents
|
601
|
5,426
|
||||||
|
Balance of cash and cash equivalents at beginning of period
|
53,434
|
27,850
|
||||||
|
Balance of cash and cash equivalents at end of period
|
54,035
|
33,276
|
||||||
1 Year Ituran Location and Cont... Chart |
1 Month Ituran Location and Cont... Chart |
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