Northern,WI 1/5/2011 (Streetbeat) -- Pointer Telocation Ltd. (Nasdaq: PNTR) - a leading developer, manufacturer and operator of Mobile Resource Management (MRM) and roadside assistance services for the automotive industry, announced today its financial results for the third quarter of 2011.David Mahlab , Chief Executive Officer of Pointer, commented on the results: "We are pleased to report continuous growth in revenues and services in the third quarter, resulting from the increase in our business in Latin America and Israel . Our business in Brazil serves as a growth engine and we expect this momentum to continue in the coming quarters. We also expect an additional increase in our revenues from services in Israel . Nevertheless, the uncertainties in Europe and the global market, the high US Dollar exchange rate vs. the Israeli Shekel, and the tax increases expected in Israel tax rates in 2012, are all likely to affect the company's future financial results, and will require us to make adjustments to meet the challenging market conditions in the fourth quarter and in 2012. During 2011, Pointer continued to develop new products and penetrated new markets to reinforce and expand its customer base, consequently, we are confident that in the long run, this strategy will bear fruit, including improvements in our bottom line".
Financial Highlights
Revenues: Pointer's revenues for the third quarter of 2011 increased 21% to $22.3 million , as compared to $18.5 million in the third quarter of 2010. In the first nine months of 2011, revenues increased 22% to $65.5 million , as compared to $53.5 million in the first nine months of 2010.
International activities for the third quarter and for the first nine months of 2011 were 28% of total revenues, as compared to 26% of total revenues in the first nine months of 2010.
Revenues from products in the third quarter of 2011 increased 29% to $8.3 million (37% of revenues), as compared to $6.4 million (35% of revenues) in the third quarter of 2010. Revenues from products in the first nine months of 2011 increased 38% to $24.1 million (37% of revenues), as compared to $17.5 million (33% of revenues) in the first nine months of 2010.
Pointer's revenues from services in the third quarter of 2011 increased 16% to $14 million (63% of revenues), up from $12.1 million (65% of revenues), in the comparable period of 2010. Revenues from services in the first nine months of 2011 increased 15% to $41.4 million (63% of revenues), compared to $36.1 million (67% of revenues) in the first nine months of 2010.
Gross Profit: In the third quarter of 2011, gross profit increased 12% to $7.6 million from $6.8 million in the third quarter of 2010. In the first nine months of 2011 gross profit was $23.1 million , an increase of 15% as compared to gross profit of $20.1 million in the first nine months of 2010.
Operating Income: In the third quarter of 2011, operating income was $1.2 million , compared to $1.7 million in the third quarter of 2010. Operating income in the first nine months of 2011 was $4 million compared to operating income of $5.3 million in the first nine months of 2010.
Net Income: Pointer recorded net loss for the third quarter of 2011 of $188 thousand or $0.04 diluted net loss per share, compared to a net income of $438 thousand or $0.09 diluted net income per share in the third quarter of 2010.
Non-GAAP net income for the third quarter of 2011 was $1.1 million , compared to $ 1.4 million in the third quarter of 2010. Non-GAAP net income for the first nine months of 2011 was $3.5 million , compared to $4.2 million in the first nine months of 2010.
Adjusted EBITDA: Pointer's adjusted EBITDA for the third quarter of 2011 was $2.4 million , as compared to $2.8 million in the comparable period in 2010. Pointer's adjusted EBITDA for the first nine months of 2011 was $8 million , as compared to $8.6 million in the first nine months of 2010.
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