Ituran Location and Control, Ltd. (ITRN) - 500 Beiträge pro Seite

[panik]

Profile:Ituran Location and Control, Ltd., together with its subsidiaries, provides location-based services, which primarily consist of stolen vehicle recovery and tracking services principally in Israel, Brazil, Argentina, and the United States. Its automatic vehicle location products include TULIP, MAPLE, PAL, Base Site, and Control Center that enable the location and tracking of stolen vehicles in real time. The company also provides wireless communications products comprising automatic meter reading and radio frequency identification. The automatic meter reading products consist of TMW, UNIVERSAL, MMR, and DS line of products that enable utilities to read water meters remotely. The radio frequency identification products comprise FP-100AT, FP-300/FP100RA, FP-200SA, and FP-200HH, which enable communication between mobile transponders and roadside readers, and are used for electronic toll collection systems, electronic security seals for containers and border crossings, and electronic weigh stations. It offers services to individual vehicle owners and insurance companies. The company also sells its products in China and South Korea. Ituran was founded in 1994 and is based in Azour, Israel. Its subsidiaries include ITURAN USA LifeTrak, ITURAN Israel Ltd., ITURAN Argentina, and ITURAN Brazil.


http://www.ituran.com/

[panik]

Ituran Location and Control Ltd. Presents Results for the First Quarter of 2007
Tuesday May 29, 6:28 am ET
Quarterly Revenues Growing 16% Over Last Year


AZOUR, Israel, May 29 /PRNewswire-FirstCall/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN, TASE: ITRN), today announced its consolidated financial results for the first quarter ended March 31, 2007.
Highlights

- Revenues of $27.9 million, a 16.2% increase over that of the first quarter of 2006.

- Subscribers reached 407,000 as of March 31st, 2007, an increase of 49,000 subscribers from 358,000 subscribers as of March 31st, 2006

- Following the end of the first quarter, Ituran acquired MAPA group, the main provider of geographical information in Israel.

First Quarter Results

Revenues for the first quarter of 2007 reached US$27.9 million. This represents a 16.2% increase compared with revenues of US$24.1 million in the first quarter of last year. The increase in revenues was driven by the continued growth in the Company's subscriber base and growth in sales of the Company's wireless products. In addition, product revenues included the contribution of ERM, whose results were fully consolidated with Ituran's as of December 1st, 2006.

Operating profit for the first quarter of 2007 was US$6.1 million (21.8% of revenues) compared with US$5.9 million (24.3% of revenues) in the first quarter of 2006, representing growth of 4.2%. The lower operating margin in the quarter was due to the delay in recognizing revenues from the second and third phase of the project in Korea. In addition, the appreciation of the shekel against the US dollar caused a relative increase, in US dollar terms, of Ituran's expenses generated in Israel. This is because service revenues in Israel are linked to the US dollar and therefore do not benefit from the weaker US Dollar, while a large portion of the expenses are generated in Israeli shekels. Excluding these two effects, the operating margin in the quarter would have been 2% higher.

Furthermore, the new business in Rio De Janeiro which was not operational in the first quarter of 2006, had a negative impact on profitability in the first quarter of 2007 as it is not yet profitable. The operation in Rio is expected to reach break even by year end 2007. In addition, the recently acquired ERM business exhibits margins which are lower than the Group average. Management expects that operating margins will improve in the second half of the year.

Net profit was US$4.4 million in the first quarter of 2007 (15.7% of revenues), compared with US$4.5 million (18.8% of revenues), as reported in the first quarter of 2006.

Fully diluted EPS in the first quarter of 2007 was US$0.19 compared with US$0.19 per fully diluted share in the first quarter of 2006.

Cash flow from operations during the quarter was US$1.3 million. As of March 31st, 2007 the company had a net cash position (including marketable securities) of US$59.0 million compared with US$59.4 million on December 31st, 2006.

Eyal Sheratzky, Co-CEO of Ituran said, "Our business continues to grow, and in the quarter we grew our revenues by 16% over last year, adding 49,000 subscribers since March 31, 2006. Even though our profitability was below what we have seen in the last few quarters, we believe that this is temporary and we expect that operating margins will register improvement in the second half of the year."

"Following a year of groundwork, research and development, we recently introduced the 'Ituran GPS' car navigation system for use in all regions in which we operate," continued Mr. Sheratzky. "In the coming months, we expect to commercially launch the system through an intensive marketing campaign which will involve increased expenses in marketing and penetration activities. This new offering highly complements our existing services, and fits our strategy of continuously expanding the scope of the location based services that we can offer to our customers. "

"We recently signed our agreement to buy the fast growing Mapa- owner of the only geographical information system for navigation in Israel," concluded Mr. Sheratzky. "This is a highly synergetic acquisition for Ituran, strengthening our location based services and enabling us to provide value added services to our customers. In addition, Mapa's business is a strong fit as it is based on recurring revenues similar to our service revenue model. We are continuing to look to compliment our organic growth with further acquisitions and we see opportunities in the market place. I will only consider them if they make strong business and financial sense. I am very much confident that we will be able to announce further such deals during 2007."

Conference Call Information

The Company will also be hosting a conference call today, Tuesday, May 29, 2007, at 10:00am EDT. On the call, management will review and discuss the results and will be available to answer investor questions.

To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 5 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.


US Dial-in Number: [phone]

UK Dial-in Number: 0-800-917-9141

ISRAEL Dial-in Number: 03-918-0610

INTERNATIONAL Dial-in Number: [phone]

at:

10:00am Eastern Time, 7:00am Pacific Time, 5:00pm Israel Time

For those unable to listen to the live call, a replay of the call will be available for three months from the day after the call in the investor relations section of Ituran's website, at: www.ituran.com

About Ituran

Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security, and radio frequency identification products for various purposes including automatic meter reading, electronic toll collection and homeland security applications. Ituran's subscriber base has been growing significantly since the Company's inception to over 407,000 subscribers distributed globally. Established in 1995, Ituran has approximately 800 employees worldwide, provides its location based services and has a market leading position in Israel, Brazil, Argentina and the United States. The company also sells its products in China and South Korea.



CONSOLIDATED INTERIM BALANCE SHEETS

US dollars
December 31, March 31,
(in thousands) 2006 2007

Current assets
Cash and cash equivalents 43,812 50,614
Investments in marketable securities 16,034 8,591
Accounts receivable (net of allowance for
doubtful accounts) 29,709 34,098
Other current assets 4,169 4,016
Contracts in process, net 1,456 1,524
Inventories 10,910 14,040
_______ ______
106,090 112,883
------- -------

Long-term investments and debit balances
Investments in affiliated companies 881 1,332
Accounts receivable 123 45
Deposit 1,457 1,506
Deferred income taxes 5,112 5,255
Funds in respect of employee rights upon
retirement 4,001 4,202
______ ______
11,574 12,340
------ -------

Property and equipment, net 19,109 20,538
------ -------

Intangible assets, net 2,784 2,681
------ -------

Goodwill 4,536 4,598
------ -------
______ ______

Total assets 144,093 153,040
_______ _______
_______ _______

CONSOLIDATED INTERIM BALANCE SHEETS


US dollars
December 31, March 31,
(in thousands) 2006 2007

Current liabilities
Credit from banking institutions 474 231
Accounts payable 14,956 17,629
Deferred revenues 4,399 4,297
Other current liabilities 12,827 12,729
______ ______
32,656 34,886
------ ------

Long-term liabilities
Liability for employee rights upon
retirement 5,278 5,524
Deferred income taxes 816 830
______ ______
6,094 6,354
------ ------

Contingent liabilities, liens and
guarantees

Minority interest 2,578 2,843
------ ------

Capital Notes 5,894 5,894
------ ------

Total shareholders' equity 96,871 103,063
------ -------

______ ______
Total liabilities and shareholders'
equity 144,093 153,040
_______ _______
_______ _______


CONSOLIDATED INTERIM STATEMENTS OF INCOME


US dollars
Three months period ended
March 31,
(in thousands except per share data) 2006 2007

Revenues:
Location-based services 12,823 14,603
Wireless communications products 11,227 13,335
______ ______
24,050 27,938
------ ------

Cost of revenues:
Location-based services 4,122 5,058
Wireless communications products 8,217 9,669
______ ______
12,339 14,727
------ ------
______ ______

Gross profit 11,711 13,211
Research and development expenses 683 713
Selling and marketing expenses 1,168 1,582
General and administrative expenses 4,009 4,845
Other income, net (4) (11)
_______ ______
Operating income 5,855 6,082
Financing income , net 417 311
______ ______
Income before taxes on income 6,272 6,393
Taxes on income (1,484) (1,725)
______ ______
4,788 4,668
Share in losses of affiliated companies, net (113) (57)
Minority interests in income of subsidiaries (149) (224)
______ ______
Net income for the period 4,526 4,387
______ ______
______ ______

Earnings per share:
Basic 0.20 0.19
______ ______
______ ______

Diluted 0.19 0.19
______ ______
______ ______

Weighted average number of shares outstanding
(in thousands):
Basic 23,091 23,321
______ ______
______ ______

Diluted 23,482 23,482
______ ______
______ ______


CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS


US dollars
Three months period
ended March 31 ,
(in thousands) 2006 2007
Cash flows from operating activities
Net income for the period 4,526 4,387
Adjustments to reconcile net income to net cash
from operating activities:
Depreciation and amortization 839 1,378
Exchange differences on principal of deposit and
loan, net 8 (24)
Exchange differences on principal of marketable
securities 280 (240)
Increase (decrease) in liability for employee
rights upon retirement (205) 158
Share in losses of affiliated companies, net 113 57
Deferred income taxes (312) 17
Capital loses (gains) on sale of property and
equipment, net 8 (13)
Minority interests in profits of subsidiaries, net 149 224
Increase in accounts receivable (1,055) (3,804)
Decrease (increase) in other current assets (291) 150
Increase in inventories and contracts in process,
net (1,968) (2,990)
Increase in accounts payable 2,295 2,472
Increase (decrease) in deferred revenues 465 (176)
Decrease in other current liabilities (259) (315)
______ ______
Net cash provided by operating activities 4,593 1,281
------ ------
Cash flows from investing activities
Increase in funds in respect of employee rights
upon retirement, net of withdrawals (149) (134)
Capital expenditures (1,793) (2,366)
Proceeds from sale of property and equipment - 76
Investment in affiliated companies - (500)
Purchase of intangible assets and minority
interest (23) -
Investment in marketable securities (44,119) (1,055)
Sale of marketable securities 3,069 9,008
Loan granted to affiliated company (149) -
______ ______
Net cash used in investment activities (43,164) 5,029
------- ------
Cash flows from financing activities
Short-term credit from banking institutions, net (227) 92
Repayment of long-term loans (1,192) (337)
Dividend paid - -
Proceeds from exercise of options by employees - -
Acquisition of minority interests in subsidiaries (21) -
______ ______
Net cash used in financing activities (1,440) (245)
------- ------
Effect of exchange rate changes on cash and cash
equivalents (777) 737
------ ------
______ ______
Net increase (decrease) in cash and cash
equivalents (40,788) 6,802
Balance of cash and cash equivalents at beginning
of period 58,429 43,812
_______ ______
Balance of cash and cash equivalents at end of
period 17,641 50,614
______ ______
______ ______


Company Contact

Udi Mizrachi ([e-mail])
VP Finance, Ituran
(Israel) [phone]

International Investor Relations
Ehud Helft
Kenny Green
[e-mail]
GK Investor Relations
(US) [phone]

Investor Relations in Israel
Oded Ben Chorin ([e-mail])
KM Investor Relations
(Israel) [phone]






--------------------------------------------------------------------------------
Source: Ituran Location & control LTD

[50bager]

05/25/2007 -- Ituran (Nasdaq: ITRN) -- stock price $13.99

"Get Smart," "James Bond," "The A-Team," "Mission Impossible," man, they sure don't make 'um like they used to.

Growing up, I loved watching these shows. However, I didn't watch them because of the flashy cars, guns,
explosions, girls, hideous villains or wonderful playwrights; I watched them for the gizmos, gadgets and trinkets. I
just couldn't wait to see what they'd come up with next.

If you like checking out new technologies as much as I do, then you're going to love our stock pick this month,
Ituran (Nasdaq: ITRN).

If you go to the Ituran's website this is how they describe the Company; "Ituran provides location-based services,
consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications
products used in connection with its location-based services and various other applications. Ituran offers mobile
asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal
security, and radio frequency identification products for various purposes including automatic meter reading,
electronic toll collection and homeland security applications."

Sounds great doesn't it. However, what's most important isn't necessary the products and services but the
technology behind the products and services. So let's take a look at a few of the Company's technological
advances.

Ituran's innovative vehicle location and recovery solutions are based on terrestrial network triangulation and
Differential Time of Arrival (DTOA). Okay, this may at sound like some new disease at first, but it's not, it's actually
a model that was originally developed for advanced military applications. Briefly, DTOA uses signals transmitted
by wireless devices to a network of land-based antennae that receive and triangulate the location of the
transmitters.

This technology has so far exceeded expectations and if you’re a car thief you better beware. Ituran's Stolen
Vehicle Recovery solutions (SVR) can locate and identify a vehicle in only 25 milliseconds and up to 30 individual
vehicles per second. In addition, stolen vehicles can be pinpointed within an area of 30 meters, regardless of
whether they are indoors or out. This system has generated recovery rates for stolen cars in excess of 85% -- no
wonder some insurance companies are mandating using Ituran's SVR's.

The Company has other cool gadgets to, like their FastPass Electronic Toll Collection (ETC). This product utilizes
Radio Frequency Identification (RFID) to effectively monitor vehicles driving at full speed on toll collection roads.
ETC has reduced driving times and traffic congestion, is easy to install and maintain, eliminates expensive toll
booths and my favorite part they can accurately identify cars at speeds of up to 200 kilometers per hour. Pretty
impressive, you have to admit.

Another awesome gizmo is Ituran's Automatic Meter Reading (AMR) product. This product involves installing
broadband wireless modems inside water, electric or gas meters which can then transmit relevant meter data to
handheld units or control centers to allow automatic billing, leak prevention and preparation of online reports.
This system improves efficiencies and cost savings and of course my favorite part is that utility service
representatives can drive by meters fitted with AMR, and receive accurate, real-time monitoring transmissions
without even slowing down. How cool is that?

The Company offers other high-end technologically advanced products and services (click here to see more),
however, we should really move on.

Before we throw around some numbers there are a few more things we think you should know. First off, not only
is Ituran growing its operations internationally, but they are also expanding the types of products and services
offered. And most importantly, we feel Ituran has done a great job of attracting and retaining key customers. As
they say, the proof is in the pudding, and since inception; the Company's subscriber base has steadily grown
(growing 16.8% last year alone from 339,000 subscribers at year-end 2005 up to a record 396,000 subscribers
at year-end 2006).

Financially, Ituran has excelled. Revenues have grown from $77.9 million in 2004 up to $90.1 million in 2005 and
up to $104.1 million last year. Net income and earnings per share have both risen fabulously from $11.2 million in
2004 ($0.58 per share) to $14.4 million in 2005 ($0.71 per share) and up to $19.3 million last year ($0.82 per
share). In fact, Ituran has impressively improved operational efficiencies over the past few years. Take for
example, profit margins, which have risen steadily from 9.1% in 2003 up to 18.5% last year.

Other thing we like include, the Company's low debt to equity ratio of around 0.066, Ituran has nearly $60 million
in cash and pays a dividend (yield is currently at 1.4%). In addition, insiders own about 24%, whereas institutions
only own about 13.8% of the Company's shares. And the Company's stock is currently trading near 52 week lows
(as can be seen below) and carries a forward P/E of under 13.
05/25/2007 -- Ituran (Nasdaq: ITRN) -- stock price $13.99

"Get Smart," "James Bond," "The A-Team," "Mission Impossible," man, they sure don't make 'um like they used to.

Growing up, I loved watching these shows. However, I didn't watch them because of the flashy cars, guns,
explosions, girls, hideous villains or wonderful playwrights; I watched them for the gizmos, gadgets and trinkets. I
just couldn't wait to see what they'd come up with next.

If you like checking out new technologies as much as I do, then you're going to love our stock pick this month,
Ituran (Nasdaq: ITRN).

If you go to the Ituran's website this is how they describe the Company; "Ituran provides location-based services,
consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications
products used in connection with its location-based services and various other applications. Ituran offers mobile
asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal
security, and radio frequency identification products for various purposes including automatic meter reading,
electronic toll collection and homeland security applications."

Sounds great doesn't it. However, what's most important isn't necessary the products and services but the
technology behind the products and services. So let's take a look at a few of the Company's technological
advances.

Ituran's innovative vehicle location and recovery solutions are based on terrestrial network triangulation and
Differential Time of Arrival (DTOA). Okay, this may at sound like some new disease at first, but it's not, it's actually
a model that was originally developed for advanced military applications. Briefly, DTOA uses signals transmitted
by wireless devices to a network of land-based antennae that receive and triangulate the location of the
transmitters.

This technology has so far exceeded expectations and if you’re a car thief you better beware. Ituran's Stolen
Vehicle Recovery solutions (SVR) can locate and identify a vehicle in only 25 milliseconds and up to 30 individual
vehicles per second. In addition, stolen vehicles can be pinpointed within an area of 30 meters, regardless of
whether they are indoors or out. This system has generated recovery rates for stolen cars in excess of 85% -- no
wonder some insurance companies are mandating using Ituran's SVR's.

The Company has other cool gadgets to, like their FastPass Electronic Toll Collection (ETC). This product utilizes
Radio Frequency Identification (RFID) to effectively monitor vehicles driving at full speed on toll collection roads.
ETC has reduced driving times and traffic congestion, is easy to install and maintain, eliminates expensive toll
booths and my favorite part they can accurately identify cars at speeds of up to 200 kilometers per hour. Pretty
impressive, you have to admit.

Another awesome gizmo is Ituran's Automatic Meter Reading (AMR) product. This product involves installing
broadband wireless modems inside water, electric or gas meters which can then transmit relevant meter data to
handheld units or control centers to allow automatic billing, leak prevention and preparation of online reports.
This system improves efficiencies and cost savings and of course my favorite part is that utility service
representatives can drive by meters fitted with AMR, and receive accurate, real-time monitoring transmissions
without even slowing down. How cool is that?

The Company offers other high-end technologically advanced products and services (click here to see more),
however, we should really move on.

Before we throw around some numbers there are a few more things we think you should know. First off, not only
is Ituran growing its operations internationally, but they are also expanding the types of products and services
offered. And most importantly, we feel Ituran has done a great job of attracting and retaining key customers. As
they say, the proof is in the pudding, and since inception; the Company's subscriber base has steadily grown
(growing 16.8% last year alone from 339,000 subscribers at year-end 2005 up to a record 396,000 subscribers
at year-end 2006).

Financially, Ituran has excelled. Revenues have grown from $77.9 million in 2004 up to $90.1 million in 2005 and
up to $104.1 million last year. Net income and earnings per share have both risen fabulously from $11.2 million in
2004 ($0.58 per share) to $14.4 million in 2005 ($0.71 per share) and up to $19.3 million last year ($0.82 per
share). In fact, Ituran has impressively improved operational efficiencies over the past few years. Take for
example, profit margins, which have risen steadily from 9.1% in 2003 up to 18.5% last year.

Other thing we like include, the Company's low debt to equity ratio of around 0.066, Ituran has nearly $60 million
in cash and pays a dividend (yield is currently at 1.4%). In addition, insiders own about 24%, whereas institutions
only own about 13.8% of the Company's shares. And the Company's stock is currently trading near 52 week lows
(as can be seen below) and carries a forward P/E of under 13.





















Our forecasts for Ituran's performance within the next 3 to 4 years are as follows; (1) we believe the demand for
Ituran's products and services will remain high. Therefore, we believe the Company can easily achieve revenue
growth of at least 15% annually for the foreseeable future, yielding revenues of $158.24 million by year-end 2009
and $181.98 million by year-end 2010. (2) We think Ituran can likely achieve profit margins of at least 15% or
higher over the next 3 to 4 years and beyond. (3) Based on these assumptions and on 23.32 million outstanding
shares we believe Ituran will achieve earnings of $1.02 to $1.17 per share over the next 3 to 4 years.











In summary: "Get Smart" and get some shares of Ituran. Given our conservative estimates, Two Fish believes
Ituran will easily achieve earnings between $1.02 and $1.17 per share within the next 3 to 4 years. We think the
Company's share price will be trading at multiples of around 20 times earnings and thus we think the stock will
easily be trading between $20.4 and $23.4 a share within the next 3 to 4 years.

Note: We feel the current price in the low $14 range represents a good entry point for long-term investors.
However, please be advised future unwarranted market conditions could produce an even better entry point
closer to our optimum price for Ituran, which is around $12 to $14 per share.

Two Fish Investments does not own shares of Ituran (Nasdaq: ITRN) -- Please read our disclaimer below

Disclaimer: By reading this site and other information provided by Two Fish, you agree to the
following terms listed below

[50bager]

Ituran Location and Control Ltd. Announces the Approval of the Israeli Commissioner for Trade for the Acquisition of Mapa Group
Monday June 25, 6:01 am ET
The Approval Stipulates Certain Conditions for its Issuance


AZOUR, Israel, June 25 /PRNewswire-FirstCall/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN - News) today announced that further to its announcement made on April 26,2007 concerning the purchase of the purchasing of Mapa Group, the Company announced today, that yesterday the approval of the Israeli Commissioner for Trade Practices for the abovementioned investment was obtained.

The approval was conditioned on the following terms to be fulfilled by Ituran (whose conditions do not detract from the provisions of the Restrictive Practices Act, 1988:

(a) Mapa Group should not unreasonably refrain from selling its computerized geographic information (GIS) products (the "Products") and any updates to any customer;

(b) Mapa Group shall not act discriminatively in similar transactions for customers interested in purchasing Mapa Group's Products;

(c) Mapa Group shall not link or condition the supply of its Products to a sale of service and/or other product.

A withholding tax exemption certificate has been earlier issued by the Israeli Tax Authorities. The Company anticipates the closing of the acquisition transaction within the next 7 days.

About Ituran

Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security, and radio frequency identification products for various purposes including automatic meter reading, electronic toll collection and homeland security applications. Ituran's subscriber base has been growing significantly since the Company's inception to over 407,000 subscribers distributed globally. Established in 1995, Ituran has approximately 800 employees worldwide, provides its location based services and has a market leading position in Israel, Brazil, Argentina and the United States. The company also sells its products in China and South Korea.

Certain statements in this press release are "forward-looking statements" within the meaning of the Securities Act of 1933, as amended. These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.


Contact:

International Investor Relations
Ehud Helft ([e-mail])
Kenny Green ([e-mail])
GK Investor Relations
(US) [phone]

Investor Relations in Israel
Oded Ben Chorin ([e-mail])
KM Investor Relations
(Israel) [phone]





--------------------------------------------------------------------------------
Source: Ituran Location and Control Ltd

[panik]

Ituran: A Car Thief's Worst Nightmare
Posted on Jun 25th, 2007 with stocks: ITRN, LOJN

Douglas Goldstein submits: When I used to live in the United States, there were great ads on the radio for LoJack (LOJN). LoJack had this technology that allowed them to quickly find stolen cars. Then, when I moved to Israel, I met Ituran (ITRN), LoJack’s international competitor.

Three hundred million dollar Israel-based Ituran, which trades on Nasdaq, sells high-tech tracking, and location systems through locations and partners in the U.S., South America, the Middle East, and the Far East. (Check out its cool video here to see the system in action.)

The Motley Fool community gave the stock a 5-star rating last week, considering it a real value play (they write about the stock right next to a discussion of Benjamin Graham’s, The Intelligent Investor). And Stockerblog flagged the company as one of the few Israeli dividend-payers, and, said it was worth looking into.

With James Bond-like tracking devices, this family-run business certainly deserves some attention. Be aware, though, that having a father and his sons run a business can sometimes create unknown conflicts of interest, and even though the company has been noted as paying a dividend, it’s small, and it could be cut anytime. However, though it is smaller than its main competitor LoJack (~$300 million vs. ~$420 million), it has almost the same net income ($19 million). It has a P/E of 15.50, versus LoJack’s P/E of 22.7.

The stock looks like a good play, but if you’re not a risk-taker, consider installing Ituran in your car. Using its vehicle tracking service is like buying a put option on your auto stock.

[juta]

klarer kauf!!!

[50bager]

Ituran Location and Control Ltd. Presents Results for the Second Quarter of 2007
Monday August 20, 6:25 am ET
Record Quarterly Revenues Growing 17% Over Last Year


AZOUR, Israel, August 20 /PRNewswire-FirstCall/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN; TASE: ITRN), today announced its consolidated financial results for the second quarter ended June 30, 2007.


Highlights

- Revenues of $29.2 million, a 17% increase over the second quarter of 2006

- Subscribers reached 418 thousand as of June 30, 2007, an increase of 43 thousand subscribers from 375 thousand subscribers as of June 30, 2006

- At the end of the second quarter, Ituran closed its acquisition of MAPA group, the main provider of geographical information in Israel

Second Quarter Results

Revenues for the second quarter of 2007 reached US$29.2 million. This represents a 17.0% increase compared with revenues of US$25.0 million in the second quarter of last year. While revenues from the business in Korea decreased in the quarter compared to last year, the net increase in revenues was driven by the continued growth in the Company's subscriber base, growth in end-unit sales and revenues from the ERM business which was acquired at the end of 2006. In addition, the Company saw a growth in average revenue per subscriber.

Operating profit for the second quarter of 2007 was US$5.2 million (17.7% of revenues) compared with US$6.1 million (24.3% of revenues) in the second quarter of 2006. The lower operating margin in the quarter was due to the previously announced delay in recognizing revenues from the second and third phase of the project in Korea. In addition, the Company experienced increased labor costs and other operating expenses.

For the rest of the year, Ituran management expects expenses to continue to increase, although at a slower pace than revenues, and therefore expect operating margins to improve in the second half of the year.

Net profit was US$4.1 million in the second quarter of 2007 (14.1% of revenues), compared with US$4.6 million (18.6% of revenues), as reported in the second quarter of 2006.

Fully diluted EPS in the second quarter of 2007 was US$0.18 compared with US$0.20 per fully diluted share in the second quarter of 2006.

Since the closing of the acquisition of Mapa was at the end of the second quarter, its balance sheet was consolidated with Ituran's in the second quarter, while Mapa's income statement will be consolidated from the beginning of the third quarter.

Cash flow from operations during the quarter was US$3.7 million. As of June 30, 2007 the company had a net cash position (including marketable securities) of US$41.4 million compared with US$59.4 million on December 31, 2006. The decrease was mainly due to $13.0 million paid for Mapa and a dividend of $4.8 million that was paid in the second quarter.

Eyal Sheratzky, Co-CEO of Ituran said, "Our business continues to grow, and in the quarter we grew our top line strongly by 17% over last year. We are facing higher expenses, due to our investment in customer support and marketing, which includes the Ituran GPS launched in the third quarter, and this is impacting our profitability. We believe that during the second half of the year, our expenses will continue to increase on an absolute basis. However, our revenues will grow faster than our expenses and we expect our profitability to increase from these levels."

"We will consolidate Mapa's results as of the start of the third quarter," continued Mr. Sheratzky. "We believe our recently launched GPS system in Israel complements our existing services, and fits our strategy of continuously expanding the scope of the location based services that we can offer to our customers."

Conference Call Information

The Company will also be hosting a conference call today, Monday, August 20, 2007 at 10:00am EDT. On the call, management will review and discuss the results, and will be available to answer investor questions.

To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 5 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.


US Dial-in Number: 1-888-407-2553

UK Dial-in Number: 0-800-917-5108

ISRAEL Dial-in Number: 03-918-0687

INTERNATIONAL Dial-in Number: [phone]

at: 10:00am Eastern Time, 7:00am Pacific Time, 5:00pm Israel Time


For those unable to listen to the live call, a replay of the call will be available for three months from the day after the call in the investor relations section of Ituran's website, at: http://www.ituran.com

About Ituran

Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security, and radio frequency identification products for various purposes including automatic meter reading, electronic toll collection and homeland security applications. Ituran's subscriber base has been growing significantly since the Company's inception to over 418,000 subscribers distributed globally. Established in 1995, Ituran has approximately 800 employees worldwide, provides its location based services and has a market leading position in Israel, Brazil, Argentina and the United States. The company also sells its products in China and South Korea.


CONSOLIDATED INTERIM BALANCE SHEETS

US dollars
December 31, June 30,
(in thousands) 2006 2007

Current assets
Cash and cash equivalents 43,812 33,461
Investments in marketable
securities 16,034 8,653
Accounts receivable (net of
allowance for doubtful
accounts) 29,709 34,524
Other current assets 4,915 5,165
Contracts in process , net 1,465 1,485
Inventories 10,901 14,852
_______ ______
106,836 98,140
------- ------

Long-term investments and
debit balances
Investments in affiliated
companies 881 2,233
Accounts receivable 123 -
Deposit 1,457 1,512
Deferred income taxes 5,112 5,674
Funds in respect of employee
rights upon retirement 4,001 4,674
______ ______
11,574 14,093
------ ------

Property and equipment, net 19,109 22,718
------ ------

Intangible assets, net 2,784 9,304
------ ------

Goodwill 4,536 9,731
------ ------
______ ______

Total assets 144,839 153,986
_______ _______
_______ _______


CONSOLIDATED INTERIM BALANCE SHEETS

US dollars
December
31, June 30,
(in thousands) 2006 2007

Current liabilities
Credit from banking
institutions 474 728
Accounts payable 14,956 16,367
Deferred revenues 4,399 5,003
Other current liabilities 13,573 12,873
______ ______
33,402 34,971
------ ------

Long-term liabilities
Liability for employee rights
upon retirement 5,278 6,275
Deferred income taxes 816 2,487
______ ______
6,094 8,762
------ ------

Minority interest 2,578 2,962
------ ------

Capital Notes 5,894 5,894
------ ------

Total shareholders' equity 96,871 101,397
------ -------

______ ______
Total liabilities and
shareholders' equity 144,839 153,986
_______ _______
_______ _______


CONSOLIDATED INTERIM STATEMENTS OF INCOME

US dollars US dollars
Six month period Three months period
ended June 30, ended June 30,
(in thousands except per
share data) 2006 2007 2006 2007

Revenues:
Location-based services 26,022 30,019 13,199 15,416
Wireless communications
products 23,000 27,142 11,773 13,807
______ ______ ______ ______
49,022 57,161 24,972 29,223
------ ------ ------ ------

Cost of revenues:
Location-based services 8,534 10,713 4,452 5,655
Wireless communications
products 16,346 20,300 8,129 10,631
______ ______ ______ ______
24,880 31,013 12,581 16,286
------ ------ ------ ------
______ ______ ______ ______

Gross profit 24,142 26,148 12,391 12,937
Research and development
expenses 1,492 1,476 809 763
Selling and marketing
expenses 2,579 3,247 1,402 1,665
General and administrative
expenses 8,130 10,181 4,090 5,336
Other expenses, net 6 1 10 12
______ ______ ______ ______
Operating income 11,935 11,243 6,080 5,161
Financing income , net 592 1,203 175 892
_____ ______ ______ ______
Income before taxes on
income 12,527 12,446 6,255 6,053
Taxes on income (2,929) (3,468) (1,445) (1,743)
_____ ______ ______ ______
9,598 8,978 4,810 4,310
Share in losses of
affiliated companies, net (149) (93) (36) (36)
Minority interests in income
of subsidiaries (276) (388) (127) (164)
______ ______ ______ ______
Net income for the period 9,173 8,497 4,647 4,110
_______ ______ ______ ______
______ ______ ______ ______

Earnings per share:
Basic 0.40 0.36 0.20 0.18
______ ______ ______ ______
______ ______ ______ ______

Diluted 0.39 0.36 0.20 0.18
______ ______ ______ ______
______ ______ ______ ______

Weighted average number of
shares outstanding

(in thousands):
Basic 23,117 23,321 23,142 23,321
______ ______ ______ ______
______ ______ ______ ______

Diluted 23,482 23,482 23,482 23,482
_______ ______ ______ ______
_______ ______ ______ ______


CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

US dollars US dollars
Six months period Three months period
ended June 30 , ended June 30 ,
(in thousands) 2006 2007 2006 2007
Cash flows from operating
activities
Net income for the period 9,173 8,497 4,647 4,110
Adjustments to reconcile
net income to net cash from
operating activities:
Depreciation and
amortization 1,821 2,947 982 1,569
Exchange differences on
principal of deposit and
loan, net (19) (62) (27) (38)
Exchange differences on
principal of marketable
securities 172 (446) (108) (206)
Increase (decrease) in
liability for employee
rights upon retirement (178) 299 27 141
Share in losses of
affiliated companies, net 149 93 36 36
Deferred income taxes 295 (405) 607 (422)
Capital loses (gains) on
sale of property and
equipment, net (27) (1) (35) 12
Minority interests in
profits of subsidiaries,
net 272 388 123 164
Decrease (Increase) in
accounts receivable (2,264) (2,319) (1,209) 1,485
Decrease (increase) in
other current assets (34) (326) 257 (476)
Increase in inventories and
contracts in process, net (2,631) (3,604) (663) (614)
Increase (decrease) in
accounts payable 2,299 1,111 4 (1,361)
Increase (decrease) in
deferred revenues 270 94 (195) 270
Decrease in other current
liabilities (1,801) (1,251) (1,542) (936)
______ ______ ______ ______
Net cash provided by
operating activities 7,497 5,015 2,904 3,734
------ ------ ------ ------
Cash flows from investing
activities
Increase in funds in
respect of employee rights
upon retirement, net of
withdrawals (234) (288) (85) (154)
Capital expenditures (5,887) (4,943) (4,094) (2,577)
Proceeds from sale of
property and equipment 45 139 45 63
Purchase of intangible
assets and minority
interest (23) (14) - (14)
Investment in affiliated
company - (1,447) - (947)
Investment in marketable
securities (46,817) (1,574) (2,698) (519)
Sale of marketable
securities 29,731 9,310 26,662 302
Loan granted to affiliated
company (138) - 11 -
Acquisition of subsidiary
(Appendix A) - (8,549) - (8,549)
______ ______ ______ ______
Net cash used in investment
activities (23,323) (7,366) 19,841 (12,395)
------ ------ ------ ------
Cash flows from financing
activities
Short-term credit from
banking institutions, net (184) 585 43 493
Repayment of long-term
loans (2,835) (3,500) (1,643) (3,163)
Dividend paid (3,705) (4,838) (3,705) (4,838)
Proceeds from exercise of
options by employees 8 - 8 -
Acquisition of minority
interests in subsidiaries (21) - - -
Dividend distribution to
minority interest of a
subsidiary (172) - (172) -
______ ______ ______ ______
Net cash used in financing
activities (6,909) (7,753) (5,469) (7,508)
------ ------ ------ ------
Effect of exchange rate
changes on cash and cash
equivalents 2,145 (247) 2,922 (984)
------ ------ ------ ------
______ ______ _______ ______
Net increase (decrease) in
cash and cash equivalents (20,590) (10,351) 20,198 (17,153)
Balance of cash and cash
equivalents at beginning of
period 58,429 43,812 17,641 50,614
______ ______ _______ ______
Balance of cash and cash
equivalents at end of
period 37,839 33,461 37,839 33,461
______ _______ ______ ______
______ _______ ______ ______


Appendix A - Acquisition of subsidiary

US dollars
Six and Three
months period
ended June 30,
(in thousands) 2007

Working capital (excluding cash and
cash equivalents ), net 1,280
Funds in respect of employee rights
upon retirement 408
Property and equipment , net 397
Goodwill 11,939
Liability for employee rights upon
retirement (729)
Long-term deferred income taxes (1,583)
Long term loan (3,163)
______
8,549
______
______



Company Contact:
Udi Mizrachi ([e-mail])
VP Finance, Ituran
(Israel) [phone]

International Investor Relations
Ehud Helft
Kenny Green
[e-mail]
GK Investor Relations
(US) [phone]

Investor Relations in Israel
Oded Ben Chorin ([e-mail])
KM Investor Relations
(Israel) [phone]







--------------------------------------------------------------------------------
Source: Ituran Location and Control Ltd

[50bager]

Ituran Location and Control Ltd. Presents Results for the Third Quarter of 2007
Monday November 19, 7:57 am ET
Record Quarterly Revenues Growing 21% Over Last Year


AZOUR, Israel, November 19 /PRNewswire-FirstCall/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN, TASE: ITRN), today announced its consolidated financial results for the third quarter ended September 30, 2007.

Highlights

- Revenues of $31.6 million, a 21% increase over the third quarter of 2006

- Subscribers reached 430,000 as of September 30, 2007, an increase of 47,000 subscribers from 383,000 subscribers as of September 30, 2006

Third Quarter Results

Revenues for the third quarter of 2007 reached US$31.6 million. This represents a 21.2% increase compared with revenues of US$26.0 million in the third quarter of last year. The increase in revenues was primarily driven by the continued growth in the Company's subscriber base, growth in end-unit sales and revenues from the recently acquired ERM and MAPA businesses.

Operating profit for the third quarter of 2007 was US$5.3 million (16.9% of revenues) compared with US$6.3 million (24.1% of revenues) in the third quarter of 2006. The lower operating margin was in part due to the fact that in the third quarter of 2007 the company did not record any significant revenues from Korea and China, which typically represents higher margins. In addition, and as previously announced, the Company strongly increased its investment in sales and marketing for the new Ituran GPS in Israel, and the Company experienced increased labor costs compared with the third quarter last year. Finally, in Israel the devaluation of the US dollar against the Israeli shekel in the quarter increased expenses relative to revenues which are linked to the dollar.

EBITDA for the quarter was $7.3 million, which represents 23.1% of revenues compared to $7.4 million which represents 28.4% in the third quarter of last year.

Financial expenses in the quarter, was US$27 thousand as compared with a financial income of $563 thousand in the third quarter of last year. The decrease was mainly as a result of a decrease in gains from investments in marketable securities and the decrease in interest income due to a lower net cash level following the recent acquisitions of ERM and MAPA, and dividends issued through the year.

Net profit was US$3.6 million in the third quarter of 2007 (11.6% of revenues), compared with US$4.9 million (18.8% of revenues), as reported in the third quarter of 2006.

Fully diluted earnings per share in the third quarter of 2007 was US$0.16 compared with US$0.21 per fully diluted share in the third quarter of 2006.

Cash flow from operations during the quarter was US$3.0 million. As of September 30, 2007 the company had a net cash position (including marketable securities) of US$44.3 million compared with US$59.4 million on December 31, 2006.

Eyal Sheratzky, Co-CEO of Ituran said, "2007 was a year in which we made a number of investments for our continued future growth. While we have seen a strong increase in revenues, our expenses did rise throughout the year, pressuring our margins."

"In 2008, we expect to see the fruits of our efforts in 2007, with bottom line and top line growth," continued Mr. Sheratzky. "Following our sale of Telematics and our recent acquisitions of MAPA and ERM, we have a leaner business with a stronger focus on our core competencies, that of providing location based services and related applications. We are also in a stronger financial position to pursue acquisitions that will expand our global reach."

Conference Call Information

The Company will also be hosting a conference call today, Monday, November 19, 2007 at 10:00am EST. On the call, management will review and discuss the results and the sale of Telematics announced today, and will be available to answer investor questions.

To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 5 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.


US Dial-in Number: 1-888-407-2553
UK Dial-in Number: 0-800-917-5108
ISRAEL Dial-in Number: 03-918-0687
INTERNATIONAL Dial-in Number: [phone]
at:
10:00am Eastern Time, 7:00am Pacific Time, 5:00pm Israel Time
For those unable to listen to the live call, a replay of the call will be available for three months from the day after the call in the investor relations section of Ituran's website, at: http://www.ituran.com

About Ituran

Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security. Ituran's subscriber base has been growing significantly since the Company's inception to over 430,000 subscribers distributed globally. Established in 1995, Ituran has approximately 900 employees worldwide, provides its location based services and has a market leading position in Israel, Brazil, Argentina and the United States.


Financial Tables to Follow
Consolidated Interim Balance Sheets

US dollars
December 31, September 30,
(in thousands) 2006 2007
(audited) (unaudited)

Current assets
Cash and cash equivalents 43,812 35,829
Investment in marketable securities 16,034 9,137
Accounts receivable (net of allowance for
doubtful accounts) 29,709 36,976
Other current assets 4,915 5,885
Contracts in process 1,465 1,633
Inventories 10,901 16,727
_______ _______
106,836 106,187
---------- ----------

Long-term investments and debit balances
Investments in affiliated companies 881 2,296
Accounts receivable 123 -
Deposit 1,457 1,592
Deferred income taxes 5,112 5,559
Funds in respect of employee rights upon
retirement 4,001 5,219
_______ _______
11,574 14,666
---------- ----------

Property and equipment, net 19,109 24,749
---------- ----------

Intangible assets, net 2,784 10,260
---------- ----------

Goodwill 4,536 9,364
---------- ----------
_______ _______

Total assets 144,839 165,226
_______ _______
_______ _______


Consolidated Interim Balance Sheets

US dollars
December 31, September 30,
(in thousands) 2006 2007
(audited) (unaudited)

Current liabilities
Credit from banking institutions 474 711
Accounts payable 14,956 15,930
Deferred revenues 4,399 6,518
Other current liabilities 13,573 13,105
_______ _______
33,402 36,264
---------- ----------

Long-term liabilities
Liability for employee rights upon retirement 5,278 6,881
Deferred income taxes 816 2,569
_______ _______
6,094 9,450
---------- ----------

Minority interest 2,578 3,270
---------- ----------

Capital Notes 5,894 5,894
---------- -----------

Total shareholders' equity 96,871 110,348
----------- -----------

_______ _______
Total liabilities and shareholders' equity 144,839 165,226
_______ _______
_______ _______


Consolidated Interim Statements of Income

US dollars US dollars

Nine month period Three month period
(in thousands except ended September 30, ended September 30,
per share data)
2006 2007 2006 2007

Revenues:
Location-based services 39,867 46,523 13,845 16,504
Wireless communications
products 35,201 42,212 12,201 15,070
_______ _______ _______ _______
75,068 88,735 26,046 31,574
---------- ---------- ---------- ----------

Cost of revenues:
Location-based services 13,314 16,729 4,780 6,016
Wireless communications
products 24,917 31,804 8,571 11,504
_______ _______ _______ _______
38,231 48,533 13,351 17,520
---------- ---------- ---------- ----------
_______ _______ _______ _______

Gross profit 36,837 40,202 12,695 14,054
Research and development
expenses 2,082 2,210 590 734
Selling and marketing expenses 3,829 5,531 1,250 2,284
General and administrative
expenses 12,701 15,871 4,571 5,690
Other expenses (income), net 2 2 (4) 1
_______ _______ _______ _______
Operating income 18,223 16,588 6,288 5,345
Financing income, net 1,152 1,176 560 (27)
_______ _______ _______ _______
Income before taxes on income 19,375 17,764 6,848 5,318
Taxes on income (4,703) (4,910) (1,774) (1,442)
_______ _______ _______ _______
14,672 12,854 5,074 3,876
Share in losses of affiliated
companies, net (201) (161) (52) (68)
Minority interests in income
of subsidiaries (403) (550) (127) (162)
_______ _______ _______ _______
Net income for the period 14,068 12,143 4,895 3,646
_______ _______ _______
_______ _______ _______ _______

Earnings per share
Basic 0.61 0.52 0.21 0.16
_______ _______ _______ _______
_______ _______ _______ _______

Diluted 0.60 0.52 0.21 0.16
_______ _______ _______ _______
_______ _______ _______ _______

Weighted average number of
shares outstanding
(in thousands):
Basic 23,172 23,287 23,281 23,338
_______ _______ _______ _______
_______ _______ _______ _______

Diluted 23,469 23,422 23,442 23,422
_______ _______ _______ _______
_______ _______ _______ _______


Consolidated Interim Statements OF Cash Flows

US dollars US dollars
Nine month period Three month period
ended September 30, ended September 30,
(in thousands) 2006 2007 2006 2007

Cash flows from operating
activities
Net income for the period 14,068 12,143 4,895 3,646
Adjustments to reconcile net
income to net cash from operating
activities:
Depreciation and amortization 2,922 4,895 1,101 1,948
Exchange differences on principal
of deposit and loan, net (37) (57) (18) 5
Exchange differences on principal
of marketable securities, net 100 (350) (72) 96
Increase (decrease) in liability
for employee rights upon
retirement (296) 596 (118) 297
Share in losses of affiliated
companies, net 201 161 52 68
Deferred income taxes 886 1,618 591 2,023
Capital gains on sale of property
and equipment, net (35) (48) (8) (47)
Minority interests in profits
(losses) of subsidiaries, net 403 550 127 162
Decrease (increase) in accounts
receivable (3,269) (3,655) (1,005) (1,336)
Increase in other current assets (237) (658) (203) (332)
Increase in inventories and
contracts in process, net (3,626) (4,904) (995) (1,300)
Increase (decrease) in accounts
payable 3,134 (168) 835 (1,279)
Increase in deferred revenues 471 1,352 201 1,258
Increase (decrease) in other
current liabilities (1,596) (3,488) 205 (2,237)
______ ______ ______ ______
Net cash provided by operating
activities 13,089 7,987 5,588 2,972
--------- --------- --------- ---------
Cash flows from investing
activities
Increase in funds in respect of
employee rights upon retirement,
net of withdrawals (341) (599) (107) (311)
Capital expenditures (10,080) (7,663) (4,193) (2,720)
Proceeds from sale of property and
equipment 53 181 8 42
Purchase of intangible assets and
minority interest (51) (31) (28) (17)
Investment in affiliated company - (1,447) - -
Investment in marketable
securities (52,357) (3,269) (5,540) (1,695)
Sale of marketable securities 35,155 11,364 5,424 2,054
Loan granted to affiliated company (138) - - -
Acquisition of subsidiary
(Appendix A ) - (8,549) - -
______ ______ ______ ______

Net cash used in investment
activities (27,759) (10,013) (4,436) (2,647)
--------- --------- --------- ---------
Cash flows from financing
activities
Short-term credit from banking
institutions, net (244) 560 (60) (25)
Repayment of long-term loans (2,835) (3,500) - -
Dividend paid (3,705) (4,838) - -
Proceeds from exercise of options
by employees 18 12 10 12
Acquisition of minority interests
in subsidiaries (21) - - -
Dividend distribution to minority
interest of a subsidiary (172) - - -
Purchase of shares from treasury (877) - (877) -
______ ______ ______ ______
Net cash used in financing
activities (7,836) (7,766) (927) (13)
--------- --------- --------- ---------

Effect of exchange rate changes on
cash and cash equivalents 4,090 1,809 1,949 2,056
--------- --------- --------- ---------
______ ______ ______ ______

Net increase (decrease) in cash
and cash equivalents (18,416) (7,983) 2,174 2,368
Balance of cash and cash
equivalents at
beginning of period 58,429 43,812 37,839 33,461
______ ______ ______ ______
Balance of cash and cash
equivalents at end of period 40,013 35,829 40,013 35,829
====== ====== ===== =====


Appendix A - Acquisition of Subsidiary

US dollars
________________________________________________ ________________________
Nine months period

Ended September 30,

2007
________________________________________________ ________________________
Working capital
(excluding cash and cash equivalents) , net 1,280
Funds in respect of
employee rights upon retirement 408
Property and equipment , net 397
Intangible assets , net 6,719
Goodwill 5,220
Liability for employee rights upon retirement (729)
Long-term deferred income taxes (1,583)
Long term loan (3,163)
---------
8,549



Company Contact:

Udi Mizrachi,
VP Finance, Ituran
([e-mail]),
(Israel) [phone];

International Investor Relations:

Ehud Helft,
Kenny Green,
GK Investor Relations,
[e-mail],
(US) [phone];

Investor Relations in Israel:

Oded Ben Chorin,
KM Investor Relations,
([e-mail]),
(Israel) [phone].






--------------------------------------------------------------------------------
Source: Ituran Location and Control Ltd