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      schrieb am 14.03.06 11:53:55
      Beitrag Nr. 1 ()
      Profile:Pointer Telocation, Ltd. provides stolen vehicle retrieval services in Israel, Argentina, and Mexico. It offers a range of services, including road-side assistance, vehicle towing, stolen vehicle retrieval, and other value added services to insurance companies and automobile owners. The company’s road-side assistance services comprise mobile automobile repair services, vehicle replacement services, and the sale of spare-parts, or connecting the driver to other service providers; and stolen vehicle services include vehicle replacement services and vehicle retrievals. In addition, Pointer Telocation sells its Nexusphere subsystems and products to third party local operators in Russia, Venezuela, China, and Chile. The company was founded in 1991. It was formerly known as Nexus Telecommunications Systems, Ltd. and changed its name to Nexus Telocation Systems Limited in 1997. Further, Nexus Telocation Systems changed its name to Pointer Telocation, Ltd. in February 2006. Pointer Telocation is based in Givatayim, Israel.


      http://www.pointer.com/

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      schrieb am 14.03.06 11:55:29
      Beitrag Nr. 2 ()
      Pointer Telocation Reports its Financial Results for 2005
      Wednesday March 1, 5:58 am ET
      $37 Million Record High Revenues - 237% Revenue Growth
      First Year of Operating Profit


      GIVATAYIM, Israel, March 1 /PRNewswire-FirstCall/ --
      Updates Guidance for 2006 Results

      Pointer Telocation Ltd. (Nasdaq Capital Markets: PNTR), a leading provider of services to insurance companies and car owners, including road side assistance, towing and stolen vehicle retrieval services in Israel, Argentina and Mexico, reported its financial results for the year ended December 31, 2005.

      ADVERTISEMENT


      Financial Highlights:

      Revenues: Pointer`s revenues increased by 237% to a record 37 million in 2005 from $11 million in 2004. This increase in revenue is attributed mainly to the acquisition of Shagrir Motor Vehicle Systems, a leading provider of services to insurance companies and automobile owners in Israel. Revenues from operations in Israel accounted for 89.8% of Pointer`s revenues in 2005 as compared to 72.4% in 2004. Revenues from other geographical territories increased by approximately 25%, mainly due to expanded operations in Argentina and Russia.

      In 2005, service revenues were 76% of total revenues, as compared to 49% in 2004. This fact reflects the tendency of shifting the business from a focus on the sale of technology to the provision of services.

      Gross profit: Gross profit increased in 2005 to $13.7 million or 36.9% of revenues, as compared to $3.4 million or 30.7% in 2004. This increase in gross profit is attributable mainly to the acquisition of Shagrir Motor Vehicle Systems. The increase in gross profit was also affected, to a lesser extent, by the increase in revenues in other geographical territories but was offset partially by the losses of operations in Mexico, which commenced in March 2005.

      Operating expenses: In 2005, operating expenses increased by 102% to $12.7 million from $6.3 million in 2004. This increase is mainly due to the consolidation of Shagrir Motor Vehicles and included an increase of $1.5 million in the amortization of intangible assets to a total of $2.5 million in 2005 from $932 thousand in 2004. To a lesser extent, the increase in operating expenses was affected by an increase of 85% in R&D expenses and an increase in the Mexican subsidiary`s operating expenses.

      Operating Profit (loss): As a result of the foregoing, Pointer is reporting a first time operating profit totaling approximately $1 million in 2005, compared to an operating loss of $2.9 million in 2004.

      Net Loss: For the full year of 2005, net loss and net loss per share were reduced by 28% and 55% respectively to $2.7 million or $(1.17) per share compared to $3.8 million or $(2.58) per share in 2004.

      EBITDA: Pointer`s EBITDA improved to $6.4 million in 2005, as compared to a negative EBITDA of $438 thousand in 2004.

      Commenting on the 2005 financial results, Danny Stern, CEO, said: "In 2005, we had concluded the first stage in our strategic repositioning to become a leading provider of value-added services to insurance companies. We currently have a substantial presence in five countries, and we offer an extensive and diversified range of services and customers."

      "We are very pleased with our financial results which exceeded our expectations. The improved operating margin reflects the nature of our new business structure, which enables us to capitalize on economies of scale and to start presenting higher operating profits, after many years of operating losses. We are strengthening our positioning in all the markets and expect double-digit growth in our annual revenues abroad," concluded Mr. Stern.

      Yossi Ben Shalom, Chairman of the Board said: "2005 has been Pointer`s turnaround year, with record revenues and operating profit. As promised to our shareholders, Pointer is now a stronger company with a solid revenue base that presents year-to-year growth in revenues, operational profitability and strong EBITDA. We are looking forward to further accomplishing our goals and to achieve additional growth. "

      We are updating our guidance for Pointer`s 2006 revenues to approximately $40 million, primarily as a result of our growth in Israel and a double-digit growth in our operations abroad. We expect in 2006 to generate over $3.5 million in operating profits, $8.0 million in EBITDA and to reach profitability in the second half of 2006," concluded Mr. Ben Shalom.

      Conference Call Information:

      Pointer`s management will host two conference calls with the investment community today, March 1st, in Hebrew on 15:00 Israel time and in English on 9:00 EST.

      To listen to the conference calls, please dial:

      From the US: 1-866-229-7198

      From Israel: 03-9180609

      A replay of the conference call will be available through March 2nd, 2006 on the Company`s website at www.pointer.com.


      About Pointer Telocation:

      Pointer Telocation Ltd (www.pointer.com) provides
      range of services to insurance companies and
      automobile owners, including road-side assistance,
      vehicle towing, stolen vehicle retrieval, fleet
      management and other value added services. Pointer
      Telocation provides services, for the most part, in
      Israel, through its subsidiary Shagrir and in
      Argentina and Mexico through its local subsidiaries.
      Independent operators provide similar services in
      Russia and Venezuela utilizing Pointer`s technology
      and operational know-how.

      Safe Harbor Statement

      This press release contains forward-looking statements
      with respect to the business, financial condition and
      results of operations of Pointer and its affiliates.
      These forward-looking statements are based on the
      current expectations of the management of Pointer,
      only, and are subject to risk and uncertainties
      relating to changes in technology and market
      requirements, the company`s concentration on one
      industry in limited territories, decline in demand for
      the company`s products and those of its affiliates,
      inability to timely develop and introduce new
      technologies, products and applications, and loss of
      market share and pressure on pricing resulting from
      competition, which could cause the actual results or
      performance of the company to differ materially from
      those contemplated in such forward-looking statements.
      Pointer undertakes no obligation to publicly release
      any revisions to these forward-looking statements to
      reflect events or circumstances after the date hereof
      or to reflect the occurrence of unanticipated events.
      For a more detailed description of the risks and
      uncertainties affecting the company, reference is made
      to the company`s reports filed from time to time with
      the Securities and Exchange Commission.



      Contact:

      Ronen Stein, V.P. and Yael Nevat, Commitment-IR.com
      Chief Financial Officer
      Tel.; +972-3-572-3111 Tel: +972-3-611 4466
      E-mail: ronens@pointer.com E-mail: yael@commitment-IR.com


      CONDENSED CONSOLIDATED BALANCE SHEETS
      U.S. dollars in thousands

      December 31,
      2005 2004
      ASSETS

      CURRENT ASSETS:
      Cash and cash equivalents $ 1,696 $ 75
      Short-term investments - 15
      Trade receivables (net of allowance for doubtful
      accounts of $ 363 and $ 568 at December 31, 2005
      and 2004, respectively) 6,576 3,828
      Other accounts receivable and prepaid expenses 505 639
      Inventories 1,389 1,343

      Total current assets 10,166 5,900

      LONG-TERM ASSETS:
      Long-term accounts receivable 219 230
      Severance pay fund 2,989 751
      Property and equipment, net 7,319 2,670
      Goodwill 36,924 13,154
      Other intangible assets, net 9,597 2,808

      Total long-term assets 57,048 19,613

      Total assets $ 67,214 $ 25,513

      CONDENSED CONSOLIDATED BALANCE SHEETS
      U.S. dollars in thousands (except share and per share data)

      December 31,
      2005 2004
      LIABILITIES AND SHAREHOLDERS` EQUITY

      CURRENT LIABILITIES:
      Short-term bank credit and current maturities of
      long-term loans $ 9,949 $ 7,064
      Trade payables 3,904 3,055
      Deferred revenues and customer advances 6,477 78
      Other accounts payable and accrued expenses 3,835 2,401

      Total current liabilities 24,165 12,598

      LONG-TERM LIABILITIES:
      Long-term loans from banks 16,211 4,423
      Long-term loans from shareholders and others 12,082 149
      Accrued severance pay 3,951 1,257

      32,244 5,829
      SHAREHOLDERS` EQUITY:
      Share capital -
      Ordinary shares of NIS 3 par value:
      Authorized - 8,000,000 and 4,000,000 shares at
      December 31, 2005 and 2004, respectively; Issued
      and outstanding - 2,479,020 and 1,704,505 shares at
      December 31, 2005 and 2004, respectively 1,680 1,145
      Additional paid-in capital 100,707 94,127
      Deferred stock-based compensation (1) (117)
      Accumulated other comprehensive loss (1,138) (353)
      Accumulated deficit (90,443) (87,716)

      Total shareholders` equity 10,805 7,086

      Total liabilities and shareholders` equity $ 67,214 $ 25,513

      CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
      U.S. dollars in thousands (except per share data)

      Year ended December 31,
      2005 2004 2003
      Revenues:
      Products $ 8,856 $ 5,594 $ 2,774
      Services 28,108 5,375 2,376

      Total revenues 36,964 10,969 5,150

      Cost of revenues:
      Products 5,727 4,297 2,099
      Services 17,587 3,301 2,075

      Total cost of revenues 23,314 7,598 4,174

      Gross profit 13,650 3,371 976

      Operating expenses:
      Research and development, net 892 482 664
      Selling and marketing 3,693 1,644 621
      General and administrative 5,518 2,775 1,343
      Amortization of deferred stock-based
      compensation *) 126 465 400
      Amortization of intangible assets 2,462 932 67

      Total operating expenses 12,691 6,298 3,095

      Operating income (loss) 959 (2,927) (2,119)
      Financial expenses, net 4,027 758 1,105
      Other income (expenses), net 341 (42) (32)

      Loss before taxes on income (2,727) (3,727) (3,256)
      Taxes on income - 37 -

      Loss from continuing operations (2,727) (3,764) (3,256)
      Gain from discontinued operations - - 8,524

      Net income (loss) $ (2,727) $ (3,764) $ 5,268

      Basic and diluted loss per share from
      continuing operations $ (1.17) $ (2.58) $ (3.81)
      Basic and diluted earnings per share
      from discontinued operations - - 9.96

      Basic and diluted net earnings (loss)
      per share $ (1.17) $ (2.58) $ 6.15

      *) Stock-based compensation relates to
      the following:
      Research and development $ - $ - $ 125
      General and administrative 126 465 275

      Total $ 126 $ 465 $ 400


      CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS` EQUITY (DEFICIENCY)
      U.S. dollars in thousands (except share data)

      Accumulated
      Additional Deferred other
      Number of Share paid-in stock-based comprehensive
      shares capital capital compensation loss

      Balance as of
      January 1,
      2003 112,899 $ 94 $ 77,373 $ - $ (892)
      Issuance of
      shares, net 868,045 570 3,172 - -
      Conversion of
      convertible
      debenture 164,356 109 614 - -
      Deferred
      stock-based
      compensation - - 966 (966) -
      Amortization
      of deferred
      stock-based
      compensation - - - 400 -
      Induced
      conversion of
      convertible
      debenture - - 1,011 - -
      Issuance of
      warrants to a
      bank - - 103 - -
      Comprehensive
      income:
      Foreign
      currency
      translation
      adjustments - - - - 52
      Net income - - - - -
      Total
      comprehensive
      income

      Balance as of
      December 31,
      2003 1,145,300 773 83,239 (566) (840)
      Issuance of
      shares,
      warrants and
      options for
      the
      acquisition
      of additional
      interest in a
      subsidiary,
      net 429,154 286 10,815 - -
      Deferred
      stock-based
      compensation - - 16 (16) -
      Amortization
      of deferred
      stock-based
      compensation - - - 465 -
      Exercise of
      warrants and
      options 130,051 86 57 - -
      Comprehensive
      loss:
      Foreign
      currency
      translation
      adjustments - - - - 487
      Net loss - - - - -
      Total
      comprehensive
      loss

      Balance as of
      December 31,
      2004 1,704,505 1,145 94,127 (117) (353)
      Issuance of
      shares,
      warrants and
      options ,net 722,587 500 6,391 - -
      Deferred
      stock-based
      compensation - - 10 (10) -
      Amortization
      of deferred
      stock-based
      compensation - - - 126 -
      Exercise of
      warrants and
      stock options 51,928 35 179 - -
      Comprehensive
      loss:
      Foreign
      currency
      translation
      adjustments - - - - (785)
      Net loss - - - - -
      Total
      comprehensive
      loss

      Balance as of
      December 31,
      2005 2,479,020 $ 1,680 $ 100,707 $ (1) $ (1,138)


      Total Total
      comprehensive shareholders`
      Accumulated income equity
      deficit (loss) (deficiency)

      Balance as of January 1,
      2003 $ (89,220) $ (12,645)
      Issuance of shares, net - 3,742
      Conversion of convertible
      debenture - 723
      Deferred stock-based
      compensation - -
      Amortization of deferred
      stock-based compensation - 400
      Induced conversion of
      convertible debenture - 1,011
      Issuance of warrants to a
      bank - 103
      Comprehensive income:
      Foreign currency translation
      adjustments - $ 52 52
      Net income 5,268 5,268 5,268
      Total comprehensive income $ 5,320

      Balance as of December 31,
      2003 (83,952) (1,346)
      Issuance of shares, warrants
      and options for the
      acquisition of additional
      interest in a subsidiary,
      net - 11,101
      Deferred stock-based
      compensation - -
      Amortization of deferred
      stock-based compensation - 465
      Exercise of warrants and
      options - 143
      Comprehensive loss:
      Foreign currency translation
      adjustments - $ 487 487
      Net loss (3,764) (3,764) (3,764)
      Total comprehensive loss $ (3,277)

      Balance as of December 31,
      2004 (87,716) 7,086
      Issuance of shares, warrants
      and options ,net - 6,891
      Deferred stock-based
      compensation - -
      Amortization of deferred
      stock-based compensation - 126
      Exercise of warrants and
      stock options - 214
      Comprehensive loss:
      Foreign currency translation
      adjustments - $ (785) (785)
      Net loss (2,727) (2,727) (2,727)
      Total comprehensive loss $ (3,512)

      Balance as of December 31,
      2005 $ (90,443) $ 10,805


      CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS` EQUITY (DEFICIENCY)
      CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
      U.S. dollars in thousands

      Year ended December 31,
      2005 2004 2003
      Cash flows from operating activities:
      Net income (loss) $ (2,727) $ (3,764) $ 5,268
      Adjustments required to reconcile net
      income (loss) to net cash provided by
      (used in) operating activities:
      Gain from discontinued operations - - (8,524)
      Depreciation and amortization 4,997 2,065 1,171
      Accrued Interest and revaluation of
      convertible debenture and long-term
      loans 1,961 (43) (54)
      Accrued severance pay, net 484 28 (146)
      Write-off of inventories 199 479 111
      Loss (gain) from sale of property and
      equipment, net (299) (56) 21
      Gain from realization of investment in
      subsidiary, net (359) - -
      Amortization of deferred stock-based
      compensation 126 465 400
      Induced conversion of convertible
      debenture - - 1,011
      Decrease (increase) in trade
      receivables, net 2,581 (355) (265)
      Decrease in other accounts receivable
      and prepaid expenses 2,301 289 111
      Decrease (increase) in inventories (144) 291 196
      Increase in other long-term accounts
      receivable (20) (35) (26)
      Increase (decrease) in trade payables (359) 1,238 (1,145)
      Decrease in other accounts payable and
      accrued expenses (2,962) (508) (261)

      Net cash provided by (used in)
      operating activities 5,779 94 (2,132)

      Cash flows from investing activities:
      Purchase of property and equipment (2,020) (873) (1,099)
      Proceeds from short-term bank deposits 15 - 62
      Proceeds from sale of property and
      equipment 519 58 -
      Proceeds from realization of investment
      in subsidiary 6,241 - -
      Acquisition of additional interest in
      Shagrir Motor Vehicle Systems, net of
      cash acquired (a) - 10 -
      Acquisition of activities and assets of
      Shagrir Towing Services Ltd. and
      Shagrir (1985) Ltd. (b) (43,847) - -

      Net cash used in investing activities (39,092) (805) (1,037)

      Cash flows from financing activities:
      Receipt of long-term loans from banks 16,066 743 -
      Repayment of long-term loans from banks (2,035) (376) -
      Receipt of long-term loans from
      shareholders and others 21,136 149 -
      Repayment of long-term loans from
      others (6,241) - -
      Repayment of convertible debenture - - (300)
      Issuance of warrants to a bank - - 103
      Proceeds from issuance of shares and
      exercise of warrants, net 6,176 67 3,742
      Short-term bank credit, net (401) (504) 253

      Net cash provided by financing
      activities 34,701 79 3,798

      Effect of exchange rate on cash and
      cash equivalents 233 (1) 8

      Increase (decrease) in cash and cash
      equivalents 1,621 (633) 637
      Cash and cash equivalents at the
      beginning of the year 75 708 71

      Cash and cash equivalents at the end of
      the year $ 1,696 $ 75 $ 708

      Supplemental disclosure of cash flow
      transaction:
      Cash paid during the year for interest $ 1,200 $ 469 $ 229

      CONSOLIDATED STATEMENTS OF CASH FLOWS
      U.S. dollars in thousands

      Year ended December 31,
      2005 2004 2003

      (a) Acquisition of additional interest in
      Shagrir Motor Vehicle Systems:

      Fair value of assets acquired and
      liabilities assumed at date of
      acquisition:

      Working capital $ - $ (1,238) $ -
      Long-term accounts receivable - (224) -
      Property and equipment - (1,117) -
      Customer list - (2,646) -
      Brand name - (828) -
      Goodwill - (12,638) -
      Short-term bank credit - 5,282 -
      Long-term loan - 1,890 -
      Accrued severance pay, net - 276 -

      - (11,243) -
      Fair value of shares, options and
      warrants issued - 11,253 -

      $ - $ 10 $ -

      (b) Acquisition of activities and assets
      of Shagrir Towing Services Ltd. and
      Shagrir (1985) Ltd.:

      Fair value of assets acquired and
      liabilities assumed at date of
      acquisition:

      Working capital $ 4,568 $ - $ -
      Property and equipment (5,760) - -
      Customer list (8,558) - -
      Brand name (1,920) - -
      Goodwill (31,652) - -
      Long-term loan (1,175) - -
      Accrued severance pay, net 6 - -

      (44,491) - -
      Fair value of shares, options and
      warrants issued 644 - -

      $ (43,847) $ - $ -

      (c) Non-cash investing and financing
      activity:

      Conversion of convertible debenture $ - $ - $ 723





      --------------------------------------------------------------------------------
      Source: Pointer Telocation Ltd.


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