Business
Ituran Location and Control Ltd. Presents Results for the Fourth Quarter and Full Year of 2019
AZOUR, Israel, March 4, 2020 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"AZOUR, Israel, March 4, 2020 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the fourth quarter and full year ended December 31, 2019.\nHighlights of full year 2019\nNumber of subscribers increased to 1,781,000 at year-end; Revenue of $279.3 million; Adjusted EBITDA of $76.7 million; Generated $59.7 million in full year operating cash flow; Total dividends of $20 million declared to shareholders for 2019; Highlights of the fourth quarter of 2019\nRevenue of $65.5 million; Adjusted EBITDA of $16.5 million; Generated $17.0 million in quarterly operating cash flow; Dividend of $5 million declared for the quarter; Net increase in aftermarket subscribers of 22,000;Management Comment \nEyal Sheratzky, Co-CEO of Ituran said, \"We are pleased with the growth of 22,000 aftermarket subscribers in the quarter, which for the last three quarters now, has been at our longer-term expected growth rate. We expect that this continued recovery in the aftermarket subscriber growth will translate into continually improving operating results on a sequential basis throughout 2020.\" \nContinued Mr. Sheratzky, \"Our OEM segment has been weak due to the difficult environment that the car manufacturers in Brazil and Argentina have faced throughout 2019. However, looking ahead to 2020, we believe the fourth quarter represents the bottom and we now expect to resume sequential growth in our results. This is due to the steps we have taken in reducing expenses in Brazil and Argentina, as well as the growth we expect in some of our other countries including Mexico, Ecuador and Columbia.\" \nThe results include the consolidated non-GAAP financial results of Ituran, which exclude revenues and costs related to the purchase price allocation. For further details with regard to the reconciliation between the non-GAAP and GAAP results please see the financial tables with the press release.\nFourth Quarter 2019 Results\nRevenues for the fourth quarter of 2019 were $65.5 million. Non-GAAP revenues for the quarter were $66.2 million, representing a decrease of 17% compared with Non-GAAP revenues of $79.4 million in the fourth quarter of 2018.\n76% of revenues were from location-based service subscription fees and 24% were from product revenues. \nNon-GAAP revenues from subscription fees were $50.3 m...