Ituran Location and
Control Ltd. (NASDAQ: ITRN, TASE: ITRN), today announced its consolidated
financial results for the first quarter ended March 31, 2011.
Highlights of the First quarter
- A 40 thousand year-over-year increase in net subscribers to a record of
615 thousand as of March 31, 2011;
- Gross margin at 49.3% and operating margin at 21.8%;
- EBITDA of $13.4 million or 33.1% of revenues;
- Generated $10.1 million in operating cash flow; ended the quarter with
$66.1 million in net cash (including marketable securities and deposits for
short and long term);
First quarter 2011 Results
Revenues for the first quarter of 2011 reached $40.4 million,
representing 15% growth over revenues of $35.0 million in the first quarter
of 2010. 75% of revenues were from location based service subscription fees
and 25% from product revenues.
Revenues from subscription fees grew by 16% over the same period last
year. The increase in subscription fees was mainly due to the increase in the
subscriber base, which grew to 615,000 as of March 31, 2011, as compared with
575,000 at the end of March 31, 2010. Product revenues grew 15% compared with
the same period last year. This increase was driven primarily by the
increased sales of products in Israel.