0001213900-19-015959.txt : 20190815 0001213900-19-015959.hdr.sgml : 20190815 20190815084406 ACCESSION NUMBER: 0001213900-19-015959 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190815 FILED AS OF DATE: 20190815 DATE AS OF CHANGE: 20190815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pointer Telocation Ltd CENTRAL INDEX KEY: 0000920532 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13138 FILM NUMBER: 191028574 BUSINESS ADDRESS: STREET 1: 14 HAMELACHA STREET CITY: ROSH HA'AYIN STATE: L3 ZIP: 48091 BUSINESS PHONE: 97235723111 MAIL ADDRESS: STREET 1: 14 HAMELACHA STREET CITY: ROSH HA'AYIN STATE: L3 ZIP: 48091 FORMER COMPANY: FORMER CONFORMED NAME: NEXUS TELOCATION SYSTEMS LTD DATE OF NAME CHANGE: 19980623 FORMER COMPANY: FORMER CONFORMED NAME: NEXUS TELECOMMUNICATIONS SYSTEMS LTD DATE OF NAME CHANGE: 19980112 6-K 1 f6k081419_pointertelo.htm REPORT OF FOREIGN PRIVATE ISSUER

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 6-K 
Report of Foreign Private Issuer

 

Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

 

For the month of August 2019 (Report No. 2)

 

Commission File Number: 001-13138

 

Pointer Telocation Ltd.
(Translation of registrant’s name into English)

 

14 Hamelacha Street, Rosh Ha’ayin, Israel 4809133
(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒  Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

  

 

 

 

 

THE GAAP FINANCIAL STATEMENTS INCLUDED IN EXHIBIT 99.1 INCLUDED IN THIS FORM 6-K OF THE REGISTRANT ARE HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S REGISTRATION STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS. 333-113420, 333-118897, 333-139717, 333-141306, 333-173155, 333-214775 and 333-217655) AND FORM F-3 (REGISTRATION STATEMENT NOS. 333-111019, 333-119998, 333-126257, 333-143399, 333-194483 and 333-199535) AND SHALL BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FILED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

  

CONTENTS

 

This report on Form 6-K of the registrant consists of the following document, which is attached hereto and incorporated by reference herein:

 

Exhibit 99.1 Press release, dated August 15, 2019, reporting the Registrant’s second quarter of 2019 financial results.

  

1

 

 

SIGNATURES

  

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  POINTER TELOCATION LTD.
  (Registrant)
   
Date: August 15, 2019 /s/ Yossi Ben Shalom
  By: Yossi Ben Shalom
  Title: Chairman of the Board of Directors

 

 

2

 

 EX-99.1 2 f6k081419ex99-1_pointer.htm PRESS RELEASE ISSUED BY POINTER TELOCATION LTD. ON AUGUST 14, 2019

Exhibit 99.1

  

 

 

For Immediate Release

 

Pointer Telocation Reports

 

Second Quarter 2019 Financial Results

 

Rosh HaAyin, Israel, August 15, 2019. Pointer Telocation Ltd. (Nasdaq: PNTR; TASE: PNTR), a leading provider of telematic services and technology solutions for Fleet Management, Mobile Asset Management and Internet of Vehicles, announced its financial results for second quarter and six months ended June 30, 2019.

 

Financial Highlights for Second Quarter of 2019 Compared to Second Quarter of 2018

 

●Record revenues of $21.4 million, up 9% as reported and up 16% on a constant currency basis
●Service revenues of $12.5 million, down 5% as reported and up 5% on a constant currency basis
●Operating income of $1.8 million (8% of revenue), down from $2.8 million for the prior-year period
●Net income of $1.1 million, down from $1.9 million for the prior-year period
●Adjusted EBITDA of $3.3 million, down from $3.6 million for the prior-year period
●Cash net of debt totaled to $2.7 million at June 30, 2019
●Total subscribers reached 282,000, an increase of 4% year-over-year

 

Management Comment

 

David Mahlab, Pointer’s Chief Executive Officer, commented:

 

“We are very excited to report record revenue of $21.4 million in the second quarter, driven by significant product revenue in North America. We are seeing increasing traction in this key expansion market as we benefit from synergies with our primary partner, ID Systems, and we expect to accelerate our combined efforts there as we fully integrate our business and operations, post-acquisition. We believe we are on track to close this transaction in October 2019 after the parties extended the date after which each party can terminate the merger agreement without cause until the end of October.

 

Meanwhile in other major markets we saw strong growth in Brazil in the second quarter based on wins we announced earlier this year, and we expect to continue this momentum in Brazil and other Latin America markets.

 

During the fourth quarter of 2018 and the first quarter of 2019, we significantly reduced services to low margin customers, cutting approximately 15,000 low revenue subscribers in total, in order to enhance our long-term profitability. In the second quarter of 2019, we executed our plans and returned to subscriber growth of about 4% quarter-over-quarter. We expect to continued momentum in our service subscriber growth going forward.

 

 

 

 

For the remainder of 2019, we continue to expect double-digit growth in our overall business comparing same period in 2018, with accelerating growth on our top line and continuing investment in new products and solutions, particularly for the North American market.”

 

Second Quarter 2019 Financial Summary Compared to Second Quarter 2018

 

(in millions, except per share amounts)  June 30,
2019		   June 30,
2018		 
Total Revenues  $21.4   $19.7 
Service Revenues  $12.5   $13.2 
Operating Income (% of Revenue)  $1.8 (8%)  $2.8 (14%)
Diluted Earnings per Share (EPS)  $0.13   $0.23 
Non-GAAP Diluted EPS  $0.22   $0.30 
Net Income  $1.1   $1.9 
EBITDA  $2.9   $3.4 

 

First Half 2019 Financial Summary Compared to First Half 2018

 

(in millions, except per share amounts)  June 30,
2019		   June 30,
2018		 
Total Revenues  $39.7   $40.6 
Service Revenues  $24.9   $27.0 
Operating Income (% of Revenue)  $3.0 (8%)  $5.3 (13%)
Diluted Earnings per Share (EPS)  $0.20   $0.44 
Non-GAAP Diluted EPS  $0.42   $0.60 
Net Income  $1.7   $3.7 
EBITDA  $4.8   $6.7 

 

Revenues from services decreased 5% to $12.5 million as compared to $13.2 million in the second quarter of 2018. In constant currency terms, revenues from services increased by 5%. Revenues from products increased by 36% as reported in the second quarter of 2019 to $8.9 million from $6.6 million in the second quarter of 2018. In constant currency terms, revenues from products increased by 37%. The currency exchange rate impact on total revenues for the second quarter of 2019 compared to the second quarter of 2018 was approximately $1.5 million. The currency exchange rate impact on operating income for the second quarter of 2019 compared to the second quarter of 2018 was immaterial.

 

Conference Call Information

 

As previously announced, Pointer Telocation’s management will host a conference call today, at 10:00 a.m. Eastern Time, 3:00 p.m. UK time, 5:00 p.m. Israel time. On the call, management will review and discuss the results. To listen to the call, please dial in to one of the following teleconferencing numbers. Please begin placing your call a few minutes before the conference call commences.

 

Dial in numbers are as follows:

 

From the USA +1-877-407-0789 or 1-201-689-8562

From Israel 1-809-406-247

From the UK 0-800-756 -3429

  

2

 

 

A replay will be available a few hours following the call on the company’s website for one year.

  

Reconciliation between results on a GAAP and Non-GAAP basis

 

A reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Condensed Interim Consolidated Statements of Cash Flows.

 

Pointer uses EBITDA, adjusted EBITDA, Non-GAAP operating income, Non-GAAP net income and presentation of results in a constant currency based on the local currencies in which operations are conducted prior to giving effect to exchange rates into U.S. dollars as Non-GAAP financial performance measurements.

 

Pointer calculates EBITDA by adding back to net income financial expenses, taxes and depreciation and amortization of intangible assets. Pointer calculates adjusted EBITDA by adding back to EBITDA Stock-based compensation expenses and acquisition related costs. Pointer calculates Non-GAAP operating income by adding back to operating income the effects of non-cash stock-based compensation expenses, amortization of long-lived assets and losses and acquisition related costs. Pointer calculates Non-GAAP net income by adding back to net income the effects of non-cash stock-based compensation expenses, amortization of long lived assets, non-cash tax expenses and acquisition related costs.

 

Pointer calculates results on a constant currency based on the local currencies on a nominal value, without giving effect to conversion into U.S. dollar.

 

The purpose of such adjustments is to give an indication of the Company’s performance exclusive of Non-GAAP charges that are considered by management to be outside of the Company’s core operating results and to neutralize fluctuations in local currencies against the dollar.

 

EBITDA, Adjusted EBITDA, Non-GAAP operating and net income and presentation of results on a constant currency basis are provided to investors to complement the results provided in accordance with GAAP, as management believes these measures help to illustrate underlying operating trends in the Company’s business and uses these measures to establish internal budgets and goals, manage the business and evaluate performance. Management believes that these Non-GAAP measures help investors to understand the Company’s current and future operating cash flow and performance, especially as the Company’s acquisitions have resulted in amortization and non-cash items that have had a material impact on the Company’s GAAP profits. EBITDA, adjusted EBITDA, Non-GAAP operating and net income and presentation of results on a constant currency basis should not be considered in isolation or as a substitute for comparable measures calculated and should be read in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies.

 

About Pointer Telocation

 

For over 20 years, Pointer has rewritten the rules for the Mobile Resource Management (MRM) market and is a pioneer in the Connected Car segment. Pointer has in-depth knowledge of the needs of this market and has developed a full suite of tools, technology and services to respond to them. The vehicles of the future will be intimately networked with the outside world, enhancing and optimizing the in-car experience.

 

Pointer’s innovative and reliable cloud-based software-as-a-service (SAAS) platform extracts and captures an organization’s critical mobility data points – from office, drivers, routes, points-of-interest, logistic-network, vehicles, trailers, containers and cargo. The SAAS platform analyzes the raw data converting it into valuable information for Pointer’s customers providing them with actionable insights and thus enabling the customers to improve their bottom line and increase their profitability.

 

For more information, please visit http://www.pointer.com, the content of which does not form a part of this press release.

 

Risks Regarding Forward Looking Statements

 

Certain statements made herein that use words such as “estimate,” “project,” “intend,” “expect,” “‘believe”, “may”, “might”, “predict”, “potential”, “anticipate”, “plan” or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, when the Company discusses increasing traction in the North America market, potential acceleration of efforts with I.D. Systems, full integration of the companies’ businesses and timing of closing of the acquisition transaction with I.D. Systems, continued positive momentum in Brazil, other Latin America markets and in the number of service subscribers and rates of top and bottom line growth for the remainder of 2019 as well as continued investment in products and solutions, it is using forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions. For additional information regarding these and other risks and uncertainties associated with the Company’s business, reference is made to the Company’s reports filed from time to time with the U.S. Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason.

  

3

 

 

INTERIM CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands

  

  

June 30,
2019

   December 31,
2018		 
   Unaudited     
ASSETS        
         
CURRENT ASSETS:        
Cash and cash equivalents   6,698    8,528 
Trade and unbilled receivables   17,688    13,902 
Other accounts receivable and prepaid expenses   5,484    3,362 
Inventories   7,668    6,432 
           
Total current assets   37,538    32,224 
           
LONG-TERM ASSETS:          
Long-term loan to related party   1,022    948 
Long-term unbilled and other accounts receivable   940    1,258 
Severance pay fund   3,382    3,038 
Property and equipment, net   6,236    5,915 
Other intangible assets, net   1,073    1,229 
Goodwill   39,044    37,538 
Deferred tax asset   7,856    7,934 
Operating lease right-of-use asset   3,280    - 
           
Total long-term assets   62,833    57,860 
           
Total assets   100,371    90,084 

 

4

 

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
INTERIM CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands

 

   June 30,   December 31, 
   2019   2018 
   Unaudited     
LIABILITIES AND SHAREHOLDERS’ EQUITY        
         
CURRENT LIABILITIES:        
Short-term bank credit and current maturities of long-term loans   2,068    2,354 
Trade payables   8,605    5,743 
Deferred revenues and customer advances   769    785 
Other accounts payable and accrued expenses   8,943    8,490 
           
Total current liabilities   20,385    17,372 
           
LONG-TERM LIABILITIES:          
Long-term loans from banks   1,933    2,685 
Deferred taxes and other long-term liabilities   343    360 
Accrued severance pay   3,751    3,531 
Operating lease liability   3,300    - 
           
Total long term liabilities   9,327    6,576 
           
COMMITMENTS AND CONTINGENT LIABILITIES          
           
EQUITY:          
Pointer Telocation Ltd.’s shareholders’ equity:          
Share capital   6,059    6,050 
Additional paid-in capital   130,802    130,309 
Accumulated other comprehensive income   (5,762)   (8,151)
Accumulated deficit   (60,547)   (62,278)
           
Total Pointer Telocation Ltd.’s shareholders’ equity   70,552    65,930 
           
Non-controlling interest   107    206 
           
Total equity   70,659    66,136 
           
Total liabilities and equity   100,371    90,084 

 

5

 

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except for share and per share information

 

  

Six months ended
June 30,

  

Three months ended
June 30,

   Year ended
December 31,		 
   2019   2018   2019   2018   2018 
   Unaudited   Unaudited     
Revenues:                    
Products   14,810    13,637    8,918    6,578    25,243 
Services   24,891    26,986    12,525    13,162    52,543 
                          
Total revenues   39,701    40,623    21,443    19,740    77,786 
                          
Cost of revenues:                         
Products   9,892    8,188    6,109    3,963    15,104 
Services   10,727    11,148    5,511    5,438    21,674 
                          
Total cost of revenues   20,619    19,336    11,620    9,401    36,778 
                          
Gross profit   19,082    21,287    9,823    10,339    41,008 
                          
Operating expenses:                         
Research and development   2,641    2,359    1,370    1,122    4,707 
Selling and marketing   7,513    7,545    3,855    3,677    14,560 
General and administrative   5,038    5,548    2,452    2,661    11,169 
Amortization of intangible assets   173    248    78    121    456 
One-time acquisition related costs   711    262    260    -    300 
                          
Total operating expenses   16,076    15,962    8,015    7,581    31,192 
                          
Operating income   3,006    5,325    1,808    2,758    9,816 
Financial expenses, net   365    666    145    332    1,133 
Other expenses (income)   (8)   15    (8)   -    3 
                          
Income before taxes on income   2,649    4,644    1,671    2,426    8,680 
Taxes on income   973    950    596    501    1,753 
                          
Net income   1,676    3,694    1,075    1,925    6,927 
                          
                          
Earnings per share from continuing operations attributable to Pointer Telocation Ltd.’s shareholders:                         
Basic net earnings per share   0.21    0.46    0.13    0.24    0.85 
                          
Diluted net earnings per share   0.20    0.44    0.13    0.23    0.84 
                          
Weighted average -Basic number of shares   8,162,950    8,066,698    8,188,475    8,073,665    8,099,952 
                          
Weighted average – fully diluted number of shares   8,360,140    8,257,968    8,393,890    8,221,373    8,279,562 

 

6

 

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

 

  

Six months ended
June 30,

  

Three months ended
June 30,

  

Year ended
December 31,

 
   2019   2018   2019   2018   2018 
   Unaudited   Unaudited     
                     
Cash flows from operating activities:                    
                     
Net income   1,676    3,694    1,075    1,925    6,927 
Adjustments required to reconcile net income to net cash provided by operating activities:                         
Depreciation and amortization   1,746    1,345    1,068    627    2,571 
Accrued interest and exchange rate changes of debenture and long-term loans   (99)   25    (37)   24    (20)
Accrued severance pay, net   (142)   46    (27)   (32)   71 
Gain from sale of property and equipment, net   (36)   (49)   (20)   (22)   (101)
Stock-based compensation   471    386    125    244    1,198 
Decrease (increase) in trade and unbilled receivables, net   (3,310)   (788)   (2,517)   200    (1,121)
Increase in other accounts receivable and prepaid expenses   (2,214)   (1,370)   (1,362)   (749)   (855)
Decrease (increase) in inventories   (1,359)   751    (557)   541    (56)
Decrease (increase) in deferred income taxes   385    341    266    186    779 
Decrease (increase) in long-term unbilled and other accounts receivable   381    (202)   (173)   (360)   220 
Increase (decrease) in trade payables   2,496    247    3,292    358    48 
Increase (decrease) in other accounts payable and accrued expenses   1,117    (382)   250    (1,214)   (1,064)
                          
Net cash provided by operating activities   1,112    4,044    1,383    1,728    8,597 
                          
Cash flows from investing activities:                         
Purchase of property and equipment   (1,507)   (1,633)   (977)   (674)   (2,721)
Proceeds from sale of property and equipment   36    49    20    22    101 
                          
Net cash used in investing activities   (1,471)   (1,584)   (957)   (652)   (2,620)

 

7

 

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

 

  

Six months ended
June 30,

  

Three months ended
June 30,

   Year ended
December 31,		 
   2019   2018   2019   2018   2018 
   Unaudited   Unaudited     
                     
Cash flows from financing activities:                    
                     
Repayment of long-term loans from banks   (1,585)   (2,645)   (367)   (1,294)   (5,078)
Proceeds from issuance of shares and exercise of options, net of issuance costs   20    80    20    76    89 
Short-term bank credit, net   546    79    32    21    32 
                          
Net cash used in financing activities   (1,019)   (2,486)   (315)   (1,197)   (4,957)
                          
Effect of exchange rate on cash and cash equivalents   (453)   (181)   (288)   (477)   133 
                          
Decrease in cash and cash equivalents   (1,831)   (207)   (177)   (598)   1,153 
Cash and cash equivalents at the beginning of the period   8,529    7,375    6,875    7,766    7,375 
                          
Cash and cash equivalents at the end of the period   6,698    7,168    6,698    7,168    8,528 

 

- - - - - - -

 

8

 

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES
 
ADDITIONAL INFORMATION
U.S. dollars in thousands, except share and per share data

 

The following table reconciles GAAP to non-GAAP operating results:

 

   Six months ended
June 30,		   Three months ended
June 30,		   Year ended December 31, 
   2019   2018   2019   2018   2018 
                     
GAAP gross profit   19,082    21,287    9,823    10,339    41,008 
Stock-based compensation expenses   61    33    27    24    104 
Non-GAAP gross profit   19,143    21,320    9,850    10,363    41,112 
                          
                          
GAAP operating income   3,006    5,325    1,808    2,758    9,816 
Stock-based compensation expenses   471    386    125    244    1,198 
Amortization and impairment of long lived assets   173    248    78    121    456 
Acquisition related one-time costs   711    262    260    -    300 
Non-GAAP operating income   4,361    6,221    2,271    3,123    11,770 
                          
GAAP net income   1,676    3,694    1,075    1,925    6,927 
Stock-based compensation expenses   471    386    125    244    1,198 
Amortization and impairment of long lived assets   173    248    78    121    456 
Non cash tax expenses   449    375    283    204    759 
Acquisition related one-time costs   711    262    260    -    300 
Non-GAAP net income   3,480    4,965    1,821    2,494    9,640 
                          
Non-GAAP net income per share from continuing operations - Diluted   0.42    0.60    0.22    0.30    1.16 
Non-GAAP weighted average number of shares - Diluted*   8,360,140    8,257,968    8,393,890    8,221,373    8,279,562 

 

*In calculating diluted non-GAAP net income per share, the diluted weighted average number of shares outstanding excludes the effects of stock-based compensation expenses in accordance with FASB ASC 718.

 

9

 

 

POINTER TELOCATION LTD. AND ITS SUBSIDIARIES

 

EBITDA
U.S. dollars in thousands

 

  

Six months ended
June 30,

  

Three months ended
June 30,

  

Year ended
December 31,

 
   2019   2018   2019   2018   2018 
                     
GAAP Net income as reported:   1,676    3,694    1,075    1,925    6,927 
                          
Financial expenses, net   365    666    145    332    1,133 
Tax on income   973    950    596    501    1,753 
Depreciation, amortization and impairment of goodwill and  intangible assets   1,746    1,345    1,068    627    2,571 
                          
EBITDA   4,760    6,655    2,884    3,385    12,384 
                          
Stock-based compensation expenses   471    386    125    244    1,198 
                          
Acquisition related costs   711    262    260    -    300 
                          
Adjusted EBITDA   5,942    7,303    3,269    3,629    13,882 

 

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 10 

 

 

Company contact: Investor Relations Contact at Hayden IR, LLC:
   
Yaniv Dorani, CFO Brett Maas
Tel: +972-3-5723111 Tel: 646-536-7331
E-mail: yanivd@pointer.com E-mail: brett@haydenir.com
   
  Dave Fore
  Tel: 206-395-2711
  E-mail: dave@haydenir.com

 

 

   

 

 

 

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