Pointer Telocation Ltd (PNTR) has reported 10.90 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1.57 million, or $0.19 a share in the quarter, compared with $1.41 million, or $0.14 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.30 million, or $0.29 a share compared with $2.33 million or $0.23 a share, a year ago. Revenue during the quarter grew 28.36 percent to $19.03 million from $14.83 million in the previous year period. Gross margin for the quarter contracted 28 basis points over the previous year period to 49.35 percent. Total expenses were 88.15 percent of quarterly revenues, down from 89.32 percent for the same period last year. This has led to an improvement of 118 basis points in operating margin to 11.85 percent.
Operating income for the quarter was $2.26 million, compared with $1.58 million in the previous year period.
However, the adjusted operating income for the quarter stood at $2.60 million compared to $1.73 million in the prior year period. At the same time, adjusted operating margin improved 202 basis points in the quarter to 13.69 percent from 11.67 percent in the last year period.
David Mahlab, Pointer's Chief Executive Officer, commented: “We are very happy with the results of the quarter, which were at record levels across the board, driven primarily by subscriber growth of over 46,000 users since last year and adding 9,000 new subscribers in this quarter. The operating leverage inherent to our SAAS business model allows us to strongly benefit from the growth in the subscriber base, as was demonstrated by the solid improvement in our operating margin in the quarter.”
Operating cash flow falls marginally
Pointer Telocation Ltd has generated cash of $1.50 million from operating activities during the quarter, down 1.05 percent or $ 0.02 million, when compared with the last year period. The company has spent $0.75 million cash to meet investing activities during the quarter as against cash outgo of $1.10 million in the last year period. It has incurred net capital expenditure of $0.75 million on net basis during the quarter, down 31.88 percent or $0.35 million from year ago period.
The company has spent $1.15 million cash to carry out financing activities during the quarter as against cash outgo of $0.99 million in the last year period.
Cash and cash equivalents stood at $5.75 million as on Mar. 31, 2017, down 33.52 percent or $2.90 million from $8.66 million on Mar. 31, 2016.
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