Ituran Location And Control Q4 Profit Declines - Quick Facts

(RTTNews) - Ituran Location and Control Ltd. (ITRN) posted a decline in the fourth quarter of 2013 net income attributable to the company to $4.05 million or $0.19 per share from the prior year's $4.41 million or $0.21 per share.

Excluding the one-time write-off, net profit for the latest-quarter was $7.5 million or $0.36 per share.

Operating profit for the fourth quarter was $8.0 million, an increase of 0.3% compared with an operating profit of $8.0 million last year. There was a one-time operating expense of $3.5 million due to a write-off of goodwill and intangible assets related to Mapa in the fourth quarter of 2013.

Excluding the one-time operating expense, operating income was $11.5 million, and representing an increase of 33% compared with the fourth quarter of last year.

Revenues for the fourth quarter of 2013 were $43.6 million, representing a 14% growth from revenues of $38.2 million in the fourth quarter of 2012. 74% of revenues were from location based service subscription fees and 26% from product revenues.

Eyal Sheratzky, Co-CEO of Ituran said, " We look forward to maintaining our growth trend and continue to improve our margins as we move through 2014."