Ituran Location and Control Ltd reported net income of $4.8 million, or $0.23 per diluted share, in the first quarter of 2010. This was down slightly from the net income of $5.6 million, or $0.27 per diluted share, earned in the same quarter of 2009.
Ituran Location and Control Ltd reported strong sales growth of 28% on a year over year basis. The company had sales of $35 million in the first quarter of 2010, compared to sales of $27.3 million in the corresponding quarter of 2009.
Ituran Location and Control Ltd. said that sales from subscription fees totaled 74% of company revenues in the first quarter of 2010, and product sales accounted for 26%. The number of subscribers increased from 521,000 at 3/31/2009 to 575,000 at 3/31/2010. The company also benefited from the value of the U.S. Dollar vs. the Brazilian Real and the Israeli Shekel.
Ituran Location and Control Ltd. reported cash and cash equivalents of $67.5 million at the end of the first quarter of 2010, up from $60.8 million at the end of the first quarter of 2009.
Eyal Sheratzky, the CEO of Ituran Location and Control Ltd said, “The results of the first quarter represent a solid start to 2010, with an increase in revenues built both on growth in product sales and an expansion of our subscriber base, generating growing subscription fees.”
For more information on the company, go to www.ituran.com.