Wednesday before the bell, Pointer Telocation Ltd. (PNTR), a provider of security and protection services, reported a profit in its second-quarter compared to a loss last year. In addition, the company raised its full-year financial forecast.
Pointer posted second-quarter net income of $0.798 million or $0.17 per share, compared with a net loss of $0.388 million or $0.12 per share in the same quarter last year.
Non-GAAP net income was $2.37 million, up from $0.149 million in the corresponding quarter of last year.
Operating income surged 202% to $2.54 million from $0.842 million in the year earlier quarter.
Pointer said its consecutive improvements of second quarter were based on the successful merger of Cellocator's business and strong internal growth. Additionally, better revenue breakdown was accompanied by total revenue and income growth, which yielded, improved margins. Both technology and services sectors presented better results.
Total revenues soared 66% to $19.40 million from $11.69 million in the prior year quarter.
The company said its second quarter included a one-time, non-cash expense due to a loan discount in the amount of $0.7 million, as part of a loan replacement and non-GAAP net income for the recent-quarter increased due to this onetime non-cash expense.
Net income for the six-month period was $1.54 million or $0.33 per share, compared to net loss of $0.568 million or $0.25 per share in the previous year period. Non-GAAP net income advanced to $4.19 million from $0.566 million in the year ago period.
Operating income climbed 168% to $4.80 million from $1.79 million in the comparable period of last year.
For six months, total revenues soared 64.5% to $37.88 million from $23.03 million in the year earlier period.
Looking ahead, the company raised its full-year 2008 revenue guidance to $76 million from previous outlook of $65.0 million. In addition, Pointer raised 2008 operating income to $8 million from prior outlook of $6.0 million.
PNTR ended Tuesday's regular trading session at $6.90 per share.
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