Wednesday, before the bell, Pointer Telocation Ltd. (PNTR), a provider of security and protection services, reported a profit for the full year 2008, with an increase in revenues, driven by higher product sales.
For the full-year 2008, the company reported a GAAP net income of US$2.4 million or US$0.50 per share, compared to a GAAP net loss of US$0.3 million or US$0.08 per share last year.
On a non-GAAP basis, the company reported a net income of US$7.1 million, compared to a non-GAAP net income of US$2.2 million in 2007.
For the fiscal year ended December 31 2008, the company's revenues jumped 48.5% to US$76.6 million from US$51.6 million in 2007. The Rosh Haayin, Israel based company primarily attributable the growth in the annual revenues to the addition of the Cellocator operations.
In 2008, the company recorded US$9.3 million in operating income, compared to US$4.2 million for 2007, while operating expenses rose to US$20.12 million from US$14.69 million last year.
Furthermore, the company noted that its financial results for 2008 include for the first time a full year of financial results from the Cellocator business acquired in September 2007.
Shares of Pointer Telocation ended Tuesday's regular trading session at US$3.1399.
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