Israel-based Ituran Location and Control Ltd. (NASDAQ: ITRN) reported full year figures for fiscal 2019 Monday. The company reported revenue of $253.3 million, up 8% year-over-year, while net income notched $64.5 million, up 47% year-over-year.
Other highlights for the year: the company closed acquisition of Road Track Holdings in mid-September; the number of its subscribers increased to 1,770,000 at year-end.
Adjusted EBITDA was $79.2 million (31.2% of revenues), up 13% year-over-year. Moreover, ITRN generated $53.2 million in full year operating cash flow. Lastly, the company boasted total dividends of $20 million declared to shareholders for 2018.
As of December 31, 2018, the Company had cash, including marketable securities, of $53.3 million or $2.50 per share. Following the acquisition of Road Track, as of December 31, 2018, the Company had debt of $73.2 million or $3.43 per share, This is compared with cash, including marketable securities, of $40.4 million or $1.93 per share, and zero debt, as of December 31, 2017.
Said Ituran CEO Eyal Sheratzky, "Our growth in 2018 was driven by both organic growth at Ituran as well as the consolidation of Road Track, which has significantly expanded our business.
"This is the first full quarter that we are reporting our results as a consolidated company. As can be seen in the results, we are now a company on a completely new scale. We have an adjusted EBITDA annual run-rate of $100 million."
ITRN shares declined 66 cents, or 1.1%, soon after Monday’s open to $35.98
