PR Newswire
AZOUR,
Israel
,
Aug. 29, 2022
/PRNewswire/ — Ituran Location and Control Ltd. (NASDAQ: ITRN) announced that the Board of Directors approved the distribution of a cash dividend in the amount of
$0
.14 per share, totaling approximately US$3 million. The dividend will be paid to shareholders of record as of
September 29, 2022
. The Company will pay the dividend out on
October 13, 2022
net of taxes at the rate of 25%.
In its decision to approve the distribution of the cash dividend, the Board of Directors examined whether the Company meets the distribution criteria according to Israeli law. The Board of Directors concluded that the abovementioned distribution will not undermine the Company’s ability to keep performing in its current course of business or future plans, and is able to meet its undertakings when due.
Retained earnings as of
June 30, 2022
, prior to the distribution was
US$155
.0 million and retained earnings will reach
US$152.0 million
after the distribution. The Board of Directors emphasized that as of
June 30, 2022
, the Company had a cash balance in hand of
US$32.7 million
(this amount is prior to the payment of a dividend of
US$3 million
which was issued for the first quarter 2022 and was paid out in
July 2022
). The Company also had long-term loan of
US$3.9 million
and credit from banking institutions of
US$16.2 million
. As of
June 30, 2022
, the Company’s current assets (excluding cash and cash equivalents) were in the sum of
US$118.1 million
and current liabilities were in the sum of
US$95.8 million
.
About Ituran
Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance industry and car manufacturers. Ituran is the largest OEM telematics provider in
Latin America
. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the
Tel-Aviv
based DRIVE startup incubator to promote the development of smart mobility technology.
Ituran’s subscriber base has been growing significantly since the Company’s inception to approaching 2 million subscribers using its location based services with a market leading position in
Israel
and
Latin America
. Established in 1995, Ituran has approximately 3,000 employees worldwide, with offices in
Israel
,
Brazil
,
Argentina
,
Mexico
,
Ecuador
, Columbia,
India
,
Canada
and
the United States
.
For more information, please visit Ituran’s website, at:
www.ituran.com
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SOURCE Ituran Location and Control Ltd.
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