AZOUR, Israel, May 17, 2017 /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 $0.24 per share, totaling approximately US$ 5 million. The dividend will be paid to shareholders of record as of June 27, 2017. The Company will pay the dividend out on July 11, 2017 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 above mentioned 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 March 31, 2017, prior to the distribution was US$76.3 million and retained earnings will reach US$71.3 million after the distribution. The Board of Directors emphasized that as of March 31, 2017, the Company had a cash balance in hand of US$26.6 million (this amount is prior to the payment of a dividend of US$8.5 million which was issued for the fourth quarter of 2016 and was paid out in April 2017). As of March 31, 2017, the Company's current assets (excluding cash, cash equivalents) were in the sum of US$96.5 million and current liabilities were in the sum of US$60.8 million.
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. Its products and applications are used by customers in over 20 countries.
Ituran's subscriber base has been growing significantly since the Company's inception to over 1 million subscribers using its location based services with a market leading position in Israel and Brazil. Established in 1995, Ituran has over 1,500 employees worldwide, with offices in Israel, Brazil, Argentina and the United States.
VP Finance, Ituran
International Investor Relations:
Ehud Helft / Gavriel Frohwein
GK Investor Relations
SOURCE Ituran Location and Control Ltd