AZOUR, Israel, August 16, 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 September 19, 2017. The Company will pay the dividend out on October 10, 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 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, 2017, prior to the distribution was US$81.7 million and retained earnings will reach US$76.7 million after the distribution. The Board of Directors emphasized that as of June 30, 2017, the Company had a cash balance in hand of US$27.1 million (this amount is prior to the payment of a dividend of US$5 million which was issued for the first quarter of 2017 and was paid out in July 2017). As of June 30, 2017, the Company's current assets (excluding cash, cash equivalents) were in the sum of US$101.5 million and current liabilities were in the sum of US$60.7 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