ITURAN LOCATION AND CONTROL LTD ANNOUNCES DISTRIBUTION OF A $3 MILLION DIVIDEND
AZOUR, Israel, May 24, 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 June 29, 2022. The Company will pay the dividend out on July 14, 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 March 31, 2022, prior to the distribution was US$149.1 million and retained earnings will reach US$146.1 million after the distribution. The Board of Directors emphasized that as of March 31, 2022, the Company had a cash balance in hand of US$43.3 million (this amount is prior to the payment of a dividend of US$3 million which was issued for the fourth quarter 2021 and was paid out in April 2022). The Company also had long-term loan of US$8.6 million and credit from banking institutions of US$17.9 million. As of March 31, 2022, the Company's current assets (excluding cash and cash equivalents) were in the sum of US$126.3 million and current liabilities were in the sum of US$105.3 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 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
SOURCE Ituran Location and Control Ltd.