ITURAN LOCATION AND CONTROL LTD ANNOUNCES DISTRIBUTION OF A $8 MILLION DIVIDEND

Rhea-AI Summary

Ituran Location and Control (NASDAQ: ITRN) announced a cash dividend of $0.39 per share, totaling $8 million. The dividend will be paid on January 8, 2025, to shareholders of record as of December 23, 2024, with a 25% tax rate. The company's financial position shows strong fundamentals with retained earnings of $220.1 million (pre-distribution), cash balance of $67.5 million, current assets of $123.1 million (excluding cash), and minimal credit from banking institutions at $0.2 million. The Board confirmed this distribution won't affect the company's business operations or future plans.

Positive

• Strong retained earnings of $220.1 million
• Healthy cash balance of $67.5 million
• Robust current assets of $123.1 million
• Minimal debt with only $0.2 million in banking credit
• $8 million dividend distribution to shareholders

Negative

• None.

News Market Reaction – ITRN

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In the trading session that priced this news, ITRN gained 4.55%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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AZOUR, Israel, Nov. 21, 2024 /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 $0.39 per share, totaling approximately US $8 million. The dividend will be paid to shareholders of record as of December 23, 2024. The Company will pay the dividend out on January 8, 2025, 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 September 30, 2024, prior to the distribution was US$ 220.1 million and retained earnings will reach US$ 212.1 million after the distribution. The Board of Directors emphasized that as of September 30, 2024, the Company had a cash balance in hand of US$ 67.5 million (this amount is prior to the payment of a dividend of approximately US$ 8 million which was issued for the second quarter 2024 and was paid out in October 2024). The Company had credit from banking institutions of US$ 0.2 million. As of September 30, 2024, the Company's current assets (excluding cash and cash equivalents) were in the sum of US$ 123.1 million and current liabilities were in the sum of US$ 86.8 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 over 2.3 million subscribers using its location-based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 2,800 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 

Company Contact Udi Mizrahi udi_m@ituran.com  Deputy CEO &VP Finance, Ituran  (Israel) +972 3 557 1348

International Investor Relations Ehud Helft ituran@ekgir.com  EK Global Investor Relations (US) +1 212 378 8040

Logo: https://mma.prnewswire.com/media/1972820/Ituran_logo.jpg

View original content:https://www.prnewswire.com/news-releases/ituran-location-and-control-ltd-announces-distribution-of-a-8-million-dividend-302312785.html

SOURCE Ituran Location and Control Ltd.

FAQ

What is the amount of Ituran's (ITRN) latest dividend per share?

Ituran announced a dividend of $0.39 per share.

When is the record date for Ituran's (ITRN) latest dividend?

The record date for Ituran's dividend is December 23, 2024.

What is Ituran's (ITRN) current retained earnings as of September 30, 2024?

Ituran's retained earnings as of September 30, 2024, were $220.1 million before the distribution.

What is the total amount of Ituran's (ITRN) latest dividend distribution?

Ituran's latest dividend distribution totals approximately $8 million.