Ituran Location and Control Ltd Announces Distribution Of A $3 Million Dividend
AZOUR, Israel, Nov. 16, 2021 /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 December 22, 2021. The Company will pay the dividend out on January 5, 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 September 30, 2021, prior to the distribution was US$136.6 million and retained earnings will reach US$133.6 million after the distribution. The Board of Directors emphasized that as of September 30, 2021, the Company had a cash balance in hand of US$62.9 million (this amount is prior to the payment of a dividend of US$3 million which was issued for the second quarter 2021 and was paid out in October 2021). The Company also had long-term debt of US$16.9 million and credit from banking institutions of US$17.7 million. As of September 30, 2021, the Company's current assets (excluding cash and cash equivalents) were in the sum of US$112.0 million and current liabilities were in the sum of US$115.5 million.
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.
Company Codes: NASDAQ-NMS:ITRN
© 2021 PR Newswire. All Rights Reserved.