Key Developments For Ituran Location and Control Ltd.
Ituran Location and Control Ltd. (ITRN.O) (Nasdaq)
Ituran Location & Control Ltd. Authorizes Additional Repurchase Of Ordinary Shares Up To $10 Million
Ituran Location & Control Ltd. announced that its Board of Directors has authorized the Company to utilize up to additional $10 million to repurchase ordinary shares in the Company. The purchases may be made from time to time on the open market at the management's discretion depending on share price and market conditions. No time limit was set for the repurchase program, and the program may be suspended from time to time or discontinued. The share repurchase will be funded from available working capital.
Ituran Location and Control Ltd. Announces Dividend
Ituran Location and Control Ltd. announced that it has approved the distribution of cash dividend in the amount of NIS 4.81 per share or $1.34 per share, totaling approximately NIS 108 million or $30 million. The dividend will be paid to shareholders of record on March 26, 2008. The Company will pay dividend on April 8, 2008.
Ituran Location and Control Ltd. Comments On FY 2008 Outlook
Ituran Location and Control Ltd. announced that for fiscal 2008, it expects pro-forma double-digit top-line growth over the year with renewed growth in profitability. According to Reuters Estimates, analysts were expecting the Company to report revenues of $116 million and net profit of $18 million for the same period.
Ituran Location and Control Ltd. Announces Dividend Distribution
Ituran Location and Control Ltd. announced that on February 20, 2008, the Board of Directors declared a dividend distribution of a total of $30 million or $1.34 per share.
Ituran Location and Control Ltd. Announces Closing Of Telematics Wireless Sale Transaction
Ituran Location and Control Ltd. announced the execution of an agreement for the sale of it's subsidiary Telematics wireless Ltd to ST Electronics (Info-Comm Systems) Pte Ltd, at a valuation of $90 million, consummation of the transaction took place on January 7, 2008 following fulfillment of all closing conditions in full.
