ITRN Ituran Location and Control Ltd

In the news release, ITURAN LOCATION AND CONTROL LTD ANNOUNCES DISTRIBUTION OF A $3 MILLION DIVIDEND, issued 27-Nov-2023 by Ituran Location and Control Ltd. over PR Newswire, we are advised by the company that the headline should read "ITURAN LOCATION AND CONTROL LTD ANNOUNCES DISTRIBUTION OF A $5 MILLION DIVIDEND," not "$3 million" as originally issued. The complete, corrected release follows:

AZOUR, Israel, Nov. 27, 2023 /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 December 20, 2023. The Company will pay the dividend out on January 4, 2024 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, 2023, prior to the distribution was US$ 196.3 million and retained earnings will reach US$ 191.3 million after the distribution. The Board of Directors emphasized that as of September 30, 2023, the Company had a cash balance in hand of US$ 39.9 million (this amount is prior to the payment of a dividend of approximately US$3 million which was issued for the second quarter 2023 and was paid out in October 2023). The Company also had long-term loan of US$0.3 million and credit from banking institutions of US$ 1.7 million. As of September 30, 2023, the Company's current assets (excluding cash and cash equivalents) were in the sum of US$ 123.6 million and current liabilities were in the sum of US$ 84.7 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 million subscribers using its location-based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 2,700 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

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SOURCE Ituran Location and Control Ltd.