Revenue during the quarter grew 15 percent to $50.36 million from $43.79 million in the previous year period. Gross margin for the quarter expanded 149 basis points over the previous year period to 52.37 percent. Total expenses were 74.23 percent of quarterly revenues, down from 76.46 percent for the same period last year. This has led to an improvement of 223 basis points in operating margin to 25.77 percent.

Operating income for the quarter was $12.98 million, compared with $10.31 million in the previous year period.

Eyal Sheratzky, Co-Chief executive officer of Ituran said, “We are very pleased with our fourth quarter results ending the strongest year in our history with $200 million in revenue, despite the year-over-year negative effect of currency variations. Our results demonstrate strong improvements in gross and operating margins, which are built on the leverage inherent to our business model from our continually growing subscriber base. Our end-markets in Israel and Brazil continue to demonstrate strength through ongoing demand an interest in our products and solutions. I look forward to continued growth as we move through 2017 and beyond.”

The company has spent $19.86 million cash to meet investing activities during the year as against cash outgo of $25.71 million in the last year. It has incurred net capital expenditure of $13.30 million on net basis during the year, down 27.38 percent or $5.02 million from year ago.

The company has spent $18.23 million cash to carry out financing activities during the year as against cash outgo of $18.66 million in the last year period.

Cash and cash equivalents stood at $31.09 million as on Dec. 31, 2016, up 15.07 percent or $4.07 million from $27.02 million on Dec. 31, 2015.

Debt comes down significantly 
Ituran Location and Control Ltdhas recorded a decline in total debt over the last one year. Ituran Location & Control has recorded a decline in short-term debt over the last one year.