Form 6-K Ituran Location & Contro For: May 24

May 24, 2022 7:31 AM EDT

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SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
________________________
 
FORM 6-K
 
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the month of May 2022
 
Commission File Number 001-32618
 
Ituran Location and Control Ltd.
(Exact name of Registrant as specified in its Charter)
________________________
 
3 Hashikma Street, Azour 58001, Israel
(Address of Registrant’s principal executive offices)
________________________
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒      Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):

Yes ☐      No
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):

Yes ☐      No

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐      No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ______
99.1
 
On May 24, 2022, Ituran Location and Control Ltd. issued a press release announcing the dividend record date. A copy of this press release is annexed hereto as Exhibit 99.1.

 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
 
 
ITURAN LOCATION & CONTROL LTD.
(Registrant)

By: /s/ Eyal Sheratzky               
       Name: Eyal Sheratzky
       Title:   Co-Chief Executive Officer

Date: May 24, 2022

EXHIBIT INDEX
 

Press Release, dated May 24, 2022, announcing the dividend record date.
 


Exhibit 99.1
ITURAN LOCATION AND CONTROL LTD

ANNOUNCES DISTRIBUTION OF A $3 MILLION DIVIDEND

Azour, Israel, May 24, 2022 – 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 June 29, 2022. The Company will pay the dividend out on July 14, 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 March 31, 2022, prior to the distribution was US$149.1 million and retained earnings will reach US$146.1 million after the distribution. The Board of Directors emphasized that as of March 31, 2022, the Company had a cash balance in hand of US$43.3 million (this amount is prior to the payment of a dividend of US$3 million which was issued for the fourth quarter 2021 and was paid out in April 2022). The Company also had long-term loan of US$8.6 million and credit from banking institutions of US$17.9 million. As of March 31, 2022, the Company’s current assets (excluding cash and cash equivalents) were in the sum of US$126.3 million and current liabilities were in the sum of US$105.3 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 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

Company Contact
 
International Investor Relations
Udi Mizrahi
Deputy CEO &VP Finance, Ituran
 (Israel) +972 3 557 1348
 
Ehud Helft
GK  Investor & Public Relations
(US) +1 212 378 8040




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