Form 6-K Ituran Location & Contro For: Nov 18
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E-mailSECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 6-K
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REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
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For the month of November, 2014
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Commission File Number 001-32618
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Ituran Location and Control Ltd.
(Exact name of Registrant as specified in its Charter)
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3 Hashikma Street, Azour 58001, Israel
(Address of Registrants principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
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Form 20-F�x���Form 40-F o
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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):
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Yes�o���No�x
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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):
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Yes�o���No�x
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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.
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Yes�o���No�x
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If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ______
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On November 18, 2014, 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.
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SIGNATURE
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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.
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ITURAN LOCATION & CONTROL LTD.
(Registrant)
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By:
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/s/�Eyal Sheratzky | � |
| � | � | Name: Eyal Sheratzky | � |
| � | � | Title:���Co-Chief Executive Officer | � |
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Date: November 18, 2014
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EXHIBIT INDEX
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Exhibit 99.1 Item
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����Press Release, dated November 18, 2014, announcing the dividend record date.
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Exhibit 99.1
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ITURAN LOCATION AND CONTROL LTD
ANNOUNCES DISTRIBUTION OF A DIVIDEND
Azour, Israel, November 18, 2014 Ituran Location and Control Ltd. (NASDAQ: ITRN) announced that the Board of Directors approved the distribution of a cash dividend in the amount of NIS 0.82 per share or $0.22 per share, totaling approximately NIS 17.2��million or US$4.5 million. The dividend will be paid to shareholders of record as of December 23, 2014. The Company will pay the dividend out on January 7, 2015.
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 Companys 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 2014, before the distribution was US$46.6 million and retained earnings will reach US$42.1 million after the distribution. The Board of Directors emphasized that as of��September��30, 2014, the Company��had a cash balance in hand of US$43.0 million (this amount is prior to the payment of a dividend of $4.0 million which was issued for the second quarter of��2014 and was paid out in October��2014). As of September 30, 2014, the Companys current assets (excluding cash, cash equivalents) were in the sum of US$65.1 million and current liabilities were in the sum of US$51.3 million.
About Ituran�
Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security. Iturans subscriber base has been growing significantly since the Companys inception to over 795,000 subscribers distributed globally. Established in 1995, Ituran has approximately 1,300 employees worldwide, provides its location based services and has a market leading position in Israel, Brazil, Argentina and the United States.
For more information, please visit Iturans website, at: www.ituran.com
Certain statements in this press release are "forward-looking statements" within the meaning of the Securities Act of 1933, as amended.� These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.
International Investor Relations
Ehud Helft / Kenny Green
GK Investor Relations
(US) +1-646 201 9246
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