Tag - ITRN

DryShips Inc. (Nasdaq:DRYS), Silver Standard Resources Inc. (Nasdaq:SSRI) and DrdGold ADR (Nasdaq:DROOY) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: James River Coal Co. (Nasdaq:JRCC), American Capital Agency Corp. (Nasdaq:AGNC), A Power Energy Generation Systems Ltd. (Nasdaq:APWR), Ituran Location and Control Ltd. (Nasdaq:ITRN), Ciena Corp. (Nasdaq:CIEN) and Cal-Maine Foods Inc. (Nasdaq:CALM).

AMAG Pharmaceuticals Inc. (Nasdaq:AMAG), DryShips Inc. (Nasdaq:DRYS) and Acergy ADR (Nasdaq:ACGY) are among the most actively traded companies in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Ciena Corp. (Nasdaq:CIEN), Zoran Corp. (Nasdaq:ZRAN), Ituran Location and Control Ltd. (Nasdaq:ITRN), inVentiv Health Inc. (Nasdaq:VTIV), Axsys Technologies Inc. (Nasdaq:AXYS) and Hiveld Steel Depository Receipt (Nasdaq:HSVLY).

The Russell 2000 (NYSE:IWM) is in negative territory but has narrowed its morning losses.

At 12:16 p.m. ET, the small-cap index had declined 0.63 points, or 0.09%, to 701.48. The Dow Jones Industrial Average (INDU) had retreated 14.00 points, or 0.11%, to 12,408.86.

Economic growth in the fourth quarter of 2007 was as slow as economists were expecting, according to figures released before the opening. The U.S. Commerce Department announced that gross domestic product rose at the previously announced annual pace of 0.6%.

That’s significantly lower than the 4.9% growth recorded in the third quarter of 2007 and a sign that the economy has cooled. Many observers expect to see a contraction when the data for the first quarter of 2008 are released in late April.

In other economic news, the U.S. Labor Department reported before the start of trading that jobless claims for the week ended March 22 fell 9,000 to a downwardly revised level of 375,000. That’s better than what economists were expecting.

Ituran Location and Control Ltd. (Nasdaq: ITRN), provider of stolen vehicle recovery and tracking services, said today that it will repurchase up to $9 million in shares.

Shares of Ituran (ITRN) gained 3.76%, or $0.38, to $10.49 ahead of the opening. Shares of Ituran have been trading in the range of $9.62 to $15.80 for the past 52 weeks.

Nothing invokes that kicked-in-the-stomach feeling faster than that instant you realize you've lost something valuable—as anyone can attest who has strolled to the parking lot and found the family car is nowhere to be found.

Thanks to modern technology, the material losses needn't be a fait accompli. Companies like LoJack Corporation (Nasdaq: LOJN), a leading provider of wireless network systems to track and recover stolen vehicles, can help assuage the pain.

Though it's the most recognized name in lost-and-recovery, LoJack isn't the only name. Ituran Location & Control Ltd. (Nasdaq: ITRN), an Israeli firm that provides stolen vehicle recovery and tracking services (52% of revenue) and wireless communication products and services (48%), is another formidable assuager that has also mastered the art of recovering the lost and stolen.

Ituran lacks LoJack's recognition and presence in the United States, but it's a wide-open world. Take Israel: Ituran's home turf is also its largest market, accounting for 38% of its trailing 12-month revenue of $112 million. And there's a good reason Ituran makes money in the Holy Land:  Stolen vehicle recovery (SVR) services or automatic vehicle location (AVL) products are a prerequisite for many insurance providers to cover medium and high-end automobiles, while other providers offer premium discounts to encourage clients to use Ituran's services.

The same push-pull incentives are present in Ituran's second and fourth largest markets (the United States is the third) as well. In Brazil (25% of revenue) and Argentina (9%), insurance companies purchase or lease Ituran's AVL products directly and subsequently require customers to subscribe to SVR services.

Search and recovery is a dependable business. To keep revenue humming at an historical 17% annual pace, though, Ituran is leveraging the core enterprise to launch in-car global positioning systems (GPS) in markets where it already has a strong customer base. Acquisitions of ERM Electronic Systems Limited, a developer, manufacturer and marketer of vehicle security, tracking, and management global systems, and Mapa Group, a provider of geographic information in Israel, will not only help facilitate the move to GPS, but will (at a minimum) add $10 million annually to the top line. 

Ituran Location and Control Ltd. (Nasdaq: ITRN) shares are up after the provider of stolen vehicle recovery and tracking services reported third-quarter revenue of $31.6 million, beating analyst estimates of $31 million and up 22% from $26 million a year earlier.

The Israel-based firm’s quarterly profit fell 27% to $3.6 million, or $0.16 per share, below Wall Street projections of $0.19 per share and compared with $4.9 million, or $0.21 per share, during the year-ago period. The company’s gross profit rose 10% to $14 million from $12.7 million.

Ituran’s quarterly earnings were lowered by the devalued U.S. dollar against the Israeli shekel, increased labor costs and increased investment in sales and marketing for its GPS device.

“2007 was a year in which we made a number of investments for our continued future growth. While we have seen a strong increase in revenues, our expenses did rise throughout the year, pressuring our margins,” Eyal Sheratzky, co-CEO of Ituran, said in a statement. “In 2008, we expect to see the fruits of our efforts in 2007, with bottom-line and top-line growth. We are also in a stronger financial position to pursue acquisitions that will expand our global reach.”

In afternoon trading, ITRN shares are up 2.14%, or $0.23, at $10.97. Over the last 52 weeks, shares have ranged from $10.06 to $17.05.

First Business Financial Services Inc. (Nasdaq: FBIZ), Ituran Location & Control Ltd. (Nasdaq: ITRN) and Ameriana Bancorp (Nasdaq: ASBI) were among the new 52-week lows established Monday among companies with market capitalizations or values under $500 million.

Here are today's 52-week small-cap lows:

Shares of Ituran Location and Control Ltd. (Nasdaq: ITRN) are trading lower today after the vehicle tracking systems maker reported second quarter earnings a penny shy of the Street.

For the three months ended June 30, the Azour, Israel-based company recorded earnings of $0.18 per diluted share, while seven analysts polled by Thomson Financial were expecting $0.19 per share on average. For the second quarter last year Ituran had earnings of $0.20 per diluted share.

Ituran booked revenues of $29.2 million for the second quarter, which is a 17% increase over revenues of $25.0 million in the second quarter of last year. Six analysts surveyed by Thomson Financial were anticipating revenues of $28.50 million on average.

Ituran said the increase in revenues was driven by the continued growth in the company's subscriber base, growth in end-unit sales and revenues from its ERM business, (vehicle alarm and GPRS tracking systems) which the company acquired at the end of 2006.

Subscribers increased 43,000, or 11.4%, to 418,000 in the second quarter from a level of 375,000 subscribers in the second quarter of 2006.

Accredited Home Lenders Holding Co. (Nasdaq: LEND), Jones Soda Co. (Nasdaq: JSDA) and Ceragon Networks Ltd. (Nasdaq: CRNT) are among the most actively traded companies in Monday pre-market trading among those with market capitalizations under $500 million: