ITURAN LOCATION AND CONTROL LTD ANNOUNCES DISTRIBUTION OF A $8 MILLION DIVIDEND

Core Viewpoint - Ituran Location and Control Ltd. has announced a cash dividend distribution of $0.39 per share, totaling approximately $8 million, to be paid on July 2, 2024, to shareholders of record as of June 18, 2024 [1][2]. Financial Summary - The Board of Directors confirmed that the dividend distribution complies with Israeli law and will not affect the company's operational capabilities or future plans [2]. - Retained earnings before the dividend distribution were $208.8 million, which will decrease to $200.8 million post-distribution [3]. - As of March 31, 2024, the company had a cash balance of $54.0 million, with current assets (excluding cash) totaling $130.1 million and current liabilities amounting to $92.9 million [3]. Company Overview - Ituran is a leader in mobility technology, providing location-based services including stolen vehicle recovery and fleet management, primarily in Israel and Latin America [4]. - The company has a subscriber base exceeding 2.2 million and operates in over 20 countries, employing approximately 2,800 people globally [5].