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Document and Entity Information
12 Months Ended
Dec. 31, 2012
Document and Entity Information [Abstract]  
Document Type 20-F
Amendment Flag false
Document Period End Date Dec. 31, 2012
Entity Registrant Name Pointer Telocation Ltd
Entity Central Index Key 0000920532
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2012
Document Fiscal Period Focus FY
Entity Filer Category Non-accelerated Filer
Entity Common Stock, Shares Outstanding 5,555,558
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Entity Current Reporting Status Yes
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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash and cash equivalents $ 3,685 $ 1,468
Restricted cash 108 123
Trade receivables (net of allowance for doubtful accounts of $ 874 and $ 1,383 at December 31, 2012 and 2011, respectively) 16,215 14,427
Other accounts receivable and prepaid expenses (Note 3) 2,069 1,946
Inventories (Note 4) 3,982 4,467
Total current assets 26,059 22,431
LONG-TERM ASSETS:    
Long-term accounts receivable 582 805
Severance pay fund 9,034 7,474
Property and equipment, net (Note 5) 10,364 10,839
Investment and long term loans to affiliate (Note 6) 814 266
Other intangible assets, net (Note 7) 2,242 3,030
Goodwill (Note 8) 47,190 44,493
Total long-term assets 70,226 66,907
Total assets 96,285 89,338
CURRENT LIABILITIES:    
Short-term bank credit and current maturities of long-term loans (Note 9) 11,129 13,208
Trade payables 11,248 9,821
Deferred revenues and customer advances 6,954 6,890
Other accounts payable and accrued expenses (Note 10) 7,251 7,440
Total current liabilities 36,582 37,359
LONG-TERM LIABILITIES:    
Long-term loans from banks (Note 11) 9,339 7,715
Long-term loans from shareholders and others (Note 12) 925 943
Other long-term liabilities (Note 13) 3,765 2,895
Accrued severance pay 10,328 8,625
Total long-term liabilities 24,357 20,178
COMMITMENTS AND CONTINGENT LIABILITIES (Note 14)      
Pointer Telocation Ltd's shareholders' equity:    
Share capital (Note 15) - Ordinary shares of NIS 3 par value - Authorized: 8,000,000 shares at December 31, 2012 and 2011; Issued and outstanding: 5,555,558 and 4,860,024 shares at December 31, 2012 and 2011, respectively 3,871 3,353
Additional paid-in capital 120,290 119,147
Accumulated other comprehensive income 1,127 837
Accumulated deficit (95,540) (96,743)
Total Pointer Telocation Ltd's shareholders' equity 29,748 26,594
Non-controlling interest 5,598 5,207
Total equity 35,346 31,801
Total liabilities and equity $ 96,285 $ 89,338
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CONSOLIDATED BALANCE SHEETS (Parenthetical)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2012
USD ($)
Dec. 31, 2012
ILS
Dec. 31, 2011
USD ($)
Dec. 31, 2011
ILS
Trade receivables, allowance for doubtful accounts $ 874   $ 1,383  
Ordinary shares, par value per share   3.0   3.0
Ordinary shares, shares authorized 8,000,000 8,000,000 8,000,000 8,000,000
Ordinary shares, shares issued 5,555,558 5,555,558 4,860,024 4,860,024
Ordinary shares, shares outstanding 5,555,558 5,555,558 4,860,024 4,860,024
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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues (Note 19c):      
Products $ 30,402 $ 31,140 $ 25,415
Services 54,430 54,778 48,448
Total revenues 84,832 85,918 73,863
Cost of revenues:      
Products 17,988 18,283 14,175
Services 38,573 37,249 31,264
Amortization and impairment of intangible assets (Note 1b) 181 1,498 978
Total cost of revenues 56,742 57,030 46,417
Gross profit (loss) 28,090 28,888 27,446
Operating expenses:      
Research and development 2,716 3,082 2,532
Selling and marketing 9,067 8,932 7,441
General and administrative 9,232 11,450 9,062
Amortization of intangible assets 1,987 1,821 1,774
Impairment of goodwill and intangible asset   6,216   
Total operating expenses 23,002 31,501 20,809
Operating income (loss) 5,088 (2,613) 6,637
Financial expenses, net (Note 20a) (1,628) (1,779) (1,976)
Other expenses, net (Note 20b) (5) (77) (21)
Income (loss) before taxes on income 3,455 (4,469) 4,640
Taxes on income (Note 17) 861 2,383 1,524
Income (loss) after taxes on income 2,594 (6,852) 3,116
Equity in losses (gains) of affiliate (38) 1,634 1,158
Income from continuing operations 2,632 (8,486) 1,958
Loss from discontinued operations, net 995      
Net income (loss) 1,637 (8,486) 1,958
Other comprehensive income (loss):      
Currency translation adjustments of foreign operations 299 (2,605) 2,128
Realized losses on derivatives designated as cash flow hedges 224 (219) 29
Unrealized losses on derivatives designated as cash flow hedges 14 (162) 124
Total comprehensive income (loss) 2,174 (11,472) 4,239
Profit (loss) from continuing operations attributable to:      
Equity holders of the parent 1,833 (8,527) 1,130
Net income attributable to Non controlling interest 799 41 828
Profit from continuing operations 2,632 (8,486) 1,958
Loss from discontinued operations attributable to:      
Equity holders of the parent 630      
Non-controlling interests 365      
Profit from discontinued operations, net 995      
Total comprehensive income (loss) attributable to:      
Equity holders of the parent 1,493 (10,982) 2,881
Non-controlling interests 681 (490) 1,358
Total comprehensive income (loss) $ 2,174 $ (11,472) $ 4,239
Earnings (loss) per share attributable to Pointer Telocation Ltd's shareholders (Note 16):      
Basic net earnings (loss) per share $ 0.35 $ (1.78) $ 0.24
Diluted net earnings (loss) per share $ 0.35 $ (1.79) $ 0.22
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STATEMENTS OF CHANGES IN EQUITY (USD $)
In Thousands, except Share data
Total
Share capital [Member]
Additional paid-in capital [Member]
Accumulated Other comprehensive income [Member]
Accumulated deficit [Member]
Non-controlling Interest [Member]
Balance at Dec. 31, 2009 $ 41,479 $ 3,266 $ 118,348 $ 1,541 $ (89,346) $ 7,670
Balance, shares at Dec. 31, 2009 4,752,931 4,752,931        
Issuance of shares in respect of Stock-based compensation 57 14 43         
Issuance of shares in respect of Stock-based compensation, shares   18,250        
Stock-based compensation expenses 121    121         
Dividend paid to non-controlling interest (2,250)             (2,250)
Other comprehensive income 2,281       1,751    530
Net income attributable to Non controlling interest 828             (828)
Net income (loss) attributable to Pointer shareholders 1,130          1,130   
Balance at Dec. 31, 2010 43,646 3,280 118,512 3,292 (88,216) 6,778
Balance, shares at Dec. 31, 2010 4,771,181 4,771,181        
Issuance of shares in respect of Stock-based compensation 281 73 208         
Issuance of shares in respect of Stock-based compensation, shares   88,843        
Stock-based compensation expenses 515    515         
Dividend paid to non-controlling interest (1,595)             (1,595)
Exercise of options in subsidiary       (88)       88
Sale of subsidiary (Note 1j) 426             426
Other comprehensive income (2,986)       (2,455)    (531)
Net income attributable to Non controlling interest 41             (41)
Net income (loss) attributable to Pointer shareholders (8,527)          (8,527)   
Balance at Dec. 31, 2011 31,801 3,353 119,147 837 (96,743) 5,207
Balance, shares at Dec. 31, 2011 4,860,024 4,860,024        
Issuance of shares, net 1,942 517 1,425         
Issuance of shares, net, shares   694,034        
Issuance of shares in respect of Stock-based compensation 5 1 4         
Issuance of shares in respect of Stock-based compensation, shares   1,500        
Purchase of subsidiary 133             133
Stock-based compensation expenses 265    265         
Dividend paid to non-controlling interest (1,215)             (1,215)
Exercise of options in subsidiary       (323)       323
Sale of subsidiary (Note 1j) 374             241
Purchase of non controlling interest       (228)       228
Other comprehensive income 537       290    247
Net income attributable to Non controlling interest 799             (434)
Net income (loss) attributable to Pointer shareholders 1,833          1,203   
Balance at Dec. 31, 2012 $ 35,346 $ 3,871 $ 120,290 $ 1,127 $ (95,540) $ 5,598
Balance, shares at Dec. 31, 2012 5,555,558 5,555,558        
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STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Accumulated other comprehensive income    
Accumulated unrealized gain on derivative instruments $ 24 $ (213)
Accumulated foreign currency translation differences 1,103 1,050
Accumulated other comprehensive income $ 1,127 $ 837
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CONSOLIDATED STATEMENTS OF CASH FLOWS
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2011
USD ($)
Dec. 31, 2011
ILS
Dec. 31, 2010
USD ($)
Cash flows from operating activities:        
Net income (loss) $ 2,632 $ (8,486)   $ 1,958
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation, amortization and impairment 5,546 12,710   5,568
Accrued interest and exchange rate changes of debenture and long-term loans 118 135   178
Accrued severance pay, net 91 487   (364)
Gain from sale of property and equipment, net (271) (95)   (93)
Equity in losses (gains) of affiliate (38) 1,634   1,158
Amortization of stock-based compensation 265 515   121
Impairment loss of loan to minority shareholder in subsidiary (Note 1j)    489 1,750   
Decrease (increase) in restricted cash 15 10   (133)
Increase in trade receivables, net (1,572) (1,462)   (1,618)
Decrease (increase) in other accounts receivable and prepaid expenses 46 373   (436)
Decrease (increase) in inventories 395 (1,035)   (1,964)
Write-off of inventories 337 304   185
Deferred income taxes 847 170   1,322
Decrease (increase) in long-term accounts receivable 234 (177)   (212)
Increase in trade payables 965 452   981
Increase (decrease) in other accounts payable and accrued expenses (274) 2,457   (127)
Net cash provided by operating activities 8,341 8,481   6,524
Cash flows from investing activities:        
Purchase of property and equipment (4,033) (4,445)   (4,481)
Proceeds from sale of property and equipment 1,733 1,050   641
Investment and loans/Repayments in affiliate (669) (1,740)   (1,490)
Acquisition of subsidiary (a) (251)        
Purchase of business activity (b) (3,125)        
Proceeds from sale of investments in previously consolidated subsidiaries (c)    39     
Net cash used in investing activities (6,345) (5,096)   (5,330)
Cash flows from financing activities:        
Receipt of long-term loans from banks 11,670 8,384   5,090
Repayment of long-term loans from banks (12,253) (8,937)   (7,016)
Repayment of long-term loans from others    (1,071)   (1,122)
Dividend paid to non-controlling interest (1,215) (1,594)   (2,250)
Proceeds from issuance of shares and exercise of warrants, net of issuance costs of $70 1,945 281   57
Short-term bank credit, net (345) (1,002)   2,656
Net cash used in financing activities (198) (3,939)   (2,585)
Effect of exchange rate on cash and cash equivalents 419 (211)   415
Increase (decrease) in cash and cash equivalents 2,217 (765)   (976)
Cash and cash equivalents at the beginning of the year 1,468 2,233   3,209
Cash and cash equivalents at the end of the year 3,685 1,468   2,233
Fair value of assets acquired and liabilities assumed at date of acquisition:        
Property and equipment 22        
Technology 58        
Goodwill 304        
Non controlling Interest (133)        
Cost of subsidiary 251        
(b) Purchase of business activity:        
Working capital 27        
Property and equipment 112        
Customer list 1,364        
Goodwill 1,669        
Accrued severance pay, net (23)        
Employee accruals (24)        
Purchase of activity 3,125        
The subsidiaries' assets and liabilities at date of sale:        
Working capital (excluding cash and cash equivalents) 11 32     
Non-controlling interests 237 426     
Loss from sale of subsidiaries (248) (110) (393)   
Receivables for sale of investments in subsidiaries    (309)     
Proceeds from sale of subsidiaries    39     
(c) Non-cash investing activity:        
Purchase of property and equipment 90 309   45
Purchase of property and equipment at finance lease 17 28   43
Cash paid during the year for:        
Interest 1,528 1,456   1,462
Income taxes $ 52 $ 38   $ 21