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Document and Entity Information
12 Months Ended
Dec. 31, 2013
Document and Entity Information [Abstract]  
Document Type 20-F
Amendment Flag false
Document Period End Date Dec. 31, 2013
Entity Registrant Name Pointer Telocation Ltd
Entity Central Index Key 0000920532
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2013
Document Fiscal Period Focus FY
Entity Filer Category Non-accelerated Filer
Entity Common Stock, Shares Outstanding 7,688,564
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Entity Current Reporting Status Yes
v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 3,349 $ 3,685
Restricted cash 81 108
Trade receivables (net of allowance for doubtful accounts of $ 1,270 and $ 935 at December 31, 2013 and 2012, respectively) 19,793 16,215
Other accounts receivable and prepaid expenses (Note 3) 2,033 2,069
Inventories (Note 4) 6,038 3,982
Total current assets 31,294 26,059
LONG-TERM ASSETS:    
Long-term accounts receivable 546 582
Severance pay fund (Note 2r) 9,349 8,125
Property and equipment, net (Note 5) 13,975 10,364
Investment and long term loans to affiliate (Note 6)    814
Other intangible assets, net (Note 7) 2,936 2,242
Goodwill (Note 8) 55,127 47,190
Total long-term assets 81,933 69,317
Total assets 113,227 95,376
CURRENT LIABILITIES:    
Short-term bank credit and current maturities of long-term loans (Note 9) 10,643 11,129
Trade payables 14,793 11,248
Deferred revenues and customer advances 7,753 6,954
Other accounts payable and accrued expenses (Note 10) 10,768 7,251
Total current liabilities 43,957 36,582
LONG-TERM LIABILITIES:    
Long-term loans from banks (Note 11) 9,301 9,339
Long-term loans from others (Note 12) 1,301 925
Deferred taxes and other long-term liabilities (Note 13) 5,712 3,765
Accrued severance pay (Note 2r) 10,317 9,419
Total long-term liabilities 26,631 23,448
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, 2013 and 2012; Issued and outstanding: 5,565,558 and 5,555,558 shares at December 31, 2013 and 2012, respectively 3,878 3,871
Additional paid-in capital 120,996 120,290
Accumulated other comprehensive income 1,456 1,127
Accumulated deficit (89,220) (95,540)
Total Pointer Telocation Ltd's shareholders' equity 37,110 29,748
Non-controlling interest 5,529 5,598
Total equity 42,629 35,346
Total liabilities and equity $ 113,227 $ 95,376
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CONSOLIDATED BALANCE SHEETS (Parenthetical)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2013
USD ($)
Dec. 31, 2013
ILS
Dec. 31, 2012
USD ($)
Dec. 31, 2012
ILS
Trade receivables, allowance for doubtful accounts $ 1,270   $ 935  
Ordinary shares, par value per share   3.00   3.00
Ordinary shares, shares authorized 8,000,000 8,000,000 8,000,000 8,000,000
Ordinary shares, shares issued 5,565,558 5,565,558 5,555,558 5,555,558
Ordinary shares, shares outstanding 5,565,558 5,565,558 5,555,558 5,555,558
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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, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues (Note 19c):      
Products $ 34,662 $ 30,402 $ 31,140
Services 63,195 54,430 54,778
Total revenues 97,857 84,832 85,918
Cost of revenues:      
Products 20,763 17,988 18,283
Services 45,497 38,573 37,249
Amortization and impairment of intangible assets (Note 1b)    181 1,498
Total cost of revenues 66,260 56,742 57,030
Gross profit 31,597 28,090 28,888
Operating expenses:      
Research and development 3,244 2,716 3,082
Selling and marketing 10,398 9,067 8,932
General and administrative 10,539 9,232 11,450
Other general and administrative expenses (Note 1n) 403      
Amortization and impairment of intangible assets 967 1,987 1,821
Impairment of goodwill       6,216
Total operating expenses 25,551 23,002 31,501
Operating income (loss) 6,046 5,088 (2,613)
Financial expenses, net (Note 20a) 1,077 1,628 1,779
Other (expenses) income, net (Note 20b) 3,299 (5) (77)
Income (loss) before taxes on income 8,268 3,455 (4,469)
Taxes on income (Note 17) 1,337 861 2,383
Income (loss) after taxes on income 6,931 2,594 (6,852)
Equity in losses (gains) of affiliate (340) (38) 1,634
Income (loss) from continuing operations 7,271 2,632 (8,486)
Loss from discontinued operations, net    995   
Net income (loss) 7,271 1,637 (8,486)
Other comprehensive income (loss):      
Currency translation adjustments of foreign operations 1,006 299 (2,605)
Realized currency translation adjustments of foreign operations (50)      
Realized income (losses) on derivatives designated as cash flow hedges (24) 224 (219)
Unrealized losses on derivatives designated as cash flow hedges    14 (162)
Total comprehensive income (loss) 8,203 2,174 (11,472)
Profit (loss) from continuing operations attributable to:      
Equity holders of the parent 6,320 1,833 (8,527)
Non-controlling interests 951 799 41
Profit from continuing operations 7,271 2,632 (8,486)
Loss from discontinued operations attributable to:      
Equity holders of the parent    630   
Non-controlling interests    365   
Net loss from discontinued operations    995   
Total comprehensive income (loss) attributable to:      
Equity holders of the parent 6,649 1,493 (10,982)
Non-controlling interests 1,554 681 (490)
Total comprehensive income (loss) $ 8,203 $ 2,174 $ (11,472)
Earnings (loss) per share from continuing operations attributable to Pointer Telocation Ltd's shareholders (Note 16):      
Basic net earnings (loss) per share $ 1.14 $ 0.35 $ (1.78)
Diluted net earnings (loss) per share $ 1.10 $ 0.35 $ (1.79)
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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, 2010 $ 43,646 $ 3,280 $ 118,512 $ 3,292 $ (88,216) $ 6,778
Balance, shares at Dec. 31, 2010   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/payable to non-controlling interest (1,595)             (1,595)
Expiration of options in subsidiary       (88)       88
Sale of subsidiary 426             426
Other comprehensive income (2,986)       (2,455)    (531)
Non-controlling interests 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        
Issuance of shares and exercise of options, net 1,942 517 1,425         
Issuance of shares and exercise of options, 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/payable to non-controlling interest (1,215)             (1,215)
Expiration of options in subsidiary       (323)       323
Sale of subsidiary 241             241
Purchase of non controlling interest       (228)       228
Other comprehensive income 537       290    247
Non-controlling interests 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        
Issuance of shares and exercise of options, net                  
Issuance of shares and exercise of options, net, shares             
Issuance of shares in respect of Stock-based compensation 27 7 20         
Issuance of shares in respect of Stock-based compensation, shares   10,000        
Stock-based compensation expenses 374    354       20
Dividend paid/payable to non-controlling interest (1,311)             (1,311)
Expiration of options in subsidiary       332       (332)
Other comprehensive income 932       329    603
Non-controlling interests 951             951
Net income (loss) attributable to Pointer shareholders 6,320          6,320   
Balance at Dec. 31, 2013 $ 42,629 $ 3,878 $ 120,996 $ 1,456 $ (89,220) $ 5,529
Balance, shares at Dec. 31, 2013 5,565,558 5,565,558        
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STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Accumulated other comprehensive income    
Accumulated unrealized gain on derivative instruments    $ 24
Accumulated foreign currency translation differences 1,456 1,103
Accumulated other comprehensive income $ 1,456 $ 1,127
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CONSOLIDATED STATEMENTS OF CASH FLOWS(USD ($))
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income (loss) $ 7,271 $ 1,637 $ (8,486)
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, amortization and impairment 4,049 5,546 12,710
Gain from obtaining control in a subsidiary previously accounted for by the equity method (3,299)      
Accrued interest and exchange rate changes of debenture and long-term loans 21 118 135
Accrued severance pay, net (397) 91 487
Gain from sale of property and equipment, net (195) (271) (95)
Equity in losses (gains) of affiliate (340) (38) 1,634
Amortization of stock-based compensation 374 265 515
Impairment loss of loan to minority shareholder in subsidiary       489
Decrease in restricted cash 27 15 10
Increase in trade receivables, net (1,270) (1,572) (1,462)
Decrease in other accounts receivable and prepaid expenses 148 46 373
Decrease (increase) in inventories (685) 732 (731)
Deferred income taxes 1,272 847 170
Decrease (increase) in long-term accounts receivable (4) 234 (177)
Increase in trade payables 1,290 960 452
Increase (decrease) in other accounts payable and accrued expenses 1,449 (274) 2,457
Net cash provided by operating activities 9,711 8,341 8,481
Cash flows from investing activities:      
Purchase of property and equipment (4,663) (4,033) (4,445)
Proceeds from sale of property and equipment 1,216 1,733 1,050
Investment and loans/Repayments in affiliate 137 (669) (1,740)
Acquisition of subsidiary (a) (3,973) (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 (7,283) (6,345) (5,096)
Cash flows from financing activities:      
Receipt of long-term loans from banks 7,127 11,670 8,384
Repayment of long-term loans from banks (10,137) (12,253) (8,937)
Repayment of long-term loans from others       (1,071)
Dividend paid to non-controlling interest    (1,215) (1,595)
Proceeds from issuance of shares and exercise of options, net of issuance costs 7 1,947 281
Short-term bank credit, net 563 (345) (1,002)
Net cash used in financing activities (2,440) (196) (3,940)
Effect of exchange rate on cash and cash equivalents (324) 417 (210)
Increase (decrease) in cash and cash equivalents (336) 2,217 (765)
Cash and cash equivalents at the beginning of the year 3,685 1,468 2,233
Cash and cash equivalents at the end of the year 3,349 3,685 1,468
Fair value of assets acquired and liabilities assumed at date of acquisition:      
Working capital (Cash and cash equivalent excluded) 130      
Property and equipment 2,486 22   
Technology    58   
Other intangible assets 1,690      
Goodwill 4,894 304   
Long term loans from banks and others (1,342)      
Investment in subsidiary previously accounted for by the equity method (3,885)      
Non controlling Interest    (133)   
Cost of subsidiary 3,973 251   
(b) Purchase of business activity:      
Working capital, net    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)    7 32
Non-controlling interests    241 426
Loss from sale of subsidiaries    (248) (110)
Receivables for sale of investments in subsidiaries       (309)
Proceeds from sale of subsidiaries       39
(d) Non-cash investing activity:      
Purchase of property and equipment 392 90 309
Purchase of property and equipment at finance lease 3 17 28
Dividend payable for non controlling interest in a consolidated subsidiary 1,311      
Cash paid during the year for:      
Interest 1,189 1,528 1,456
Income taxes $ 114 $ 52 $ 38