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ituran TECHNOLOGY DRIVEN BY PEOPLE ITURAN LOCATION AND CONTROL LTD . PRESENTS RESULTS FOR THE FIRST QUARTER OF 2021 AZOUR , Israel May 25 , 2021 Ituran Location and Control Ltd. ( NASDAQ : ITRN ) , today announced its consolidated financial results for the first quarter of 2021 . Highlights of the first quarter of 2021 • • Continued growth as the Company continues to successfully overcome and exits the impacts of the Covid - 19 pandemic ; Net increase in aftermarket subscribers of 25,000 ; net decrease in OEM subscribers of 5,000 ; Revenue of $ 67.4 million at around the same level as in the first quarter of last year and up 6 % sequentially ; Net income of $ 8.3 million , up 30 % year - over - year and adjusted EBITDA of $ 17.1 million , up 12 % year - over - year ; Generated $ 9.2 million in quarterly operating cash flow ; Declared dividend of $ 3 million ; Management Comment Eyal Sheratzky , Co - CEO of Ituran said , “ We are happy with the continued improvement in our quarterly results with a solid increase in profitability . We are especially pleased with the strong growth in our after - market subscriber base which grew by 25,000 , above our typically expected range . While the pandemic continues to impact many people in many of the countries we operate in , we are pleased that we are successfully overcoming the challenges and moving through 2021 , we have returned to growth and improving profitability . Mr. Sheratzky concluded , “ Our results demonstrate that Ituran is emerging from this period as a stronger company , with a platform for continued sustainable and profitable growth . We expect the positive trends in our results to continue throughout the year ahead . " First Quarter 2021 Results Revenues for the first quarter of 2021 were $ 67.4 million , a decrease of 1 % compared with revenues of $ 68.4 million in the first quarter of 2020 . The higher average level of the US dollar exchange rate versus the Brazilian real during the quarter compared with the same period last year , reduced the overall revenue level in US dollar terms . In local currency terms , first quarter revenue were at the same level as those of the first quarter of last year . 68 % of revenues were from location - based service subscription fees and 32 % were from product revenues .