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ituran TECHNOLOGY DRIVEN BY PEOPLE ITURAN LOCATION AND CONTROL LTD . PRESENTS RESULTS FOR THE THIRD QUARTER OF 2021 AZOUR , Israel – November 16 , 2021 – Ituran Location and Control Ltd. ( NASDAQ : ITRN ) , today announced its consolidated financial results for the third quarter of 2021 . Highlights of the third quarter of 2021 • 25,000 net subscriber growth : net increase in aftermarket of 21,000 and net increase in OEM of 4,000 ; • Revenues of $ 65.7 million , an increase of 9 % year - over - year ; Net income was $ 7.3 million , compared with $ 9.3 million last year ; Adjusted net income ( excluding the non - cash financial impact related to SaverOne's change in public market value ) was $ 9.6 million versus $ 6.0 million last year ; • EBITDA of $ 18.5 million , up 23 % year - over - year ; • . Generated $ 11.5 million in quarterly operating cash flow ; Declared dividend of $ 3 million ; Continued share buy - back program totaling $ 1.9 million ; Management Comment Eyal Sheratzky , Co - CEO of Ituran said , “ We are very pleased with our results , especially with the continued strong growth in our after - market subscriber base and the return to growth in the OEM base . Furthermore , the strong operating leverage in our business model enabled us to bring a 9 % increase in revenue to a 23 % increase in EBITDA . ” Continued Mr. Sheratzky , “ As the global recovery continues , we see a solid recovery in car sales in our markets which is leading to increased demand for our services . In particular , the Corona slowdown created many new opportunities for us , one of which we identified was the second - hand car market . We are providing our services to some key financing providers in Latin America , allowing them to reduce the loan risk by tracking the car and the driver behaviour . We see this as a growth engine that could significantly accelerate our subscriber growth in the second half of 2022 and beyond . More generally , we continue to focus on enhancing our growth by adding additional offerings and services , in particular , by taking advantage of the synergies across all our geographies . Looking ahead , our recent above- average subscriber - base growth throughout 2021 positions us exceptionally well to maintain our profitable growth in 2022 and beyond . " Third quarter 2021 Results Revenues for the third quarter of 2021 were $ 65.7 million , an increase of 9 % compared with revenues of $ 60.3 million in the third quarter of 2020 . 74 % of revenues were from location - based service subscription fees and 26 % were from product revenues .