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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Telematics services $ 204,728 $ 181,357 $ 169,752
Telematics products 74,604 71,978 64,884
Total revenues 279,332 253,335 234,636
Cost of revenues:      
Telematics services 90,158 70,329 60,256
Telematics products 58,656 55,678 54,996
Total cost of revenues 148,814 126,007 115,252
Gross profit 130,518 127,328 119,384
Research and development expenses 13,913 6,223 3,160
Selling and marketing expenses 12,778 11,340 12,246
General and administrative expenses 55,166 47,693 47,590
Impairment of goodwill 12,292 [1]
Impairment of intangible assets and Other expenses (income), net 13,715 (306) (147)
Operating income 22,654 62,378 56,535
Other income (expense), net (26) 13,138
Financing income (expenses), net 576 717 (989)
Income before income tax 23,204 76,233 55,546
Income tax expenses (12,234) (17,273) (17,705)
Share in gains (losses) of affiliated companies, net (3,203) 4,219 8,520
Net income for the year 7,767 63,179 46,361
Less: Net income attributable to non-controlling interest (878) (2,504) (2,567)
Net income attributable to the Company $ 6,889 $ 60,675 $ 43,794
Basic and diluted earnings per share attributable to Company's stockholders $ 0.33 $ 2.88 $ 2.09
Basic and diluted weighted average number of shares outstanding 21,037 21,077 20,968
[1] As a result of the circumstances described in note 9 the company recorded a goodwill impairment in the total amount of US$ 12.3 million in connection with two reporting units (both units related to Road track operations, see Note 3). One reporting unit within the Telematics services and the other reporting unit within the Telematics product's segments. The impairment was based on valuation performed by the management using the assistance of a third party appraiser in accordance with the income approach. The significant assumptions used for the assessment were discount rate of 14.9% and a long-term growth rate of 0.5%.