AIRPORT CITY BUSINESS PARK, Israel, May 9,
2013 /PRNewswire/ -- RRsat Global Communications
Network Ltd. (NASDAQ: RRST), a leading provider of
comprehensive digital content management and global distribution
services to the television and radio broadcasting industries,
announced today financial results for the first quarter ended
March 31, 2013.
First Quarter 2013 Highlights
"RRsat continued to benefit from the increasing demand for our
services as evidenced by our strong backlog," commented
Avi Cohen, CEO of RRsat. "In line
with the industry trend of world-wide growth in number of TV
channels, especially HD, this solid backlog demonstrates
increased booking activities and it is a leading indicator of
future contracted, recurring revenues. We are successfully
executing on our strategic plan and continue to focus on changing
our revenue mix to include a larger share of live events
broadcasting services as well as changing customer mix to expand
our services to higher tier, larger customers."
"In addition, during this quarter we completed the integration
of the SM2 acquisition as well as the U.S. infrastructure required
to accommodate the new business assets from SM2. This acquisition
positions RRsat as a leading player in the global distribution of
Sports and Live events. As more TV channels are being distributed
globally and as the complexity of digital broadcasting intensifies
by mobility and service virtualization, the long-term demand for
RRsat's services will continue to support our strong performance,"
concluded Mr. Cohen.
First Quarter 2013 Financial Results
Revenues in the first quarter of 2013 were $29.3 million, an increase of 6.5% compared to
$27.5 million in the first quarter of
2012 and flat when compared to $29.4
million in the fourth quarter of 2012
Gross profit in the first quarter of 2013 was
$7.1 million, an increase of 15.2%
compared to $6.1 million in the first
quarter of 2012 and a decrease of 4.1% compared to $7.4 million in the fourth quarter of 2012.
Gross margin in the first quarter of 2013 was 24.1% compared
to 22.3% in the first quarter of 2012 and 25.1% in the fourth
quarter of 2012.
As previously stated, there is some level of seasonality
associated with the revenue mix outside of the 24/7 services,
leading to some fluctuations in revenues and gross margin between
quarters.
Non-GAAP operating income, excluding non-cash stock based
compensation charges, amortization of acquisition-related
intangibles, acquisition related expenses and amortization of
acquisition related prepaid compensation expenses, was $2.5 million during the first quarter of 2013,
compared to $2.1 million in the first
quarter of 2012 and $2.9 million in
the fourth quarter of 2012. Non-GAAP operating margin in the
first quarter was 8.7% compared to 7.5% in the first quarter of
2012 and 9.9% in the fourth quarter of 2012.
GAAP operating income for the first quarter of 2013 was
$2.3 million up 18% compared to
$2.0 million in the first quarter of
2012 and down 13.2% compared to $2.7
million in the fourth quarter of 2012. GAAP operating
margin in the first quarter of 2013 was 7.9% compared to 7.1%
in the first quarter of 2012 and 9.0% in the fourth quarter of
2012.
Non-GAAP net income for the first quarter ended
March 31, 2013 was $1.9 million unchanged from the first quarter of
2012 and down 23.4% compared to $2.4
million for the fourth quarter of 2012.
Non-GAAP net income per share on a fully diluted
basis was $0.11 for the first quarter
of 2013, unchanged from the first quarter last year and
$0.14 in the fourth quarter of
2012.
GAAP net income for the first quarter of 2013 was
$1.6 million, compared to
$2.3 million in the first quarter of
2012 and $2.4 million in the fourth
quarter of 2012. GAAP net income per share on a fully
diluted basis was $0.09 for the first
quarter of 2013 compared to $0.13 in
the first quarter of 2012 and $0.14
in the fourth quarter of 2012.
Adjusted EBITDA for the first quarter of 2013 was
$4.6 million compared to $4.2 million in the first quarter of 2012 and
$5.0 million in the fourth quarter of
2012.
Cash, cash equivalents and marketable securities as of
March 31, 2013 totaled $27.2 million compared with $26.4 million as of December 31, 2012. The change in cash position
during the quarter was mainly attributable to a continuous positive
cash flow from operating activities.
Backlog as of March 31,
2013, was approximately $203
million (compared with $195
million at the end of the fourth quarter of 2012).
Approximately $67.3 million of the
backlog is expected to be recognized as revenues during the
remainder of 2013.
Dividend Distribution
On May 8, 2013, the Board of
Directors declared a cash dividend in the amount of $0.16 per ordinary share, and in the aggregate
amount of approximately $2.77
million. The dividend will be payable on June 13, 2013 to all of the Company's
shareholders of record at the end of the trading day on the NASDAQ
on May 20, 2013.
In accordance with Israeli tax law,
the Company will withhold 25% of the dividend amount payable to
each shareholder at source, subject to applicable exemptions. The
Company's dividend policy is described in detail in its most recent
Annual Report on Form 20-F for the year ended December 31, 2012.
Second Quarter and Full Year 2013
Guidance
Management reiterates its expectation of full-year 2013 revenues
in the range of $120 million to $125
million representing 6% to 10% year-over-year growth and
gross margin for the year to improve over 2012. Given some level of
seasonality associated with the revenue outside of the 24/7
services, management expects some level of variation in mix from
quarter to quarter leading to some fluctuations in revenues and
gross margin between quarters. For the second quarter of 2013,
management expects revenues in the range of $29 million to
$30 million representing 3.3% to 6.9%
year-over-year growth.
Conference Call Information
The Company will conduct a conference call today, May 9, 2013 at 9 a.m.
ET (4 p.m. Israel time). On the call, Mr. Avi Cohen, Chief Executive Officer, Mr.
Shmulik Koren, Chief Financial
Officer, and Mr. Lior Rival, Chief
Commercial Officer, will review and discuss the results and will be
available to answer investor questions.
Call time: 9 a.m. Eastern Time;
4 p.m. Israel Time
- Dial-in number from within the United
States: 1-877-941-2068
- Dial-in number from Israel:
1809-21-4368
- Dial-in number from the UK: 0800-358-5258
- Dial-in number (other international):1-480-629-9712
- Playback, available until May 16,
2013 by calling 1-877-870-5176 (United States) or 1-858-384-5517
(international). Please use pin number 4614467 for the replay.
- A live webcast is accessible at
http://public.viavid.com/index.php?id=104349.
Use of Non-GAAP Financial Measures
In addition to reporting results in accordance with
generally accepted accounting principles, or GAAP, RRsat has also
included in this press release non-GAAP measurements of net income,
operating income, operating margin, fully diluted net income per
share and adjusted EBITDA. RRsat believes that these non-GAAP
financial measures are principal indicators of the operating and
financial performance of its business. We have provided these
non-GAAP measurements to help investors better understand our core
operating performance and enhance comparisons of core operating
performance from period to period.
Non-GAAP financial measures consist of GAAP financial
measures adjusted to exclude: non-cash stock based compensation
charges, amortization of acquisition-related intangibles,
acquisition-related expenses, amortization of acquisition related
prepaid compensation expenses, non-cash income (loss) reflecting
changes in the fair value of embedded currency conversion
derivatives resulting from the application of FASB ASC Topic 815
and the resulting income tax (increase) decrease of the above
items.
Adjusted EBITDA is calculated by adding to operating income,
non-cash equity-based compensation charge, depreciation and
amortization and amortization of acquisition related prepaid
compensation expenses.
Management uses these non-GAAP financial measures to
assess its operational performance, for financial and operational
decision-making, and as a means to evaluate period-to-period
comparisons on a consistent basis. Management believes that these
non-GAAP financial measures provide meaningful supplemental
information regarding the Company's performance by excluding
certain non-cash expenses that are not directly attributable to its
core operating results.
The non-GAAP measurements are intended only as a supplement
to the comparable GAAP measurements and the Company compensates for
the limitations inherent in the use of non-GAAP measurements by
using GAAP measures in conjunction with the non-GAAP measurements.
As a result, investors should consider these non-GAAP measurements
in addition to, and not in substitution for, or as superior to,
measurements of financial performance prepared in accordance with
GAAP.
The Company expects to continue reporting non-GAAP financial
measures, adjusting for the items described above, and the Company
expects to continue to incur expenses similar to the non-GAAP
adjustments described above. Accordingly, the exclusion of these
and other similar items in the presentation of non-GAAP financial
measures should not be construed as an inference that these costs
are unusual, infrequent or non-recurring. Moreover, because not all
companies use identical measures and calculations, the presentation
of non-GAAP measurements of net income, operating income,
operating margin and fully diluted net income per share and
adjusted EBITDA may not be comparable to other similarly titled
measures of other companies. These limitations are compensated for
by using non-GAAP measures and adjusted EBITDA in conjunction with
traditional GAAP financial measures.
Reconciliations of the non-GAAP measures (non-GAAP net
income, non-GAAP operating income and adjusted EBITDA) to the most
comparable GAAP measures (net income and operating income
respectively), are provided in the schedules attached to this
release.
Safe Harbor Statement
This press release contains forward
looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations, assumptions, estimates and
projections about the companies and the industry as of the date of
this press release. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or to changes in its expectations, except as may
be required by law. Forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially from those contemplated by the forward-looking
statements, including the risks indicated in our filings with the
Securities and Exchange Commission (SEC). For more details, please
refer to our SEC filings and the amendments thereto, including our
Annual Report on Form 20-F for the year ended December 31, 2012 and our Current Reports on Form
6-K.
About RRsat Global Communications Network Ltd.
RRsat Global Communications Network Ltd. (NASDAQ: RRST) provides
global, end-to-end content management and distribution services to
the rapidly expanding television and radio broadcasting industries
covering more than 150 countries. Through its RRsat Global Network,
composed of satellite and terrestrial fiber optic capacity and the
public Internet, RRsat provides high-quality and flexible global
distribution services 24/7 to more than 630 channels reaching
multiplatform operators, Internet TV and direct-to-home viewers
worldwide and also offers occasional use services for sports, news
and events with a fleet of flyaways and over 10 transportable
satellite news gathering services (SNG) units. More than 130
television and radio channels use RRsat's advanced production and
playout centers comprising comprehensive media asset management
services. Visit the company's website www.rrsat.com.
Company
Contact:
|
Investor Contacts:
|
Shmulik
Koren,
CFO
|
Hayden/ MS - IR
|
Tel: +972
3 928
0777
|
Brett Maas/ Miri
Segal-Scharia
|
Email: investors@rrsat.com
|
Tel: 646-536-7331/
917-607-8654
|
|
brett@haydenir.com/
msegal@ms-ir.com
|
RRsat
Global Communications Network Ltd. and its
Subsidiaries
|
Consolidated Statements of
Operations
|
|
|
|
|
|
|
|
In
thousands except share data
|
|
|
Three
months ended
|
|
Year
ended
|
|
|
Mar-31
|
|
Mar-31
|
|
Dec-31
|
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
|
|
Revenues
|
|
$29,257
|
|
$27,459
|
|
$113,400
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
22,193
|
|
21,325
|
|
86,253
|
|
|
|
|
|
|
|
Gross
profit
|
|
7,064
|
|
6,134
|
|
27,147
|
Operating
expenses:
|
|
|
|
|
|
|
Sales and
marketing
|
|
2,254
|
|
1,611
|
|
7,388
|
General
and administrative
|
|
2,505
|
|
2,570
|
|
10,106
|
|
|
|
|
|
|
|
Total
operating expenses
|
|
4,759
|
|
4,181
|
|
17,494
|
|
|
|
|
|
|
|
Operating income
|
|
2,305
|
|
1,953
|
|
9,653
|
Interest
and marketable securities income
|
|
154
|
|
154
|
|
739
|
Currency
fluctuation and other financing
|
|
|
|
|
|
|
income
(expenses), net
|
|
(291)
|
|
160
|
|
(399)
|
Changes in
fair value of embedded currency conversion derivatives
|
|
(135)
|
|
627
|
|
1,182
|
Other expenses, net
|
|
-
|
|
-
|
|
(1)
|
Income
before taxes on income
|
|
2,033
|
|
2,894
|
|
11,174
|
Income
taxes
|
|
463
|
|
616
|
|
2,884
|
Net
income
|
|
$1,570
|
|
$2,278
|
|
$8,290
|
|
|
|
|
|
|
|
Net
income per Share:
|
|
|
|
|
|
|
Basic
|
|
0.09
|
|
0.13
|
|
0.48
|
|
|
|
|
|
|
|
Diluted
|
|
0.09
|
|
0.13
|
|
0.48
|
|
|
|
|
|
|
|
Weighted
average number of shares used to compute net income and
dividend per
share:
|
|
|
|
|
|
|
Basic
|
|
17,346,561
|
|
17,346,561
|
|
17,346,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
17,574,084
|
|
17,346,561
|
|
17,346,561
|
|
|
|
|
|
|
|
RRsat
Global Communications Network Ltd. and its
Subsidiaries
|
In
thousands except per share data
|
|
|
Three
months ended
|
|
Year
ended
|
|
|
Mar-31
|
|
Mar-31
|
|
Dec-31
|
|
|
2013
|
|
2012
|
|
2012
|
Reconciliation of GAAP Income to Non-
GAAP Net Income:
|
|
|
|
|
|
|
GAAP Net
income
|
|
$1,570
|
|
$2,278
|
|
$8,290
|
Adjustments to reconcile GAAP net income
to non-GAAP net income:
|
|
|
|
|
|
|
Non-cash
equity-based compensation charge
|
|
137
|
|
43
|
|
302
|
Amortization of acquisition related
intangible
|
|
56
|
|
67
|
|
241
|
Changes in
fair value of embedded currency
conversion derivatives
|
|
135
|
|
(627)
|
|
(1,182)
|
Acquisition related expenses
|
|
-
|
|
-
|
|
50
|
Amortization of acquisition related prepaid
compensation expenses
|
|
42
|
|
-
|
|
22
|
Income tax
effect of non-GAAP adjustments
|
|
(67)
|
|
140
|
|
214
|
Non-GAAP net income
|
|
$1,873
|
|
$1,901
|
|
$7,937
|
|
|
|
|
|
|
|
Non-GAAP net income per diluted
share
|
|
$0.11
|
|
$0.11
|
|
$0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
Year
ended
|
|
|
Mar-31
|
|
Mar-31
|
|
Dec-31
|
|
|
2013
|
|
2012
|
|
2012
|
Reconciliation of GAAP Operating Income to
non-GAAP Operating Income:
|
|
|
|
|
|
|
Operating
income
|
|
$2,305
|
|
$1,953
|
|
$9,653
|
Adjustments to reconcile GAAP operating
income to non-GAAP operating income:
|
|
|
|
|
|
|
Non-cash
equity-based compensation charge
|
|
137
|
|
43
|
|
302
|
Amortization of acquisition related
intangible
|
|
56
|
|
67
|
|
241
|
Acquisition related expenses
|
|
-
|
|
-
|
|
50
|
Amortization of acquisition related prepaid
compensation expenses
|
|
42
|
|
-
|
|
22
|
Non-GAAP operating income
|
|
$2,540
|
|
$2,063
|
|
$10,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
Year
ended
|
|
|
Mar-31
|
|
Mar-31
|
|
Dec-31
|
|
|
2013
|
|
2012
|
|
2012
|
Reconciliation of GAAP Operating Income to
adjusted EBITDA:
|
|
|
|
|
|
|
Operating
income
|
|
$2,305
|
|
$1,953
|
|
$9,653
|
Adjustments to reconcile GAAP operating
income to Adjusted EBITDA:
|
|
|
|
|
|
|
Non-cash
equity-based compensation charge
|
|
137
|
|
43
|
|
302
|
Depreciation and amortization
|
|
2,152
|
|
2,205
|
|
8,883
|
Amortization of acquisition related prepaid
compensation expenses
|
|
42
|
|
-
|
|
22
|
Adjusted EBITDA
|
|
$4,636
|
|
$4,201
|
|
$18,860
|
|
|
|
|
|
|
|
RRsat
Global Communications Network Ltd. and its
Subsidiaries
|
Consolidated Balance Sheets
|
|
|
|
|
|
In
thousands except share data
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
|
Mar-31
|
|
Dec-31
|
|
|
2013
|
|
2012
|
Current
assets
|
|
|
|
|
Cash and
cash equivalents
|
|
$14,561
|
|
$12,133
|
Marketable
securities and short term investments
|
|
12,657
|
|
14,224
|
Accounts
receivable:
|
|
|
|
|
Trade (net
of provision for doubtful accounts of $8,100
|
|
|
|
and
$7,580 as of March 31, 2013 and December 31,2012
respectively)
|
20,970
|
|
20,898
|
Other
|
|
1,327
|
|
803
|
Fair value
of embedded currency conversion derivatives
|
220
|
|
251
|
Deferred
taxes
|
|
2,308
|
|
2,146
|
Prepaid
expenses
|
|
3,188
|
|
2,445
|
Total
current assets
|
|
55,231
|
|
52,900
|
|
|
|
|
|
Fair
value of embedded currency conversion derivatives
|
641
|
|
440
|
Long-term prepaid expenses
|
|
2,630
|
|
2,484
|
Long-
term land lease prepaid expenses
|
|
7,541
|
|
7,563
|
Assets
held for employee severance payments
|
1,973
|
|
1,845
|
Fixed
assets, net
|
|
43,217
|
|
42,671
|
Goodwill
|
|
4,892
|
|
4,892
|
Intangible assets, at cost, less accumulated
amortization
|
416
|
|
472
|
|
|
|
|
|
Total
assets
|
|
116,541
|
|
$113,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RRsat
Global Communications Network Ltd. and its
Subsidiaries
|
Consolidated Balance Sheets
(cont'd)
|
|
|
|
|
|
In
thousands except share data
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
|
Mar-31
|
|
Dec-31
|
|
|
2013
|
|
2012
|
Liabilities and shareholders'
equity
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable:
|
|
|
|
|
Trade
|
|
$11,627
|
|
$9,816
|
Other
|
|
4,075
|
|
4,945
|
Fair value
of embedded currency conversion derivatives
|
|
513
|
|
377
|
Deferred
income
|
|
9,032
|
|
9,398
|
Total
current liabilities
|
|
25,247
|
|
24,536
|
|
|
|
|
|
Long -
term liabilities
|
|
|
|
|
Deferred
income
|
|
6,580
|
|
6,257
|
Fair value
of embedded currency conversion derivatives
|
|
474
|
|
305
|
Liability
in respect of employee severance payments
|
|
2,098
|
|
2,018
|
Deferred
taxes
|
|
2,356
|
|
2,200
|
|
|
|
|
|
Total
long - term liabilities
|
|
11,508
|
|
10,780
|
|
|
|
|
|
Total
liabilities
|
|
36,755
|
|
35,316
|
|
|
|
|
|
Commitments, contingent liabilities and
liens
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
Ordinary
shares
|
|
40
|
|
40
|
Additional
paid in capital
|
|
53,817
|
|
53,312
|
Retained
earnings
|
|
25,801
|
|
24,231
|
Accumulated other comprehensive gain
|
|
128
|
|
368
|
|
|
|
|
|
Total
shareholders' equity
|
|
$79,786
|
|
$77,951
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
$116,541
|
|
$113,267
|
|
|
|
|
|
RRsat
Global Communications Network Ltd. and its
Subsidiaries
|
Consolidated Statements of Cash
Flows
|
In
thousands
|
|
|
|
|
|
|
|
|
Three
months ended Mar 31
|
|
Year
ended Dec 31
|
|
|
2013
|
|
2012
|
|
2012
|
Cash
flows from operating activities
|
|
|
|
|
|
|
Net
income
|
|
$1,570
|
|
$2,278
|
|
$8,290
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
2,152
|
|
2,205
|
|
8,883
|
Non cash
stock- based compensation expenses
|
|
137
|
|
43
|
|
302
|
Provision
for doubtful accounts
|
|
520
|
|
680
|
|
2,895
|
Deferred
taxes
|
|
(49)
|
|
166
|
|
692
|
Discount
accretion and premium amortization of available- for- sale
securities, net
|
|
(70)
|
|
(116)
|
|
(587)
|
Income
(losses) on sales of available for sale securities.
|
|
(33)
|
|
3
|
|
92
|
Changes in
liability for employee severance payments, net
|
|
(48)
|
|
15
|
|
111
|
Capital
loss on sale of fixed assets, net
|
|
-
|
|
-
|
|
1
|
|
|
|
|
|
|
|
Changes in
fair value of embedded currency conversion derivatives
|
|
135
|
|
(627)
|
|
(1,182)
|
profit
from trading securities, net
|
|
(10)
|
|
(46)
|
|
(59)
|
|
|
|
|
|
|
|
Changes in
assets and liabilities, net of assets acquired
|
|
|
|
|
|
and
liabilities assumed in business combination:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
in accounts receivable - trade
|
|
(592)
|
|
(1,533)
|
|
(4,391)
|
Decrease
(increase) in accounts receivable - other
|
|
(319)
|
|
(515)
|
|
177
|
Increase
in prepaid expenses,net
|
|
(743)
|
|
(152)
|
|
(222)
|
Increase
in long-term prepaid expenses
|
|
(146)
|
|
(47)
|
|
(441)
|
Increase
(decrease) in accounts payable
|
|
(106)
|
|
438
|
|
1,655
|
Increase
(decrease) in deferred income
|
|
(43)
|
|
301
|
|
(324)
|
|
|
|
|
|
|
|
Net cash
provided by operating activities
|
|
$2,355
|
|
$3,093
|
|
$15,892
|
|
|
|
|
|
|
|
RRsat
Global Communications Network Ltd. and its
Subsidiaries
|
Consolidated Statements of Cash Flows
(cont'd)
|
In
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended Mar 31
|
|
Year
ended Dec 31
|
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
|
|
Cash
flows from investing activities
|
|
|
|
|
|
|
Investment
in fixed assets
|
|
($1,572)
|
|
($2,330)
|
|
($6,575)
|
Business
combination
|
|
-
|
|
-
|
|
(1,218)
|
Investment
in long term prepaid expenses
|
|
-
|
|
(13)
|
|
(17)
|
Decrease
(increase) in short-term investments, net
|
|
1,339
|
|
-
|
|
(1,339)
|
Investment
in securities available- for- sale
|
|
(1,214)
|
|
(2,777)
|
|
(4,946)
|
Decrease in trading securities, net
|
|
-
|
|
1,512
|
|
1,512
|
Proceeds
from sale and maturity of available- for- sale
securities
|
|
1,520
|
|
3,123
|
|
10,159
|
Proceeds
from sale of fixed assets
|
|
-
|
|
31
|
|
8
|
|
|
|
|
|
|
|
Net
cash used in investing activities
|
|
$73
|
|
($454)
|
|
($2,416)
|
|
|
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
|
|
|
Dividend
paid
|
|
$
-
|
|
$
-
|
|
($15,786)
|
|
|
|
|
|
|
|
Net cash
used in financing activities
|
|
$
-
|
|
$
-
|
|
($15,786)
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash
equivalents
|
|
$2,428
|
|
$2,639
|
|
($2,310)
|
|
|
|
|
|
|
|
Balance
of cash and cash equivalents at beginning of Period
|
|
$12,133
|
|
$14,443
|
|
$14,443
|
|
|
|
|
|
|
|
Balance
of cash and cash equivalents at end of Period
|
|
$14,561
|
|
$17,082
|
|
$12,133
|
|
|
|
|
|
|
|
A.
Non-cash transactions
|
|
|
|
|
|
|
Investment
in fixed assets
|
|
$1,085
|
|
$136
|
|
$37
|
|
|
|
|
|
|
|
Dividend
Payable
|
|
$
-
|
|
$3,990
|
|
$
-
|
|
|
|
|
|
|
|
B.
Supplementary cash flow information
|
|
|
|
|
|
|
Income
taxes paid, net
|
|
$485
|
|
$610
|
|
$1,218
|
|
|
|
|
|
|
|
SOURCE RRSat Global Communications Network Ltd