RRsat Reports Record Revenues of $32.9 Million for the First
Quarter 2014; Up 12.3% Year-Over-Year
Record High Next 12-Month Backlog of $94 Million
AIRPORT CITY BUSINESS PARK, ISRAEL--(Marketwired - May 19, 2014)
- RRsat Global Communications Network Ltd. (NASDAQ: RRST), a
leading provider of digital media services including content
management and global distribution services to the broadcasting
industry, announced today financial results for the first quarter
ended March 31, 2014.
First Quarter Highlights
- Record revenues of $32.9 million, up 12.3% year-over-year
- Media and Broadcasting revenue of $30.0 million, up 12.9%
year-over-year
- Gross margin of 24.5%, up from 24.2% in Q1 2013
- Gross margin from Media and Broadcasting revenue of 25.3%
- Non-GAAP net income of $0.12 per share, compared to $0.11 per
share for the first quarter of 2013
- GAAP net income of $0.10 per share, up from $0.09 in Q1
2013
- Cash flow from operations was $2.0 million in comparison to
$2.4 million in Q1 2013
- Board announces a cash dividend of $0.05 per share,
representing an annual dividend yield of 2.2%, in line with
previously adopted quarterly dividend policy
|
|
|
|
|
|
|
Q1 2014 |
|
Q1 2013 |
|
|
Media & Broadcasting |
|
MSS |
|
Total |
|
Media & Broadcasting |
|
MSS |
|
Total |
Revenues |
|
29,980 |
|
2,877 |
|
32,857 |
|
26,564 |
|
2,693 |
|
29,257 |
Gross
Profit |
|
7,577 |
|
458 |
|
8,035 |
|
6,482 |
|
582 |
|
7,064 |
Gross
margin |
|
25.3% |
|
15.9% |
|
24.5% |
|
24.4% |
|
21.6% |
|
24.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
"The first quarter was a strong start to 2014 for RRsat, as we
generated record revenue and reached a new record-high backlog for
business to be delivered over the next 12 months," commented Avi
Cohen, CEO of RRsat. "Our stated strategy is working. We are
capturing market share in key geographic regions by leveraging
local talent in key markets, and we are moving upstream to reach
larger content owners. Our efforts to expand our content management
capabilities have not only helped us attract these larger
customers, but enabled us to further expand our business with our
existing customers, as we become the partner of choice to manage
all facets of our client's content management needs."
Mr. Cohen continued, "Our new Global Media Services Platform
offers our customers a global single point of contact for handling
any media, preparing it, and delivering it to any screen, anywhere
in the world, in any form of video consumption, from linear TV to
video-on-demand, streaming, pay-per-view and TV-Everywhere.
Already, several customers have embraced this platform, deciding to
outsource most or all of their content management work to RRsat,
giving us deeper penetration into these key accounts than we've
ever had. Simultaneously, our efforts to expand our revenue from
sports and live events are progressing, due in large part to our
expanded local presence in key markets. During the first quarter,
we generated more than $1 million in revenue from the management
and delivery of new US premium live sporting events beyond our
existing work with the NFL."
Quarterly Dividend
In accordance with the Company's dividend policy, on May 19,
2014, the Board of Directors declared a cash dividend in the amount
of $0.05 per ordinary share, and in the aggregate amount of
approximately $870,000, representing 50% of RRsat's net income for
the first quarter of 2014. The dividend is payable on June 18, 2014
to all of the Company's shareholders of record at the end of the
trading day on the NASDAQ on June 2, 2014.
First Quarter 2014 Financial Results
Revenues: First quarter 2014 revenues were a record of $32.9
million up 12.3% from $29.3 million in the first quarter of 2013
and up 1.2% from $32.5 million in the fourth quarter of 2013. Media
and Broadcasting revenue, excluding non-core revenue from MSS, was
$30.0 million, up 12.9% from $26.6 million in the first quarter
last year.
Gross profit: First quarter 2014 gross profit and gross margin
were $8.1 million and 24.5% respectively, compared to $7.1 million
and 24.1%, respectively, for the first quarter of 2013. Media and
Broadcasting gross margin was 25.3%, compared to 24.4% last year.
The increased gross margin in the first quarter was primarily due
to increase in revenues and better operational efficiency despite
an approximate 6% negative impact from foreign currency
exchange.
Non-GAAP operating income & operating margin, was $2.8
million and 8.5% respectively during the first quarter of 2014,
compared to $2.5 million and 8.7% respectively in the first quarter
of 2013. The slight reduction in operating margin reflects the
higher sales and marketing expense, related to the JCA acquisition
and JCA's business model, partially offset by improved gross
margin. General and administrative expenses remained essentially
flat even with the consolidation of JCA's expenses.
Non-GAAP net income for the first quarter was $2.2 million,
compared to $1.9 million in the first quarter of 2013. Non-GAAP net
income per share on a fully diluted basis was $0.12 for the first
quarter of 2014, compared to $0.11 in first quarter last year.
GAAP net income for the first quarter of 2014 was $1.8 million,
compared to $1.6 million in the first quarter of 2013. GAAP net
income per share on a fully diluted basis was $0.10 for the first
quarter of 2014 compared to $0.09 in the first quarter of 2013.
Adjusted EBITDA for the first quarter of 2014 was $5.1 million
compared to $4.6 million in the first quarter of 2013 and $4.5
million in the fourth quarter of 2013.
Backlog to be delivered in the next 12 months increased to a
record $94 million, up from $85 million in the year-ago period and
up from $92 million in the fourth quarter of 2013.
Cash, cash equivalents and marketable securities as of March 31,
2014 totaled $24.4 million compared with $24.2 million as of
December 31, 2013.
Full Year 2014 Guidance
The Company today reiterated its full year 2014 guidance.
Management expects total revenues to be in the range of $129
million to $134 million representing 6.2% to 10% year-over-year
growth.
Given the increase of RRsat's revenue outside of the 24/7
services and some level of seasonality associated with that
revenue, management believes that an annual revenue guidance is
more appropriate than quarterly estimates. Management continues to
expect some level of variation in mix from quarter to quarter
leading to some fluctuations in revenues and gross margin between
quarters. However, management continues to anticipate improvement
in gross profit margin, and expects full-year 2014 gross margin to
be higher than the margin for the full year 2013.
Conference Call Information The Company will conduct a
conference call today, May 19, 2014 at 9 a.m. ET (4 p.m. Israel
time). On the call, Mr. Avi Cohen, Chief Executive Officer and Mr.
Shmulik Koren, Chief Financial Officer will review and discuss the
results and will be available to answer investor questions. Details
are as follows:
- Dial-in number from within the United States: 1-877-941-1427
- Dial-in number from Israel: 1809-34-4019
- Dial-in number from the UK: 0800-358-5258
- Dial-in number (other international): 1-480-629-9664
- Playback, available until May 26, 2014 by calling 1-877-870-5176
(United States) or 1-858-384-5517
(international). Please use pin number 4681225 for the replay.
- A live webcast is accessible at
http://public.viavid.com/index.php?id=108944.
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,
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 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, including statements
regarding (i) guidance for revenue and margins for 2014 or any
other future periods; (ii) our expectations and ability to
strengthen our offering and capabilities in order to allow us to
accelerate our growth; (iii) our expectations to generate
higher margins from our sports and events business compared to our
other businesses ; (iv) our expectation that our sports and events
business will be a major contributor to our growth and that the
demand for this type of content will continue to increase globally;
(v) our expectation and ability to further improve our margins over
time by changing our product mix, coupled with more value-added
services and better utilization of our infrastructure; (vi) our
ability to continue to experience strong interest in our services,
leading to new customer wins for our digital media broadcasting
services and to report future successes; (vii) our expectation that
our backlog will materialize into revenue on the projected timeline
and (viii) our ability to continue to benefit from a strong
business model, featuring a notable percentage of recurring
revenues, long-term contracts, high renewal rate, a multi-year
backlog, and strong free cash flow. 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, 2013 and
our Current Reports on Form 6-K.
About RRsat RRsat Global Communications Network Ltd. (NASDAQ:
RRST) provides global, end-to-end, digital content preparation and
management, as well as content distribution services to the rapidly
expanding broadcasting industry, covering more than 150 countries.
Through its Global Network, composed of satellite, terrestrial
fiber optic capacity and the public Internet, RRsat provides
high-quality and flexible global content distribution 24 by 7
services to more than 630 channels reaching multiplatform
operators, Internet TV and direct-to-home viewers worldwide. In
addition, the company offers worldwide content management and
distribution services for sports, news and other live events. More
than 130 channels use RRsat's advanced production and playout
centers, comprising of comprehensive media asset management
services. Visit the company's website www.rrsat.com.
RRSat Global Communications Network Ltd. and its
subsidiaries
Interim Condensed Consolidated Statements of
Income |
|
|
|
In thousands, except share data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Year ended |
|
|
|
March 31 |
|
|
March 31 |
|
|
December 31 |
|
|
|
2014 |
|
|
2013 |
|
|
2013 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
32,857 |
|
|
$ |
29,257 |
|
|
$ |
121,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of revenues |
|
|
24,822 |
|
|
|
22,193 |
|
|
|
92,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
8,035 |
|
|
|
7,064 |
|
|
|
29,482 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
and marketing |
|
|
2,995 |
|
|
|
2,254 |
|
|
|
9,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
2,531 |
|
|
|
2,505 |
|
|
|
12,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
|
5,526 |
|
|
|
4,759 |
|
|
|
21,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
2,509 |
|
|
|
2,305 |
|
|
|
7,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expenses), net |
|
|
(170 |
) |
|
|
(272 |
) |
|
|
(153 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income |
|
|
2,339 |
|
|
|
2,033 |
|
|
|
7,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
615 |
|
|
|
463 |
|
|
|
1,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
1,724 |
|
|
|
1,570 |
|
|
|
6,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss attributable to non - controlling interest |
|
|
(72 |
) |
|
|
- |
|
|
|
- |
|
Net
income attributable to shareholders |
|
$ |
1,796 |
|
|
$ |
1,570 |
|
|
$ |
6,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share attributable to
shareholders |
|
Basic earnings per share |
|
$ |
0.10 |
|
$ |
0.09 |
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
0.10 |
|
$ |
0.09 |
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute basic earnings
per share |
|
|
17,346,561 |
|
|
17,346,561 |
|
|
17,346,561 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute diluted earnings
per share |
|
|
17,645,977 |
|
|
17,574,084 |
|
|
17,571,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RRsat Global Communications Network Ltd. and its
Subsidiaries
Interim Condensed Consolidated Statements of
Income |
|
|
|
In thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31 |
|
|
Year ended |
|
|
|
2014 |
|
|
2013 |
|
|
2013 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Income to Non-GAAP Net Income: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Net income attributable to shareholders |
|
$ |
1,796 |
|
|
$ |
1,570 |
|
|
$ |
6,522 |
|
Adjustments to reconcile GAAP net income to non-GAAP net
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation charge |
|
|
163 |
|
|
|
137 |
|
|
|
567 |
|
Amortization of acquisition related intangible assets |
|
|
197 |
|
|
|
56 |
|
|
|
425 |
|
Changes in fair value of currency conversion derivatives |
|
|
41 |
|
|
|
135 |
|
|
|
192 |
|
Acquisition related expenses |
|
|
- |
|
|
|
- |
|
|
|
900 |
|
Amortization of acquisition related prepaid compensation
expenses |
|
|
42 |
|
|
|
42 |
|
|
|
168 |
|
Income tax effect of non-GAAP adjustments |
|
|
(81 |
) |
|
|
(67 |
) |
|
|
(470 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to shareholders |
|
$ |
2,158 |
|
|
$ |
1,873 |
|
|
$ |
8,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31 |
|
Year ended |
|
|
|
2014 |
|
|
2013 |
|
2013 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
(audited) |
|
Reconciliation of GAAP Operating Income to non GAAP operating
income: |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
2,509 |
|
|
$ |
2,305 |
|
$ |
7,962 |
|
Adjustments to reconcile GAAP operating |
|
|
|
|
|
|
|
|
|
|
|
income to non-GAAP operating income: |
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation charge |
|
|
163 |
|
|
|
137 |
|
|
567 |
|
Amortization of acquisition related intangible assets |
|
|
197 |
|
|
|
56 |
|
|
425 |
|
Acquisition related expenses |
|
|
- |
|
|
|
|
|
|
900 |
|
Cost of sales related changes in fair value of currency conversion
derivatives |
|
|
(113 |
) |
|
|
- |
|
|
(135 |
) |
Amortization of acquisition related prepaid compensation
expenses |
|
|
42 |
|
|
|
42 |
|
|
168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,798 |
|
|
$ |
2,540 |
|
$ |
9,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RRsat Global Communications Network Ltd. and its
subsidiaries
Interim Condensed Consolidated Statement of
Income |
|
|
|
In thousands |
|
|
|
|
|
Three months ended March 31 |
|
Year ended |
|
|
|
2014 |
|
|
2013 |
|
2013 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
(audited) |
|
|
|
Reconciliation of GAAP Operating Income to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
2,509 |
|
|
$ |
2,305 |
|
$ |
7,962 |
|
Adjustments to reconcile GAAP operating |
|
|
|
|
|
|
|
|
|
|
|
income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation charge |
|
|
163 |
|
|
|
137 |
|
|
567 |
|
Depreciation and amortization |
|
|
2,425 |
|
|
|
2,152 |
|
|
9,281 |
|
Acquisition related expenses |
|
|
- |
|
|
|
|
|
|
900 |
|
Cost
of sales related changes in fair value of currency conversion
derivatives |
|
|
(113 |
) |
|
|
- |
|
|
(135 |
) |
Amortization of acquisition related prepaid compensation
expenses |
|
|
42 |
|
|
|
42 |
|
|
168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
5,026 |
|
|
$ |
4,636 |
|
$ |
18,743 |
|
|
|
|
|
|
|
RRsat Global Communications Network Ltd. and its
subsidiaries
Interim Condensed Consolidated Statements of Income
(non-GAAP results) |
|
In thousands, except share data |
|
|
Three months ended |
|
|
Year ended |
|
|
March 31 |
|
|
March 31 |
|
|
December 31 |
|
|
2014 |
|
|
2013 |
|
|
2013 |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
32,857 |
|
|
$ |
29,257 |
|
|
$ |
121,795 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of revenues |
|
|
24,927 |
|
|
|
22,185 |
|
|
|
92,415 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
7,930 |
|
|
|
7,072 |
|
|
|
29,380 |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
and marketing |
|
|
2,735 |
|
|
|
2,136 |
|
|
|
8,843 |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
2,397 |
|
|
|
2,396 |
|
|
|
10,650 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
|
5,132 |
|
|
|
4,532 |
|
|
|
19,493 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
2,798 |
|
|
|
2,540 |
|
|
|
9,887 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expenses), net |
|
|
(16 |
) |
|
|
(137 |
) |
|
|
174 |
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income |
|
|
2,782 |
|
|
|
2,403 |
|
|
|
10,061 |
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
696 |
|
|
|
530 |
|
|
|
1,757 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
2,086 |
|
|
|
1,873 |
|
|
|
8,304 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss attributable to non - controlling interest |
|
|
(72 |
) |
|
|
- |
|
|
|
- |
Net
income attributable to shareholders |
|
$ |
2,158 |
|
|
$ |
1,873 |
|
|
$ |
8,304 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share attributable to
shareholders |
|
Basic earnings per share |
|
$ |
0.12 |
|
$ |
0.11 |
|
$ |
0.48 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
0.12 |
|
$ |
0.11 |
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute basic
earnings per share |
|
|
17,346,561 |
|
|
17,346,561 |
|
|
17,346,561 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute diluted
earnings per share |
|
|
17,645,977 |
|
|
17,574,084 |
|
|
17,571,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RRSat Global Communications Network Ltd and its subsidiaries
Interim Condensed Consolidated Balance Sheets |
|
In thousands, except share data |
|
|
March 31 |
|
March 31 |
|
December 31 |
|
|
2014 |
|
2013 |
|
2013 |
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
Current assets |
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
15,004 |
|
$ |
14,561 |
|
$ |
14,165 |
Marketable securities and short term investments |
|
|
9,416 |
|
|
12,657 |
|
|
9,998 |
Accounts receivable (net of provision for doubtful accounts of
$6,785, $8,100 and $6,938 as of March 31, 2014, 2013 and December
31, 2013, respectively) |
|
|
24,103 |
|
|
20,970 |
|
|
20,731 |
Other
receivable |
|
|
2,919 |
|
|
1,547 |
|
|
2,163 |
Deferred taxes |
|
|
2,170 |
|
|
2,308 |
|
|
2,095 |
Prepaid expenses |
|
|
2,772 |
|
|
3,188 |
|
|
2,868 |
|
|
|
|
|
|
|
|
|
|
Total
current assets |
|
|
56,384 |
|
|
55,231 |
|
|
52,020 |
|
|
|
|
|
|
|
|
|
|
Long-term prepaid expenses |
|
|
2,490 |
|
|
3,271 |
|
|
3,045 |
Long-term land lease prepaid expenses |
|
|
7,398 |
|
|
7,541 |
|
|
7,469 |
Assets held for employee severance payments |
|
|
2,150 |
|
|
1,973 |
|
|
2,120 |
Fixed
assets, net |
|
|
45,794 |
|
|
43,217 |
|
|
46,444 |
Goodwill |
|
|
11,277 |
|
|
4,892 |
|
|
11,277 |
Intangible assets, at cost, less accumulated amortization |
|
|
6,003 |
|
|
416 |
|
|
6,203 |
|
|
|
|
|
|
|
|
|
|
Total
long term assets |
|
|
75,112 |
|
|
61,310 |
|
|
76,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
131,496 |
|
$ |
116,541 |
|
$ |
128,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RRSat Global Communications Network Ltd. and its
subsidiaries
Interim Condensed Consolidated Balance Sheets
(cont'd) |
|
|
|
|
|
|
|
|
|
|
March 31 |
|
|
March 31 |
|
December 31 |
|
|
2014 |
|
|
2013 |
|
2013 |
|
|
(unaudited) |
|
|
(unaudited) |
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Account payable: |
|
|
|
|
|
|
|
|
|
|
|
Trade |
|
$ |
17,956 |
|
|
$ |
11,627 |
|
$ |
17,181 |
|
Other |
|
|
6,016 |
|
|
|
4,588 |
|
|
4,815 |
Deferred income |
|
|
8,090 |
|
|
|
9,032 |
|
|
6,037 |
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
32,062 |
|
|
|
25,247 |
|
|
28,033 |
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities |
|
|
|
|
|
|
|
|
|
|
Deferred income |
|
|
8,051 |
|
|
|
6,580 |
|
|
9,076 |
Liability in respect of employee severance
payments |
|
|
2,327 |
|
|
|
2,572 |
|
|
2,854 |
Contingent consideration in respect of acquisition |
|
|
3,930 |
|
|
|
- |
|
|
3,820 |
Deferred taxes |
|
|
4,346 |
|
|
|
2,356 |
|
|
4,312 |
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities |
|
|
18,654 |
|
|
|
11,508 |
|
|
20,062 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
50,716 |
|
|
|
36,755 |
|
|
48,095 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
|
|
|
|
|
|
Ordinary share NIS 0.01 par value each (27,000,000
authorized as of March 31, 2014 and December 31, 2013 20,000,000
authorized as of March 31, 2013, 17,346,561 shares issued and
fully paid as of March 31, 2014, 2013 and December 31, 2013) |
|
|
40 |
|
|
|
40 |
|
|
40 |
Additional paid in capital |
|
|
54,042 |
|
|
|
53,449 |
|
|
53,879 |
Retained earnings |
|
|
26,478 |
|
|
|
25,801 |
|
|
25,723 |
Accumulated other comprehensive income |
|
|
292 |
|
|
|
496 |
|
|
841 |
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
80,852 |
|
|
|
79,786 |
|
|
80,483 |
|
|
|
|
|
|
|
|
|
|
|
Non - controlling interest |
|
|
(72 |
) |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
80,780 |
|
|
|
79,786 |
|
|
80,483 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
131,496 |
|
|
$ |
116,541 |
|
$ |
128,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RRSat Global Communications Network Ltd. and its
subsidiaries
Interim Condensed Consolidated Statements of Cash
Flows |
|
|
|
In thousands |
|
|
|
|
|
March 31 |
|
|
March 31 |
|
|
December 31 |
|
|
|
2014 |
|
|
2013 |
|
|
2013 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
1,724 |
|
|
$ |
1,570 |
|
|
$ |
6,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments required to reconcile net income to net cash provided
by operating activities |
|
|
2,275 |
|
|
|
2,734 |
|
|
|
9,979 |
|
Changes in assets and liabilities |
|
|
(2,005 |
) |
|
|
(1,949 |
) |
|
|
4,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by operating activities |
|
|
1,994 |
|
|
|
2,355 |
|
|
|
21,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities |
|
|
(1,161 |
) |
|
|
73 |
|
|
|
(14,348 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities |
|
|
- |
|
|
|
- |
|
|
|
(5,030 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of translation adjustment |
|
|
6 |
|
|
|
- |
|
|
|
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash |
|
|
839 |
|
|
|
2,428 |
|
|
|
2,032 |
|
Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance of cash and cash equivalents at beginning of period |
|
|
14,165 |
|
|
|
12,133 |
|
|
|
12,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance of cash and cash equivalents at end of period |
|
$ |
15,004 |
|
|
$ |
14,561 |
|
|
$ |
14,165 |
|
Company Contact: Shmulik Koren CFO Tel: +972 3 928 0777
Email: Email Contact Investor Contacts: Hayden/ MS - IR Brett Maas/
Miri Segal-Scharia Tel: 646-536-7331/ 917-607-8654 Email Contact /
Email Contact
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