UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Month of May, 2015
Commission File Number 001-33085
RR Media Ltd.
(Translation of registrant’s name into English)
RR Media Building
Hanegev Street
POB 1056
Airport City 70100
Israel (Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_
|
RR Media Ltd.
On May 11, 2015 the registrant issued a press release "RR Media Reports First Quarter Results; ESS acquisition closed". A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
Exhibit
Exhibit 99.1. Press release of the registrant, dated May 11, 2015 "RR Media Reports First Quarter Results; ESS acquisition closed".
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By:
|
/S/ ORNA NAVEH
|
Name:
|
Orna Naveh
|
Title:
|
General Counsel and Company Secretary
|
Date: May 11, 2015
Exhibit 99.1. Press release of the registrant, dated May 11, 2015 "RR Media Reports First Quarter Results; ESS acquisition closed".
4
Exhibit 99.1
For immediate release
RR Media Reports First Quarter Results;
ESS acquisition closed
Revenues of $30.5 million and Adjusted EBITDA of $3.6 Million,
Consistent with April 10 Update
Airport City Business Park, Israel (May 11, 2015) – RR Media (NASDAQ: RRM), a leading provider of global digital media services to the broadcast industry, today announced financial results for the first quarter ended March 31, 2015.
First Quarter Highlights
·
|
ESS acquisition closed on April 29th and integration is underway
|
·
|
Revenues of $30.5 million, down 7.1% year-over-year including a negative impact of approximately $492,000 due to the Euro/Dollar exchange rate. Main decline in revenue due to economic issues in Russia, impacting RRM customers
|
·
|
Gross margin of 23.6%, down from 24.4% in Q1 2014 due to decline in revenue
|
·
|
Non-GAAP net income of $0.07 per basic and diluted share
|
·
|
GAAP net income of $0.05 per basic and diluted share
|
·
|
Board declared a cash dividend of $0.07 per share, an aggregate amount of approximately $1.2 million, representing an annual dividend yield of 3.9%.
|
(In Thousands)
|
|
Q1 2015
|
|
|
Q1 2014
|
|
|
|
Content Mgmt. & Distribution Services
|
|
|
MSS
|
|
|
Total
|
|
|
Content Mgmt. & Distribution Services
|
|
|
MSS
|
|
|
Total
|
|
Revenues
|
|
$ |
27,567 |
|
|
$ |
2,963 |
|
|
$ |
30,530 |
|
|
$ |
29,980 |
|
|
$ |
2,877 |
|
|
$ |
32,857 |
|
Gross profit
|
|
$ |
6,876 |
|
|
$ |
315 |
|
|
$ |
7,191 |
|
|
$ |
7,577 |
|
|
$ |
458 |
|
|
$ |
8,035 |
|
Gross margin
|
|
|
24.9 |
% |
|
|
10.6 |
% |
|
|
23.6 |
% |
|
|
25.3 |
% |
|
|
15.9 |
% |
|
|
24.4 |
% |
Avi Cohen, CEO of RR Media, commented, “We continued our aggressive efforts to diversify our revenues, especially geographic diversification, with the acquisition of Eastern Space Systems (ESS) in Romania, a combination which will expand our access to a rapidly growing and strategically important region with more than 17 million TV households in Central, Eastern and Nordic Europe. The importance of this diversification was underscored by the issues in Russia, as the rapid decline in the value of the Ruble created significant issues for our Russian customers, impacting our first quarter revenue and backlog. We are taking specific steps to address this issue, including decreasing relevant satellite capacity commitments. While this event and the continued foreign exchange rate headwinds, created short-term challenges, we are increasingly confident that we are on the right path strategically and the ESS acquisition will only accelerate our efforts.”
“We continue to move upstream with customers, further penetrating our customers with higher value-added services and acquiring additional business with our new and broader offering,” continued Mr. Cohen. “In the last few weeks, we have signed new multi-year agreements with several major tier one customers for content management services. In addition, we have added new customers for OTT delivery of 10’s of linear channels including a major U.S. Pay-TV provider, all of which is serving as the foundation for predictable growth in the future.”
First Quarter 2015 Financial Results
Revenues: First quarter 2015 revenues were $30.5 million down 7.1% from $32.9 million in the first quarter of 2014. Content Management and Distribution Services revenue, excluding non-core revenue from MSS, was $27.6 million, down 8.0% from $30.0 million in the first quarter last year. First quarter 2015 revenues were reduced by approximately $492,000 related to the impact of the Euro/U.S. Dollar exchange rate, and geopolitical issues, primarily in the Russia, negatively impacted revenues.
Gross profit: First quarter 2015 gross profit and gross margin were $7.2 million and 23.6% respectively, compared to $8.0 million and 24.4%, respectively, for the first quarter of 2014. Content Management and Distribution Services gross margin was 24.9%, compared to 25.3% last year.
Non-GAAP operating income & operating margin, excluding non-cash stock based compensation, amortization of acquisition-related intangibles, acquisition related expenses and amortization of acquisition related prepaid compensation expenses, but inclusive of foreign currency impact was $1.7 million and 5.5% respectively during the first quarter of 2015, compared to $2.8 million and 8.5% respectively in the first quarter of 2014.
Non-GAAP net income for the first quarter was $1.2 million, compared to $2.1 million in the first quarter of 2014. Non-GAAP net income per share on a fully diluted basis was $0.07 for the first quarter of 2015, compared to $0.12 in first quarter last year.
GAAP net income for the first quarter of 2015 was $0.9 million, compared to $1.7 million in the first quarter of 2014. GAAP net income per share on a fully diluted basis was $0.05 for the first quarter of 2015 compared to $0.10 in the first quarter of 2014.
Adjusted EBITDA for the first quarter of 2015 was $3.6 million compared to $5.1 million in the first quarter of 2014.
Backlog to be delivered in the next 12 months decreased to $76 million, down from $94 million in the first quarter of 2014 and down from $86 Million in the end of the fourth quarter of 2014.
Cash, cash equivalents and marketable securities as of March 31, 2015 totaled $19.5 million compared with $22 million as of December 31, 2014.
Quarterly Dividend
In accordance with the Company’s dividend policy, the Board of Directors declared a cash dividend in the amount of $0.07 per ordinary share and in the aggregate amount of approximately $1.2 million, representing an annual dividend yield of 3.9%. The dividend is payable on June 10, 2015 to all of the Company's shareholders of record at the end of the trading day on NASDAQ on May 25, 2015.
Full Year 2015 Guidance
On February 23, 2015, management issued full-year 2015 expectations of total revenues of $135 million to $139 million, with Adjusted EBITDA of $19.5 million to $20.5 million. At this time, the Company is not changing its guidance. Management will continue to evaluate its financial performance and pipeline, and expects to provide updates to its full-year outlook, accounting for acquisitions, as the year progresses.
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.
Conference Call Information
Management will host a conference call to discuss the results at 9 a.m. ET and 4 p.m. in Israel on Monday, May 11, 2015.
Details are as follows:
|
·
|
Dial-in number from within the United States: 1-877-857-6149
|
|
·
|
Dial-in number from Israel: 1 80 925 8243
|
|
·
|
Dial-in number from the UK: 0 808 101 7162
|
|
·
|
Dial-in number (other international): 1-719-325-4805
|
|
·
|
Playback, available until May 18, 2015 by calling 1-877-870-5176 (United States) or 1-858-384-5517 (international). Please use pin number 9969156 for the replay.
|
|
·
|
A live webcast is accessible at http://public.viavid.com/index.php?id=113925.
|
ENDS
About RR Media
RR Media (NASDAQ: RRM) works in partnership with the world’s leading media players to create the richest possible media and entertainment experiences for the world’s consumers. RR Media’s complete ecosystem of digital media services maximize the potential of media and entertainment content, covering four main areas: smart global content distribution network with an optimized combination of satellite, fiber and the internet; content management and channel origination; sports, news & live events; and online video services. RR Media provides scalable, converged digital media services to more than 650 channels and to leagues and right holders of over 100,000 hours of sports and live events yearly. The company delivers content to 95% of the world’s population reaching viewers of multiplatform operators, VOD platforms, online video and direct-to-home services. Visit the company's website www.rrmedia.com
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. We undertake no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in our 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, 2014 and our Current Reports on Form 6-K.
Company Contact:
Shmulik Koren, CFO
Tel: +972 3 928 0777
Email: investors@rrmedia.com
Investor Contact:
Hayden/ MS - IR
Brett Maas/ Miri Segal-Scharia
Tel: 646-536-7331 / 917-607-8654
Interim Condensed Consolidated Statements of Income
In thousands, except share data
|
|
|
|
|
|
|
|
|
March 31
|
|
|
March 31
|
|
|
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Content Mgmt. & distribution services
|
|
|
27,567 |
|
|
|
29,980 |
|
|
|
119,750 |
|
Mobile satellite services
|
|
|
2,963 |
|
|
|
2,877 |
|
|
|
11,476 |
|
Total revenues
|
|
$ |
30,530 |
|
|
$ |
32,857 |
|
|
$ |
131,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Content Mgmt. & distribution services
|
|
|
20,691 |
|
|
|
22,403 |
|
|
|
91,215 |
|
Mobile satellite services
|
|
|
2,648 |
|
|
|
2,419 |
|
|
|
9,961 |
|
Total cost of revenues
|
|
|
23,339 |
|
|
|
24,822 |
|
|
|
101,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
7,191 |
|
|
|
8,035 |
|
|
|
30,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
3,629 |
|
|
|
2,995 |
|
|
|
13,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
2,252 |
|
|
|
2,531 |
|
|
|
9,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reorganization expenses
|
|
|
- |
|
|
|
- |
|
|
|
236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
5,881 |
|
|
|
5,526 |
|
|
|
22,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
1,310 |
|
|
|
2,509 |
|
|
|
7,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses, net
|
|
|
109 |
|
|
|
170 |
|
|
|
541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on Income
|
|
|
1,201 |
|
|
|
2,339 |
|
|
|
6,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
289 |
|
|
|
615 |
|
|
|
1,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
912 |
|
|
|
1,724 |
|
|
|
5,055 |
|
Net Profit (loss) attributable to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14 |
) |
|
|
(72 |
) |
|
|
(95 |
) |
Net income attributable to shareholders
|
|
$ |
926 |
|
|
$ |
1,796 |
|
|
$ |
5,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share attributable to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
0.05 |
|
|
|
0.10 |
|
|
|
0.30 |
|
Diluted earnings per share
|
|
|
0.05 |
|
|
|
0.10 |
|
|
|
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
17,392,072 |
|
|
|
17,346,561 |
|
|
|
17,365,608 |
|
Diluted earnings per share
|
|
|
17,657,516 |
|
|
|
17,645,977 |
|
|
|
17,671,975 |
|
Interim Condensed Consolidated Statements of Income
In thousands
|
|
|
|
|
|
|
|
|
March 31
|
|
|
March 31
|
|
|
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Net Income to Non-GAAP Net Income:
|
|
|
|
|
|
|
|
|
|
GAAP Net income attributable to shareholders
|
|
$ |
926 |
|
|
$ |
1,796 |
|
|
$ |
5,150 |
|
Adjustments to reconcile GAAP net income
|
|
|
|
|
|
|
|
|
|
|
|
|
to non-GAAP net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation charge
|
|
|
175 |
|
|
|
163 |
|
|
|
694 |
|
Amortization of acquisition related intangible assets
|
|
|
148 |
|
|
|
197 |
|
|
|
671 |
|
Changes in fair value of currency conversion derivatives
|
|
|
- |
|
|
|
41 |
|
|
|
(345 |
) |
Amortization of acquisition related prepaid
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation expenses
|
|
|
42 |
|
|
|
42 |
|
|
|
168 |
|
Income tax effect of non-GAAP adjustments
|
|
|
(58 |
) |
|
|
(81 |
) |
|
|
(160 |
) |
Contingent consideration in respect of acquisition
|
|
|
- |
|
|
|
- |
|
|
|
(270 |
) |
Reorganization expenses
|
|
|
- |
|
|
|
- |
|
|
|
236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to shareholders
|
|
$ |
1,233 |
|
|
$ |
2,158 |
|
|
$ |
6,144 |
|
|
|
|
|
|
|
|
|
|
March 31
|
|
|
March 31
|
|
|
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Operating Income
|
|
|
|
|
|
|
|
|
|
to non GAAP operating income:
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$ |
1,310 |
|
|
$ |
2,509 |
|
|
$ |
7,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile GAAP operating
|
|
|
|
|
|
|
|
|
|
|
|
|
income to non-GAAP operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation charge
|
|
|
175 |
|
|
|
163 |
|
|
|
694 |
|
Amortization of acquisition related intangible assets
|
|
|
148 |
|
|
|
197 |
|
|
|
671 |
|
Cost of sales related changes in fair value of
|
|
|
|
|
|
|
|
|
|
|
|
|
embedded currency conversion derivatives
|
|
|
- |
|
|
|
(113 |
) |
|
|
(239 |
) |
Amortization of acquisition related prepaid
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation expenses
|
|
|
42 |
|
|
|
42 |
|
|
|
168 |
|
Contingent consideration in respect of acquisition
|
|
|
|
|
|
|
- |
|
|
|
(530 |
) |
Reorganization expenses
|
|
|
- |
|
|
|
- |
|
|
|
236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income attributable to shareholders
|
|
$ |
1,675 |
|
|
$ |
2,798 |
|
|
$ |
8,177 |
|
RR Media Ltd.
Interim Condensed Consolidated Statement of Income
In thousands
|
|
|
|
|
|
|
|
|
March 31
|
|
|
March 31
|
|
|
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Operating Income to EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$ |
1,310 |
|
|
$ |
2,509 |
|
|
$ |
7,177 |
|
Adjustments to reconcile GAAP operating
|
|
|
|
|
|
|
|
|
|
|
|
|
income to EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation charge
|
|
|
175 |
|
|
|
163 |
|
|
|
694 |
|
Depreciation and amortization
|
|
|
2,109 |
|
|
|
2,425 |
|
|
|
9,675 |
|
Acquisition related expenses
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Cost of sales related changes in fair value of
|
|
|
|
|
|
|
|
|
|
|
|
|
currency conversion derivatives
|
|
|
- |
|
|
|
(113 |
) |
|
|
(239 |
) |
Amortization of acquisition related prepaid
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation expenses
|
|
|
42 |
|
|
|
42 |
|
|
|
168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$ |
3,636 |
|
|
$ |
5,026 |
|
|
$ |
17,475 |
|
|
|
|
|
|
|
|
|
|
March 31
|
|
|
March 31
|
|
|
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP operating income to adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
$ |
1,675 |
|
|
$ |
2,798 |
|
|
$ |
8,177 |
|
Adjustments to reconcile Non-GAAP operating
|
|
|
|
|
|
|
|
|
|
|
|
|
income to EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
1,961 |
|
|
|
2,228 |
|
|
|
9,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$ |
3,636 |
|
|
$ |
5,026 |
|
|
$ |
17,181 |
|
RR Media Ltd.
Interim Condensed Consolidated Statements of Income (non-GAAP results)
In thousands, except share data
|
|
|
|
|
|
|
|
|
March 31
|
|
|
March 31
|
|
|
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Content Mgmt. & distribution services
|
|
|
27,567 |
|
|
|
29,980 |
|
|
|
119,750 |
|
Mobile satellite services
|
|
|
2,963 |
|
|
|
2,877 |
|
|
|
11,476 |
|
Total revenues
|
|
$ |
30,530 |
|
|
$ |
32,857 |
|
|
$ |
131,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Content Mgmt. & distribution services
|
|
|
20,677 |
|
|
|
22,508 |
|
|
|
91,397 |
|
Mobile satellite services
|
|
|
2,648 |
|
|
|
2,419 |
|
|
|
9,961 |
|
Total cost of revenues
|
|
|
23,324 |
|
|
|
24,927 |
|
|
|
101,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
7,206 |
|
|
|
7,930 |
|
|
|
29,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
3,405 |
|
|
|
2,735 |
|
|
|
12,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
2,126 |
|
|
|
2,397 |
|
|
|
9,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
5,531 |
|
|
|
5,132 |
|
|
|
21,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
1,675 |
|
|
|
2,798 |
|
|
|
8,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses, net
|
|
|
109 |
|
|
|
16 |
|
|
|
387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income
|
|
|
1,566 |
|
|
|
2,782 |
|
|
|
7,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
347 |
|
|
|
696 |
|
|
|
1,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
1,219 |
|
|
$ |
2,086 |
|
|
$ |
6,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit (loss) attributable to non-controlling interest
|
|
|
(14 |
) |
|
|
(72 |
) |
|
|
(95 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to shareholders
|
|
$ |
1,233 |
|
|
$ |
2,158 |
|
|
$ |
6,144 |
|
Earnings per ordinary share attributable to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
0.07 |
|
|
|
0.12 |
|
|
|
0.35 |
|
Diluted earnings per share
|
|
|
0.07 |
|
|
|
0.12 |
|
|
|
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
17,392,072 |
|
|
|
17,346,561 |
|
|
|
17,365,608 |
|
Diluted earnings per share
|
|
|
17,657,516 |
|
|
|
17,645,977 |
|
|
|
17,671,975 |
|
RR Media Ltd.
Interim Condensed Consolidated Balance Sheets
In thousands
|
|
March 31
|
|
|
March 31
|
|
|
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
10,517 |
|
|
$ |
15,004 |
|
|
$ |
13,001 |
|
Marketable securities and short term investments
|
|
|
9,015 |
|
|
|
9,416 |
|
|
|
8,970 |
|
Trade receivable,(net of provision for doubtful accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
Of $5,173, $6,785 and $6,423 as of March 31, 2015, 2014 and December 31, 2014, respectively)
|
|
|
24,689 |
|
|
|
24,103 |
|
|
|
23,457 |
|
Other receivable
|
|
|
2,365 |
|
|
|
2,919 |
|
|
|
2,343 |
|
Deferred taxes
|
|
|
2,006 |
|
|
|
2,170 |
|
|
|
2,038 |
|
Prepaid expenses
|
|
|
2,730 |
|
|
|
2,772 |
|
|
|
2,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
51,322 |
|
|
|
56,384 |
|
|
|
52,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term prepaid expenses
|
|
|
2,489 |
|
|
|
2,490 |
|
|
|
3,156 |
|
Long-term land lease prepaid expenses
|
|
|
7,358 |
|
|
|
7,398 |
|
|
|
7,380 |
|
Assets held for employee severance payments
|
|
|
1,671 |
|
|
|
2,150 |
|
|
|
1,892 |
|
Fixed assets, net
|
|
|
46,442 |
|
|
|
45,794 |
|
|
|
45,669 |
|
Goodwill
|
|
|
10,953 |
|
|
|
11,277 |
|
|
|
11,286 |
|
Intangible assets, at cost, less accumulated amortization
|
|
|
5,143 |
|
|
|
6,003 |
|
|
|
5,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term assets
|
|
|
74,056 |
|
|
|
75,112 |
|
|
|
74,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
125,378 |
|
|
$ |
131,496 |
|
|
$ |
127,559 |
|
RR Media Ltd.
Interim Condensed Consolidated Balance Sheets (cont’d)
In thousands, except share data
|
|
March 31
|
|
|
March 31
|
|
|
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Account payable:
|
|
|
|
|
|
|
|
|
|
Trade
|
|
$ |
15,938 |
|
|
$ |
17,956 |
|
|
$ |
18,414 |
|
Other
|
|
|
5,066 |
|
|
|
6,016 |
|
|
|
5,482 |
|
Deferred income
|
|
|
6,463 |
|
|
|
8,090 |
|
|
|
4,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
27,467 |
|
|
|
32,062 |
|
|
|
28,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
|
|
|
7,846 |
|
|
|
8,051 |
|
|
|
7,714 |
|
Liability in respect of employee severance payments and others
|
|
|
2,291 |
|
|
|
2,327 |
|
|
|
2,993 |
|
Contingent consideration in respect of acquisition
|
|
|
3,550 |
|
|
|
3,930 |
|
|
|
3,550 |
|
Deferred taxes
|
|
|
3,769 |
|
|
|
4,346 |
|
|
|
3,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
17,456 |
|
|
|
18,654 |
|
|
|
17,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
44,923 |
|
|
|
50,716 |
|
|
|
46,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary share NIS 0.01 par value each (27,000,000 authorized as of
March 31, 2015, December 31, 2014 and March 31, 2014,
|
|
|
|
|
|
|
|
|
|
|
|
|
17,392,072 shares issued and fully paid as of March 31, 2015,
17,365,608 shares issued and fully paid as of December 31, 2014
and 17,346,561 shares issued and fully paid as of March 31, 2014)
|
|
|
40 |
|
|
|
40 |
|
|
|
40 |
|
Treasury Stock
|
|
|
(146 |
) |
|
|
- |
|
|
|
(146 |
) |
Additional paid in capital
|
|
|
54,747 |
|
|
|
54,042 |
|
|
|
54,572 |
|
Retained earnings
|
|
|
27,109 |
|
|
|
26,478 |
|
|
|
27,400 |
|
Accumulated other comprehensive gain
|
|
|
(1,186 |
) |
|
|
292 |
|
|
|
(934 |
) |
Total shareholders’ equity
|
|
$ |
80,564 |
|
|
$ |
80,852 |
|
|
$ |
80,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest
|
|
|
(109 |
) |
|
|
(72 |
) |
|
|
(95 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$ |
80,455 |
|
|
$ |
80,780 |
|
|
$ |
80,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$ |
125,378 |
|
|
$ |
131,496 |
|
|
$ |
127,559 |
|
RR Media Ltd.
Interim Condensed Consolidated Statements of Cash Flows
In thousands
|
|
|
|
|
|
|
|
|
March 31
|
|
|
March 31
|
|
|
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
912 |
|
|
$ |
1,724 |
|
|
$ |
5,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments required to reconcile net income to net cash provided by operating activities
|
|
|
3,404 |
|
|
|
2,275 |
|
|
|
11,449 |
|
Changes in assets and liabilities
|
|
|
(2,289 |
) |
|
|
(2,005 |
) |
|
|
(6,011 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
2,027 |
|
|
|
1,994 |
|
|
|
10,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in fixed assets
|
|
|
(2,909 |
) |
|
|
(1,161 |
) |
|
|
(8,389 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investing activities
|
|
|
62 |
|
|
|
- |
|
|
|
1,261 |
|
Cash flows from investing activities
|
|
|
(2,847 |
) |
|
|
(1,161 |
) |
|
|
(7,128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of treasury stock
|
|
|
- |
|
|
|
- |
|
|
|
(146 |
) |
Dividends Paid
|
|
|
(1,217 |
) |
|
|
- |
|
|
|
(3,473 |
) |
Cash flows from financing activities
|
|
|
(1,217 |
) |
|
|
- |
|
|
|
(3,619 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation adjustment on cash and cash equivalents
|
|
|
(447 |
) |
|
|
6 |
|
|
|
(910 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash Equivalents
|
|
|
(2,484 |
) |
|
|
839 |
|
|
|
(1,164 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance of cash and cash equivalents at beginning of period
|
|
|
13,001 |
|
|
|
14,165 |
|
|
|
14,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance of cash and cash equivalents at end of period
|
|
|
10,517 |
|
|
|
15,004 |
|
|
|
13,001 |
|
RR Media Ltd. - Ordinary Shares (NASDAQ:RRM)
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