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 July, 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 July 31, 2015 the registrant issued a press release "RR Media Reports Revenues of $33.1 Million for the Second Quarter 2015". 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 July 31, 2015 "RR Media Reports Revenues of $33.1 Million for the Second Quarter 2015".
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.
Title:
|
General Counsel and Company Secretary
|
Date: July 31, 2015
Exhibit 99.1. Press release of the registrant, dated July 31, 2015 "RR Media Reports Revenues of $33.1 Million for the Second Quarter 2015".
4
Exhibit 99.1
For immediate release
RR Media Reports Revenues of $33.1 Million for the Second Quarter 2015
Airport City Business Park, Israel (July 31, 2015) - RR Media (NASDAQ: RRM), a leading provider of global digital media services to the broadcast and media industries, today announced financial results for the second quarter ended June 30, 2015.
Operational Highlights for the Second Quarter 2015
|
·
|
Satlink Communications and ESS acquisitions closed; integration expected to be completed by year end
|
|
·
|
Opened digital media center in the U.K. designed to provide a wide range of digital media solutions across Europe
|
|
·
|
Signed an agreement to deliver Italian government channels (RAI) to audiences worldwide
|
Financial Highlights for the Second Quarter 2015
|
·
|
Revenues grew to $33.1 million, a 1.9% increase year-over-year
|
|
·
|
Gross margin of 21.7%, compared to 21.2% for Q2 2014
|
|
·
|
Gross margin of Content Management & Distribution reached 22.5%
|
|
o
|
Satlink and ESS expected to be accretive to margins in 2016, following completion of integration plans
|
|
·
|
GAAP net income of $0.01 per basic and diluted share
|
|
·
|
Non-GAAP net income of $0.07 per basic and diluted share
|
|
·
|
Positive cash flows from operations of $3.3 million
|
|
·
|
Total cash and cash equivalents of $13.2 million as of June 30, 2015
|
|
·
|
Board declared a cash dividend of $0.07 per share, an aggregate amount of approximately $1.2 million, representing an annual dividend yield of 4.0%.
|
(In Thousands)
|
|
Q2 2015 |
|
|
Q2 2014 |
|
|
|
|
Content Mgmt. & Distribution Services
|
|
|
MSS
|
|
|
Total
|
|
|
Content Mgmt. & Distribution Services
|
|
|
MSS
|
|
|
Total
|
|
Revenues
|
|
$ |
30,101 |
|
|
$ |
3,006 |
|
|
$ |
33,107 |
|
|
$ |
29,665 |
|
|
$ |
2,832 |
|
|
$ |
32,497 |
|
Gross profit
|
|
$ |
6,787 |
|
|
$ |
399 |
|
|
$ |
7,186 |
|
|
$ |
6,572 |
|
|
$ |
323 |
|
|
$ |
6,895 |
|
Gross margin
|
|
|
22.5 |
% |
|
|
13.3 |
% |
|
|
21.7 |
% |
|
|
22.2 |
% |
|
|
11.4 |
% |
|
|
21.2 |
% |
Avi Cohen, CEO of RR Media, commented, “We are pleased with the results for the second quarter considering we continue to face macro-economic challenges in Russia and Western Europe throughout the first half of 2015. We view this as a temporary disruption to our business, and remain dedicated to maintaining strong customer relationships in the region so that we are able to quickly ramp our operations once the situation there improves.
“In the second quarter, we made significant progress building scale and expanding our geographic presence through the acquisitions of Satlink Communications and ESS. The immediate financial benefit of these acquisitions when comparing total results for sequential quarters is partially offset by the seasonality of our sports and live events business.”
“Looking ahead, we are focused on leveraging the scale of our business, continuing our efforts to add upper tier customers and diversify our services to drive improved margins and revenue growth. New growth opportunities include the fully digital European media center recently opened in London, which enables us to provide a wide range of digital media solutions to our European customers as well as the expansion of our central European business leveraging the ESS acquisition. We also signed an agreement to deliver the Italian government channels RAI Italia, Rai News 24 and Rai World Premium to audiences worldwide,” concluded Mr. Cohen.
Second Quarter 2015 Financial Results
Revenues for the second quarter of 2015 were $33.1 million, an increase of 1.9% compared with $32.5 million in the second quarter of 2014. Revenues for the second quarter of 2015 benefited from the recently acquired businesses, ESS and Satlink Communications; which was partially offset by the continued effect of the Euro/U.S. Dollar exchange rate and geopolitical issues in Russia. In addition, it is important to note that second quarter revenue is usually the slowest of the year, mainly due to the seasonality of the non-recurring sports and live events.
The Company reported $30.1 million of Content Management and Distribution Services revenue, excluding non-core revenue from MSS, an increase of 1.5% from $29.7 million in the second quarter last year and an increase of 9.1% from $27.6 million in the first quarter this year.
Gross profit for the second quarter of 2015 was $7.2 million compared to $6.9 million for the second quarter of 2014. Gross margin for the second quarter of 2015 was 21.7% compared to 21.2%for the second quarter of 2014. Gross margin for Content Management and Distribution Services increased slightly to 22.5% compared to 22.2% for the same period last year, despite the contributions of Satlink and ESS, which historically have lower gross margins.
Non-GAAP operating income was $1.5 million for the second quarter of 2015, compared to $1.3 million for the second quarter of 2014. Non-GAAP operating margin for the second quarter of 2015 was 4.5% compared to 4.0% for the same period last year. Non-GAAP operating income and non-GAAP operating margin for the second quarter of 2015 and 2014 exclude non-cash equity-based compensation charge, amortization of acquired intangible assets,cost of sales related changes in fair value of currency conversion derivatives, acquisition related expenses and amortization of acquisition related prepaid compensation expenses; and include the impact of fluctuations in foreign currency exchange rates.
GAAP net income for the second quarter of 2015 was $0.2 million, or $0.01 per fully diluted share, compared to $0.7 million, or $0.04 per fully diluted share, for the same period of 2014.
Non-GAAP net income for the second quarter of 2015 was $1.2 million, or $0.07 per fully diluted share, compared to $1.0 million, or $0.06 per fully diluted share, in the second quarter of 2014.
Adjusted EBITDA for the second quarter of 2015 was $3.7 million compared to $3.6 million in the second quarter of 2014.
Backlog to be delivered in the next 12 months as of June 30, 2015 increased to $93 million, up from $76 million as of March 31, 2015.
Cash, cash equivalents and marketable securities as of June 30, 2015 totaled $13.2 million compared with$22 million as of December 31, 2014. This reduction is cash was the result of the Satlink Communications and ESS acquisitions.
Full Year 2015 Guidance
The Company is reiterating its full year 2015 and 2016 guidance. Management expects total revenues to be in the range of $140 million to $148 million for 2015, and $161 million to $171 million for 2016; with Adjusted EBITDA of $17.6 million to $20.4 million for 2015, and a year-over-year increase of 25% to 30% in Adjusted EBITDA for 2016. It is important to note that the results for the second half of 2015 will benefit from the inclusion of the full six month financial results for Satlink Communications and ESS, which were acquired earlier in the year.
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.
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 4.0%. The dividend is payable on September 2, 2015 to all of the Company's shareholders of record at the end of the trading day on NASDAQ on August 17, 2015.
Conference Call Information
Management will host a conference call to discuss the results at 9 a.m. ET (4 p.m. in Israel) on Friday, July 31, 2015.
Details are as follows:
|
·
|
Dial-in number from within the United States: 1-888-510-1785
|
|
·
|
Dial-in number from Israel: 1 80 924 5906
|
|
·
|
Dial-in number from the UK: 0 800 404 7655
|
|
·
|
Dial-in number (other international): 1-719-325-2354
|
|
·
|
Playback, available until August 8, 2015 by calling 1-877-870-5176 (United States) or 1-858-384-5517 (international). Please use pin number 8151126 for the replay.
|
|
·
|
A live webcast is accessible at http://public.viavid.com/player/index.php?id=114929.
|
About RR Media
RR Media (NASDAQ: RRM) works in partnership with the world’s leading media providers to transform content into valuable media assets. 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 hundreds of broadcasters, content owners, sports leagues and right holders. The company manages and delivers more than 24,000 hours of broadcast content, more than 4,000 hours of online video and VOD content daily and more than 350 hours of premium sports and live events every day. 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:
KCSA Strategic Communications
Garth Russell / Elizabeth Barker
Tel: 212-896-1250 / 212-896-1203
Email: rrmedia@kcsa.com
RR Media Ltd
Interim Condensed Consolidated Statements of Income
In thousands, except share data
|
|
|
|
|
|
|
|
|
June 30
|
|
|
June 30
|
|
|
June 30
|
|
|
June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Content Mgmt. & distribution services
|
|
|
30,101 |
|
|
|
29,665 |
|
|
|
57,668 |
|
|
|
59,645 |
|
Mobile satellite services
|
|
|
3,006 |
|
|
|
2,832 |
|
|
|
5,969 |
|
|
|
5,709 |
|
Total revenues
|
|
$ |
33,107 |
|
|
$ |
32,497 |
|
|
$ |
63,637 |
|
|
$ |
65,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Content Mgmt. & distribution services
|
|
|
23,314 |
|
|
|
23,093 |
|
|
|
44,005 |
|
|
|
45,453 |
|
Mobile satellite services
|
|
|
2,607 |
|
|
|
2,509 |
|
|
|
5,255 |
|
|
|
4,971 |
|
Total cost of revenues
|
|
|
25,921 |
|
|
|
25,602 |
|
|
|
49,260 |
|
|
|
50,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
7,186 |
|
|
|
6,895 |
|
|
|
14,377 |
|
|
|
14,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
3,765 |
|
|
|
3,279 |
|
|
|
7,394 |
|
|
|
6,274 |
|
General and administrative
|
|
|
2,367 |
|
|
|
2,606 |
|
|
|
4,619 |
|
|
|
5,137 |
|
Acquisition related expenses
|
|
|
900 |
|
|
|
- |
|
|
|
900 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
7,032 |
|
|
|
5,885 |
|
|
|
12,913 |
|
|
|
11,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
154 |
|
|
|
1,010 |
|
|
|
1,464 |
|
|
|
3,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(expenses), net
|
|
|
77 |
|
|
|
(200 |
) |
|
|
(32 |
) |
|
|
(370 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
|
|
|
231 |
|
|
|
810 |
|
|
|
1,432 |
|
|
|
3,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
10 |
|
|
|
180 |
|
|
|
299 |
|
|
|
795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
221 |
|
|
|
630 |
|
|
$ |
1,133 |
|
|
|
2,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non- controlling interest
|
|
|
(4 |
) |
|
|
(45 |
) |
|
|
(18 |
) |
|
|
(117 |
) |
Net income attributable to shareholders
|
|
$ |
225 |
|
|
$ |
675 |
|
|
$ |
1,151 |
|
|
$ |
2,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share attributable to shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
0.01 |
|
|
$ |
0.04 |
|
|
|
0.07 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
0.01 |
|
|
$ |
0.04 |
|
|
|
0.07 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
17,392,614 |
|
|
|
17,346,561 |
|
|
|
17,392,345 |
|
|
|
17,346,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
17,672,593 |
|
|
|
17,675,698 |
|
|
|
17,665,055 |
|
|
|
17,739,860 |
|
RR Media Ltd
Reconciliation of GAAP to Non-GAAP Financial Information
In thousands
|
|
Three months ended June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Net Income to Non-GAAP Net Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income attributable to shareholders
|
|
$ |
225 |
|
|
$ |
675 |
|
|
$ |
1,151 |
|
|
$ |
2,471 |
|
Adjustments to reconcile GAAP net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to non-GAAP net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation charge
|
|
|
182 |
|
|
|
180 |
|
|
|
357 |
|
|
|
343 |
|
Amortization of acquired intangible assets
|
|
|
202 |
|
|
|
167 |
|
|
|
350 |
|
|
|
364 |
|
Changes in fair value of currency conversion derivatives
|
|
|
- |
|
|
|
9 |
|
|
|
- |
|
|
|
50 |
|
Acquisition related expenses
|
|
|
900 |
|
|
|
- |
|
|
|
900 |
|
|
|
- |
|
Amortization of acquisition related prepaid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation expenses
|
|
|
42 |
|
|
|
42 |
|
|
|
84 |
|
|
|
84 |
|
Income tax effect of non-GAAP adjustments
|
|
|
(312 |
) |
|
|
(65 |
) |
|
|
(370 |
) |
|
|
(146 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to shareholders
|
|
$ |
1,239 |
|
|
$ |
1,008 |
|
|
|
2,472 |
|
|
$ |
3,166 |
|
|
|
Three months ended June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
to Non-GAAP operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$ |
154 |
|
|
$ |
1,010 |
|
|
$ |
1,464 |
|
|
$ |
3,519 |
|
Adjustments to reconcile GAAP operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income to Non-GAAP operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation charge
|
|
|
182 |
|
|
|
180 |
|
|
|
357 |
|
|
|
343 |
|
Amortization of acquired intangible assets
|
|
|
202 |
|
|
|
167 |
|
|
|
350 |
|
|
|
364 |
|
Cost of sales related changes in fair value of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
currency conversion derivatives
|
|
|
- |
|
|
|
(86 |
) |
|
|
- |
|
|
|
(199 |
) |
Acquisition related expenses
|
|
|
900 |
|
|
|
- |
|
|
|
900 |
|
|
|
- |
|
Amortization of acquisition related prepaid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation expenses
|
|
|
42 |
|
|
|
42 |
|
|
|
84 |
|
|
|
84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating income
|
|
|
1,480 |
|
|
$ |
1,313 |
|
|
|
3,155 |
|
|
$ |
4,111 |
|
RR Media Ltd
Reconciliation of GAAP to Non-GAAP Financial Information
In thousands
|
|
Three months ended June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Operating Income to EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$ |
154 |
|
|
$ |
1,010 |
|
|
$ |
1,464 |
|
|
$ |
3,519 |
|
Adjustments to reconcile GAAP Operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income to EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation charge
|
|
|
182 |
|
|
|
180 |
|
|
|
357 |
|
|
|
343 |
|
Depreciation and amortization
|
|
|
2,431 |
|
|
|
2,464 |
|
|
|
4,539 |
|
|
|
4,889 |
|
Cost of sales related changes in fair value of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
currency conversion derivatives
|
|
|
- |
|
|
|
(86 |
) |
|
|
- |
|
|
|
(199 |
) |
Acquisition related expenses
|
|
|
900 |
|
|
|
- |
|
|
|
900 |
|
|
|
- |
|
Amortization of acquisition related prepaid compensation expenses
|
|
|
42 |
|
|
|
42 |
|
|
|
84 |
|
|
|
84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$ |
3,709 |
|
|
$ |
3,610 |
|
|
$ |
7,344 |
|
|
$ |
8,636 |
|
|
|
Three months ended June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Operating Income to adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating income
|
|
$ |
1,480 |
|
|
$ |
1,313 |
|
|
$ |
3,155 |
|
|
$ |
4,111 |
|
Adjustments to reconcile Non-GAAP operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
2,229 |
|
|
|
2,297 |
|
|
|
4,189 |
|
|
|
4,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$ |
3,709 |
|
|
$ |
3,610 |
|
|
$ |
7,344 |
|
|
$ |
8,636 |
|
RR Media Ltd
Interim Condensed Consolidated Statements of Income (Non-GAAP results)
In thousands, except share data
|
|
|
|
|
|
|
|
|
June 30
|
|
|
June 30
|
|
|
June 30
|
|
|
June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Content Mgmt. & distribution services
|
|
|
30,101 |
|
|
|
29,665 |
|
|
|
57,668 |
|
|
|
59,645 |
|
Mobile satellite services
|
|
|
3,006 |
|
|
|
2,832 |
|
|
|
5,969 |
|
|
|
5,709 |
|
Total revenues
|
|
$ |
33,107 |
|
|
$ |
32,497 |
|
|
$ |
63,637 |
|
|
$ |
65,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Content Mgmt. & distribution services
|
|
|
23,298 |
|
|
|
23,093 |
|
|
|
43,974 |
|
|
|
45,625 |
|
Mobile satellite services
|
|
|
2,607 |
|
|
|
2,509 |
|
|
|
5,255 |
|
|
|
4,971 |
|
Cost of revenues
|
|
|
25,905 |
|
|
|
25,669 |
|
|
|
49,229 |
|
|
|
50,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
7,202 |
|
|
|
6,828 |
|
|
|
14,408 |
|
|
|
14,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
3,490 |
|
|
|
3,050 |
|
|
|
6,895 |
|
|
|
5,785 |
|
General and administrative
|
|
|
2,232 |
|
|
|
2,465 |
|
|
|
4,358 |
|
|
|
4,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
5,722 |
|
|
|
5,515 |
|
|
|
11,253 |
|
|
|
10,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
1,480 |
|
|
|
1,313 |
|
|
|
3,155 |
|
|
|
4,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(expenses), net
|
|
|
77 |
|
|
|
(105 |
) |
|
|
(32 |
) |
|
|
(121 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
|
|
|
1,557 |
|
|
|
1,208 |
|
|
|
3,123 |
|
|
|
3,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
322 |
|
|
|
245 |
|
|
|
669 |
|
|
|
941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
1,235 |
|
|
|
963 |
|
|
|
2,454 |
|
|
|
3,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non- controlling interest
|
|
|
(4 |
) |
|
|
(45 |
) |
|
|
(18 |
) |
|
|
(117 |
) |
Net income attributable to shareholders
|
|
|
1,239 |
|
|
$ |
1,008 |
|
|
|
2,472 |
|
|
$ |
3,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share attributable to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$ |
0.07 |
|
|
$ |
0.06 |
|
|
$ |
0.14 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$ |
0.07 |
|
|
$ |
0.06 |
|
|
$ |
0.14 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
17,392,614 |
|
|
|
17,346,561 |
|
|
|
17,392,345 |
|
|
|
17,346,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
17,672,593 |
|
|
|
17,675,698 |
|
|
|
17,665,055 |
|
|
|
17,739,860 |
|
RR Media Ltd
Interim Condensed Consolidated Balance Sheets
In thousands, except share data
|
|
June 30
|
|
|
June 30
|
|
|
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
13,224 |
|
|
$ |
12,698 |
|
|
$ |
13,001 |
|
Marketable securities and short term investments
|
|
|
- |
|
|
|
9,731 |
|
|
|
8,970 |
|
Accounts receivable (net of provision for doubtful accounts of $5,026, $6,551 and $5,323 as of June 30, 2015, 2014 and December 31, 2014, respectively)
|
|
|
29,599 |
|
|
|
23,491 |
|
|
|
23,457 |
|
Other receivable
|
|
|
3,939 |
|
|
|
2,954 |
|
|
|
2,343 |
|
Deferred taxes
|
|
|
2,249 |
|
|
|
2,200 |
|
|
|
2,038 |
|
Prepaid expenses
|
|
|
3,883 |
|
|
|
3,197 |
|
|
|
2,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
52,894 |
|
|
|
54,271 |
|
|
|
52,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term prepaid expenses
|
|
|
2,528 |
|
|
|
2,320 |
|
|
|
3,156 |
|
Long-term land lease prepaid expenses
|
|
|
7,347 |
|
|
|
7,440 |
|
|
|
7,380 |
|
Assets held for employee severance payments
|
|
|
2,078 |
|
|
|
2,204 |
|
|
|
1,892 |
|
Fixed assets, net
|
|
|
56,352 |
|
|
|
45,903 |
|
|
|
45,669 |
|
Goodwill
|
|
|
31,282 |
|
|
|
11,880 |
|
|
|
11,286 |
|
Intangible assets, net
|
|
|
8,711 |
|
|
|
6,362 |
|
|
|
5,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long term assets
|
|
|
108,298 |
|
|
|
76,109 |
|
|
|
74,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
161,192 |
|
|
$ |
130,380 |
|
|
$ |
127,559 |
|
RR Media Ltd
Interim Condensed Consolidated Balance Sheets (cont’d)
|
|
June 30
|
|
|
June 30
|
|
|
December 31
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Account payable:
|
|
|
|
|
|
|
|
|
|
Trade
|
|
$ |
26,399 |
|
|
$ |
18,435 |
|
|
$ |
18,414 |
|
Other
|
|
|
8,441 |
|
|
|
4,970 |
|
|
|
5,482 |
|
Current maturities of long term loan
|
|
|
3,799 |
|
|
|
- |
|
|
|
- |
|
Deferred income
|
|
|
8,608 |
|
|
|
5,650 |
|
|
|
4,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
47,247 |
|
|
|
29,055 |
|
|
|
28,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
|
|
|
7,666 |
|
|
|
8,816 |
|
|
|
7,714 |
|
Long term loans
|
|
|
12,000 |
|
|
|
- |
|
|
|
- |
|
Liabilities in respect of employee severance payments and others
|
|
|
3,582 |
|
|
|
2,254 |
|
|
|
2,993 |
|
Contingent consideration in respect of acquisition
|
|
|
4,687 |
|
|
|
3,980 |
|
|
|
3,550 |
|
Deferred taxes
|
|
|
4,771 |
|
|
|
4,512 |
|
|
|
3,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
32,706 |
|
|
|
19,562 |
|
|
|
17,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
79,953 |
|
|
|
48,617 |
|
|
|
46,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary share NIS 0.01 par value each (27,000,000 authorized as of June 30, 2015, 2014 and December 31, 2014. 17,394,539 shares issued and fully paid as of June 30, 2015, 17,346,561 shares issued and fully paid as of June 30, 2014, 17,392,072 shares issued and fully paid as of December 31, 2014)
|
|
|
40 |
|
|
|
40 |
|
|
|
40 |
|
Additional paid in capital
|
|
|
54,929 |
|
|
|
54,222 |
|
|
|
54,572 |
|
Retained earnings
|
|
|
26,116 |
|
|
|
26,286 |
|
|
|
27,400 |
|
Treasury Stock
|
|
|
(146 |
) |
|
|
- |
|
|
|
(146 |
) |
Accumulated other comprehensive income (loss)
|
|
|
413 |
|
|
|
1,332 |
|
|
|
(934 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity
|
|
|
81,352 |
|
|
|
81,880 |
|
|
|
80,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non – controlling interest
|
|
|
(113 |
) |
|
|
(117 |
) |
|
|
(95 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
81,239 |
|
|
|
81,763 |
|
|
|
80,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$ |
161,192 |
|
|
$ |
130,380 |
|
|
$ |
127,559 |
|
RR Media Ltd
Interim Condensed Consolidated Statements of Cash Flows
In thousands
|
|
Three months ended June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
221 |
|
|
$ |
630 |
|
|
$ |
1,133 |
|
|
$ |
2,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments required to reconcile net income to net cash provided by operating activities
|
|
|
2,735 |
|
|
|
3,097 |
|
|
|
6,139 |
|
|
|
5,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities
|
|
|
317 |
|
|
|
(1,494 |
) |
|
|
(1,972 |
) |
|
|
(3,499 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
3,273 |
|
|
|
2,233 |
|
|
|
5,300 |
|
|
|
4,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of fixed assets and intangible assets
|
|
|
(2,889 |
) |
|
|
(2,430 |
) |
|
|
(5,798 |
) |
|
|
(4,237 |
) |
Acquisitions of subsidiaries, net of cash acquired
|
|
|
(20,726 |
) |
|
|
- |
|
|
|
(20,726 |
) |
|
|
- |
|
Other investing activities
|
|
|
9,038 |
|
|
|
(222 |
) |
|
|
9,100 |
|
|
|
424 |
|
Net cash used in investing activities
|
|
|
(14,577 |
) |
|
|
(2,652 |
) |
|
|
(17,424 |
) |
|
|
(3,813 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend paid
|
|
|
(1,218 |
) |
|
|
(1,908 |
) |
|
|
(2,435 |
) |
|
|
(1,908 |
) |
Proceeds for long term loan
|
|
|
15,000 |
|
|
|
- |
|
|
|
15,000 |
|
|
|
- |
|
Net cash used in financing activities
|
|
|
13,782 |
|
|
|
(1,908 |
) |
|
|
12,565 |
|
|
|
(1,908 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation adjustment on cash and cash equivalents
|
|
|
229 |
|
|
|
21 |
|
|
|
(218 |
) |
|
|
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equivalents
|
|
|
2,707 |
|
|
|
(2,306 |
) |
|
|
223 |
|
|
|
(1,467 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance of cash and cash equivalents
at beginning of period
|
|
|
10,517 |
|
|
|
15,004 |
|
|
|
13,001 |
|
|
|
14,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance of cash and cash equivalents
at end of period
|
|
$ |
13,224 |
|
|
$ |
12,698 |
|
|
$ |
13,224 |
|
|
$ |
12,698 |
|
RR Media Ltd. - Ordinary Shares (NASDAQ:RRM)
Historical Stock Chart
From Jun 2024 to Jul 2024
RR Media Ltd. - Ordinary Shares (NASDAQ:RRM)
Historical Stock Chart
From Jul 2023 to Jul 2024