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.

Form 20-F T   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.

Yes ¨   No T

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".
 
 
2

 

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.


RR Media LTD.

By:
/S/ ORNA NAVEH
Name:
Orna Naveh
Title:
General Counsel and Company Secretary

Date: July 31, 2015
 
 
3

 
 
 
Exhibit Index

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
 
·
Conference ID: 8151126
 
·
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
 
   
Three months ended
   
Six months ended
 
   
June 30
   
June 30
   
June 30
   
June 30
 
   
2015
   
2014
   
2015
   
2014
 
   
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
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
   
Six months ended June 30
 
   
2015
   
2014
   
2015
   
2014
 
   
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
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
   
Six months ended June 30
 
   
2015
   
2014
   
2015
   
2014
 
   
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
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
   
Six months ended June 30
 
   
2015
   
2014
   
2015
   
2014
 
   
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
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
   
Six months ended June 30
 
   
2015
   
2014
   
2015
   
2014
 
   
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
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
 
   
Three months ended
   
Six months ended
 
   
June 30
   
June 30
   
June 30
   
June 30
 
   
2015
   
2014
   
2015
   
2014
 
   
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
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
 
   
2015
   
2014
   
2014
 
   
(unaudited)
   
(unaudited)
   
(audited)
 
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
   
2014
   
2014
 
   
(unaudited)
   
(unaudited)
   
(audited)
 
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
   
Six months ended June 30
 
   
2015
   
2014
   
2015
   
2014
 
   
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
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  
 







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