This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Internet Gold Reports Second Quarter 2011 Financial Results

Internet Gold Ltd. (NASDAQ Global Select Market and TASE: IGLD) today reported its financial results for the quarter ended June 30, 2011 and its cash position and loan repayment status as of June 30, 2011.

Bezeq delivers another strong quarter

The Bezeq Group reported another strong, stable quarter, delivering revenues of NIS 2.9 billion (US$ 849 million) and operating profit of NIS 935 million (US$ 274 million) in the second quarter. Bezeq’s EBITDA for the second quarter of 2011 totaled NIS 1.3 billion (US$ 381 million), representing an EBITDA margin of 44.35%, and cash flow from operating activities reached NIS 670 million (US$ 196 million).

Dividends Received from Bezeq

On May 19, 2011, Internet Gold's subsidiary, B Communications, received two dividends from Bezeq totaling NIS 520 million (US$ 152 million). The dividends consisted of:
  • C urrent dividend totaling NIS 363 million (US$ 106 million), representing B Communications' share of Bezeq’s net profit for the second half of 2010; and
  • S pecial dividend totaling NIS 157 million (US$ 46 million), the first of six equal special dividends to be paid with no interest or index adjustments on a semi-annual basis through 2013, totaling approximately NIS 3 billion (US$ 878 million) over a three year period, as declared by Bezeq's Board of Directors and approved by the Israeli Court.

Cash Position

As of June 30, 2011, Internet Gold's unconsolidated cash and cash equivalents totaled NIS 343 million (US$ 100 million), and its unconsolidated gross debt was NIS 1.06 billion (US$ 309 million). Having increased its ownership interest in B Communications during the second quarter, Internet Gold currently holds (indirectly) 24.39% of the outstanding shares of Bezeq.

Internet Gold's Unconsolidated Balance Sheet Data*
    As of June 30, 2011
(NIS millions)   (US$ millions)
Short term liabilities 134 39
Long term liabilities 922 270
Total liabilities 1,056 309
Cash and cash equivalents 343 100
Total net debt 713 209

* Does not include the balance sheet of B Communications.

Internet Gold Second Quarter Financial Results

Internet Gold's revenues for the second quarter were NIS 2,895 million (US$ 848 million), an increase of 12% compared with NIS 2,586 million (US$ 751 million) reported in the second quarter of 2010. For both the current and the prior-year periods, Internet Gold's revenues consisted mostly of Bezeq’s revenues. However, for the second quarter of 2011, Internet Gold's revenues reflected Bezeq's revenues for the entire quarter, while during the second quarter of 2010, Internet Gold began to consolidate its share of Bezeq’s revenues commencing April 14, 2010, the date of B Communications’ acquisition of the controlling interest in Bezeq.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.18 -1.70%
FB $115.99 -0.63%
GOOG $689.96 -0.15%
TSLA $241.19 -2.60%
YHOO $36.33 -0.71%


Chart of I:DJI
DOW 17,694.96 -135.80 -0.76%
S&P 500 2,054.17 -21.64 -1.04%
NASDAQ 4,746.3360 -58.9550 -1.23%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs