B Communications Ltd. (NASDAQ Global Market: BCOM) (TASE: BCOM) today reported its financial results for the third quarter ended September 30, 2011.
Bezeq: Another Strong Quarter
The Bezeq Group reported another strong, stable quarter, delivering revenues of NIS 2.9 billion (US$ 781 million) and operating profit of NIS 944 million (US$ 254 million) for the period. Bezeq’s EBITDA for the third quarter of 2011 totaled NIS 1.3 billion (US$ 350 million), representing an EBITDA margin of 44.6%.
Continued Ahead-Of-Schedule Progress for the Company's Financing PlanOn October 5, 2011, B Communications received a dividend from Bezeq totaling NIS 464 million (US$ 125 million). The dividend consisted of:
- A current dividend of NIS 308 million (US$ 83 million), representing the Company’s share of Bezeq’s net profit for the first half of 2011; and
- A special dividend of NIS 156 million (US$ 42 million), the second of six equal special dividends. As declared by Bezeq's Board of Directors and approved by the Israeli Court, special dividends totaling approximately NIS 3 billion are to be paid with no interest or index adjustments on a semi-annual basis through 2013.
B Communications’ Unconsolidated Balance Sheet Data*
As of September 30, 2011
|(NIS millions)||(US$ millions)|
|Short term liabilities||802||216|
|Long term liabilities||4,005||1,079|
|Cash and cash equivalents||385||104|
|Total net debt||3,958||1,066|
* Does not include the balance sheet of Bezeq