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RRsat Reports Record 2011 Full Year And Fourth Quarter Revenues

AIRPORT CITY BUSINESS PARK, Israel, March 5, 2012 /PRNewswire/ --

  • Revenues totaled a record $28.8 million, an 11.6% increase year-over-year
  • Operating income totaled $2.4 million, compared with $1.1 million last year
  • Adjusted net income of $1.5 million, compared with $1.1 million last year. GAAP net income totaled $1.6 million, compared with $1.4 million last year.
  • Adjusted EBITDA of $4.9 million, compared with $2.9 million last year.
  • Ended the quarter with $33.2 million in cash, cash equivalents and marketable securities, a $4.5 million increase, compared with the end of the previous quarter.
  • Backlog as of December 31, 2011 at $194 million.

RRsat Global Communications Network Ltd. (NASDAQ: RRST), a leading provider of comprehensive content management and global distribution services to the television and radio broadcasting industries, today announced its financial results for the fourth quarter and full year ended December 31, 2011.

Fourth Quarter 2011 Results:

Revenues in the fourth quarter of 2011 totaled a record $28.8 million, an 11.6% increase compared with $25.8 million in the fourth quarter of 2010 and an increase of 0.6% compared with $28.6 million in the previous quarter.  

Gross profit in the fourth quarter of 2011 totaled $6.9 million, compared with $5.5 million in the fourth quarter of 2010 and $6.4 million in the previous quarter. Gross margin in the fourth quarter of 2011 was 23.8%, compared with 21.2% in the same quarter last year and 22.3% in the previous quarter.  

Operating income for the fourth quarter of 2011 totaled $2.4 million, representing an operating margin of 8.5%, compared with $1.1 million in the fourth quarter of 2010, representing an operating margin of 4.4%.  Operating income in the previous quarter totaled $1.8 million, representing an operating margin of 6.4%.  

Net income on a GAAP basis for the fourth quarter of 2011 was $1.6 million, compared with $1.4 million in the fourth quarter of 2010 and a loss of $0.2 million in the previous quarter.   Net income per share on a fully diluted basis under GAAP for the fourth quarter of 2011 was $0.09, compared with $0.08 in the fourth quarter of 2010 and a net loss per share of $0.01 in the previous quarter.  

Adjusted net income totaled $1.5 million for the fourth quarter of 2011, compared with $1.1 million in the fourth quarter of 2010 and $0.8 million in the previous quarter.   Adjusted net income per share on a fully diluted basis totaled $0.09 in the fourth quarter of 2011, compared with $0.07 in the fourth quarter of 2010 and $0.05 in the previous quarter.  As described in more detail below under the header "Use of Non-GAAP Financial Measures," commencing this quarter our calculation of adjusted net income also excludes non-cash expenses resulting from amortization of acquired intangible assets. Comparable period results that are included in this report were adjusted accordingly.

Adjusted EBITDA for the fourth quarter of 2011 totaled $4.9 million, compared with $2.9 million in the fourth quarter of 2010 and $4.0 million in the previous quarter.

Cash, cash equivalents and marketable securities as of December 31, 2011 totaled $33.2 million, an increase of $4.5 million compared with $28.7 million as of September 30, 2011.  The net increase in the cash balance is mainly attributable to a positive cash flow from operating activities of $6.2 million less capital expenditures of $1.8 million.

Backlog of signed agreements, as of December 31, 2011, totaled $194 million, including $86.6 million of revenues expected to be recognized during 2012, compared with a backlog of $195 million at the end of the previous quarter.  Exchange rates changes in the fourth quarter had a negative $3 million impact on the backlog level.

Full Year 2011 Results

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