AIRPORT CITY BUSINESS PARK, Israel, May 17, 2012 /PRNewswire/ --
2012 First Quarter Highlights
- Revenues totaled $27.5 million, increasing by 2% year over year.
- Adjusted Fully diluted earnings per share of $0.11 compared to $0.10 last year.
- Adjusted EBITDA of $4.2 million, increasing by 5.7% from last year.
- Backlog as of March 31, 2012 at $194 million.
- Second quarter revenue guidance of $28.0 - $29.0 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 first quarter ended March 31, 2012.
First Quarter 2012 Results:Revenues in the first quarter of 2012 totaled $27.5 million, a 2.0% increase compared with $26.9 million in the first quarter of 2011 and a decrease of 4.7% compared with $28.8 million in the previous quarter. Gross profit in the first quarter of 2012 totaled $6.1 million, compared with $6.2 million in the first quarter of 2011 and $6.9 million in the previous quarter. Gross margin in the first quarter of 2012 was 22.3%, compared with 23.0% in the same quarter last year and 23.8% in the previous quarter. Operating income for the first quarter of 2012 totaled $2.0 million, representing an operating margin of 7.1%, compared with $2.0 million in the first quarter of 2011, representing an operating margin of 7.4%. Operating income in the previous quarter totaled $2.4 million, representing an operating margin of 8.5%. Net income on a GAAP basis for the first quarter of 2012 was $2.3 million, compared with $0.9 million in the first quarter of 2011 and $1.6 million in the previous quarter. Fully diluted earnings per share on a GAAP basis for the first quarter of 2012 was $0.13, compared with $0.05 in the first quarter of 2011 and $0.09 in the previous quarter. Adjusted net income totaled $1.9 million for the first quarter of 2012, compared with $1.7 million in the first quarter of 2011 and $1.5 million in the previous quarter. Adjusted fully diluted earnings per share totaled $0.11 in the first quarter of 2012, compared with $0.10 in the first quarter of 2011 and $0.09 in the previous quarter. Adjusted EBITDA for the first quarter of 2012 totaled $4.2 million, compared with $4.0 million in the first quarter of 2011 and $4.9 million in the previous quarter. Cash, cash equivalents and marketable securities as of March 31, 2012 totaled $34.4 million, an increase of $1.2 million compared with $33.2 million as of December 31, 2011. The net increase in the cash balance is mainly attributable to a positive cash flow from operating activities of $3.1 million less capital expenditures of $2.3 million. Backlog of signed agreements, as of March 31, 2012, totaled $194 million, including $69.1 million of revenues expected to be recognized during the remainder of 2012, compared with a backlog of $194 million at the end of the previous quarter. Guidance for revenue in the second quarter of 2012 is in the range of $28.0 - $29.0 million, and for full year 2012 remains in the range of $115 - $121 million. Guidance for gross margin in the second quarter of 2012 is in the range of 22.5 - 23.5%. David Rivel, CEO of RRsat commented, "As we noted in the fourth quarter 2011 conference call, our first quarter results were mainly impacted by the ending of a large TV project which reduced our revenues compared with the previous quarter and resulted in excess capacity that had a negative impact on our margins. However, we are seeing a healthy contract pipe line and expect to be back to sequential growth and better gross margins by the second quarter. As anticipated, we are also seeing a reduction in our capital expenditures level and this will continue to have a positive impact on our free cash flow." Mr. Rivel continued, "We otherwise had some positive activities at the Company during the quarter including the activation of five new services, with each contract worth over one million dollars. We also announced the extension of our contract with the Vietnam TV channel for global distribution, as well as signing a contract with ETV, one of India's largest networks of satellite TV channels. We are expanding our presence in the ever growing sports market, having signed an agreement with international sports broadcaster, Setanta, for the distribution of a Russian version of its sports channel across Russian speaking countries. And finally, we extended our contract with Baby TV, which is part of FOX International, a major broadcaster. Looking ahead to 2012, I believe we are on track with our strategy and goal of offering superior services to a larger group of customers, including major television networks." Conference Call Information
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV