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RRsat Reports Second Quarter 2012 Revenues

AIRPORT CITY BUSINESS PARK, Israel, August 9, 2012 /PRNewswire/ --

2012 Second Quarter Highlights

  • Revenues totaled $28.1 million, representing 2.2% sequential growth;
  • Gross margin at 23.8% and operating margin of 8.8%, at the highest level since Q2 of 2010;
  • Adjusted EBITDA of $4.8 million, representing 13.1% sequential growth;
  • Operating cash flow, net of capital expenditures, of $3.7 million; ended the quarter with $34.2 million in cash and equivalents;
  • Backlog as of June 30, 2012 at $193 million.
  • Third quarter revenue guidance of $28.2 - $29.2 million.
  • Board of Directors declared a cash dividend of $1.7 million or $0.10 per share.

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 quarter ended June 30, 2012.

Second Quarter 2012 Results

Revenues in the second quarter of 2012 totaled $28.1 million, compared with $28.5 million in the second quarter of 2011 and a sequential increase of 2.2% compared with $27.5 million in the previous quarter.  The strengthening of the US Dollar versus the Euro during the 12 months period ended June 2012 had a negative impact of approximately $1 million to the Company's revenue in the quarter compared to the second quarter of 2011.

Gross profit in the second quarter of 2012 totaled $6.7 million, compared with $6.6 million in the second quarter of 2011 and $6.1 million in the previous quarter. Gross margin in the second quarter of 2012 was 23.8%, compared with 23.0% in the second quarter of 2011 and 22.3% in the previous quarter.  

Operating income for the second quarter of 2012 totaled $2.5 million, compared with $2.5 million in the second quarter of 2011 and $2.0 million in the previous quarter. Operating margin in the second quarter of 2012 was 8.8%, compared with 8.7% in the second quarter of 2011 and 7.1% in the previous quarter.

Net income on a GAAP basis for the second quarter of 2012 was $1.1 million, compared with $2.1 million in the second quarter of 2011 and $2.3 million in the previous quarter.   Net income per share on a fully diluted basis under GAAP for the second quarter of 2012 was $0.07, compared with $0.12 in the second quarter of 2011 and $0.13 in the previous quarter. Net income was negatively affected by the strengthening of the US Dollar versus the Euro and Israeli shekel which increased financial expenses and income tax during the second quarter.

Adjusted net income totaled $1.5 million for the second quarter of 2012, compared with $2.3 million in the second quarter of 2011 and $1.9 million in the previous quarter.   Adjusted net income per share on a fully diluted basis totaled $0.08 in the second quarter of 2012, compared with $0.13 in the second quarter of 2011 and $0.11 in the previous quarter. Adjusted net income was negatively affected by the strengthening of the US Dollar versus the Euro and Israeli shekel which increased financial expenses and income tax during the second quarter.

Adjusted EBITDA for the second quarter of 2012 totaled $4.8 million, compared with $4.5 million in the second quarter of 2011 and $4.2 million in the previous quarter.

Cash, cash equivalents and marketable securities as of June 30, 2012 totaled $34.2 million compared with $34.4 million as of March 31, 2012. The change in cash position during the quarter was mainly attributable to a positive operating cash flow of $4.6 million, capital expenditure of $0.9 million and a dividend payment to shareholders of $4.0 million.

Backlog of signed agreements, as of June 30, 2012, totaled $193 million, compared with a backlog of $194 million at the end of the previous quarter.  Exchange rates changes in the second quarter had a negative impact of $3 million on the backlog level.

Guidance

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