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RRsat Reports Second Quarter 2012 Revenues

Reconciliation of Adjusted Net Income and Adjusted EBITDA

    In thousands except per share data
                                                                          Three months
                                                   Six months ended           ended
                                                 ------------------------------------------
                                                 June 30      June 30 June 30       June 30
                                                    2012         2011    2012          2011
                                                 -------      ------- -------       -------
    Reconciliation of Net Income to Adjusted Net
    Income:
                                                                                         
    Net income - as reported                     $ 3,418      $ 2,949 $ 1,140       $ 2,080
    Non-cash equity-based compensation charge         88           28      45             3
    Intangible assets amortization expense            98          121      47            61
    Changes in fair value of embedded currency
    conversion derivatives                         (312)         1191     315           191
    Change in deferred tax on embedded derivatives    78        (280)    (78)          (46)
                                                 -------      ------- -------       -------
    Adjusted net income                          $ 3,370      $ 4,009 $ 1,469       $ 2,289
                                                 =======      ======= =======       =======
    Adjusted net income
     per diluted ordinary share                   $ 0.19       $ 0.23  $ 0.08        $ 0.13
 
    Reconciliation of Net Income to Adjusted EBITDA:
    Operating income                             $ 4,429      $ 4,497 $ 2,476       $ 2,495
    Non-cash equity-based compensation charge         88           28      45             3
    Depreciation and amortization                  4,436        3,987   2,231         2,039
                                                 -------      ------- -------       -------
    Adjusted EBITDA                              $ 8,953      $ 8,512 $ 4,752       $ 4,537
                                                 =======      ======= =======       =======

RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Balance Sheets
    In thousands except share data
 
                                                                                   December
                                                                         June 30         31
                                                                            2012       2011
                                                                       ---------   --------
    Current assets

    Cash and cash equivalents                                           $ 17,852   $ 14,443
    Marketable securities                                                 16,366     18,764
    Accounts receivable:
    Trade (net of provision for doubtful accounts of $7,379
    and $6,892 as of June 30, 2012 and December 31, 2011 respectively)    18,808     19,402
    Other                                                                    634        686
    Fair value of embedded currency conversion derivatives                   229        206
    Deferred taxes                                                         2,421      2,449
    Prepaid expenses                                                       2,911      2,223
                                                                       ---------   --------
    Total current assets                                                  59,221     58,173
 
    Fair value of embedded currency conversion
    derivatives                                                              910        591
 
    Long- term prepaid expenses                                            1,855      2,043
  
    Long-term land lease prepaid expenses                                  7,609      7,642
 
    Assets held for employee severance payments                            1,770      1,757
 
    Fixed assets, at cost, less accumulated depreciation and amortization 43,930     45,495
 
    Goodwill                                                               3,734      3,734
 
    Intangible Assets, at cost, less accumulated amortization                456        586
                                                                       ---------   --------
    Total assets                                                       $ 119,485  $ 120,021
                                                                       =========   ========
RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Balance Sheets (cont'd)
    In thousands except share data 
                                                                                   December
                                                                         June 30         31
                                                                            2012       2011
                                                                        --------   --------
    Liabilities and shareholders' equity
 
    Current liabilities
    Accounts payable:
    Trade                                                                $ 9,688   $ 11,547
    Other                                                                  3,382      2,335
    Fair value of embedded currency
    conversion derivatives                                                 1,076        990
    Deferred income                                                        7,943      8,787
                                                                        --------   --------
    Total current liabilities                                             22,089     23,659
                                                                        --------   --------
    Long - term liabilities
    Deferred income                                                        8,324      7,192
    Fair value of embedded currency
    conversion derivatives                                                   924        980
    Liability in respect of employee severance payments                    1,904      1,819
    Deferred taxes                                                         1,841      1,664
                                                                        --------   --------
    Total long - term liabilities                                         12,993     11,655
                                                                        --------   --------
    Total liabilities                                                     35,082     35,314
                                                                        --------   --------
    Commitments, contingent liabilities and liens

    Shareholders' equity
    Share capital:
    Ordinary share NIS 0.01 par value each (20,000,000 shares
     authorized as of June 30, 2012 and 
     December 31, 2011; 17,346,561 
     shares issued and fully paid as of
     June 30, 2012 and December 31, 2011)                                     40         40
    Additional paid in capital                                            53,098     53,010
    Retained earnings                                                     31,155     31,727
    Accumulated other comprehensive gain (loss)                              110       (70)
                                                                        --------   --------
    Total shareholders' equity                                          $ 84,403   $ 84,707
                                                                        --------   --------
    Total liabilities and shareholders' equity                         $ 119,485  $ 120,021
                                                                        ========   ========

RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Statements of Cash Flows
    In thousands
                                                     Six months ended    Three months ended
                                                     --------------------------------------
                                                     June 30   June 30   June 30    June 30
                                                        2012      2011      2012       2011
                                                     -------   -------   -------    -------
    Cash flows from operating activities
    Net income                                       $ 3,418   $ 2,949   $ 1,140    $ 2,080
    Adjustments required to reconcile net income
    to net cash provided by operating activities
 
    Depreciation and amortization                      4,436     3,987     2,231      2,039
    Provision for losses in account receivable         1,545     1,101       721        507
    Deferred taxes                                       144       121      (22)      (113)
    Discount accretion and premium amortization
    of available- for- sale securities, net            (223)     (223)     (110)      (117)
    Changes in liability for employee
    severance payments, net                               72      (39)       57        (50)
    Stock- based compensation                             88        28       45           3
    Changes in fair value of embedded
    currency conversion derivatives                    (312)     1,191      315         191
    Profit from trading securities, net                 (55)      (19)      (9)         (9)
 
    Changes in assets and liabilities:
    Decrease (increase) in account receivable - trade  (951)   (1,256)     726        (720)
    Decrease in account receivable - other                52       729     567          770
    Decrease (increase) in prepaid expenses            (688)     (274)    (536)         155
    Decrease in long-term prepaid expenses               188       218      235         252
    Increase (decrease) in accounts payable            (337)     1,686    (775)       (314)
    Increase (decrease) in deferred income               288   (2,260)     (13)       (204)
                                                     -------   -------   -------    -------
    Net cash provided by operating activities        $ 7,665   $ 7,939  $ 4,572     $ 4,470
                                                     -------   -------   -------    -------

RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Statements of Cash Flows (cont'd)

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