RRsat Reports Third Quarter 2012 Results And Declares A Special Dividend

AIRPORT CITY BUSINESS PARK, Israel, November 12, 2012 /PRNewswire/ --

2012 Third Quarter Highlights

• Revenues totaled $28.5 million, representing sequential growth;
• Gross margin at 24.5%, operating margin of 9.0% and adjusted EBITDA margin of 17.2%, at the highest level in the last 9 quarters;
• Adjusted EBITDA of $4.9 million, representing sequential growth;
• Operating cash flow, net of capital expenditures, of $4.1 million; ended the quarter with $36.9 million in cash and equivalents;
• Backlog as of September 30, 2012 at $184 million;
• Fourth quarter revenue guidance of $28.5- $29.5 million;
• Board of Directors declared a cash dividend of $10 million or $0.58 per share.

RRsat Global Communications Network Ltd. (NASDAQ: RRST), a leading provider of comprehensive digital content management and global distribution services to the television and radio broadcasting industries, today announced its financial results for the quarter ended September  30, 2012.

Third Quarter 2012 Results

Revenues in the third quarter of 2012 totaled $28.5 million, compared with $28.6 million in the third quarter of 2011 and a sequential increase compared with $28.1 million in the previous quarter.  The strengthening of the US Dollar versus the Euro over the past year had a negative impact of approximately $1.4 million on third quarter revenues, compared with the revenues of the third quarter of 2011. The US Dollar-Euro volatility during the third quarter of 2012 had a negative impact of approximately $0.4 million on the Company's revenues compared with that of the prior quarter.

G ross  p rofit in the third quarter of 2012 totaled $7.0 million, compared with $6.4 million in the third quarter of 2011 and $6.7 million in the previous quarter. G ross margin in the third quarter of 2012 was 24.5%, compared with 22.3% in the third quarter of 2011 and 23.8% in the previous quarter.  

O perating income for the third quarter of 2012 totaled $2.6 million, compared with $1.8 million in the third quarter of 2011 and $2.5 million in the previous quarter. Operating margin in the third quarter of 2012 was 9.0%, compared with 6.4% in the third quarter of 2011 and 8.8% in the previous quarter.

Net  income  on a GAAP basis for the third quarter of 2012 was $2.4 million, compared with a net loss on a GAAP basis of $180 thousand in the third quarter of 2011 and net income of $1.1 million in the previous quarter.   Net  income  per share on a fully diluted basis under GAAP for the third quarter of 2012 was $0.14, compared with a net loss per share of $0.01 in the third quarter of 2011 and net income per share of $0.07 in the previous quarter.

Adjusted net income totaled $2.1 million for the third quarter of 2012, compared with $0.8 million in the third quarter of 2011 and $1.5 million in the previous quarter.   Adjusted net income per share on a fully diluted basis totaled $0.12 in the third quarter of 2012, compared with $0.05 in the third quarter of 2011 and $0.08 in the previous quarter.

Adjusted EBITDA for the third quarter of 2012 totaled $4.9 million, compared with $4.0 million in the third quarter of 2011 and $4.8 million in the previous quarter.

Cash, cash equivalents and marketable securities as of September 30, 2012 totaled $36.9 million compared with $34.2 million as of June 30, 2012. The change in cash position during the quarter was mainly attributable to a positive operating cash flow of $5.4 million, partially offset by capital expenditure of $1.3 million and a dividend payment to shareholders of $1.7 million.

Backlog of signed agreements, as of September 30, 2012, totaled $184 million, compared with a backlog of $193 million at the end of the previous quarter, of which $24.6 million is expected to be recognized as revenues in the fourth quarter of 2012. The reduction in the backlog amount is mainly attributed to the decrease in the average length of service contracts received during the quarter.

Guidance

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