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RRsat Reports Record Revenues of $32.9 Million for the First Quarter 2014; Up 12.3% Year-Over-Year

Record High Next 12-Month Backlog of $94 Million

AIRPORT CITY BUSINESS PARK, ISRAEL -- (Marketwired) -- 05/19/14 -- RRsat Global Communications Network Ltd. (NASDAQ: RRST), a leading provider of digital media services including content management and global distribution services to the broadcasting industry, announced today financial results for the first quarter ended March 31, 2014.

First Quarter Highlights

  • Record revenues of $32.9 million, up 12.3% year-over-year
  • Media and Broadcasting revenue of $30.0 million, up 12.9% year-over-year
  • Gross margin of 24.5%, up from 24.2% in Q1 2013
  • Gross margin from Media and Broadcasting revenue of 25.3%
  • Non-GAAP net income of $0.12 per share, compared to $0.11 per share for the first quarter of 2013
  • GAAP net income of $0.10 per share, up from $0.09 in Q1 2013
  • Cash flow from operations was $2.0 million in comparison to $2.4 million in Q1 2013
  • Board announces a cash dividend of $0.05 per share, representing an annual dividend yield of 2.2%, in line with previously adopted quarterly dividend policy


                           Q1 2014                        Q1 2013
               ------------------------------ ------------------------------
                  Media &                        Media &
               Broadcasting    MSS     Total  Broadcasting    MSS     Total
               ------------ -------- -------- ------------ -------- --------
Revenues          29,980      2,877   32,857     26,564      2,693   29,257
Gross Profit       7,577       458     8,035      6,482       582     7,064
Gross margin       25.3%      15.9%    24.5%      24.4%      21.6%    24.1%

"The first quarter was a strong start to 2014 for RRsat, as we generated record revenue and reached a new record-high backlog for business to be delivered over the next 12 months," commented Avi Cohen, CEO of RRsat. "Our stated strategy is working. We are capturing market share in key geographic regions by leveraging local talent in key markets, and we are moving upstream to reach larger content owners. Our efforts to expand our content management capabilities have not only helped us attract these larger customers, but enabled us to further expand our business with our existing customers, as we become the partner of choice to manage all facets of our client's content management needs."

Mr. Cohen continued, "Our new Global Media Services Platform offers our customers a global single point of contact for handling any media, preparing it, and delivering it to any screen, anywhere in the world, in any form of video consumption, from linear TV to video-on-demand, streaming, pay-per-view and TV-Everywhere. Already, several customers have embraced this platform, deciding to outsource most or all of their content management work to RRsat, giving us deeper penetration into these key accounts than we've ever had. Simultaneously, our efforts to expand our revenue from sports and live events are progressing, due in large part to our expanded local presence in key markets. During the first quarter, we generated more than $1 million in revenue from the management and delivery of new US premium live sporting events beyond our existing work with the NFL."

Quarterly Dividend

In accordance with the Company's dividend policy, on May 19, 2014, the Board of Directors declared a cash dividend in the amount of $0.05 per ordinary share, and in the aggregate amount of approximately $870,000, representing 50% of RRsat's net income for the first quarter of 2014. The dividend is payable on June 18, 2014 to all of the Company's shareholders of record at the end of the trading day on the NASDAQ on June 2, 2014.

First Quarter 2014 Financial Results

Revenues: First quarter 2014 revenues were a record of $32.9 million up 12.3% from $29.3 million in the first quarter of 2013 and up 1.2% from $32.5 million in the fourth quarter of 2013. Media and Broadcasting revenue, excluding non-core revenue from MSS, was $30.0 million, up 12.9% from $26.6 million in the first quarter last year.

Gross profit: First quarter 2014 gross profit and gross margin were $8.1 million and 24.5% respectively, compared to $7.1 million and 24.1%, respectively, for the first quarter of 2013. Media and Broadcasting gross margin was 25.3%, compared to 24.4% last year. The increased gross margin in the first quarter was primarily due to increase in revenues and better operational efficiency despite an approximate 6% negative impact from foreign currency exchange.

Non-GAAP operating income & operating margin, was $2.8 million and 8.5% respectively during the first quarter of 2014, compared to $2.5 million and 8.7% respectively in the first quarter of 2013. The slight reduction in operating margin reflects the higher sales and marketing expense, related to the JCA acquisition and JCA's business model, partially offset by improved gross margin. General and administrative expenses remained essentially flat even with the consolidation of JCA's expenses.

Non-GAAP net income for the first quarter was $2.2 million, compared to $1.9 million in the first quarter of 2013. Non-GAAP net income per share on a fully diluted basis was $0.12 for the first quarter of 2014, compared to $0.11 in first quarter last year.

GAAP net income for the first quarter of 2014 was $1.8 million, compared to $1.6 million in the first quarter of 2013. GAAP net income per share on a fully diluted basis was $0.10 for the first quarter of 2014 compared to $0.09 in the first quarter of 2013.

Adjusted EBITDA for the first quarter of 2014 was $5.1 million compared to $4.6 million in the first quarter of 2013 and $4.5 million in the fourth quarter of 2013.

Backlog to be delivered in the next 12 months increased to a record $94 million, up from $85 million in the year-ago period and up from $92 million in the fourth quarter of 2013.

Cash, cash equivalents and marketable securities as of March 31, 2014 totaled $24.4 million compared with $24.2 million as of December 31, 2013.

Full Year 2014 Guidance

The Company today reiterated its full year 2014 guidance. Management expects total revenues to be in the range of $129 million to $134 million representing 6.2% to 10% year-over-year growth.

Given the increase of RRsat's revenue outside of the 24/7 services and some level of seasonality associated with that revenue, management believes that an annual revenue guidance is more appropriate than quarterly estimates. Management continues to expect some level of variation in mix from quarter to quarter leading to some fluctuations in revenues and gross margin between quarters. However, management continues to anticipate improvement in gross profit margin, and expects full-year 2014 gross margin to be higher than the margin for the full year 2013.

Conference Call Information
The Company will conduct a conference call today, May 19, 2014 at 9 a.m. ET (4 p.m. Israel time). On the call, Mr. Avi Cohen, Chief Executive Officer and Mr. Shmulik Koren, Chief Financial Officer will review and discuss the results and will be available to answer investor questions. Details are as follows:

  • Dial-in number from within the United States: 1-877-941-1427
  • Dial-in number from Israel: 1809-34-4019
  • Dial-in number from the UK: 0800-358-5258
  • Dial-in number (other international): 1-480-629-9664
  • Playback, available until May 26, 2014 by calling 1-877-870-5176 (United States) or 1-858-384-5517 (international). Please use pin number 4681225 for the replay.
  • A live webcast is accessible at http://public.viavid.com/index.php?id=108944.

Use of Non-GAAP Financial Measures
In addition to reporting results in accordance with generally accepted accounting principles, or GAAP, RRsat has also included in this press release non-GAAP measurements of net income, operating income, operating margin, fully diluted net income per share and adjusted EBITDA. RRsat believes that these non-GAAP financial measures are principal indicators of the operating and financial performance of its business. We have provided these non-GAAP measurements to help investors better understand our core operating performance and enhance comparisons of core operating performance from period to period.

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: non-cash stock based compensation, amortization of acquisition-related intangibles, acquisition-related expenses, amortization of acquisition related prepaid compensation expenses, non-cash income (loss) reflecting changes in the fair value of currency conversion derivatives resulting from the application of FASB ASC Topic 815 and the resulting income tax (increase) decrease of the above items.

Adjusted EBITDA is calculated by adding to operating income, non-cash equity-based compensation charge, depreciation and amortization and amortization of acquisition related prepaid compensation expenses.

Management uses these non-GAAP financial measures to assess its operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain non-cash expenses that are not directly attributable to its core operating results.

The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and the company compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements. As a result, investors should consider these non- GAAP measurements in addition to, and not in substitution for, or as superior to, measurements of financial performance prepared in accordance with GAAP.

The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described above, and the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above. Accordingly, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non- recurring. Moreover, because not all companies use identical measures and calculations, the presentation of non-GAAP measurements of net income, operating income, operating margin and fully diluted net income per share and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. These limitations are compensated for by using non-GAAP measures and adjusted EBITDA in conjunction with traditional GAAP financial measures.

Reconciliations of the non-GAAP measures (non-GAAP net income, non-GAAP operating income and adjusted EBITDA) to the most comparable GAAP measures (net income and operating income respectively), are provided in the schedules attached to this release.

Safe Harbor Statement
This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding (i) guidance for revenue and margins for 2014 or any other future periods; (ii) our expectations and ability to strengthen our offering and capabilities in order to allow us to accelerate our growth; (iii) our expectations to generate higher margins from our sports and events business compared to our other businesses ; (iv) our expectation that our sports and events business will be a major contributor to our growth and that the demand for this type of content will continue to increase globally; (v) our expectation and ability to further improve our margins over time by changing our product mix, coupled with more value-added services and better utilization of our infrastructure; (vi) our ability to continue to experience strong interest in our services, leading to new customer wins for our digital media broadcasting services and to report future successes; (vii) our expectation that our backlog will materialize into revenue on the projected timeline and (viii) our ability to continue to benefit from a strong business model, featuring a notable percentage of recurring revenues, long-term contracts, high renewal rate, a multi-year backlog, and strong free cash flow. These forward- looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry as of the date of this press release. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements, including the risks indicated in our filings with the Securities and Exchange Commission (SEC). For more details, please refer to our SEC filings and the amendments thereto, including our Annual Report on Form 20-F for the year ended December 31, 2013 and our Current Reports on Form 6-K.

About RRsat
RRsat Global Communications Network Ltd. (NASDAQ: RRST) provides global, end-to-end, digital content preparation and management, as well as content distribution services to the rapidly expanding broadcasting industry, covering more than 150 countries. Through its Global Network, composed of satellite, terrestrial fiber optic capacity and the public Internet, RRsat provides high-quality and flexible global content distribution 24 by 7 services to more than 630 channels reaching multiplatform operators, Internet TV and direct-to-home viewers worldwide. In addition, the company offers worldwide content management and distribution services for sports, news and other live events. More than 130 channels use RRsat's advanced production and playout centers, comprising of comprehensive media asset management services. Visit the company's website www.rrsat.com.

RRSat Global Communications Network Ltd. and its subsidiaries

Interim Condensed Consolidated Statements of Income

In thousands, except share data

                                       Three months ended
                                   --------------------------   Year ended
                                       March 31      March 31   December 31
                                           2014          2013          2013
                                   ------------  ------------  ------------
                                    (unaudited)   (unaudited)     (audited)
                                   ------------  ------------  ------------

Revenues                           $     32,857  $     29,257  $    121,795

Cost of revenues                         24,822        22,193        92,313
                                   ------------  ------------  ------------

Gross profit                              8,035         7,064        29,482
                                   ------------  ------------  ------------
Operating expenses

Sales and marketing                       2,995         2,254         9,517

General and administrative                2,531         2,505        12,003
                                   ------------  ------------  ------------

Total operating expenses                  5,526         4,759        21,520
                                   ------------  ------------  ------------

Operating income                          2,509         2,305         7,962

Financial income (expenses), net           (170)         (272)         (153)
                                   ------------  ------------  ------------

Income before taxes on income             2,339         2,033         7,809

Income taxes                                615           463         1,287
                                   ------------  ------------  ------------

Net income                                1,724         1,570         6,522
                                   ============  ============  ============

Net loss attributable to non -
 controlling interest                       (72)            -             -
Net income attributable to
 shareholders                      $      1,796  $      1,570  $      6,522
                                   ============  ============  ============

Earnings per ordinary share attributable to shareholders

Basic earnings per share           $        0.10 $        0.09 $        0.38
                                   ============= ============= =============

Diluted earnings per share         $        0.10 $        0.09 $        0.37
                                   ============= ============= =============

Weighted average number of shares
 used to compute basic earnings
 per share                            17,346,561    17,346,561    17,346,561
                                   ============= ============= =============

Weighted average number of shares
 used to compute diluted earnings
 per share                            17,645,977    17,574,084    17,571,188
                                   ============= ============= =============



RRsat Global Communications Network Ltd. and its Subsidiaries

Interim Condensed Consolidated Statements of Income

In thousands

                                       Three months ended
                                            March 31
                                   --------------------------   Year ended
                                           2014          2013      2013
                                   ------------  ------------  ------------
                                    (unaudited)   (unaudited)     (audited)
                                   ------------  ------------  ------------

Reconciliation of GAAP Income to
 Non-GAAP Net Income:
GAAP Net income attributable to
 shareholders                      $      1,796  $      1,570  $      6,522
Adjustments to reconcile GAAP net
 income to non-GAAP net income:
Non-cash equity-based compensation
 charge                                     163           137           567
Amortization of acquisition
 related intangible assets                  197            56           425
Changes in fair value of currency
 conversion derivatives                      41           135           192
Acquisition related expenses                  -             -           900
Amortization of acquisition
 related prepaid compensation
 expenses                                    42            42           168
Income tax effect of non-GAAP
 adjustments                                (81)          (67)         (470)

Non-GAAP net income attributable
 to shareholders                   $      2,158  $      1,873  $      8,304



                                       Three months ended
                                             March 31
                                   ---------------------------  Year ended
                                           2014           2013     2013
                                   ------------  ------------- ------------
                                    (unaudited)    (unaudited)    (audited)
                                   ------------  ------------- ------------
Reconciliation of GAAP Operating
 Income to non GAAP operating
 income:
Operating income                   $      2,509  $       2,305 $      7,962
Adjustments to reconcile GAAP
 operating
income to non-GAAP operating
 income:
Non-cash equity-based compensation
 charge                                     163            137          567
Amortization of acquisition
 related intangible assets                  197             56          425
Acquisition related expenses                  -                         900
Cost of sales related changes in
 fair value of currency conversion
 derivatives                               (113)             -         (135)
Amortization of acquisition
 related prepaid compensation
 expenses                                    42             42          168

                                   $      2,798  $       2,540 $      9,887



RRsat Global Communications Network Ltd. and its subsidiaries

Interim Condensed Consolidated Statement of Income

In thousands

                                       Three months ended
                                             March 31
                                   ---------------------------  Year ended
                                           2014           2013     2013
                                   ------------  ------------- ------------
                                    (unaudited)    (unaudited)    (audited)
                                   ------------  ------------- ------------

Reconciliation of GAAP Operating
 Income to adjusted EBITDA:
Operating income                   $      2,509  $       2,305 $      7,962
Adjustments to reconcile GAAP
 operating
income to Adjusted EBITDA:
Non-cash equity-based compensation
 charge                                     163            137          567
Depreciation and amortization             2,425          2,152        9,281
Acquisition related expenses                  -                         900
Cost of sales related changes in
 fair value of currency conversion
 derivatives                               (113)             -         (135)
Amortization of acquisition
 related prepaid compensation
 expenses                                    42             42          168

Adjusted EBITDA                    $      5,026  $       4,636 $     18,743



RRsat Global Communications Network Ltd. and its subsidiaries

Interim Condensed Consolidated Statements of Income (non-GAAP results)

In thousands, except share data
                                       Three months ended
                                   --------------------------     Year ended
                                       March 31      March 31    December 31
                                           2014          2013           2013
                                   ------------  ------------  -------------
                                    (unaudited)   (unaudited)      (audited)
                                   ------------  ------------  -------------

Revenues                           $     32,857  $     29,257  $     121,795

Cost of revenues                         24,927        22,185         92,415
                                   ------------  ------------  -------------

Gross profit                              7,930         7,072         29,380
                                   ------------  ------------  -------------
Operating expenses

Sales and marketing                       2,735         2,136          8,843

General and administrative                2,397         2,396         10,650
                                   ------------  ------------  -------------

Total operating expenses                  5,132         4,532         19,493
                                   ------------  ------------  -------------

Operating income                          2,798         2,540          9,887

Financial income (expenses), net            (16)         (137)           174
                                   ------------  ------------  -------------

Income before taxes on income             2,782         2,403         10,061

Income taxes                                696           530          1,757
                                   ------------  ------------  -------------

Net income                                2,086         1,873          8,304
                                   ============  ============  =============

Net loss attributable to non -
 controlling interest                       (72)            -              -
Net income attributable to
 shareholders                      $      2,158  $      1,873  $       8,304
                                   ============  ============  =============

Earnings per ordinary share attributable to shareholders

Basic earnings per share           $        0.12 $        0.11 $        0.48
                                   ============= ============= =============

Diluted earnings per share         $        0.12 $        0.11 $        0.47
                                   ============= ============= =============

Weighted average number of shares
 used to compute basic earnings
 per share                            17,346,561    17,346,561    17,346,561
                                   ============= ============= =============

Weighted average number of shares
 used to compute diluted earnings
 per share                            17,645,977    17,574,084    17,571,188
                                   ============= ============= =============



RRSat Global Communications Network Ltd and its subsidiaries

Interim Condensed Consolidated Balance Sheets

In thousands, except share data
                                        March 31      March 31   December 31
                                            2014          2013          2013
                                   ------------- ------------- -------------
                                     (unaudited)   (unaudited)     (audited)
                                   ------------- ------------- -------------
Current assets
Cash and cash equivalents          $      15,004 $      14,561 $      14,165
Marketable securities and short
 term investments                          9,416        12,657         9,998
Accounts receivable (net of
 provision for doubtful accounts
 of $6,785, $8,100 and $6,938 as
 of March 31, 2014, 2013 and
 December 31, 2013, respectively)         24,103        20,970        20,731
Other receivable                           2,919         1,547         2,163
Deferred taxes                             2,170         2,308         2,095
Prepaid expenses                           2,772         3,188         2,868
                                   ------------- ------------- -------------

Total current assets                      56,384        55,231        52,020
                                   ------------- ------------- -------------

Long-term prepaid expenses                 2,490         3,271         3,045
Long-term land lease prepaid
 expenses                                  7,398         7,541         7,469
Assets held for employee severance
 payments                                  2,150         1,973         2,120
Fixed assets, net                         45,794        43,217        46,444
Goodwill                                  11,277         4,892        11,277
Intangible assets, at cost, less
 accumulated amortization                  6,003           416         6,203
                                   ------------- ------------- -------------

Total long term assets                    75,112        61,310        76,558
                                   ------------- ------------- -------------




Total assets                       $     131,496 $     116,541 $     128,578
                                   ============= ============= =============



RRSat Global Communications Network Ltd. and its subsidiaries

Interim Condensed Consolidated Balance Sheets (cont'd)

                                       March 31       March 31   December 31
                                           2014           2013          2013
                                   ------------  ------------- -------------
                                    (unaudited)    (unaudited)     (audited)
                                   ------------  ------------- -------------

Liabilities and shareholders'
 equity

Current liabilities
Account payable:
  Trade                            $     17,956  $      11,627 $      17,181
  Other                                   6,016          4,588         4,815
Deferred income                           8,090          9,032         6,037
                                   ------------  ------------- -------------

Total current liabilities                32,062         25,247        28,033
                                   ------------  ------------- -------------

Long-term liabilities
Deferred income                           8,051          6,580         9,076
Liability in respect of employee
 severance payments                       2,327          2,572         2,854
Contingent consideration in
 respect of acquisition                   3,930              -         3,820
Deferred taxes                            4,346          2,356         4,312
                                   ------------  ------------- -------------

Total long-term liabilities              18,654         11,508        20,062
                                   ------------  ------------- -------------

Total liabilities                        50,716         36,755        48,095
                                   ------------  ------------- -------------

Shareholders' equity
Share capital
Ordinary share NIS 0.01 par value
 each (27,000,000 authorized as of
 March 31, 2014 and December 31,
 2013 20,000,000 authorized as of
 March 31, 2013, 17,346,561 shares
 issued and fully paid as of March
 31, 2014, 2013 and December 31,
 2013)                                       40             40            40
Additional paid in capital               54,042         53,449        53,879
Retained earnings                        26,478         25,801        25,723
Accumulated other comprehensive
 income                                     292            496           841
                                   ------------  ------------- -------------

Total shareholders' equity               80,852         79,786        80,483
                                   ------------  ------------- -------------

Non - controlling interest                  (72)             -             -

Total equity                             80,780         79,786        80,483

Total liabilities and equity       $    131,496  $     116,541 $     128,578
                                   ============  ============= =============



RRSat Global Communications Network Ltd. and its subsidiaries

Interim Condensed Consolidated Statements of Cash Flows

In thousands

                                       March 31      March 31   December 31
                                           2014          2013          2013
                                   ------------  ------------  ------------
                                    (unaudited)   (unaudited)     (audited)
                                   ------------  ------------  ------------

Net income                         $      1,724  $      1,570  $      6,522

Adjustments required to reconcile
 net income to net cash provided
 by operating activities                  2,275         2,734         9,979
Changes in assets and liabilities        (2,005)       (1,949)        4,800
                                   ------------  ------------  ------------


Net cash provided by operating
 activities                               1,994         2,355        21,301
                                   ------------  ------------  ------------

Cash flows from investing
 activities                              (1,161)           73       (14,348)

Cash flows from financing
 activities                                   -             -        (5,030)
                                   ------------  ------------  ------------

Effect of translation adjustment              6             -           109
                                   ------------  ------------  ------------

Increase (decrease) in cash and
 cash                                       839         2,428         2,032
Equivalents

Balance of cash and cash
 equivalents at beginning of
 period                                  14,165        12,133        12,133
                                   ------------  ------------  ------------

Balance of cash and cash
 equivalents at end of period      $     15,004  $     14,561  $     14,165
                                   ------------  ------------  ------------

Company Contact:
Shmulik Koren
CFO
Tel: +972 3 928 0777
Email: Email Contact

Investor Contacts:
Hayden/ MS - IR
Brett Maas/ Miri Segal-Scharia
Tel: 646-536-7331/ 917-607-8654
Email Contact / Email Contact

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"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...