Hele goede cijfers en de guidance wordt weer verhoogd !
RRsat Presents 34% Revenue Increase and Operating Margin Expansion in Third
Quarter 2008
FY 2009 Revenues Expected To Exceed $100 Million
PR Newswire
OMER, Israel, October 30
OMER, Israel, October 30 /PRNewswire-FirstCall/ -- RRsat Global
Communications Network Ltd. (NASDAQ: RRST), a rapidly growing provider of
comprehensive content management and global distribution services to the
television and radio broadcasting industries, today announced its
financial results for the three-month period ended September 30, 2008.
Third Quarter Highlights (compared to third quarter 2007)
- Revenues increased 34%, reaching $20.1 million
- Gross Margin totals 32.7%; Operating Margin reaches 19.8%
- GAAP net income, $4.0 million; Adjusted net income totals $3.1 million
- Operating cash flow $7 million; Cash and marketable securities' $61.9
million at September 30, 2008
- Backlog reached record level of $178.5 million as of September 30, 2008
- Expected to exceed $100 million in revenues in FY 2009
- Board of Directors declared cash dividend of $5 million, or $0.29 per
ordinary share
Revenues for the third quarter of 2008 totaled a record $20.1 million, an
increase of 34% compared to $15.0 million in the third quarter of 2007.
Backlog of signed agreements, as of September 30, 2008, reached a record
$178.5 million, a further increase of $4.5 million from the $174.0 million
backlog of signed agreements as of June 30, 2008.
Operating income for the third quarter of 2008 totaled $4.0 million, a 38%
increase compared to $3.0 million in the third quarter of 2007.
Adjusted net income for the third quarter of 2008 totaled $3.1 million,
compared to $3.2 million in the third quarter of 2007. The decline is
primarily the result of an increase in tax expenses in the third quarter
of 2008. Adjusted net income per diluted share totaled $0.18, compared to
$0.19 in the third quarter of 2007.
Net income on a GAAP basis for the third quarter of 2008 totaled $4.0
million, compared to $3.0 million, in the third quarter of 2007. Net
income per diluted share on a GAAP basis was $0.23, compared to $0.17 in
the third quarter of 2007.
Adjusted EBITDA for the third quarter of 2008 totaled $5.1 million, an
increase of 34% compared to $3.8 million in the third quarter of 2007.
Cash, cash equivalents and marketable securities as of September 30, 2008
were $61.9 million, compared with $56.0 million as at June 30, 2008.
During the quarter, the Company generated $7.0 million in operating cash
flow.
Dividend Distribution
On October 29, 2008, the Company's Board of Directors declared a cash
dividend in the amount of $0.29 per ordinary share, and in the aggregate
amount of approximately $5 million. The dividend will be payable on November
24, 2008 to all of the Company's shareholders of record at the end of the
trading day on the NASDAQ on November 17, 2008. According to the Israeli tax
law, the Company will withhold at source 20% of the dividend amount payable
to each shareholder, subject to applicable exemptions. The dividend per share
declared for the third quarter of 2008 does not necessarily reflect dividends
for future periods, which may change at any time in accordance with the
Company's dividend policy. The Company's dividend policy is described in
detail in the Company's Annual Report on Form 20-F for the year ended
December 31, 2007.
David Rivel, CEO of RRsat commented, "This quarter we showed a strong
increase, both year over year and compared to previous quarters this year in
our operating profitability, while continuing to generate healthy revenue
growth, both year over year and sequentially. This quarter we once again
noted the strength of our business model, evident in our strong cash flow,
healthy ending cash balance, high revenue visibility, and high profitability.
These key factors, primarily our strong backlog and healthy cash balance, are
key factors in the current operating environment, offering us visibility well
into 2009, as well as the financial resources to continue to identify and
take advantages of opportunities as they may arise in the current operating
environment. We are increasing once again our 2008 annual revenue guidance
range to $78 to $78.5 million, with fourth quarter 2008 revenues expected to
be in the range of $21 - $21.5 million. Furthermore, we are introducing our
initial 2009 annual revenue expectations of over $100 million."
"On the acquisition front, we expect to soon complete the acquisition of
the Bezeq's satellite business, and its strategically located Israeli Emeq
Ha'ela teleport, an especially lucrative teleport given the variety of
channels it already distributes. We expect this teleport, together with the
US-based teleport acquired in the second quarter of 2008, to serve as key
growth drivers for the Company. We intend to leverage their location,
infrastructure and customer base to further expand our services to new
regions while enhancing our offering to these teleports' customers. This, by
offering them access to the RRsat global network and full basket of services
ranging from both standard and high definition playout services, to global
satellite distribution and internet TV, accessible on all continents over a
wide variety of mediums, reaching millions of households worldwide."
concluded Mr. Rivel.