RR Media Reports First Quarter Results; ESS Acquisition Closed
Revenues of $30.5 Million and Adjusted EBITDA of $3.6 Million, Consistent With April 10 Update
(firmenpresse) - AIRPORT CITY BUSINESS PARK, ISRAEL -- (Marketwired) -- 05/11/15 -- (NASDAQ: RRM), a leading provider of global to the broadcast industry, today announced financial results for the first quarter ended March 31, 2015.
ESS acquisition closed on April 29th and integration is underway
Revenues of $30.5 million, down 7.1% year-over-year including a negative impact of approximately $492,000 due to the Euro/Dollar exchange rate. Main decline in revenue due to economic issues in Russia, impacting RRM customers
Gross margin of 23.6%, down from 24.4% in Q1 2014 due to decline in revenue
Non-GAAP net income of $0.07 per basic and diluted share
GAAP net income of $0.05 per basic and diluted share
Board declared a cash dividend of $0.07 per share, an aggregate amount of approximately $1.2 million, representing an annual dividend yield of 3.9%.
Avi Cohen, CEO of RR Media, commented, "We continued our aggressive efforts to diversify our revenues, especially geographic diversification, with the acquisition of Eastern Space Systems (ESS) in Romania, a combination which will expand our access to a rapidly growing and strategically important region with more than 17 million TV households in Central, Eastern and Nordic Europe. The importance of this diversification was underscored by the issues in Russia, as the rapid decline in the value of the Ruble created significant issues for our Russian customers, impacting our first quarter revenue and backlog. We are taking specific steps to address this issue, including decreasing relevant satellite capacity commitments. While this event and the continued foreign exchange rate headwinds, created short-term challenges, we are increasingly confident that we are on the right path strategically and the ESS acquisition will only accelerate our efforts."
"We continue to move upstream with customers, further penetrating our customers with higher value-added services and acquiring additional business with our new and broader offering," continued Mr. Cohen. "In the last few weeks, we have signed new multi-year agreements with several major tier one customers for content management services. In addition, we have added new customers for OTT delivery of 10''s of linear channels including a major U.S. Pay-TV provider, all of which is serving as the foundation for predictable growth in the future."
First quarter 2015 revenues were $30.5 million down 7.1% from $32.9 million in the first quarter of 2014. Content Management and Distribution Services revenue, excluding non-core revenue from MSS, was $27.6 million, down 8.0% from $30.0 million in the first quarter last year. First quarter 2015 revenues were reduced by approximately $492,000 related to the impact of the Euro/U.S. Dollar exchange rate, and geopolitical issues, primarily in the Russia, negatively impacted revenues.
First quarter 2015 gross profit and gross margin were $7.2 million and 23.6% respectively, compared to $8.0 million and 24.4%, respectively, for the first quarter of 2014. Content Management and Distribution Services gross margin was 24.9%, compared to 25.3% last year.
, excluding non-cash stock based compensation, amortization of acquisition-related intangibles, acquisition related expenses and amortization of acquisition related prepaid compensation expenses, but inclusive of foreign currency impact was $1.7 million and 5.5% respectively during the first quarter of 2015, compared to $2.8 million and 8.5% respectively in the first quarter of 2014.
N for the first quarter was $1.2 million, compared to $2.1 million in the first quarter of 2014. on a fully diluted basis was $0.07 for the first quarter of 2015, compared to $0.12 in first quarter last year.
for the first quarter of 2015 was $0.9 million, compared to $1.7 million in the first quarter of 2014. GAAP net income per share on a fully diluted basis was $0.05 for the first quarter of 2015 compared to $0.10 in the first quarter of 2014.
for the first quarter of 2015 was $3.6 million compared to $5.1 million in the first quarter of 2014.
to be delivered in the next 12 months decreased to $76 million, down from $94 million in the first quarter of 2014 and down from $86 Million in the end of the fourth quarter of 2014.
as of March 31, 2015 totaled $19.5 million compared with $22 million as of December 31, 2014.
In accordance with the Company''s dividend policy, the Board of Directors declared a cash dividend in the amount of $0.07 per ordinary share and in the aggregate amount of approximately $1.2 million, representing an annual dividend yield of 3.9%. The dividend is payable on June 10, 2015 to all of the Company''s shareholders of record at the end of the trading day on NASDAQ on May 25, 2015.
On February 23, 2015, management issued full-year 2015 expectations of total revenues of $135 million to $139 million, with Adjusted EBITDA of $19.5 million to $20.5 million. At this time, the Company is not changing its guidance. Management will continue to evaluate its financial performance and pipeline, and expects to provide updates to its full-year outlook, accounting for acquisitions, as the year progresses.
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.
Management will host a conference call to discuss the results at 9 a.m. ET and 4 p.m. in Israel on Monday, May 11, 2015.
Details are as follows:
Dial-in number from within the United States: 1-877-857-6149
Dial-in number from Israel: 1 80 925 8243
Dial-in number from the UK: 0 808 101 7162
Dial-in number (other international): 1-719-325-4805
Playback, available until May 18, 2015 by calling 1-877-870-5176 (United States) or 1-858-384-5517 (international). Please use pin number 9969156 for the replay.
A live webcast is accessible at .
(NASDAQ: RRM) works in partnership with the world''s leading media players to create the richest possible media and entertainment experiences for the world''s consumers. RR Media''s complete ecosystem of digital media services maximize the potential of media and entertainment content, covering four main areas: smart global content distribution network with an optimized combination of satellite, fiber and the internet; content management and channel origination; sports, news & live events; and online video services. RR Media provides scalable, converged digital media services to more than 650 channels and to leagues and right holders of over 100,000 hours of sports and live events yearly. The company delivers content to 95% of the world''s population reaching viewers of multiplatform operators, VOD platforms, online video and direct-to-home services. Visit the company''s website
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. 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. We undertake no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in our 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, 2014 and our Current Reports on Form 6-K.
Shmulik Koren
CFO
Tel: +972 3 928 0777
Email:
Investor Contact:
Hayden/ MS - IR
Brett Maas/ Miri Segal-Scharia
Tel: 646-536-7331 / 917-607-8654
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Datum: 11.05.2015 - 05:00 Uhr
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