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RRsat Presents Fourth Quarter and Full Year 2010 Results

Israel Feb. 7, 2011

Fourth Quarter 2010 Highlights

  • $25.8 million
  • December 31, 2010 $188 million $11 million
  • $2.6 million $0.15

RRsat Global Communications Network Ltd. December 31, 2010

Fourth Quarter 2010 Results:

Revenues $25.8 million $24.8 million

Gross Profit $5.5 million $6.8 million

Operating income $1.1 million $2.2 million

Backlog of signed agreements December 31, 2010 $188 million $79 million $177

Net income on a GAAP basis $1.4 million $2.7 million Adjusted net income $1.1 million $2.3 million Net income per share $0.08 $0.16 Adjusted net income per share $0.06 $0.13

Adjusted EBITDA $2.9 million $3.8 million

Cash, cash equivalents and marketable securities December 31, 2010 $35.6 million $36.3 million September 30, 2010 $4.2 million $4.8 million

Full Year 2010 Results

Revenues $102.0 million $93.7 million Gross Profit $26.1 million $29.1 million Operating income $10.5 million $15.2 million Net income on a GAAP basis $8.7 million $11.6 million Adjusted EBITDA $17.3 million $21.1 million Adjusted net income $8.1 million $13.0 million

Dividend Distribution:

February 6, 2011 $0.15 $2.6 million March 10, 2011 February 23, 2011 December 31, 2009

Guidance $25 – $27 million $105 – $110 million

David Rivel

Mr. Rivel continued, "I believe that the investments we have made up until now will significantly contribute to RRsat’s capabilities, reputation and expertise and will thus strengthen our position among the leading global content management providers and distributors."

Conference Call Information

February 7, 2011 9:00 am ET 4:00 pm Israel David Rivel David Aber Lior Rival

To participate, please call one of the following teleconferencing numbers.  Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial-in Number: 1-888-668-9141

UK Dial-in Number: 0-800-917-5108

Israel Dial-in Number: 03- 918-0609

International Dial-in Number:  +972-3-918-0609

at:

9:00 am Eastern Time; 6:00 am Pacific Time; 2:00 pm UK Time; 4:00 pm Israel Time

Replay

replay link www.rrsat.com telephone replay

1 888 326 9310 (US) and +972 3 925 5921 (International).

Use of Non- GAAP Financial Measures

 

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

About RRsat Global Communications Network Ltd.

www.RRsat.com

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) the growth of our business and the television and radio broadcasting industries, (ii) our expectation to expand our client base and sell additional services to our existing client base, (iii) our ability to successfully integrate the teleports we acquired, (iv) our ability to report future successes, and (v) our intention to distribute dividends in the future and the size of any dividends declared December 31, 2009

Company Contact Information:

David Aber, CFO

Tel: +972 8 861 0000

Email:  [email protected]

External Investor Relations Contacts:

Ehud Helft / Porat Saar

Tel: 1 646 233 2161

Email:  [email protected]

FINANCIAL TABLES FOLLOW

RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Statements of Operations

In thousands except share data

Year ended

Three months ended

Dec-31

Dec-31

Dec-31

Dec-31

2010

2009

2010

2009

Revenues

$ 102,027

$ 93,687

$ 25,840

$ 24,784

Cost of revenues

75,962

64,548

20,369

17,976

Gross profit

26,065

29,139

5,471

6,808

Operating expenses

Sales and marketing

6,380

5,554

1,620

1,407

General and administrative

9,194

8,391

2,714

3,229

Total operating expenses

15,574

13,945

4,334

4,636

Operating income

10,491

15,194

1,137

2,172

Interest and marketable securities income

681

639

247

252

Currency fluctuation and other financing

income (expenses), net

(1,268)

299

(327)

(215)

Changes in fair value of embedded currency conversion derivatives

1,254

(1,326)

452

670

Other income, net

26

1

Income before taxes on income

11,158

14,832

1,509

2,880

Income taxes

2,448

3,254

152

177

Net income

$ 8,710

$ 11,578

$ 1,357

$ 2,703

Income per Ordinary Share

Basic income per Ordinary Share

0.50

0.67

0.08

0.16

Diluted income per Ordinary Share

0.50

0.67

0.08

0.16

Weighted average number of Ordinary

Shares used to compute basic income per

Ordinary Share

17,330,024

17,310,005

17,339,946

17,319,566

Weighted average number of Ordinary

Shares used to compute diluted income per

Ordinary Share

17,380,677

17,399,324

17,363,138

17,409,797

RRsat Global Communications Network Ltd. and its Subsidiaries

Reconciliation of Adjusted Net Income and Adjusted EBITDA

In thousands except per share data

Year ended

Three months ended  

Dec-31  

Dec-31  

Dec-31  

Dec-31  

2010  

2009  

2010  

2009  

Reconciliation of Net Income to Adjusted Net Income:  

Net income – as reported

$ 8,710

$11,578

$ 1,357

$  2,703

Non-cash equity-based compensation charge

372

415

51

103

Changes in fair value of embedded currency conversion derivatives

(1,254)

1,326

(452)

(670)

Change in deferred tax on embedded derivatives

304

(339)

104

180

Adjusted net income

$8,132

$12,980

$  1,060

$  2,316

Adjusted net income per diluted ordinary share

$     0.47

$     0.75

$    0.06

$    0.13

Reconciliation of Net Income to Adjusted EBITDA:  

Net income – as reported

$ 8,710

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