Mediaboss Marketing

RAMAT GAN, Israel--(BUSINESS WIRE)--

Internet Gold Ltd. (NASDAQ Global Select Market and TASE: IGLD) ("Internet Gold" or "The Company) today reported its financial results for the quarter ended March 31, 2012.

Bezeq - On-Track Performance: The Bezeq Group reported another stable quarter, delivering revenues of NIS 2.7 billion ($ 738 million) and operating profit of NIS 850 million ($ 229 million) for the period. Bezeqs EBITDA for the first quarter of 2012 totaled NIS 1.2 billion ($ 323 million), representing an EBITDA margin of 44.1%. Net profit attributable to Bezeq shareholders for the period totaled NIS 582 million ($ 157 million).

Dividend from Bezeq: On April 24, 2012, the general meeting of Bezeq's shareholders approved a dividend distribution of NIS 1,074 million ($ 289 million) to Bezeq's shareholders of record on May 4, 2012. The dividend, which is in line with Bezeqs stated dividend distribution policy, is expected to be paid on May 21, 2012. Internet Golds subsidiary, B Communications Ltd., is expected to receive approximately NIS 334 million ($ 90 million) representing its share of the dividend.

On May 21, 2012, Bezeq is also expected to distribute the third NIS 500 million installment of the NIS 3.0 billion special dividend that was approved by its shareholders on January 24, 2011. Accordingly, B Communications expects to receive an additional NIS 155 million ($ 42 million) on the payment date, representing its share of the special dividend. On March 29, 2012 and on April 4, 2012, objections were filed with the Economic Division of the Tel Aviv District Court, opposing the continued payments of such distribution. Both objections were filed by holders of B Communications Debentures (Series 5), who filed similar objections in the second half of 2011. Bezeq denied the arguments set forth in the objections and asserted that there is no basis for the relief sought. The Court heard the closing arguments on the objections on May 2, 2012.

Cash Position: As of March 31, 2012, Internet Golds unconsolidated cash and cash equivalents totaled NIS 325 million ($ 87 million), its unconsolidated total debt was NIS 1.1 billion ($ 304 million), and its net debt totaled NIS 806 million ($ 217 million).

Internet Gold Unconsolidated Balance Sheet Data*

(US dollars in millions)

* Does not include the balance sheet of B Communications

Internet Golds First Quarter Consolidated Financial Results

Go here to read the rest:
Internet Gold Reports First Quarter 2012 Financial Results