UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2006 BARAK I.T.C. (1995) - THE INTERNATIONAL TELECOMMUNICATIONS SERVICES CORP. LTD. -------------------------------------------------------- (Translation of registrant's name into English) 15 Hamelacha Street, Rosh Ha'ayin 48091, Israel -------------------------------------------------------- (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [_] Form 40-F [_] Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [_] No [X]
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BARAK I.T.C. LTD. By: /s/ Eyal Vardi -------------------------------- Eyal Vardi CFO Date: May 26, 2006
CONDENSED STATEMENTS OF OPERATIONS For the three For the three months ended months ended March 31, 2006 March 31, 2005 (unaudited) (unaudited) Reported amounts Reported amounts (in millions) (in millions) ---------------- ---------------- REVENUES 178.7 157.2 EXPENSES 148.2 135.7 OPERATING PROFIT BEFORE FINANCIAL RESTRUCTURING COSTS 30.6 21.5 FINANCIAL RESTRUCTURING COSTS - 0.9 OPERATING PROFIT 30.6 20.6 FINANCIAL EXPENSES, NET 10.1 27.3 NET PROFIT (LOSS) FOR THE PERIOD 20.4 (6.6) EBITDA 40.0 29.2 CONDENSED STATEMENT OF BALANCE SHEET March 31, 2006 December 31, 2005 (unaudited) (audited) Reported amounts Reported amounts (in millions) (in millions) ------------- ------------- CASH 38.4 51.8 OTHER CURRENT ASSETS 150.2 147.9 OTHER ASSETS, NET 212.3 202.4 ------ ------ TOTAL ASSETS 400.9 402.1 CURRENT LIABILITIES 324.3 361.8 LONG TERM LIABILITIES 458.5 442.7 SHAREHOLDERS' EQUITY (381.9) (402.4) ------ ------ 400.9 402.1 CONDENSED STATEMENT OF CASH FLOWS For the three For the three months ended months ended March 31, 2006 March 31, 2005 (unaudited) (unaudited) Reported amounts Reported amounts (in millions) (in millions) ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES (2.6) 34.7 CASH FLOWS USED IN INVESTING ACTIVITIES (26.1) (5.9) CASH FLOWS FROM FINANCING ACTIVITIES 15.3 (4.5) BALANCE OF CASH AT BEGINNING OF PERIOD 51.8 63.7 ------ ------ BALANCE OF CASH AT END OF PERIOD 38.4 88.0 Page 1