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The restructuring Internet Gold (Nasdaq: IGLD) announced in November after delivering disappointing results for the third quarter of 2005 is evident in the latest financial statement.

Revenues for the fourth quarter of 2005 reached a record NIS 81.1 million ($17.6 million), IGLD said, an increase of 33% versus NIS 61.1 million in the parallel quarter and 11% against with the previous quarter.

Fourth-quarter operating income was NIS 7.1 million ($1.5 million), up 1% against the parallel quarter of 2004 and 25% compared to NIS 5.7 million in the third quarter of 2005.

Net profit swung a lot. IGLD netted NIS 5.4 million ($1.2 million), or 6 cents per share in the last quarter. In the parallel quarter it netted NIS 6.4 million, and in the previous quarter it netted NIS 1.6 million.

For the year 2005 IGLD posted record revenues of NIS 298 million ($64.7 million), an increase of 36% compared to NIS 219.6 million in 2004.

Operating income for 2005 was NIS 28.9 million ($6.3 million), an increase of 14% compared with NIS 25.3 million in 2004.

It netted NIS 18.3 million ($4 million) in the year, or 22 cents per share, down 1 cents per share from the year before. 

IGLD blamed the downtick on "unusually high financing expenses" of NIS 9. 4 million ($2 million) reflecting primarily the higher-than-expected consumer price index in the second and third quarters and its affect on its outstanding bond offering.

Cash flow from operations in 2005 increased by 12% to a record NIS 42.8 million ($9.3 million) compared with NIS 38.2 million for 2004.