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Gilat Reports Q4 and Full Year 2019

February 19, 2020

Gilat Satellite Networks Ltd. reported its unaudited financial results for the fourth quarter and full year ended December 31, 2019.

Key Financial Highlights:

  • Revenues for Q4 2019 were $78.3 million compared to $69.7 million for Q4 2018. Full year 2019 revenues totaled $263.5 million versus $266.4 million in 2018.
  • Continued strong profitability:
    • Q4 2019 GAAP operating income increased to $9.2 million from $7.5 million in Q4 2018. Non-GAAP operating income in Q4 2019 totaled $9.9 million, compared to $7.9 million in Q4 2018. Full year 2019 GAAP operating income totaled $25.6 million versus $21.3 million for 2018.  Non-GAAP operating income for full year 2019 of increased to $29.2 million from $25.1 million in 2018.
    • Q4 2019 GAAP net income totaled $24.0 million, or $0.43 per diluted share, including a tax benefit of $15.5 million due to the first-time recording of deferred tax assets on NOLs mainly in Israel. GAAP net income was $5.3 million, or $0.09 per diluted share, in Q4 2018. Non-GAAP Q4 2019 net income increased to $9.1 million, from $5.7 million in Q4 2018. 
    • Full year 2019 GAAP net income totaled $36.5 million, or $0.65 per diluted share, including the Q4 tax benefit. Non-GAAP net income for full year 2019 increased to $24.7 million, or $0.44 per diluted share, compared with $18.2 million, or $0.32 per diluted share in 2018.
    • Q4 2019 Adjusted EBITDA was $13.1 million, compared to $10.5 million in Q4 2018. Full Year 2019 Adjusted EBITDA was $40.2 million versus $35.2 million for full year 2018.
    • Gilat’s tail-mount Ku-band antenna project, previously announced on August 5th, 2019, was discontinued. Gilat will refocus on other opportunities that the significant growth in the IFC terminal market offers.

 In light of the merger agreement between Comtech and Gilat and as previously announced, Gilat will not hold a fourth quarter and fiscal 2019 year-end conference call and webcast.