May 21, 2014
Gilat Satellite Networks Ltd. reported
its results for the first quarter ended
March 31, 2014.
Revenues for the first quarter of 2014
were $50.9 million, compared to $65.4
million for the same period in 2013. The
main reasons for the decline in revenue were
completion of past contracts in Colombia and
completion of the installations for NBN Co
in Australia.
On a non-GAAP basis, operating income was
$0.5 million in the first quarter of 2014 as
compared to an operating income of $3.0
million in the comparable quarter of 2013.
On a non-GAAP basis, net loss for the
quarter was $0.6 million or a loss of $0.01
per diluted share compared to net income of
$1.8 million or $0.04 per diluted share in
the same quarter of 2013.
GAAP operating loss for the first quarter
was $1.5 million as compared to an operating
income of $1.1 million in the first quarter
of 2013. GAAP Net loss for the quarter was
$2.7 million, or a loss of $0.06 per diluted
share, compared to net loss of $2.4 million,
or a loss of $0.05 per diluted share in the
first quarter of 2013.
EBITDA for the first quarter of 2014 was
$2.8 million compared with $6.2 million in
the comparable period in 2013.
“The quarter was highlighted by the
launch of innovative new products, which are
a result of our continued investment in
technology,” said Erez Antebi, Chief
Executive Officer of Gilat. “We also
announced this quarter two important
partnerships with high throughput satellite
operators, Thaicom and Inmarsat.”
Antebi concluded, “Our improved
profitability this quarter comes from our
Commercial and Defense Divisions, as well as
the cost-reduction steps we took last year.
As we stated previously, we expect a
stronger second half for the year coming
from our growing commercial and defense
activity as well as growth in revenues from
projects in Peru and Colombia. We are on
track to meet our previously stated 2014
management objectives.”
The GAAP financial results include the
effect of non-cash stock options expenses as
per ASC 718, amortization of intangible
assets resulting from the purchase price
allocation, restructuring costs and net
income (loss) from discontinued operations.
