Gilat
Satellite Networks Ltd. reported its
results for the second quarter ended
June 30, 2014.
Key Financial Highlights:
Revenues for the second quarter
increased to $54.1 million compared
to $50.9 million in the first
quarter of 2014.
Non-GAAP operating income was
$1.5 million, compared to operating
income of $0.5 million in the first
quarter of 2014. GAAP operating loss
was $0.5 million compared to a loss
of $1.5 million in the first quarter
of 2014
Management reaffirms 2014
objectives for annual revenues of
$240-$245 million and EBITDA margin
levels of approximately 9%
Revenues for the second quarter were
$54.1 million, compared to $50.9 million
in the first quarter of 2014 and to
$61.9 million for the comparable period
in 2013. The difference between the
second quarter of 2014 and the
comparable quarter in 2013 is mostly
attributed to the decrease in revenues
in our Services Division.
On a non-GAAP basis, operating income
was $1.5 million in the second quarter
as compared to operating income of $0.5
million in the first quarter of 2014 and
of $1.9 million in the comparable
quarter of 2013. On a non-GAAP basis,
net income for the quarter was $0.6
million or an income of $0.01 per
diluted share compared to a net loss of
$0.6 million or a loss of $0.01 per
diluted share in the first quarter of
2014 and to a net loss of $0.9 million
or $0.02 per diluted share in the
comparable period in 2013.
GAAP operating loss for the second
quarter was $0.5 million as compared to
an operating loss of $1.5 million in the
first quarter of 2014 and of $0.1
million in the comparable period in
2013. GAAP net loss from continuing
operations for the quarter was $1.4
million, or a loss of $0.03 per diluted
share, compared to a net loss from
continuing operations of $2.6 million,
or a loss of $0.06 per diluted share for
the first quarter of 2014 and compared
to a net loss from continuing operations
of $2.9 million, or a loss of $0.07 per
diluted share in the comparable period
in 2013.
EBITDA for the second quarter was
$3.9 million compared to $2.8 million in
the first quarter of 2014 and to $5.3
million in the comparable period in
2013.
Erez Antebi, Chief Executive Officer
of Gilat stated, “Our improved results
in the second quarter come from both of
our Commercial and Defense Divisions, as
well as from the cost-reduction measures
we took last year. Our Defense business
continued to grow, with increase in
demand for both On-The-Pause as well as
On-The-Move solutions.”
Antebi concluded, “We anticipate the
second half of 2014 to be stronger than
the first half thanks to significant
revenues to be generated by projects in
Peru and Colombia as well as growth in
the commercial and defense activities.
We are confident that we are on track to
meet our previously stated 2014
management objectives.”
