Gilat Announces First Quarter 2015 Results

May 20, 2015

Gilat Satellite Networks Ltd. reported its results for the first quarter ended March 31, 2015.

Revenues for the first quarter of 2015 were $45.2 million, compared to $50.9 million for the same period in 2014. 

On a non-GAAP basis, operating loss was $2.1 million in the first quarter of 2015 as compared to an operating income of $0.5 million in the comparable quarter of 2014.  

On a GAAP basis, operating loss was $4.0 million in the first quarter of 2015 as compared to an operating loss of $1.5 million in the comparable quarter of 2014.  

On a non-GAAP basis, net loss for the quarter was $3.7 million or $0.09 per diluted share compared to net loss of $0.6 million or $0.01 per diluted share in the same quarter of 2014.  

On a GAAP basis, net loss for the quarter was $5.6 million or a loss of $0.13 per diluted share compared to a net loss of $2.7 million or a loss of $0.06 per diluted share in the same quarter of 2014. 

EBITDA for the first quarter of 2015 reached $0.2 million compared with $2.8 million in the comparable period in 2014.  

“We reiterate our management objectives for FY2015 of a revenue target of $250 - $260 million and an EBITDA target of $26 - $28 million. As we expect, the second half of 2015 will be significantly stronger than the first half,” said Dov Baharav, Interim CEO and Chairman of the Board of Gilat.  

“We were pleased to see progress in our strategy of extending broadband internet in rural areas in the first quarter, with the significant award of Peru’s Fitel project. We expect this project to contribute to our growth in 2015 and even more so in 2016. Moreover, we see positive momentum in HTS with a number of new deals, such as JCP in Brazil and in Cellular Backhaul with RuralCom in Canada and others.” 

“Looking forward, I am confident that we will see top- and bottom-line growth in 2015, and, given our recent wins, we can expect additional growth in 2016,” Dov Baharav added.