Gilat Announces First Quarter 2013 Results
Wednesday 8 May 2013
Gilat Satellite Networks Ltd. (Nasdaq:GILT) (TASE:GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the first quarter ended March 31, 2013.
Key Financial Highlights:
Quarterly revenues of $82.8 million, up 8% compared to $76.6 million in the first quarter of 2012
EBITDA increased to $5.1 million, up 74% compared to $3.0 million in the first quarter of 2012
Total Cash increased by $3.3 million
Revenues for the first quarter of 2013 were $82.8 million, compared to $76.6 million for the same period in 2012.
On a non-GAAP basis, operating income for the first quarter of 2013 was $1.0 million compared to an operating loss of $0.3 million in the first quarter of 2012. Net loss for the period on a non-GAAP basis was $0.3 million, or $0.01 per diluted share, compared to net loss of $0.8 million, or $0.02 per diluted share, in the comparable period in 2012.
EBITDA for the first quarter of 2013 reached $5.1 million compared with $3.0 million in the comparable period in 2012, representing a margin of 6.2%.
"We are pleased with our results for the first quarter of 2013 as we achieved year-over-year improvement in revenue and EBITDA," said Erez Antebi, Chief Executive Officer of Gilat. "Our Commercial division continues to be a significant source of revenue as we executed well on existing projects while closing new deals.
In addition to securing various enterprise deals, in the area of broadband internet access we have continued our progress with implementation ahead of schedule at NBN Co. with over 30,000 CPEs installed, over 6,000 CPEs delivered in support of the SBBS service and a major win in our Services division with the Peruvian Ministry of Education to connect thousands of schools nationwide."
"In our Defense division, although Sequestration has limited our overall visibility," continued Antebi, "we continue to deliver on new and existing projects with defense and aviation system integrators. We are confident in our ability to increase service to international defense markets and believe this will offset to some degree, the uncertainty in the U.S."
Key Recent Announcements:
NordNet Deploys Gilat's SkyEdge II-c VSATs for High-end Broadband-Over-Satellite Service in France;
Gilat to Equip IDF with SatTrooper-1000 Military Manpack for Advanced Tactical Communications;
HISPASAT Expands Broadband Satellite-based Network With Additional SkyEdge II System from Gilat;
Gilat Peru Wins $12.8 Million Contract with Peruvian Ministry of Education to Connect Thousands of Schools Nationwide;
Gilat Launches the New Scalable SkyEdge II-c Platform For Ka and Ku-band Internet Access.
Conference Call and Webcast Details:
Gilat management will host a conference call today at 13:30 GMT/ 09:30 EDT/ 16:30 IDT (Israel Daylight Time) to discuss the results. International participants are invited to access the call at (972) 3-918-0610, and US-based participants are invited to access the call by dialing (888) 407-2553. A replay of the conference call will be available beginning at approximately 16:00 GMT/ 12:00 EDT/ 19:00 IDT today, until 16:00 GMT/ 12:00 EDT/ 19:00 IDT May 10, 2013. International participants are invited to access the replay at (972) 3-925-5900 and US-based participants are invited to access the replay by dialing (888) 782-4291. A replay of the call may also be accessed as a webcast via Gilat's website at www.gilat.com and will be archived for 30 days.
