Gilat Satellite Networks Ltd. (Nasdaq:GILT) (TASE:GILT), a
worldwide leader in satellite networking technology, solutions and
services, today reported its results for the fourth quarter and
year ended December 31, 2013.
Key Financial Updates:
- Revenue for 2013 was $234.9 million with EBITDA of $16.3
million
- Cash increased to $86.8 million as compared to $67.4 million at
the end of 2012
- Net cash increased to $50.9 million as compared to $18.7
million at the end of 2012
- Strong backlog of $228 million at the end of 2013 more than
doubled as compared to $98.9 million at the end of 2012
- Management objectives for 2014 are in the range of $240 to $245
million in revenue with EBITDA of approximately 9%
- Spacenet operational results are classified as discontinued
operations and not included in results presented
Revenues for the fourth quarter of 2013 were $55.7 million,
compared to $76.5 million for the same period in 2012. Revenues for
the year ended December 31, 2013 were $234.9 million, compared to
$271.6 million in the year ended December 31, 2012.
On a non-GAAP basis, operating loss was $0.1 million in the
fourth quarter of 2013 as compared to an operating income of $5.6
million in the comparable quarter of 2012. Operating income for
2013 on a non-GAAP basis was $4.4 million compared to operating
income of $19.1 million in 2012.
On a non-GAAP basis, net loss for the quarter was $1.0 million
or $.02 per diluted share compared to net income of $6.6 million or
$.15 per diluted share in the same quarter of 2012. Net loss for
2013 on a non-GAAP basis was $1.1 million compared to net income of
$17.6 million in 2012.
EBITDA for the fourth quarter of 2013 reached $2.5 million
compared with $8.9 million in the comparable period in 2012. EBITDA
for the twelve months of 2013 reached $16.3 million compared with
$30.7 million in the comparable period in 2012.
"2013 was a challenging year for Gilat," said Erez Antebi, CEO
of Gilat. "Looking forward, we have worked to streamline the
Company and its cost structure. We begin 2014 with a healthy
balance sheet, strong cash position and a backlog which has more
than doubled from 2013. And, we have successfully positioned
ourselves in growing markets with many opportunities."
Resources:
Fourth Quarter 2013 Financial Statements
Key Recent Announcements:
- Gilat Introduces CellEdge, a Breakthrough Small Cell over
Satellite Solution Specifically Designed for Unserved Rural
Areas;
- THAICOM Launches Fast Internet Connectivity Service,
Powered by Gilat Satellite Equipment;
- Gilat and Gilat Satcom to Supply Fixed and On-the-Move
Satellite Services to Israeli Government;
- Gilat Awarded $30 Million Project by Peru's Fitel in
Support of the Integracion Amazonica Loreto Initiative;
- Gilat Awarded $99-Million Project from Colombia's MINTIC;
- Gilat Announces the Closing of the Sale of Spacenet
Subsidiary.
Conference Call and Webcast Details:
Gilat management will host a conference call today at 14:30 GMT
/ 09:30 EST / 16:30 IST (Israel Standard Time) to discuss the
results. International participants are invited to access the call
at (972) 3-918-0609, and US-based participants are invited to
access the call by dialing (888) 668-9141. A replay of the
conference call will be available beginning at approximately 17:00
GMT/ 12:00 EST/ 19:00 IST today, until 17:00 GMT/ 12:00 EST/ 19:00
IST February 20, 2014. International participants are invited
to access the replay at (972) 3-925-5904, and US-based participants
are invited to access the replay by dialing (888) 326-9310. 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.
Notes:
(1) The attached summary financial statements were prepared in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP). The attached summary financial statements are unaudited. To
supplement the consolidated financial statements presented in
accordance with GAAP, the Company presents Gilat's EBITDA before
the impact of non-cash share-based payment charges, depreciation
and amortization, other income and other costs related to
acquisition transactions. Non-GAAP presentations of net income,
EBITDA and earnings per share are provided to enhance the
understanding of the Company's historical financial performance and
comparability between periods.
(2) Operating income before depreciation, amortization, non-cash
stock option expenses as per ASC 718 (formerly SFAS 123(R)) and
other costs related to acquisition transactions ('EBITDA') is
presented because it is a measure commonly used and is presented
solely in order to improve the understanding of the Company's
operating results and to provide further perspective on these
results. EBITDA, however, should not be considered as an
alternative to operating income or net income for the period as an
indicator of the operating performance of the Company.
Similarly, EBITDA should not be considered as an alternative to
cash flows from operating activities as a measure of liquidity.
EBITDA is not a measure of financial performance under generally
accepted accounting principles and may not be comparable to other
similarly titled measures for other companies. EBITDA may not be
indicative of the historic operating results of the Company; nor is
it meant to be predictive of potential future results.
Reconciliation between the Company's Operating income and EBITDA is
presented in the attached summary financial statements.
About Gilat Satellite Networks Ltd.
Gilat Satellite Networks Ltd (Nasdaq:GILT) (TASE:GILT) is a
leading provider of products and services for satellite-based
broadband communications. Gilat develops and markets a wide range
of high-performance satellite ground segment equipment and VSATs,
with an increasing focus on the consumer and Ka-band market. In
addition, Gilat enables mobile SOTM (Satellite-on-the-Move)
solutions providing low-profile antennas, next generation
solid-state power amplifiers and modems. Gilat also provides
managed network and satellite-based services for rural telephony
and Internet access via its subsidiaries in Peru and Colombia.
With over 25 years of experience, and over a million products
shipped to more than 85 countries, Gilat has provided enterprises,
service providers and operators with efficient and reliable
satellite-based connectivity solutions, including cellular
backhaul, banking, retail, e-government and rural communication
networks. Gilat also enables leading defense, public security and
news organizations to implement advanced, on-the-move tactical
communications on board their land, air and sea fleets using
Gilat's high-performance SOTM solutions. For more information,
please visit us at www.gilat.com
Certain statements made herein that are not historical are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. The words "estimate", "project",
"intend", "expect", "believe" and similar expressions are intended
to identify forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties. Many
factors could cause the actual results, performance or achievements
of Gilat to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements, including, among others, changes
in general economic and business conditions, inability to maintain
market acceptance to Gilat's products, inability to timely develop
and introduce new technologies, products and applications, rapid
changes in the market for Gilat's products, loss of market share
and pressure on prices resulting from competition, introduction of
competing products by other companies, inability to manage growth
and expansion, loss of key OEM partners, inability to attract and
retain qualified personnel, inability to protect the Company's
proprietary technology and risks associated with Gilat's
international operations and its location in Israel. For additional
information regarding these and other risks and uncertainties
associated with Gilat's business, reference is made to Gilat's
reports filed from time to time with the Securities and Exchange
Commission.
GILAT SATELLITE NETWORKS
LTD. |
|
|
CONDENSED CONSOLIDATED BALANCE
SHEET |
|
|
US dollars in thousands |
|
|
|
|
|
|
December 31, |
December 31, |
|
2013 |
2012 |
|
Unaudited |
|
|
|
|
ASSETS |
|
|
|
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
58,424 |
66,968 |
Restricted cash |
18,891 |
1,880 |
Restricted cash held by
trustees |
3,221 |
1,664 |
Trade receivables, net |
56,466 |
52,737 |
Inventories |
27,141 |
23,128 |
Other current assets |
10,143 |
23,058 |
Current assets of discontinued
operations |
-- |
49,057 |
Total current
assets |
174,286 |
218,492 |
|
|
|
LONG-TERM INVESTMENTS AND
RECEIVABLES: |
|
|
Long-term restricted cash |
6,279 |
401 |
Severance pay fund |
9,856 |
9,703 |
Long-term trade and other
receivables |
278 |
213 |
Total long-term
investments and receivables |
16,413 |
10,317 |
|
|
|
PROPERTY AND EQUIPMENT,
NET |
85,369 |
87,191 |
|
|
|
INTANGIBLE ASSETS, NET |
28,830 |
34,773 |
|
|
|
GOODWILL |
63,870 |
63,870 |
|
|
|
TOTAL ASSETS |
368,768 |
414,643 |
|
|
|
|
|
|
GILAT SATELLITE NETWORKS
LTD. |
|
|
CONDENSED CONSOLIDATED BALANCE
SHEET |
|
|
US dollars in thousands |
|
|
|
December 31, |
December 31, |
|
2013 |
2012 |
|
Unaudited |
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
Short-term bank credit |
-- |
3,517 |
Current maturities of long-term
loans |
4,665 |
7,963 |
Trade payables |
20,900 |
22,160 |
Accrued expenses |
16,748 |
21,451 |
Short-term advances from
customer, held by trustees |
-- |
4,448 |
Other current liabilities |
54,666 |
32,340 |
Liabilities of discontinued
operations |
-- |
19,369 |
|
|
|
Total current
liabilities |
96,979 |
111,248 |
|
|
|
LONG-TERM LIABILITIES: |
|
|
Accrued severance pay |
9,628 |
9,513 |
Long-term loans, net of current
maturities |
31,251 |
40,747 |
Other long-term
liabilities |
4,877 |
11,178 |
|
|
|
Total long-term
liabilities |
45,756 |
61,438 |
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
EQUITY: |
|
|
Share capital - ordinary shares
of NIS 0.2 par value |
1,932 |
1,909 |
Additional paid in capital |
873,045 |
869,822 |
Accumulated other comprehensive
income |
1,591 |
2,864 |
Accumulated deficit |
(650,535) |
(632,638) |
|
|
|
Total equity |
226,033 |
241,957 |
|
|
|
TOTAL LIABILITIES AND
EQUITY |
368,768 |
414,643 |
|
GILAT SATELLITE NETWORKS
LTD. |
RECONCILIATION BETWEEN
GAAP AND NON-GAAP STATEMENTS OF OPERATIONS |
FOR COMPARATIVE
PURPOSES |
U.S. dollars in thousands
(except per share data) |
|
|
Three months
ended |
|
|
Three months
ended |
|
|
|
31 December
2013 |
|
|
31 December
2012 |
|
|
GAAP |
Adjustments (1) |
Non-GAAP |
GAAP |
Adjustments (1) |
Non-GAAP |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Revenues |
55,728 |
-- |
55,728 |
76,463 |
-- |
76,463 |
Cost of revenues |
35,519 |
(1,256) |
34,263 |
48,703 |
(1,614) |
47,089 |
Gross profit |
20,209 |
1,256 |
21,465 |
27,760 |
1,614 |
29,374 |
|
36% |
|
39% |
36% |
|
38% |
Research and development
expenses: |
|
|
|
|
|
|
Expenses incurred |
7,627 |
(129) |
7,498 |
8,022 |
(111) |
7,911 |
Less - grants |
142 |
-- |
142 |
710 |
-- |
710 |
|
7,485 |
(129) |
7,356 |
7,312 |
(111) |
7,201 |
Selling and marketing expenses |
8,535 |
(344) |
8,191 |
10,523 |
(339) |
10,184 |
General and administrative expenses |
6,341 |
(312) |
6,029 |
6,628 |
(263) |
6,365 |
Restructuring Costs |
564 |
(564) |
-- |
315 |
(315) |
-- |
Impairment of goodwill and Intangible
assets |
-- |
-- |
-- |
31,879 |
(31,879) |
-- |
Operating income (loss) |
(2,716) |
2,605 |
(111) |
(28,897) |
34,521 |
5,624 |
Financial expenses, net |
(1,602) |
-- |
(1,602) |
(378) |
-- |
(378) |
Other income |
-- |
-- |
-- |
2,729 |
(2,729) |
-- |
Income (loss) before taxes on
income |
(4,318) |
2,605 |
(1,713) |
(26,546) |
31,792 |
5,246 |
Tax benefit |
(708) |
-- |
(708) |
(1,312) |
-- |
(1,312) |
Net income (loss) from continuing
operations |
(3,610) |
2,605 |
(1,005) |
(25,234) |
31,792 |
6,558 |
Net income (loss) from discontinued
operations |
(3,911) |
3,911 |
-- |
932 |
(932) |
-- |
Net income (loss) |
(7,521) |
6,516 |
(1,005) |
(24,302) |
30,860 |
6,558 |
|
|
|
|
|
|
|
Basic net loss per share from
continuing operations |
(0.09) |
|
|
(0.61) |
|
|
Basic net earnings (loss) per share
from discontinued operations |
(0.09) |
|
|
0.02 |
|
|
Basic net earnings (loss) per
share |
(0.18) |
|
(0.02) |
(0.59) |
|
0.16 |
|
|
|
|
|
|
|
Diluted net loss per share from
continuing operations |
(0.09) |
|
|
(0.61) |
|
|
Diluted net earnings (loss) per share
from discontinued operations |
(0.09) |
|
|
0.02 |
|
|
Diluted net earnings (loss) per
share |
(0.18) |
|
(0.02) |
(0.59) |
|
0.15 |
|
|
|
|
|
|
|
Weighted
average number of shares used in computing net earnings (loss) per
share |
|
|
|
|
|
Basic |
42,098 |
|
42,098 |
41,603 |
|
41,603 |
Diluted |
42,098 |
|
42,098 |
41,603 |
|
43,556 |
|
|
|
|
|
|
|
(1) Adjustments reflect the
effect of non-cash stock based compensation as per ASC 718,
amortization of intangible assets related to acquisition
transactions, impairments of goodwill and intangible assets,
restructuring costs and net income (loss) from discontinued
operations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
Three months
ended |
|
|
|
31 December
2013 |
|
|
31 December
2012 |
|
|
|
Unaudited |
|
|
Unaudited |
|
Non-cash stock-based compensation
expenses: |
|
|
|
|
|
|
Cost of revenues |
|
58 |
|
|
55 |
|
Research and development |
|
129 |
|
|
111 |
|
Selling and marketing |
|
131 |
|
|
127 |
|
General and administrative |
|
312 |
|
|
263 |
|
|
|
630 |
|
|
556 |
|
|
|
|
|
|
|
|
Amortization of intangible assets
related to acquisition transactions: |
|
|
|
|
|
|
Cost of revenues |
|
1,198 |
|
|
1,559 |
|
Selling and marketing |
|
213 |
|
|
212 |
|
|
|
1,411 |
|
|
1,771 |
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS
LTD. |
RECONCILIATION BETWEEN
GAAP AND NON-GAAP STATEMENTS OF OPERATIONS |
FOR COMPARATIVE
PURPOSES |
U.S. dollars in thousands
(except per share data) |
|
|
Year
ended |
|
|
Year
ended |
|
|
|
31 December
2013 |
|
|
31 December
2012 |
|
|
GAAP |
Adjustments (1) |
Non-GAAP |
GAAP |
Adjustments (1) |
Non-GAAP |
|
Unaudited |
Unaudited |
Unaudited |
|
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Revenues |
234,866 |
-- |
234,866 |
271,566 |
-- |
271,566 |
Cost of revenues |
155,210 |
(4,993) |
150,217 |
173,637 |
(6,443) |
167,194 |
Gross profit |
79,656 |
4,993 |
84,649 |
97,929 |
6,443 |
104,372 |
|
34% |
|
36% |
36% |
|
38% |
Research and development
expenses: |
|
|
|
|
|
|
Expenses incurred |
29,491 |
(468) |
29,023 |
32,296 |
(354) |
31,942 |
Less - grants |
1,591 |
-- |
1,591 |
3,055 |
-- |
3,055 |
|
27,900 |
(468) |
27,432 |
29,241 |
(354) |
28,887 |
Selling and marketing expenses |
32,214 |
(1,297) |
30,917 |
34,988 |
(1,247) |
33,741 |
General and administrative expenses |
23,071 |
(1,151) |
21,920 |
23,618 |
(972) |
22,646 |
Restructuring Costs |
564 |
(564) |
-- |
315 |
(315) |
-- |
Impairment of goodwill and Intangible
assets |
-- |
-- |
-- |
31,879 |
(31,879) |
-- |
Operating income (loss) |
(4,093) |
8,473 |
4,380 |
(22,112) |
41,210 |
19,098 |
Financial expenses, net |
(6,239) |
-- |
(6,239) |
(3,432) |
-- |
(3,432) |
Other income |
-- |
-- |
-- |
2,729 |
(2,729) |
-- |
Income (loss) before taxes on
income |
(10,332) |
8,473 |
(1,859) |
(22,815) |
38,481 |
15,666 |
Tax benefit |
(755) |
-- |
(755) |
(1,893) |
-- |
(1,893) |
Net income (loss) from continuing
operations |
(9,577) |
8,473 |
(1,104) |
(20,922) |
38,481 |
17,559 |
Net loss from discontinued
operations |
(8,320) |
8,320 |
-- |
(2,270) |
2,270 |
-- |
Net income (loss) |
(17,897) |
16,793 |
(1,104) |
(23,192) |
40,751 |
17,559 |
|
|
|
|
|
|
|
Basic net loss per share from
continuing operations |
(0.23) |
|
|
(0.51) |
|
|
Basic net loss per share from
discontinued operations |
(0.20) |
|
|
(0.05) |
|
|
Basic net earnings (loss) per
share |
(0.43) |
|
(0.03) |
(0.56) |
|
0.42 |
|
|
|
|
|
|
|
Diluted net loss per share from
continuing operations |
(0.23) |
|
|
(0.51) |
|
|
Diluted net loss per share from
discontinued operations |
(0.20) |
|
|
(0.05) |
|
|
Diluted net earnings (loss) per
share |
(0.43) |
|
(0.03) |
(0.56) |
|
0.40 |
|
|
|
|
|
|
|
Weighted average number of shares
used in computing net earnings (loss) per share |
|
|
|
|
|
|
Basic |
41,961 |
|
41,961 |
41,410 |
|
41,410 |
Diluted |
41,961 |
|
41,961 |
41,410 |
|
43,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjustments reflect the
effect of non-cash stock based compensation as per ASC 718,
amortization of intangible assets related to acquisition
transactions, impairments of goodwill and intangible assets,
restructuring costs and net income (loss) from discontinued
operations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
|
Year ended |
|
|
|
31 December
2013 |
|
|
31 December
2012 |
|
|
|
Unaudited |
|
|
Unaudited |
|
Non-cash stock-based compensation
expenses: |
|
|
|
|
|
|
Cost of revenues |
|
201 |
|
|
207 |
|
Research and development |
|
468 |
|
|
354 |
|
Selling and marketing |
|
448 |
|
|
401 |
|
General and administrative |
|
1,151 |
|
|
972 |
|
|
|
2,268 |
|
|
1,934 |
|
|
|
|
|
|
|
|
Amortization of intangible assets
related to acquisition transactions: |
|
|
|
|
|
|
Cost of revenues |
|
4,792 |
|
|
6,236 |
|
Selling and marketing |
|
849 |
|
|
846 |
|
|
|
5,641 |
|
|
7,082 |
|
|
GILAT SATELLITE NETWORKS
LTD. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
U.S. dollars in thousands
(except per share data) |
|
Year ended |
Three months
ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
|
Unaudited |
|
Unaudited |
Unaudited |
|
|
|
|
|
Revenues |
234,866 |
271,566 |
55,728 |
76,463 |
Cost of revenues |
155,210 |
173,637 |
35,519 |
48,703 |
Gross profit |
79,656 |
97,929 |
20,209 |
27,760 |
Research and development
expenses: |
|
|
|
|
Expenses incurred |
29,491 |
32,296 |
7,627 |
8,022 |
Less - grants |
1,591 |
3,055 |
142 |
710 |
|
27,900 |
29,241 |
7,485 |
7,312 |
Selling and marketing expenses |
32,214 |
34,988 |
8,535 |
10,523 |
General and administrative expenses |
23,071 |
23,618 |
6,341 |
6,628 |
Restructuring Costs |
564 |
315 |
564 |
315 |
Impairment of goodwill and Intangible
assets |
-- |
31,879 |
-- |
31,879 |
Operating loss |
(4,093) |
(22,112) |
(2,716) |
(28,897) |
Financial expenses, net |
(6,239) |
(3,432) |
(1,602) |
(378) |
Other income |
-- |
2,729 |
-- |
2,729 |
Loss before taxes on
income |
(10,332) |
(22,815) |
(4,318) |
(26,546) |
Tax benefit |
(755) |
(1,893) |
(708) |
(1,312) |
Net loss from continuing
operations |
(9,577) |
(20,922) |
(3,610) |
(25,234) |
Net income (loss) from discontinued
operations |
(8,320) |
(2,270) |
(3,911) |
932 |
Net loss |
(17,897) |
(23,192) |
(7,521) |
(24,302) |
|
|
|
|
|
Basic net loss per share from
continuing operations |
(0.23) |
(0.51) |
(0.09) |
(0.61) |
Basic net earnings (loss) per share
from discontinued operations |
(0.20) |
(0.05) |
(0.09) |
0.02 |
Basic net loss per
share |
(0.43) |
(0.56) |
(0.18) |
(0.59) |
|
|
|
|
|
Diluted net loss per share from
continuing operations |
(0.23) |
(0.51) |
(0.09) |
(0.61) |
Diluted net earnings (loss) per share
from discontinued operations |
(0.20) |
(0.05) |
(0.09) |
0.02 |
Diluted net loss per
share |
(0.43) |
(0.56) |
(0.18) |
(0.59) |
|
|
|
|
|
Weighted average number of shares
used in computing net loss per share |
|
|
|
|
Basic |
41,961 |
41,410 |
42,098 |
41,603 |
Diluted |
41,961 |
41,410 |
42,098 |
41,603 |
|
GILAT SATELLITE NETWORKS
LTD. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
US dollars in
thousands |
|
|
Year ended |
Three months
ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Cash flows from continuing
operations |
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
Net loss from continuing
operations |
(9,577) |
(20,922) |
(3,610) |
(25,234) |
Adjustments required to
reconcile net loss to net cash generated from operating
activities: |
|
|
|
Depreciation and amortization |
17,559 |
18,672 |
4,049 |
5,088 |
Impairment of goodwill and other intangible
assets |
-- |
31,879 |
-- |
31,879 |
Stock-based compensation |
2,268 |
1,934 |
630 |
556 |
Accrued severance pay, net |
(38) |
88 |
(37) |
(150) |
Accrued interest and exchange rate
differences on short and long-term restricted cash, net |
2,359 |
(209) |
977 |
(114) |
Exchange rate differences on long-term
loans |
157 |
90 |
65 |
81 |
Capital loss from disposal of property and
equipment |
48 |
43 |
35 |
6 |
Deferred income taxes |
(1,571) |
(3,614) |
(1,862) |
(2,571) |
Increase in trade receivables, net |
(4,228) |
(11,735) |
(4,894) |
(51) |
Decrease (increase) in other assets
(including short-term, long-term and deferred charges) |
8,688 |
(3,293) |
7,544 |
(1,519) |
Decrease (increase) in inventories |
(6,502) |
2,025 |
1,289 |
912 |
Decrease in trade payables |
(1,225) |
(727) |
(4,854) |
(1,941) |
Increase (decrease) in accrued expenses |
(4,703) |
250 |
(464) |
1,763 |
Increase (decrease) in advances from
customer, held by trustees, net |
(4,448) |
2,897 |
-- |
(39) |
Increase in other accounts payable and other
long term liabilities |
18,772 |
2,621 |
24,360 |
5,987 |
Net cash generated from operating
activities |
17,559 |
19,999 |
23,228 |
14,653 |
|
|
|
|
|
GILAT SATELLITE NETWORKS
LTD. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
US dollars in
thousands |
|
|
Year ended |
Three months
ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Cash flows from investing
activities: |
|
|
|
|
Purchase of property and equipment |
(4,063) |
(3,965) |
(1,246) |
(1,090) |
Investment in restricted cash held by
trustees |
(17,587) |
(35,442) |
(3,132) |
(6,741) |
Proceeds from restricted cash held by
trustees |
13,744 |
35,447 |
3,461 |
12,931 |
Investment in restricted cash (including
long-term) |
(25,961) |
(903) |
(23,480) |
(2) |
Proceeds from restricted cash (including
long-term) |
2,975 |
3,355 |
418 |
28 |
Purchase of intangible assets |
(16) |
(89) |
-- |
(7) |
|
|
|
|
|
Net cash generated from (used in)
investing activities |
(30,908) |
(1,597) |
(23,979) |
5,119 |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Repayment of convertible notes |
-- |
(14,322) |
-- |
(14,322) |
Issuance of restricted stock units and
exercise of stock options |
581 |
254 |
2 |
236 |
Payment of obligation related to the purchase
of intangible assets |
(500) |
-- |
-- |
-- |
Short-term bank credit, net |
(3,518) |
546 |
(3,426) |
(644) |
Proceeds from long-term loans |
-- |
10,000 |
-- |
-- |
Repayment of long-term loans |
(12,950) |
(6,452) |
(146) |
(1,017) |
|
|
|
|
|
Net cash used in financing
activities |
(16,387) |
(9,974) |
(3,570) |
(15,747) |
|
|
|
|
|
Cash flows from discontinued
operations |
|
|
|
|
Net cash generated from (used
in) operating activities |
(7,158) |
1,572 |
(5,850) |
3,428 |
Net cash generated from (used
in) investing activities |
15,791 |
999 |
15,086 |
(1,482) |
Net cash generated from (used
in) financing activities |
12,884 |
-- |
(300) |
-- |
|
21,517 |
2,571 |
8,936 |
1,946 |
|
|
|
|
|
Effect of exchange rate changes on
cash and cash equivalents |
(325) |
(262) |
(105) |
(29) |
|
|
|
|
|
Increase (decrease) in cash and cash
equivalents |
(8,544) |
10,737 |
4,510 |
5,942 |
|
|
|
|
|
Cash and cash equivalents at the
beginning of the period |
66,968 |
56,231 |
53,914 |
61,026 |
|
|
|
|
|
Cash and cash equivalents at the end
of the period |
58,424 |
66,968 |
58,424 |
66,968 |
|
GILAT SATELLITE NETWORKS
LTD. |
CONDENSED
EBITDA |
US dollars in
thousands |
|
Year ended |
Three months
ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
Operating loss |
(4,093) |
(22,112) |
(2,716) |
(28,897) |
Add: |
|
|
|
|
Non-cash stock-based compensation
expenses |
2,268 |
1,934 |
630 |
556 |
Restructuring costs |
564 |
315 |
564 |
315 |
Impairment of goodwill and Intangible
assets |
-- |
31,879 |
-- |
31,879 |
Depreciation and amortization |
17,559 |
18,672 |
4,049 |
5,088 |
EBITDA |
16,298 |
30,688 |
2,527 |
8,941 |
CONTACT: Phil Carlson / Jared Stone, KCSA
pcarlson@kcsa.com / jstone@kcsa.com
(212) 896 1233 / 1208
David Leichner, Gilat Satellite Networks Ltd.
davidle@gilat.com
(972) 3 925 2009
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