FORM 6 – K
 
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report on Foreign Issuer

Pursuant to Rule 13a – 16 or 15d – 16
of the Securities Exchange Act of 1934
 
For the Month of November, 2014
 
Gilat Satellite Networks Ltd.
(Translation of Registrant’s Name into English)
 
Gilat House, Yegia Kapayim Street
Daniv Park, Kiryat Arye, Petah Tikva, Israel
(Address of Principal Corporate Offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x                     Form 40-F o
 
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o   No x
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):   N/A
 
 
 

 

Attached hereto is Registrant’s press release dated November 18, 2014, announcing Gilat’s Third Quarter 2014 Results.
 
We consent to the incorporation by reference of the GAAP financial information included herein, in the Registration Statements on Form F-3 (registration nos. 333-195680, 333-160683 and no. 333-174142) and registration statements on form S-8 (registration nos. 333-96630, 333-113932, 333-123410, 333-132649, 333-158476, 333-180552 and 333-187021).
 
Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Gilat Satellite Networks Ltd.
(Registrant)
 
       
Dated November 18, 2014
By:
/s/ Alon Levy  
    Alon Levy  
   
VP General Counsel and Corporate Secretary
 
       
 
 

 
 
Gilat Announces Third Quarter 2014 Results

-  Continued improvements in Gilat’s results: profitability and revenue improve compared to third quarter 2013 –

Petah Tikva, Israel, November 18, 2014 – Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the third quarter ended September 30, 2014.

Key Financial Highlights:
 
 
·
Revenues for the third quarter increased to $57.1 million compared to $51.8 million in the third quarter of 2013
 
·
Non-GAAP operating income was $3.6 million, compared to an operating loss of $0.3 million in the comparable quarter of 2013
 
·
GAAP operating income was $1.5 million as compared to an operating loss of $2.4 million in the same period last year
 
·
EBITDA for the third quarter was $6.4 million compared to $3.9 million in the second quarter of 2014 and to $2.3 million in the comparable period in 2013.
 
·
2014 management objectives update: higher EBIDTA margins of about 10% expected for the year, despite slightly lower expected revenues of about $235 million.

Revenues for the third quarter of 2014 were $57.1 million, compared to $54.1 million in the second quarter of 2014 and to $51.8 million in the third quarter of 2013. The difference is mostly attributed to the increase in revenues in our Services division and Defense and Mobility division. The MINTIC project in Colombia, which started to bring in revenues in the second and third quarters, is expected to generate increased revenues in the fourth quarter. We expect to also generate increased revenues from the IAL project in Peru, which began generating revenues in the third quarter.

On a non-GAAP basis, operating income was $3.6 million in the third quarter as compared to operating income of $1.5 million in the second quarter of 2014 and an operating loss of $0.3 million in the comparable quarter of 2013. On a non-GAAP basis, net income for the quarter was $3.0 million or an income of $0.07 per diluted share compared to $0.6 million or $0.01 per diluted share in the second quarter of 2014 and to a net loss of $1.0 million or $0.02 per diluted share in the comparable period in 2013.

GAAP operating income for the third quarter was $1.5 million as compared to an operating loss of $0.5 million in the second quarter of 2014 and $2.4 million in the comparable period in 2013. GAAP net income from continuing operations for the quarter was $0.9 million, or $0.02 per diluted share, compared to a net loss from continuing operations of $1.4 million, or a loss of $0.03 per diluted share for the second quarter of 2014 and a net loss from continuing operations of $3.0 million, or a loss of $0.07 per diluted share, in the comparable period in 2013.
 
 
 

 
 
EBITDA for the third quarter was $6.4 million compared to $3.9 million in the second quarter of 2014 and to $2.3 million in the comparable period in 2013.

Erez Antebi, Chief Executive Officer of Gilat, stated, “Our improved results in the third quarter come from both of our Services division and Defense and Mobility division, as well as from the cost-reduction measures we undertook last year.  Our Defense and Mobility business continued to grow. We believe we hold a significant competitive advantage in the On-The-Pause and On-The-Move markets when it comes to small-sized, light-weight, low-power terminals.”

Antebi added: “As to our 2014 management objectives, we believe that Gilat will reach higher profitability than what was mentioned previously with EBIDTA margins of about 10% for the year, although revenues are expected to be slightly lower, at a level of approximately $235 million.”

Key Recent Announcements:
 
 
·
Gilat Launches Breakthrough Satellite-Cellular Hybrid Terminal
 
·
Gilat Deploys 3G Small Cell Network for TIM Brasil in Only Two Months
 
·
Gilat and HISPASAT Enhance VNO Activity
 
·
Gilat Successfully Demonstrated Maximum 4G Handheld Device Performance over Satellite at Tier-One Operator in Asia
 
·
Terabit Wave to Provide Gilat Satcom-On-The-Move Terminals in Myanmar

The GAAP financial results include the effect of non-cash stock options expenses, amortization of intangible assets resulting from the purchase price allocation, restructuring costs and net income (loss) from discontinued operations.

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) 3-918-0644, 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 17:00 GMT/ 12:00 EST/ 19:00 IST today, until 17:00 GMT/ 12:00 EST/ 19:00 IST November 20, 2014. 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) 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 information and statements presented in accordance with GAAP, the Company presents its EBITDA before the impact of non-cash stock based compensation, 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.
 
 
 

 

 
We regularly use supplemental non-GAAP financial measures internally to understand manage and evaluate our business and make operating decisions. We believe these non-GAAP financial measures provide consistent and comparable measures to help investors understand our current and future operating cash flow performance. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.
 
(2) Operating income before depreciation, amortization, non-cash stock based compensation as per ASC 718 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. . A reconciliation of specific adjustments to GAAP results is provided in the tables below.
 
About Gilat
Gilat Satellite Networks Ltd (NASDAQ, 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.
 
Contact:
KCSA Strategic Communications
Phil Carlson – Vice President
(212) 896-1233
pcarlson@kcsa.com

Contact:
Gilat Satellite Networks
Joelle Inowlocki
JoelleI@gilat.com
 
 
 

 
 
         
GILAT SATELLITE NETWORKS LTD.
       
CONDENSED CONSOLIDATED BALANCE SHEET
       
US dollars in thousands
       
 
   
September 30,
   
December 31,
 
   
2014
   
2013
 
   
Unaudited
       
             
ASSETS
           
             
CURRENT ASSETS:
           
Cash and cash equivalents
    24,638       58,424  
Restricted cash
    34,917       18,891  
Restricted cash held by trustees
    394       3,221  
Trade receivables, net
    54,388       56,466  
Inventories
    26,065       27,141  
Other current assets
    13,936       10,143  
    Total current assets
    154,338       174,286  
                 
LONG-TERM INVESTMENTS AND RECEIVABLES:
               
Long-term restricted cash
    228       6,279  
Severance pay funds
    8,609       9,856  
Other long term receivables and deferred charges
    7,544       278  
Total long-term investments and receivables
    16,381       16,413  
                 
PROPERTY AND EQUIPMENT, NET
    93,061       85,369  
                 
INTANGIBLE ASSETS, NET
    24,435       28,830  
                 
GOODWILL
    63,870       63,870  
                 
TOTAL ASSETS
    352,085       368,768  
 
 
 

 

GILAT SATELLITE NETWORKS LTD.
       
CONDENSED CONSOLIDATED BALANCE SHEET
       
US dollars in thousands
       
 
   
September 30,
   
December 31,
 
   
2014
   
2013
 
   
Unaudited
       
             
LIABILITIES AND EQUITY
           
             
CURRENT LIABILITIES:
           
Short-term bank credit and loans
    13,517       -  
Current maturities of long-term loans
    4,614       4,665  
Trade payables
    16,137       20,900  
Accrued expenses
    19,302       16,748  
Short-term advances from customers, held by trustees
    22       -  
Other current liabilities
    35,901       54,666  
                 
   Total current liabilities
    89,493       96,979  
                 
LONG-TERM LIABILITIES:
               
Accrued severance pay
    8,423       9,628  
Long-term loans, net of current maturities
    26,507       31,251  
Other long-term liabilities
    5,031       4,877  
                 
   Total long-term liabilities
    39,961       45,756  
                 
COMMITMENTS AND CONTINGENCIES
               
                 
EQUITY:
               
Share capital - ordinary shares of NIS 0.2 par value
    1,959       1,932  
Additional paid-in capital
    875,611       873,045  
Accumulated other comprehensive income
    (471 )     1,591  
Accumulated deficit
    (654,468 )     (650,535 )
                 
Total equity
    222,631       226,033  
                 
TOTAL LIABILITIES AND EQUITY
    352,085       368,768  
 
 
 

 
 
GILAT SATELLITE NETWORKS LTD.
                             
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
 
FOR COMPARATIVE PURPOSES
                               
U.S. dollars in thousands (except share and per share data)
                       
 
         
Three months ended
               
Three months ended
       
         
30 September 2014
               
30 September 2013
       
   
GAAP
   
Adjustments (1)
   
Non-GAAP
   
GAAP
   
Adjustments (1)
   
Non-GAAP
 
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
 
                                     
Revenues
    57,135       -       57,135       51,802       -       51,802  
Cost of revenues
    38,567       (1,258 )     37,309       35,122       (1,255 )     33,867  
Gross profit
    18,568       1,258       19,826       16,680       1,255       17,935  
      32 %             35 %     32 %             35 %
Research and development expenses:
                                               
Expenses incurred
    6,714       (121 )     6,593       7,088       (128 )     6,960  
Less - grants
    854       -       854       585       -       585  
      5,860       (121 )     5,739       6,503       (128 )     6,375  
Selling and marketing expenses
    6,913       (350 )     6,563       6,919       (339 )     6,580  
General and administrative expenses
    4,258       (305 )     3,953       5,613       (304 )     5,309  
Operating income (loss)
    1,537       2,034       3,571       (2,355 )     2,026       (329 )
Financial expenses, net
    (349 )     -       (349 )     (1,490 )     -       (1,490 )
Income (loss) before taxes on income
    1,188       2,034       3,222       (3,845 )     2,026       (1,819 )
Taxes on income
    259       -       259       (804 )     -       (804 )
Net income (loss) from continuing operations
    929       2,034       2,963       (3,041 )     2,026       (1,015 )
Net income (loss) from discontinued operations
    (752 )     752       -       (1,003 )     1,003       -  
Net income (loss)
    177       2,786       2,963       (4,044 )     3,029       (1,015 )
                                                 
Basic net earnings (loss) per share from continuing operations
    0.02                       (0.07 )                
Basic net loss per share from discontinued operations
    (0.02 )                     (0.02 )                
Basic net earnings (loss) per share
    0.00               0.07       (0.09 )             (0.02 )
                                                 
Diluted net earnings (loss) per share from continuing operations
    0.02                       (0.07 )                
Diluted net loss per share from discontinued operations
    (0.02 )                     (0.02 )                
Diluted net earnings (loss) per share
    0.00               0.07       (0.09 )             (0.02 )
                                                 
Weighted average number of shares used in
                                               
   computing net earnings (loss) per share
                                               
     Basic     42,579,396               42,579,396       42,047,569               42,047,569  
     Diluted     42,995,059               43,586,395       42,047,569               42,047,569  
 
(1)
Adjustments reflect the effect of non-cash stock based compensation as per ASC 718, amortization of intangible assets related to Shares acquisition transactions, and net income (loss) from discontinued operations.
 
         
 Three months ended
               
 Three months ended
       
         
30 September 2014
               
30 September 2013
       
         
Unaudited
               
Unaudited
       
Non-cash stock-based compensation expenses:
                                   
Cost of revenues
            61                       57          
Research and development
            121                       128          
Selling and marketing
            136                       126          
General and administrative
            305                       304          
              623                       615          
                                                 
Amortization of intangible assets related to acquisition transactions:
                                 
Cost of revenues
            1,197                       1,198          
Selling and marketing
            214                       213          
              1,411                       1,411          
 
 
 

 
 
GILAT SATELLITE NETWORKS LTD.
                             
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
                   
FOR COMPARATIVE PURPOSES
                               
U.S. dollars in thousands (except share and per share data)
                       
 
         
Nine months ended
               
Nine months ended
       
         
30 September 2014
               
30 September 2013
       
   
GAAP
   
Adjustments (1)
   
Non-GAAP
   
GAAP
   
Adjustments (1)
   
Non-GAAP
 
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
 
                                     
Revenues
    162,036       -       162,036       179,138       -       179,138  
Cost of revenues
    104,173       (3,773 )     100,400       119,691       (3,737 )     115,954  
Gross profit
    57,863       3,773       61,636       59,447       3,737       63,184  
      36 %             38 %     33 %             35 %
Research and development expenses:
                                               
Expenses incurred
    20,831       (362 )     20,469       21,864       (339 )     21,525  
Less - grants
    1,802       -       1,802       1,449       -       1,449  
      19,029       (362 )     18,667       20,415       (339 )     20,076  
Selling and marketing expenses
    25,280       (1,042 )     24,238       23,679       (953 )     22,726  
General and administrative expenses
    14,011       (898 )     13,113       16,730       (839 )     15,891  
Operating income (loss)
    (457 )     6,075       5,618       (1,377 )     5,868       4,491  
Financial expenses, net
    (1,898 )     -       (1,898 )     (4,637 )     -       (4,637 )
Income (loss) before taxes on income
    (2,355 )     6,075       3,720       (6,014 )     5,868       (146 )
Taxes on income
    783       -       783       (47 )     -       (47 )
Net income (loss) from continuing operations
    (3,138 )     6,075       2,937       (5,967 )     5,868       (99 )
Net income (loss) from discontinued operations
    (795 )     795       -       (4,409 )     4,409       -  
Net income (loss)
    (3,933 )     6,870       2,937       (10,376 )     10,277       (99 )
                                                 
Basic net loss per share from continuing operations
    (0.07 )                     (0.14 )                
Basic net loss per share from discontinued operations
    (0.02 )                     (0.11 )                
Basic net earnings (loss) per share
    (0.09 )             0.07       (0.25 )             (0.00 )
                                                 
Diluted net loss per share from continuing operations
    (0.07 )                     (0.14 )                
Diluted net loss per share from discontinued operations
    (0.02 )                     (0.11 )                
Diluted net earnings (loss) per share
    (0.09 )             0.07       (0.25 )             (0.00 )
                                                 
Weighted average number of shares used in
                                               
   computing net earnings (loss) per share
                                               
       Basic     42,371,039               42,371,039       41,915,209               41,915,209  
       Diluted     42,371,039               43,615,894       41,915,209               41,915,209  
 
(1)
Adjustments reflect the effect of non-cash stock based compensation as per ASC 718, amortization of intangible assets related toShares acquisition transactions, and net income (loss) from discontinued operations.
 
         
 Nine months ended
               
 Nine months ended
       
         
30 September 2014
               
30 September 2013
       
         
Unaudited
               
Unaudited
       
Non-cash stock-based compensation expenses:
                               
Cost of revenues
            179                       143          
Research and development
            362                       339          
Selling and marketing
            404                       317          
General and administrative
            898                       839          
              1,843                       1,638          
                                                 
Amortization of intangible assets related to acquisition transactions:
                                 
Cost of revenues
            3,594                       3,594          
Selling and marketing
            638                       636          
              4,232                       4,230          
 
 
 

 
 
GILAT SATELLITE NETWORKS LTD.
               
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
             
U.S. dollars in thousands (except share and per share data)
             
 
      Nine months ended       Three months ended  
      September 30,       September 30,  
   
2014
   
2013
   
2014
   
2013
 
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
 
                         
Revenues
    162,036       179,138       57,135       51,802  
Cost of revenues
    104,173       119,691       38,567       35,122  
Gross profit
    57,863       59,447       18,568       16,680  
Research and development expenses:
                               
Expenses incurred
    20,831       21,864       6,714       7,088  
Less - grants
    1,802       1,449       854       585  
      19,029       20,415       5,860       6,503  
Selling and marketing expenses
    25,280       23,679       6,913       6,919  
General and administrative expenses
    14,011       16,730       4,258       5,613  
Operating income (loss)
    (457 )     (1,377 )     1,537       (2,355 )
Financial expenses, net
    (1,898 )     (4,637 )     (349 )     (1,490 )
Income (loss) before taxes on income
    (2,355 )     (6,014 )     1,188       (3,845 )
Taxes on income
    783       (47 )     259       (804 )
Net income (loss) from continuing operations
    (3,138 )     (5,967 )     929       (3,041 )
Net loss from discontinued operations
    (795 )     (4,409 )     (752 )     (1,003 )
Net income (loss)
    (3,933 )     (10,376 )     177       (4,044 )
                                 
Net income (loss) per share from continuing operations (basic and diluted)
    (0.07 )     (0.14 )     0.02       (0.07 )
Net loss per share from discontinued operations (basic and diluted)
    (0.02 )     (0.11 )     (0.02 )     (0.02 )
Net income (loss) per share (basic and diluted)
    (0.09 )     (0.25 )     0.00       (0.09 )
                                 
Weighted average number of shares used in
                               
   computing net loss per share
                               
    Basic
    42,371,039       41,915,209       42,579,396       42,047,569  
    Diluted
    42,371,039       41,915,209       42,995,059       42,047,569  
 
 
 

 
 
GILAT SATELLITE NETWORKS LTD.
                 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                 
US dollars in thousands
                 
 
      Nine months ended       Three months ended  
      September 30,       September 30,  
   
2014
   
2013
   
2014
   
2013
 
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
 
Cash flows from continuing operations
                       
Cash flows from operating activities:
                       
Net income (loss)
    (3,933 )     (10,376 )     177       (4,044 )
Net loss from discontinued operations
    (795 )     (4,409 )     (752 )     (1,003 )
Net income (loss) from continuing operations
    (3,138 )     (5,967 )     929       (3,041 )
Adjustments required to reconcile net income (loss)
                               
   to net cash generated provided by (used in) operating activities:
                               
Depreciation and amortization
    11,626       13,510       4,198       3,998  
Stock-based compensation
    1,843       1,638       623       615  
Accrued severance pay, net
    42       (1 )     145       (65 )
Accrued interest and exchange rate differences on
                               
   short and long-term restricted cash, net
    464       1,382       496       990  
Exchange rate differences on long-term loans
    (311 )     92       (277 )     138  
Capital loss from disposal of property and equipment
    241       13       181       1  
Deferred income taxes
    (56 )     291       (9 )     (826 )
Decrease in trade receivables, net
    1,538       666       9,572       2,871  
Decrease (increase) in other assets (including short-term, long-term
                               
   and deferred charges)
    (11,731 )     1,144       804       (2,658 )
Increase in inventories
    (1,226 )     (7,791 )     (1,925 )     (3,341 )
Increase (decrease) in trade payables
    (4,704 )     3,629       (4,652 )     603  
Increase (decrease) in accrued expenses
    1,491       (4,239 )     (2,685 )     (796 )
Decrease in advances from customers, held
                               
   by trustees
    (65 )     (4,448 )     (3,516 )     (525 )
Decrease in other current liabilities and other long term liabilities
    (19,601 )     (5,588 )     (13,759 )     (1,097 )
Net cash used in operating activities
    (23,587 )     (5,669 )     (9,875 )     (3,133 )
 
 
 

 
 
GILAT SATELLITE NETWORKS LTD.
               
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                 
US dollars in thousands
                 
 
      Nine months ended       Three months ended  
      September 30,       September 30,  
   
2014
   
2013
   
2014
   
2013
 
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
 
Cash flows from investing activities:
                       
Purchase of property and equipment
    (12,195 )     (2,817 )     (1,876 )     (997 )
Investment in restricted cash held by trustees
    (5,914 )     (14,455 )     (1,686 )     (3,219 )
Proceeds from restricted cash held by trustees
    8,625       10,283       2,037       512  
Investment in restricted cash (including long-term)
    (10,581 )     (2,481 )     (3,065 )     (116 )
Proceeds from restricted cash (including long-term)
    232       2,557       56       536  
Purchase of intangible assets
    -       (16 )     -       -  
                                 
Net cash used in investing activities
    (19,833 )     (6,929 )     (4,534 )     (3,284 )
                                 
Cash flows from financing activities:
                               
Capital lease payments
    (86 )     -       (86 )     -  
Issuance of restricted stock units and exercise of stock options
    748       579       2       17  
Payment of obligation related to the purchase of intangible assets
    (500 )     (500 )     (500 )     -  
Short term bank credit, net
    14,177       (92 )     6,961       366  
Repayment of long-term loans
    (4,484 )     (12,804 )     (154 )     (6,829 )
                                 
Net cash provided by (used in) financing activities
    9,855       (12,817 )     6,223       (6,446 )
                                 
Cash flows from discontinued operations
                               
   Net cash provided by (used in) operating activities
    -       (1,308 )     -       2,028  
   Net cash provided by (used in) investing activities
    -       705       -       (465 )
   Net cash provided by (used in) financing activities
    -       13,184       -       (634 )
      -       12,581       -       929  
                                 
Effect of exchange rate changes on cash and cash equivalents
    (221 )     (220 )     (576 )     7  
                                 
Decrease in cash and cash equivalents
    (33,786 )     (13,054 )     (8,762 )     (11,927 )
                                 
Cash and cash equivalents at the beginning of the period
    58,424       66,968       33,400       65,841  
                                 
Cash and cash equivalents at the end of the period
    24,638       53,914       24,638       53,914  
 
 
 

 
 
GILAT SATELLITE NETWORKS LTD.
                   
CONDENSED EBITDA
                   
US dollars in thousands
                   
 
    Nine months ended     Three months ended  
    September 30,     September 30,  
   
2014
   
2013
   
2014
   
2013
 
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
 
                         
Operating income (loss)
    (457 )     (1,377 )     1,537       (2,355 )
Add:
                               
Non-cash stock-based compensation expenses
    1,843       1,638       623       615  
Depreciation and amortization
    11,626       13,510       4,198       3,998  
EBITDA
    13,012       13,771       6,358       2,258  
 
 


 
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