Significant improvement on all major operational
parameters
2014 EBITDA grows 43% to $23.4 million
Continued growth in revenue and profitability
expected for 2015
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, 2014.
Key Financial Updates:
- Revenue for 2014 was $235.1 million compared to $234.9 million
in 2013
- EBITDA increased by 43% in 2014 to $23.4 million from $16.3
million in 2013
- Non-GAAP operating income increased by 200% to $13.1 million in
2014, from $4.4 million in 2013
- GAAP operating income was $5.0 million as compared to a loss of
$4.1 million in 2013
- Management objectives for 2015: continued growth to revenues
between $250 to $260 million and EBITDA between $26 to $28
million
Revenues for the fourth quarter of 2014 were $73.1 million,
compared to $55.7 million for the same period in 2013. Revenues for
the year ended December 31, 2014 were $235.1 million, compared to
$234.9 million in the year ended December 31, 2013.
On a non-GAAP basis, operating income was $7.5 million in the
fourth quarter of 2014 as compared to an operating loss of $0.1
million in the comparable quarter of 2013. Operating income for
2014 on a non-GAAP basis was $13.1 million compared to operating
income of $4.4 million in 2013.
On a GAAP basis, operating income was $5.5 million in the fourth
quarter of 2014 as compared to an operating loss of $2.7 million in
the comparable quarter of 2013. Operating income for 2014 on a GAAP
basis was $5 million compared to operating loss of $4.1 million in
2013.
On a non-GAAP basis, net income for the quarter was $4.4 million
or $0.1 per diluted share compared to net loss of $1.0 million or
$0.02 per diluted share in the same quarter of 2013. Net income for
2014 on a non-GAAP basis was $7.4 million or $0.17 per diluted
share compared to net loss of $1.1 million or $0.03 per diluted
share in 2013.
On a GAAP basis, net income for the quarter was $2.4 million or
$0.06 per diluted share compared to net loss from continuing
operations of $3.6 million or $0.09 per diluted share in the same
quarter of 2013. Net loss from continuing operations for 2014 on a
GAAP basis was $0.7 million or $0.02 per diluted share compared to
net loss from continuing operations of $9.6 million or $0.23 per
diluted share in 2013.
EBITDA for the fourth quarter of 2014 reached $10.4 million
compared with $2.5 million in the comparable period in 2013. EBITDA
for the twelve months of 2014 reached $23.4 million compared with
$16.3 million in the comparable period in 2013.
"2014 was a good year for Gilat, with significant improvement in
all major operational parameters, most of all: profitability," said
Erez Antebi, CEO of Gilat. "Looking forward, we begin 2015 with a
growth focused strategy and a strong product portfolio that enables
us to position ourselves successfully in the growing markets, such
as HTS, Mobility and Cellular Backhaul. We expect continued
improvements in 2015, and our management objectives are to reach
revenues between $250 and $260 million and EBIDTA between $26 to
$28 million for the year. As in 2014, we expect the second half of
2015 to be significantly stronger than the first half."
Key Recent Announcements:
- Delnet International Corp. taps Gilat to provide cellular
backhaul solution for SMART
- Gilat Announces Appointment of Yuval Ronen as Chief Financial
Officer
- O3b Certifies Gilat's meoEdge TDMA/SCPC Terminal
- LATAM Telco Selects Gilat's High-Throughput Satellite
Platform
- Delnet Philippines Selects Gilat to Provide Enterprise VSAT
Network Solution for PLDT
- Uruguay's OpenSky Orders Gilat VSATs for ANTEL
- Azercosmos and Gilat Sign Partnership Agreement to Offer
Managed Services on Azerspace-1
- Gilat Reports SkyEdge II-c Orders for SES's Astra Connect
Service
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, 2015. 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,
operating 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
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, |
|
2014 |
2013 |
|
Unaudited |
|
|
|
|
ASSETS |
|
|
|
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
27,726 |
58,424 |
Restricted cash |
25,983 |
18,891 |
Restricted cash held by trustees |
15,441 |
3,221 |
Trade receivables, net |
57,728 |
56,466 |
Inventories |
25,112 |
27,141 |
Other current assets |
14,760 |
10,143 |
Total current
assets |
166,750 |
174,286 |
|
|
|
LONG-TERM INVESTMENTS AND
RECEIVABLES: |
|
|
Long-term restricted cash |
216 |
6,279 |
Severance pay funds |
8,085 |
9,856 |
Other long term receivables and deferred
charges |
12,124 |
278 |
Total long-term investments and
receivables |
20,425 |
16,413 |
|
|
|
PROPERTY AND EQUIPMENT,
NET |
90,893 |
85,369 |
|
|
|
INTANGIBLE ASSETS, NET |
22,970 |
28,830 |
|
|
|
GOODWILL |
63,870 |
63,870 |
|
|
|
TOTAL ASSETS |
364,908 |
368,768 |
|
|
|
GILAT SATELLITE NETWORKS
LTD. |
CONDENSED CONSOLIDATED
BALANCE SHEET |
US dollars in
thousands |
|
December 31, |
December 31, |
|
2014 |
2013 |
|
Unaudited |
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
Short-term bank credit and loans |
15,857 |
-- |
Current maturities of long-term
loans |
4,595 |
4,665 |
Trade payables |
22,850 |
20,900 |
Accrued expenses |
22,475 |
16,748 |
Short-term advances from customers, held
by trustees |
12,858 |
-- |
Other current liabilities |
21,527 |
54,666 |
|
|
|
Total current
liabilities |
100,162 |
96,979 |
|
|
|
LONG-TERM LIABILITIES: |
|
|
Accrued severance pay |
8,157 |
9,628 |
Long-term loans, net of current
maturities |
26,271 |
31,251 |
Other long-term liabilities |
5,179 |
4,877 |
|
|
|
Total long-term
liabilities |
39,607 |
45,756 |
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
EQUITY: |
|
|
Share capital - ordinary shares of NIS
0.2 par value |
1,966 |
1,932 |
Additional paid-in capital |
876,624 |
873,045 |
Accumulated other comprehensive
income |
(1,420) |
1,591 |
Accumulated deficit |
(652,031) |
(650,535) |
|
|
|
Total equity |
225,139 |
226,033 |
|
|
|
TOTAL LIABILITIES AND
EQUITY |
364,908 |
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 |
|
|
|
31 December
2014 |
|
|
31 December
2013 |
|
|
GAAP |
Adjustments (1) |
Non-GAAP |
GAAP |
Adjustments (1) |
Non-GAAP |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Revenues |
73,097 |
-- |
73,097 |
55,728 |
-- |
55,728 |
Cost of revenues |
47,325 |
(1,251) |
46,074 |
35,519 |
(1,256) |
34,263 |
Gross profit |
25,772 |
1,251 |
27,023 |
20,209 |
1,256 |
21,465 |
|
35% |
|
37% |
36% |
|
39% |
Research and development
expenses: |
|
|
|
|
|
|
Expenses incurred |
6,804 |
(112) |
6,692 |
7,627 |
(129) |
7,498 |
Less - grants |
675 |
-- |
675 |
142 |
-- |
142 |
|
6,129 |
(112) |
6,017 |
7,485 |
(129) |
7,356 |
Selling and marketing expenses |
7,257 |
(346) |
6,911 |
8,535 |
(344) |
8,191 |
General and administrative expenses |
6,892 |
(283) |
6,609 |
6,341 |
(312) |
6,029 |
Restructuring Costs |
-- |
-- |
-- |
564 |
(564) |
-- |
Operating income (loss) |
5,494 |
1,992 |
7,486 |
(2,716) |
2,605 |
(111) |
Financial income (expenses), net |
(1,939) |
-- |
(1,939) |
(1,602) |
-- |
(1,602) |
Income (loss) before taxes on
income |
3,555 |
1,992 |
5,547 |
(4,318) |
2,605 |
(1,713) |
Taxes on income |
1,118 |
-- |
1,118 |
(708) |
-- |
(708) |
Net income (loss) from continuing
operations |
2,437 |
1,992 |
4,429 |
(3,610) |
2,605 |
(1,005) |
Net income (loss) from discontinued
operations |
-- |
-- |
-- |
(3,911) |
3,911 |
-- |
Net income (loss) |
2,437 |
1,992 |
4,429 |
(7,521) |
6,516 |
(1,005) |
|
|
|
|
|
|
|
Basic net earnings (loss) per share
from continuing operations |
0.06 |
|
|
(0.09) |
|
|
Basic net earnings (loss) per share
from discontinued operations |
-- |
|
|
(0.09) |
|
|
Basic net earnings (loss) per
share |
0.06 |
|
0.10 |
(0.18) |
|
(0.02) |
|
|
|
|
|
|
|
Diluted net earnings (loss) per share
from continuing operations |
0.06 |
|
|
(0.09) |
|
|
Diluted net earnings (loss) per share
from discontinued operations |
-- |
|
|
(0.09) |
|
|
Diluted net earnings (loss) per
share |
0.06 |
|
0.10 |
(0.18) |
|
(0.02) |
|
|
|
|
|
|
|
Weighted average number of shares
used in computing net earnings (loss) per share |
|
|
|
|
|
|
Basic |
42,664,812 |
|
42,664,812 |
42,098,075 |
|
42,098,075 |
Diluted |
43,165,834 |
|
43,640,235 |
42,098,075 |
|
42,098,075 |
|
|
|
|
|
|
|
(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 |
|
|
|
31 December
2014 |
|
|
31 December
2013 |
|
|
|
Unaudited |
|
|
Unaudited |
|
Non-cash stock-based compensation
expenses: |
|
|
|
|
|
|
Cost of revenues |
|
53 |
|
|
58 |
|
Research and development |
|
112 |
|
|
129 |
|
Selling and marketing |
|
134 |
|
|
131 |
|
General and administrative |
|
283 |
|
|
312 |
|
|
|
582 |
|
|
630 |
|
|
|
|
|
|
|
|
Amortization of intangible assets
related to acquisition transactions: |
|
|
|
|
|
|
Cost of revenues |
|
1,198 |
|
|
1,198 |
|
Selling and marketing |
|
212 |
|
|
213 |
|
|
|
1,410 |
|
|
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) |
|
|
Year
ended |
|
|
Year
ended |
|
|
|
31 December
2014 |
|
|
31 December
2013 |
|
|
GAAP |
Adjustments (1) |
Non-GAAP |
GAAP |
Adjustments (1) |
Non-GAAP |
|
Unaudited |
Unaudited |
Unaudited |
|
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Revenues |
235,133 |
-- |
235,133 |
234,866 |
-- |
234,866 |
Cost of revenues |
151,498 |
(5,024) |
146,474 |
155,210 |
(4,993) |
150,217 |
Gross profit |
83,635 |
5,024 |
88,659 |
79,656 |
4,993 |
84,649 |
|
36% |
|
38% |
34% |
|
36% |
Research and development
expenses: |
|
|
|
|
|
|
Expenses incurred |
27,635 |
(474) |
27,161 |
29,491 |
(468) |
29,023 |
Less - grants |
2,477 |
-- |
2,477 |
1,591 |
-- |
1,591 |
|
25,158 |
(474) |
24,684 |
27,900 |
(468) |
27,432 |
Selling and marketing expenses |
32,537 |
(1,388) |
31,149 |
32,214 |
(1,297) |
30,917 |
General and administrative expenses |
20,903 |
(1,181) |
19,722 |
23,071 |
(1,151) |
21,920 |
Restructuring Costs |
-- |
-- |
-- |
564 |
(564) |
-- |
Operating income (loss) |
5,037 |
8,067 |
13,104 |
(4,093) |
8,473 |
4,380 |
Financial income (expenses), net |
(3,837) |
-- |
(3,837) |
(6,239) |
-- |
(6,239) |
Income (loss) before taxes on
income |
1,200 |
8,067 |
9,267 |
(10,332) |
8,473 |
(1,859) |
Taxes on income |
1,901 |
-- |
1,901 |
(755) |
-- |
(755) |
Net income (loss) from continuing
operations |
(701) |
8,067 |
7,366 |
(9,577) |
8,473 |
(1,104) |
Net income (loss) from discontinued
operations |
(795) |
795 |
-- |
(8,320) |
8,320 |
-- |
Net income (loss) |
(1,496) |
8,862 |
7,366 |
(17,897) |
16,793 |
(1,104) |
|
|
|
|
|
|
|
Basic net earnings (loss) per share
from continuing operations |
(0.02) |
|
|
(0.23) |
|
|
Basic net loss per share from
discontinued operations |
(0.02) |
|
|
(0.20) |
|
|
Basic net earnings (loss) per
share |
(0.04) |
|
0.17 |
(0.43) |
|
(0.03) |
|
|
|
|
|
|
|
Diluted net earnings (loss) per share
from continuing operations |
(0.02) |
|
|
(0.23) |
|
|
Diluted net loss per share from
discontinued operations |
(0.02) |
|
|
(0.20) |
|
|
Diluted net earnings (loss) per
share |
(0.04) |
|
0.17 |
(0.43) |
|
(0.03) |
|
|
|
|
|
|
|
Weighted average number of shares
used in computing net earnings (loss) per share |
|
|
|
|
|
|
Basic |
42,444,482 |
|
42,444,482 |
41,960,925 |
|
41,960,925 |
Diluted |
42,444,482 |
|
43,621,979 |
41,960,925 |
|
41,960,925 |
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
Year
ended |
|
|
Year
ended |
|
|
|
31 December
2014 |
|
|
31 December
2013 |
|
|
|
Unaudited |
|
|
Unaudited |
|
Non-cash stock-based compensation
expenses: |
|
|
|
|
|
|
Cost of revenues |
|
232 |
|
|
201 |
|
Research and development |
|
474 |
|
|
468 |
|
Selling and marketing |
|
538 |
|
|
448 |
|
General and administrative |
|
1,181 |
|
|
1,151 |
|
|
|
2,425 |
|
|
2,268 |
|
|
|
|
|
|
|
|
Amortization of intangible assets
related to acquisition transactions: |
|
|
|
|
|
|
Cost of revenues |
|
4,792 |
|
|
4,792 |
|
Selling and marketing |
|
850 |
|
|
849 |
|
|
|
5,642 |
|
|
5,641 |
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS
LTD. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
U.S. dollars in thousands
(except share and per share data) |
|
Year ended |
Three months
ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
|
Unaudited |
|
Unaudited |
Unaudited |
|
|
|
|
|
Revenues |
235,133 |
234,866 |
73,097 |
55,728 |
Cost of revenues |
151,498 |
155,210 |
47,325 |
35,519 |
Gross profit |
83,635 |
79,656 |
25,772 |
20,209 |
|
|
|
|
|
Research and development
expenses: |
|
|
|
|
Expenses incurred |
27,635 |
29,491 |
6,804 |
7,627 |
Less - grants |
2,477 |
1,591 |
675 |
142 |
|
25,158 |
27,900 |
6,129 |
7,485 |
Selling and marketing expenses |
32,537 |
32,214 |
7,257 |
8,535 |
General and administrative expenses |
20,903 |
23,071 |
6,892 |
6,341 |
Restructuring Costs |
-- |
564 |
-- |
564 |
Operating income (loss) |
5,037 |
(4,093) |
5,494 |
(2,716) |
Financial expenses, net |
(3,837) |
(6,239) |
(1,939) |
(1,602) |
Income (loss) before taxes on
income |
1,200 |
(10,332) |
3,555 |
(4,318) |
Taxes on income (tax benefit) |
1,901 |
(755) |
1,118 |
(708) |
Net income (loss) from continuing
operations |
(701) |
(9,577) |
2,437 |
(3,610) |
Net loss from discontinued
operations |
(795) |
(8,320) |
-- |
(3,911) |
Net income (loss) |
(1,496) |
(17,897) |
2,437 |
(7,521) |
|
|
|
|
|
Net income (loss) per share from
continuing operations (basic and diluted) |
(0.02) |
(0.23) |
0.06 |
(0.09) |
Net loss per share from discontinued
operations (basic and diluted) |
(0.02) |
(0.20) |
-- |
(0.09) |
Net income (loss) per share (basic
and diluted) |
(0.04) |
(0.43) |
0.06 |
(0.18) |
|
|
|
|
|
Weighted average number
of shares used in computing net earnings (loss) per
share |
|
|
|
Basic |
42,444,482 |
41,960,925 |
42,664,812 |
42,098,075 |
Diluted |
42,444,482 |
41,960,925 |
43,165,834 |
42,098,075 |
|
|
|
|
|
GILAT SATELLITE NETWORKS
LTD. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
US dollars in
thousands |
|
|
|
|
|
|
Year ended |
Three months
ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
|
Unaudited |
|
Unaudited |
Unaudited |
Cash flows from continuing
operations |
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
Net income (loss) |
(1,496) |
(17,897) |
2,437 |
(7,521) |
Net loss from discontinued
operations |
(795) |
(8,320) |
-- |
(3,911) |
Net income (loss) from continuing
operations |
(701) |
(9,577) |
2,437 |
(3,610) |
Adjustments required to reconcile net
income (loss) |
|
|
|
|
to net cash generated provided by
(used in) operating activities: |
|
|
|
|
Depreciation and amortization |
15,951 |
17,559 |
4,325 |
4,049 |
Stock-based compensation |
2,425 |
2,268 |
582 |
630 |
Accrued severance pay, net |
301 |
(38) |
259 |
(37) |
Accrued interest and exchange rate
differences on short and long-term restricted cash, net |
858 |
307 |
394 |
(1,075) |
Exchange rate differences on long-term
loans |
(416) |
157 |
(105) |
65 |
Capital loss from disposal of property and
equipment |
430 |
48 |
189 |
35 |
Deferred income taxes |
7 |
(2,733) |
63 |
(3,024) |
Increase in trade receivables, net |
(2,457) |
(4,228) |
(3,995) |
(4,894) |
Decrease (increase) in other assets
(including short-term, long-term and deferred charges) |
(20,251) |
10,740 |
(8,520) |
9,596 |
Decrease (increase) in inventories |
(445) |
(6,502) |
781 |
1,289 |
Increase (decrease) in trade payables |
2,226 |
(1,225) |
6,930 |
(4,854) |
Increase (decrease) in accrued expenses |
5,401 |
(4,703) |
3,910 |
(464) |
Increase (decrease) in advances from
customers, held by trustees |
14,068 |
(4,448) |
14,133 |
-- |
Increase (decrease) in other current
liabilities and other long term liabilities |
(33,559) |
18,772 |
(13,958) |
24,360 |
Net cash provided by (used in)
operating activities |
(16,162) |
16,397 |
7,425 |
22,066 |
|
|
|
|
|
GILAT SATELLITE NETWORKS
LTD. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
US dollars in
thousands |
|
|
|
|
|
|
Year ended |
Three months
ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
|
Unaudited |
|
Unaudited |
Unaudited |
Cash flows from investing
activities: |
|
|
|
|
Purchase of property and equipment |
(12,630) |
(4,063) |
(435) |
(1,246) |
Investment in restricted cash held by
trustees |
(24,869) |
(17,587) |
(18,955) |
(3,132) |
Proceeds from restricted cash held by
trustees |
12,306 |
13,744 |
3,681 |
3,461 |
Investment in restricted cash (including
long-term) |
(12,788) |
(25,961) |
(2,207) |
(23,480) |
Proceeds from restricted cash (including
long-term) |
11,228 |
2,975 |
10,996 |
418 |
Purchase of intangible assets |
-- |
(16) |
-- |
-- |
|
|
|
|
|
Net cash used in investing
activities |
(26,753) |
(30,908) |
(6,920) |
(23,979) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Capital lease payments |
(234) |
-- |
(148) |
-- |
Issuance of restricted stock units and
exercise of stock options |
1,185 |
581 |
437 |
2 |
Payment of obligation related to the purchase
of intangible assets |
(500) |
(500) |
-- |
-- |
Short term bank credit, net |
16,571 |
(3,518) |
2,394 |
(3,426) |
Repayment of long-term loans |
(4,633) |
(12,950) |
(149) |
(146) |
|
|
|
|
|
Net cash provided by (used in)
financing activities |
12,389 |
(16,387) |
2,534 |
(3,570) |
|
|
|
|
|
Cash flows from discontinued
operations |
|
|
|
|
Net cash used in operating
activities |
-- |
(5,996) |
-- |
(4,688) |
Net cash provided by investing
activities |
-- |
15,791 |
-- |
15,086 |
Net cash provided by (used in) financing
activities |
-- |
12,884 |
-- |
(300) |
|
-- |
22,679 |
-- |
10,098 |
|
|
|
|
|
Effect of exchange rate changes on
cash and cash equivalents |
(172) |
(325) |
49 |
(105) |
|
|
|
|
|
Decrease in cash and cash
equivalents |
(30,698) |
(8,544) |
3,088 |
4,510 |
|
|
|
|
|
Cash and cash equivalents at the
beginning of the period |
58,424 |
66,968 |
24,638 |
53,914 |
|
|
|
|
|
Cash and cash equivalents at the end
of the period |
27,726 |
58,424 |
27,726 |
58,424 |
|
|
|
|
|
GILAT SATELLITE NETWORKS
LTD. |
CONDENSED
EBITDA |
US dollars in
thousands |
|
Year ended |
Three months
ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
Operating income (loss) |
5,037 |
(4,093) |
5,494 |
(2,716) |
Add: |
|
|
|
|
Non-cash stock-based compensation
expenses |
2,425 |
2,268 |
582 |
630 |
Restructuring costs |
-- |
564 |
-- |
564 |
Depreciation and amortization |
15,951 |
17,559 |
4,325 |
4,049 |
EBITDA |
23,413 |
16,298 |
10,401 |
2,527 |
|
|
|
|
|
CONTACT: Gilat Satellite Networks
Joelle Inowlocki
JoelleI@gilat.com
KCSA Strategic Communications
Phil Carlson, Vice President
(212) 896-1233
pcarlson@kcsa.com
Thomas Mei, Account Executive
(212) 896-1208
tmei@kcsa.com
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