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, 2017.
Key Financial Highlights:
- Revenues for Q1 2017 increased 21% to $63.9 million from $52.7
million in Q1 2016.
- Profitability continued to improve year-over-year: - GAAP
operating profitability improved to $18 thousand in Q1 2017,
compared with an operating loss of $3.0 million in Q1 2016. -
Non-GAAP operating income improved to $2.5 million, compared with a
non-GAAP operating loss of $1.2 million in Q1 2016. - GAAP loss was
$0.8 million, or $0.01 per diluted share, compared with a GAAP loss
of $4.0 million, or $0.09 per diluted share, in Q1 2016. - Non-GAAP
net income was $1.7 million, or $0.03 per diluted share, compared
with a non-GAAP loss of $2.2 million, or $0.05 per diluted share,
in Q1 2016. - Adjusted EBITDA increased to $4.2 million, or 6.6% of
revenues, compared with Adjusted EBITDA of $0.8 million, or 1.4% of
revenues, in Q1 2016.
- Reiterated management objectives for 2017: revenues between
$280 to $300 million, GAAP operating income between $4 and $8
million, and Adjusted EBITDA of between $20 and $24 million.
Yona Ovadia, CEO of Gilat, commented: “I am pleased to report
that Gilat achieved further positive results in the first quarter
of 2017 as evidenced by continued year-over-year improvement in
profitability, both on a GAAP and non-GAAP basis. It shows the
fruit of focusing on our growth engines and on more profitable
revenues, along with our continued drive to reduce costs.
"Our management objectives for 2017 indicate that profitability
remains our priority, while we continue to develop our broadband
and mobility growth engines based on product innovation and
technology leadership.
“In the first quarter, we saw important substantiation of our
strategic direction. I am pleased to report that in a high-profile
live airborne event held last week by Gogo, the leading IFC player,
our IFC modem demonstrated unprecedented performance and received
high marks from the analyst and media community.
"In addition, we are seeing industry acknowledgement of cellular
backhaul over satellite, now moving into the mainstream and
competing with terrestrial solutions. A number of Tier 1 customers
are already implementing their LTE networks with our de-facto
leading cellular backhaul solution, and we see additional
opportunity ahead.
Mr. Ovadia concluded: “We are pleased with the first quarter
results that are due to focusing on our strategy. We will continue
to execute upon this strategy, and are optimistic regarding the
rest of the year.”
Key Recent Announcements:
- Gilat's In-Flight Modem Exhibits Unprecedented Performance in
Gogo's Live Airborne Media and Investor Event
- Gilat Announces Availability of Mobility-Ready Solution for
On-the-Move Applications on Land, Sea and Air
- Gilat and Hughes to Unveil High Performance Dual-Band Aero
Antenna for In-Flight Connectivity (IFC) at Satellite 2017
- Gilat Announces Availability of Ultra-Compact, High Throughput
SATCOM Terminal for Unmanned Aircraft Systems (UAS)
- SES and Gilat Join Forces to Make Connectivity at Sea More
Accessible
Conference Call and Webcast Details:
Gilat management will host a conference call today,
Tuesday, May 16, to discuss the first quarter results.
The details are as follows:
Conference Call and Webcast
Date: |
Tuesday, May 16,
2017 |
Start: |
09:30 AM EDT / 16:30
IDT |
Dial-in: |
US: 1-888-407-2553 |
|
International: (972)
3-918-0610 |
A simultaneous Webcast of the conference call will be available
on the Gilat website at www.gilat.com and through this link:
http://www.veidan-stream.com/?con=Gilat_Satellite_Networks_Q1_2017_Results
The webcast will also be archived for a period of 30 days on the
Company’s website and through the link above.
Conference Call Replay
Start: |
May 16, 2017 at 12:00
PM EDT / 19:00 IDT |
End: |
May 19, 2017 at 12:00
PM EDT / 19:00 IDT |
Dial-in: |
US: 1-888-782-4291 |
|
International: (972)
3-925-5918 |
Non-GAAP Measures The attached summary
unaudited financial statements were prepared in accordance with
U.S. Generally Accepted Accounting Principles (GAAP). To supplement
the consolidated financial statements presented in accordance with
GAAP, the Company presents Non-GAAP presentations of net income,
operating income, Adjusted EBITDA and earnings per share. The
adjustments to the company’s GAAP results are made with the intent
of providing both management and investors a more complete
understanding of the company’s underlying operational results,
trends and performance. Gilat is presenting Adjusted EBITDA
(operating income before depreciation, amortization, non-cash stock
option expenses and other costs related to acquisition
transactions, restructuring cost, goodwill impairment, impairment
of long lived assets and trade secrets litigation expenses) due to
significant litigation expenses relating to a trade secrets
litigation that was recently resolved.
Adjusted EBITDA is presented to compare the company’s
performance to that of prior periods and evaluate the company’s
financial and operating results on a consistent basis from period
to period. The company also believes this measure, when viewed in
combination with the company’s financial results prepared in
accordance with GAAP, provides useful information to investors to
evaluate ongoing operating results and trends. Adjusted EBITDA,
however, should not be considered as an alternative to operating
income or net income for the period and may not be indicative of
the historic operating results of the Company; nor is it meant to
be predictive of potential future results. Adjusted 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. Reconciliation between the
Company's Operating income and Adjusted EBITDA is presented in the
attached summary financial statements.
Non-GAAP presentations of net income, operating income, Adjusted
EBITDA and earnings per share should not be considered in isolation
or as a substitute for any of the consolidated statements of
operations prepared in accordance with GAAP, or as an indication of
Gilat’s operating performance or liquidity.
About GilatGilat Satellite Networks Ltd.
(NASDAQ:GILT) (TASE:GILT) is a leading global provider of
satellite-based broadband communications. With 30 years of
experience, we design and manufacture cutting-edge ground segment
equipment, and provide comprehensive solutions and end-to-end
services, powered by our innovative technology. Delivering high
value competitive solutions, our portfolio comprises of a cloud
based VSAT network platform, high-speed modems, high performance
on-the-move antennas and high efficiency, high power Solid State
Amplifiers (SSPA) and Block Upconverters (BUC).
Gilat’s comprehensive solutions support multiple applications
with a full portfolio of products to address key applications
including broadband access, cellular backhaul, enterprise,
in-flight connectivity, maritime, trains, defense and public
safety, all while meeting the most stringent service level
requirements. Gilat controlling shareholders are the FIMI
Private Equity Funds. For more information, please visit:
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. We undertake
no obligation to update or revise any forward-looking statements
for any reason. 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 STATEMENTS OF
OPERATIONS |
|
U.S. dollars in thousands (except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
March 31, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
$ |
63,931 |
|
|
$ |
52,665 |
|
|
Cost of
revenues |
|
|
|
46,590 |
|
|
|
40,267 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
17,341 |
|
|
|
12,398 |
|
|
|
|
|
|
|
|
|
|
Research
and development expenses |
|
|
6,755 |
|
|
|
5,888 |
|
|
Less -
grants |
|
|
|
47 |
|
|
|
86 |
|
|
Research
and development, net |
|
|
|
6,708 |
|
|
|
5,802 |
|
|
Selling and
marketing expenses |
|
|
|
5,795 |
|
|
|
5,123 |
|
|
General and
administrative expenses |
|
|
4,820 |
|
|
|
4,438 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
|
17,323 |
|
|
|
15,363 |
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
18 |
|
|
|
(2,965 |
) |
|
|
|
|
|
|
|
|
|
Financial
expenses, net |
|
|
|
(804 |
) |
|
|
(743 |
) |
|
|
|
|
|
|
|
|
|
Loss before taxes on income |
|
|
|
(786 |
) |
|
|
(3,708 |
) |
|
|
|
|
|
|
|
|
|
Taxes on
income (tax benefit) |
|
|
|
(2 |
) |
|
|
318 |
|
|
|
|
|
|
|
|
|
|
Loss |
|
|
$ |
(784 |
) |
|
$ |
(4,026 |
) |
|
|
|
|
|
|
|
|
|
Loss per share (basic and diluted) |
|
$ |
(0.01 |
) |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing loss
per share (basic and diluted) |
|
|
54,623,685 |
|
|
|
44,382,379 |
|
|
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 |
|
|
|
|
|
|
|
|
March 31, 2017 |
|
March 31, 2016 |
|
|
|
|
|
|
|
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
|
|
|
$ |
17,341 |
|
|
|
1,205 |
|
|
$ |
18,546 |
|
$ |
12,398 |
|
|
|
1,184 |
|
|
$ |
13,582 |
|
|
Operating
expenses |
|
|
|
|
|
17,323 |
|
|
|
(1,236 |
) |
|
|
16,087 |
|
|
15,363 |
|
|
|
(631 |
) |
|
|
14,732 |
|
|
Operating
income (loss) |
|
|
|
|
|
18 |
|
|
|
2,441 |
|
|
|
2,459 |
|
|
(2,965 |
) |
|
|
1,815 |
|
|
|
(1,150 |
) |
|
Income
(loss) before taxes on income |
|
|
|
|
(786 |
) |
|
|
2,441 |
|
|
|
1,655 |
|
|
(3,708 |
) |
|
|
1,815 |
|
|
|
(1,893 |
) |
|
Income
(loss) |
|
|
|
|
|
$ |
(784 |
) |
|
|
2,441 |
|
|
$ |
1,657 |
|
$ |
(4,026 |
) |
|
|
1,815 |
|
|
$ |
(2,211 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) per share (basic and diluted) |
|
|
|
$ |
(0.01 |
) |
|
|
0.04 |
|
|
$ |
0.03 |
|
$ |
(0.09 |
) |
|
|
0.04 |
|
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing income (loss) per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
54,623,685 |
|
|
|
|
|
54,623,685 |
|
|
44,382,379 |
|
|
|
|
|
44,382,379 |
|
|
|
Diluted |
|
|
|
|
|
|
54,623,685 |
|
|
|
|
|
54,836,436 |
|
|
44,382,379 |
|
|
|
|
|
44,382,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 trade secrets
litigation expenses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017 |
|
|
|
|
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
loss |
|
|
|
|
|
|
|
|
|
$ |
(784 |
) |
|
|
|
|
|
|
$ |
(4,026 |
) |
|
|
|
Gross
profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
stock-based compensation expenses (income) |
|
|
|
|
|
10 |
|
|
|
|
|
|
|
(11 |
) |
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
|
|
1,195 |
|
|
|
|
|
|
|
1,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,205 |
|
|
|
|
|
|
|
1,184 |
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
stock-based compensation expenses |
|
|
|
|
|
|
194 |
|
|
|
|
|
|
|
212 |
|
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
|
|
194 |
|
|
|
|
|
|
|
193 |
|
|
|
|
Trade
secrets litigation expenses |
|
|
|
|
|
|
|
848 |
|
|
|
|
|
|
|
226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,236 |
|
|
|
|
|
|
|
631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non GAAP
income (loss) |
|
|
|
|
|
|
$ |
1,657 |
|
|
|
|
|
|
$ |
(2,211 |
) |
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
CONDENSED ADJUSTED EBITDA |
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
March
31, |
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
GAAP
operating income (loss) |
|
$ |
18 |
|
$ |
(2,965 |
) |
|
Add: |
|
|
|
|
|
|
Non-cash
stock-based compensation expenses |
|
204 |
|
|
201 |
|
|
Trade
secrets litigation expenses |
|
848 |
|
|
226 |
|
|
Depreciation and amortization |
|
|
3,165 |
|
|
3,301 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
$ |
4,235 |
|
$ |
763 |
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
CONDENSED CONSOLIDATED BALANCE SHEET |
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
65,076 |
|
|
$ |
40,133 |
|
|
|
Restricted cash |
|
|
23,817 |
|
|
|
62,229 |
|
|
|
Restricted cash held by trustees |
|
|
4,081 |
|
|
|
9,058 |
|
|
|
Trade
receivables, net |
|
|
96,360 |
|
|
|
89,377 |
|
|
|
Inventories |
|
|
24,634 |
|
|
|
21,469 |
|
|
|
Other
current assets |
|
|
20,996 |
|
|
|
17,017 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
234,964 |
|
|
|
239,283 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM
INVESTMENTS AND RECEIVABLES: |
|
|
|
|
|
|
Severance
pay funds |
|
|
8,228 |
|
|
|
7,791 |
|
|
|
Other
long term receivables |
|
|
402 |
|
|
|
436 |
|
|
|
|
|
|
|
|
|
|
Total long-term investments and receivables |
|
|
8,630 |
|
|
|
8,227 |
|
|
|
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET |
|
|
80,408 |
|
|
|
80,837 |
|
|
|
|
|
|
|
|
|
|
INTANGIBLE
ASSETS, NET |
|
|
9,940 |
|
|
|
11,383 |
|
|
|
|
|
|
|
|
|
|
GOODWILL |
|
|
43,468 |
|
|
|
43,468 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
377,410 |
|
|
$ |
383,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
CONDENSED CONSOLIDATED BALANCE SHEET |
|
|
U.S. dollars in thousands |
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Current
maturities of long-term loans |
|
|
4,493 |
|
|
|
4,617 |
|
|
|
Trade
payables |
|
|
29,317 |
|
|
|
29,625 |
|
|
|
Accrued
expenses |
|
|
61,025 |
|
|
|
53,429 |
|
|
|
Advances
from customers and deferred revenues |
|
|
32,147 |
|
|
|
37,659 |
|
|
|
Advances
from customers, held by trustees |
|
|
3,334 |
|
|
|
7,498 |
|
|
|
Other
current liabilities |
|
|
14,368 |
|
|
|
13,846 |
|
|
|
|
|
|
|
|
|
|
Total current
liabilities |
|
|
144,684 |
|
|
|
146,674 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
Accrued
severance pay |
|
|
7,860 |
|
|
|
7,485 |
|
|
|
Long-term
loans, net of current maturities |
|
|
12,840 |
|
|
|
16,932 |
|
|
|
Other
long-term liabilities |
|
|
1,768 |
|
|
|
2,281 |
|
|
|
|
|
|
|
|
|
|
Total long-term
liabilities |
|
|
22,468 |
|
|
|
26,698 |
|
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
Share
capital - ordinary shares of NIS 0.2 par value |
|
|
2,596 |
|
|
|
2,593 |
|
|
|
Additional paid-in capital |
|
|
920,687 |
|
|
|
920,162 |
|
|
|
Accumulated other comprehensive loss |
|
|
(2,481 |
) |
|
|
(3,224 |
) |
|
|
Accumulated deficit |
|
|
(710,544 |
) |
|
|
(709,705 |
) |
|
|
|
|
|
|
|
|
|
Total equity |
|
|
210,258 |
|
|
|
209,826 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
377,410 |
|
|
$ |
383,198 |
|
|
GILAT SATELLITE NETWORKS LTD. |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
March
31, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
Unaudited |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Loss |
|
|
$ |
(784 |
) |
|
$ |
(4,026 |
) |
|
Adjustments required to reconcile loss |
|
|
|
|
|
|
to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
3,165 |
|
|
|
3,301 |
|
|
Stock-based
compensation of options and RSU's |
|
|
|
204 |
|
|
|
201 |
|
|
Accrued
severance pay, net |
|
|
|
(61 |
) |
|
|
(123 |
) |
|
Accrued
interest and exchange rate differences on |
|
|
|
|
|
|
short and long-term restricted cash, net |
|
|
|
(141 |
) |
|
|
(409 |
) |
|
Exchange
rate differences on long-term loans |
|
|
|
25 |
|
|
|
90 |
|
|
Deferred
income taxes, net |
|
|
|
(16 |
) |
|
|
- |
|
|
Increase in
trade receivables, net |
|
|
|
(6,955 |
) |
|
|
(1,394 |
) |
|
Increase in
other assets (including short-term, long-term |
|
|
|
|
|
|
and deferred charges) |
|
|
|
(3,254 |
) |
|
|
(2,154 |
) |
|
Increase in
inventories |
|
|
|
(3,312 |
) |
|
|
(2,685 |
) |
|
Decrease in
restricted cash directly related to operating activities, net |
|
37,879 |
|
|
|
6,304 |
|
|
Increase
(decrease) in trade payables |
|
|
|
(392 |
) |
|
|
4,089 |
|
|
Increase in
accrued expenses |
|
|
|
7,493 |
|
|
|
7,408 |
|
|
Decrease in
advances from customers |
|
|
|
(3,098 |
) |
|
|
(11,823 |
) |
|
Decrease in
advances from customers, held |
|
|
|
|
|
|
by trustees |
|
|
|
(4,412 |
) |
|
|
(4,063 |
) |
|
Increase
(decrease) in other current liabilities and other long term
liabilities |
|
(2,338 |
) |
|
|
1,221 |
|
|
Net
cash provided by (used in) operating activities |
|
|
$ |
24,003 |
|
|
$ |
(4,063 |
) |
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
U.S. dollars in thousands |
|
Three months ended |
|
|
March
31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
Unaudited |
|
Cash flows from investing activities: |
|
|
|
|
|
|
Purchase of
property and equipment |
|
|
$ |
(1,212 |
) |
|
$ |
(1,104 |
) |
|
Proceeds
from restricted cash held by trustees |
|
|
|
5,356 |
|
|
|
3,675 |
|
|
Investment
in restricted cash (including long-term) |
|
|
|
(28 |
) |
|
|
(179 |
) |
|
Proceeds
from restricted cash (including long-term) |
|
|
|
670 |
|
|
|
7,347 |
|
|
Net
cash provided by investing activities |
|
|
|
4,786 |
|
|
|
9,739 |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Capital
lease payments |
|
|
|
- |
|
|
|
(51 |
) |
|
Issuance of
shares in a rights offering |
|
|
|
- |
|
|
|
15,243 |
|
|
Issuance of
restricted stock units and exercise of stock options |
|
|
|
266 |
|
|
|
336 |
|
|
Short term
bank credit, net |
|
|
|
- |
|
|
|
(2,750 |
) |
|
Repayment
of long-term loans |
|
|
|
(4,241 |
) |
|
|
(4,139 |
) |
|
Net
cash provided by (used in) financing activities |
|
|
|
(3,975 |
) |
|
|
8,639 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents |
|
|
129 |
|
|
|
410 |
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents |
|
|
|
24,943 |
|
|
|
14,725 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the
period |
|
|
|
40,133 |
|
|
|
18,435 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the
period |
|
|
$ |
65,076 |
|
|
$ |
33,160 |
|
|
|
|
|
|
|
|
|
|
Contact:
Gilat Satellite Networks
Doreet Oren
DoreetO@gilat.com
Comm-Partners LLC
June Filingeri, President
203-972-0186
junefil@optonline.net
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Apr 2023 to Apr 2024