PETAH TIKVA, Israel, May 15,
2018 /PRNewswire/ --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,
2018.
Key Financial Highlights:
- Revenues for Q1 2018 totaled $67.4
million, up 5.4% from Q1 2017.
- Company's revised reporting segments:
- Q1 2018 Fixed Networks Segment revenues were up 40.0% year
over year;
- Mobility Solutions Segment revenues increased 39.3% from Q1
2017;
- Terrestrial Infrastructure Projects Segment revenues
decreased 59.4% from Q1 2017, as the construction phase of the
Company's project for Fitel in Peru winds down and the project shifts to the
operational phase later this year.
- Continued strong profitability:
- Q1 2018 GAAP operating income rose to $3.7 million from $0.02
million in Q1 2017.
- Q1 2018 Non-GAAP operating income rose to $5.1 million, or 108% year over year.
- Q1 2018 GAAP net income was $2.3
million, or $0.04 per diluted
share, compared with a GAAP loss of $0.8
million, or $0.01 per diluted
share, in Q1 2017.
- Q1 2018 non-GAAP net income increased year over year to
$3.8 million, or $0.07 per diluted share, versus $1.7 million, or $0.03 per diluted share, in Q1 2017.
- Q1 2018 Adjusted EBITDA increased 78% year over year to
$7.5 million, or 11.2 % of
revenues.
- Reiterated management objectives for 2018: revenue range
between $285 million to $305 million (up 1% to 8% from 2017), GAAP
operating income of between $17
million and $21 million (up
56% to 93% from 2017), and Adjusted EBITDA between $30 million and $34
million (up 15% to 30% from 2017).
Yona Ovadia, CEO of Gilat,
commented:
"I am pleased to report that the first quarter of 2018 was a very
positive quarter for Gilat. The quarter was very positive from a
business perspective, with significant wins and achievements.
"We won with Speedcast a substantial deal of tens of millions of
dollars for NBN in Australia to
meet the demand for broadband services for businesses and
government customers.
"In addition, we made progress on the Telco backhaul front with
additional Mobile Network Operators expanding several cellular
backhaul networks, as well as securing a backhauling deal for
critical communications with Altice in Portugal.
"And we also launched Gilat's complete dual-band aero terminal
for commercial in-flight connectivity, which achieved noteworthy
performance during a live customer demonstration in China, in both Ku and Ka, with unprecedented
download speeds of 130Mbps with dozens of concurrent users.
"Our strong year-over-year financial performance in this quarter
is the targeted outcome of the continued progress in our business
and of our strategic growth engines of mobile cellular backhaul and
mobility IFC, and is evident across all measures including the
substantial increase in operating income, both GAAP and non-GAAP,
and the continued growth in Adjusted EBITDA to $7.5 million, an increase of 78% from Q1 2017.
We also further delivered on our commitment to GAAP
profitability with first quarter net income of $2.3 million compared with a loss of $0.8 million in the first quarter last year."
Mr. Ovadia concluded: "The strong first quarter with the closing
of the substantial deal with NBN in Australia, gave us a good start to the year.
We remain strongly confident with our strategy and achieving our
targets for the year."
Key Recent Announcements:
- Gilat Launches Complete Dual Band Aero Terminal for Commercial
In-Flight Connectivity
- Altice Portugal Selects Gilat to Support Backhauling to
Critical Communications
- Hispasat Selects Gilat for a Multi-Million Dollar Project to
Deliver Broadband Services in Mexico
Conference Call and Webcast Details:
Gilat management will host a conference call today, Tuesday, May 15, to discuss the first quarter
results. The details are as follows:
Conference Call and Webcast
Following today's release, Yona
Ovadia, Chief Executive Officer, and Adi Sfadia, Chief
Financial Officer, will discuss Gilat's first quarter 2018 results
and participate in a question and answer session:
Date:
Tuesday, May 15, 2018
Start:
09:30 AM EST / 16:30 IST
Dial-in:
US: 1-888-668-9141
International:
(972) 3-918-0609
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/gilatq1-2018.html
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 15, 2018 at 12:00 PM EST / 19:00
IST
End:
May 18, 2018 at 12:00 PM EST / 19:00
IST
Dial-in:
US: 1-888-326-9310
International:
(972) 3-925-5901
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.
Adjusted EBITDA (operating income before depreciation,
amortization, non-cash stock option expenses, costs related to
acquisition transactions, restructuring cost, goodwill impairment,
impairment of long lived assets, trade secrets litigation
expenses and expenses under amnesty program) 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 GAAP 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.
This news release also contains a forward-looking estimate of
Adjusted EBITDA projected to be generated by Gilat in 2018. A
forward-looking estimate of net income and reconciliations of the
forward-looking estimates of Adjusted EBITDA to net income are not
provided because the items necessary to estimate net income are not
estimable at this time. 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 Gilat
Gilat 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.
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
U.S. dollars in
thousands (except share and per share data)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
67,374
|
|
$
63,931
|
|
Cost of
revenues
|
|
|
45,987
|
|
46,590
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
21,387
|
|
17,341
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
8,446
|
|
6,755
|
|
Less -
grants
|
|
|
467
|
|
47
|
|
Research and
development expenses, net
|
|
7,979
|
|
6,708
|
|
Selling and marketing
expenses
|
|
|
5,413
|
|
5,795
|
|
General and
administrative expenses
|
|
4,335
|
|
4,820
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
17,727
|
|
17,323
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
3,660
|
|
18
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
|
(583)
|
|
(804)
|
|
|
|
|
|
|
|
|
|
Income (loss)
before taxes on income
|
|
3,077
|
|
(786)
|
|
|
|
|
|
|
|
|
|
Taxes on income (tax
benefit)
|
|
|
766
|
|
(2)
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
2,311
|
|
$
(784)
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share (basic and diluted)
|
|
$
0.04
|
|
$
(0.01)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
computing earnings
(loss) per share
|
|
|
|
|
|
|
Basic
|
|
|
54,765,456
|
|
54,623,685
|
|
|
Diluted
|
|
|
55,590,362
|
|
54,623,685
|
|
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,
2018
|
|
March 31,
2017
|
|
|
GAAP
|
|
Adjustments
(1)
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustments
(1)
|
|
Non-GAAP
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
$
21,387
|
|
1,200
|
|
$
22,587
|
|
$
17,341
|
|
1,205
|
|
$
18,546
|
Operating
expenses
|
17,727
|
|
(263)
|
|
17,464
|
|
17,323
|
|
(1,236)
|
|
16,087
|
Operating
income
|
3,660
|
|
1,463
|
|
5,123
|
|
18
|
|
2,441
|
|
2,459
|
Income (loss) before
taxes on income
|
3,077
|
|
1,463
|
|
4,540
|
|
(786)
|
|
2,441
|
|
1,655
|
Net income
(loss)
|
$
2,311
|
|
1,463
|
|
$
3,774
|
|
$
(784)
|
|
2,441
|
|
$
1,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share (basic and diluted)
|
$
0.04
|
|
$
0.03
|
|
$
0.07
|
|
$
(0.01)
|
|
$
0.04
|
|
$
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
|
|
|
|
|
computing earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
54,765,456
|
|
|
|
54,765,456
|
|
54,623,685
|
|
|
|
54,623,685
|
|
Diluted
|
55,590,362
|
|
|
|
55,816,038
|
|
54,623,685
|
|
|
|
54,836,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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,
2018
|
|
March 31,
2017
|
|
|
|
|
Unaudited
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
|
|
$
2,311
|
|
|
|
|
|
$
(784)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses
|
|
|
6
|
|
|
|
|
|
10
|
|
|
|
|
Amortization of
intangible assets
related to acquisition transactions
|
|
|
1,194
|
|
|
|
|
|
1,195
|
|
|
|
|
|
|
1,200
|
|
|
|
|
|
1,205
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses
|
|
|
212
|
|
|
|
|
|
194
|
|
|
|
Amortization of
intangible assets related to acquisition transactions
|
|
|
51
|
|
|
|
|
|
194
|
|
|
Trade secrets
litigation expenses
|
|
|
-
|
|
|
|
|
|
848
|
|
|
|
|
|
|
263
|
|
|
|
|
|
1,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income
|
|
|
$
3,774
|
|
|
|
|
|
$
1,657
|
|
|
GILAT SATELLITE
NETWORKS LTD.
|
|
|
|
SUPPLEMENTAL
INFORMATION
|
|
|
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
GAAP operating
income
|
|
|
$
3,660
|
|
$
18
|
Add:
|
|
|
|
|
|
Non-cash stock-based
compensation expenses
|
218
|
|
204
|
Trade secrets
litigation expenses
|
|
-
|
|
848
|
Depreciation and
amortization
|
|
3,650
|
|
3,165
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
$
7,528
|
|
$
4,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
Fixed
Networks
|
|
|
$
37,614
|
|
$
26,872
|
Mobility
Solutions
|
|
|
20,758
|
|
14,904
|
Terrestrial
Infrastructure Projects
|
|
9,002
|
|
22,155
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
$
67,374
|
|
$
63,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE
NETWORKS LTD.
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET
|
|
|
|
|
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
78,929
|
|
$
52,957
|
|
|
Restricted
cash
|
|
27,122
|
|
29,288
|
|
|
Restricted cash held
by trustees
|
|
251
|
|
4,325
|
|
|
Trade receivables,
net
|
|
73,654
|
|
108,842
|
|
|
Inventories
|
|
29,502
|
|
28,853
|
|
|
Other current
assets
|
|
22,049
|
|
21,686
|
|
|
|
|
|
|
|
|
|
Total
current assets
|
|
231,507
|
|
245,951
|
|
|
|
|
|
|
|
|
|
LONG-TERM
INVESTMENTS:
|
|
|
|
|
|
|
Severance pay
funds
|
|
7,746
|
|
8,188
|
|
|
Other long term
receivables
|
|
1,643
|
|
1,258
|
|
|
|
|
|
|
|
|
|
Total long-term
investments
|
|
9,389
|
|
9,446
|
|
|
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET
|
|
82,523
|
|
82,246
|
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS,
NET
|
|
4,409
|
|
5,709
|
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
43,468
|
|
43,468
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
371,296
|
|
$
386,820
|
|
|
GILAT SATELLITE
NETWORKS LTD.
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET
|
|
|
|
|
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Current maturities of
long-term loans
|
|
$
4,616
|
|
$
4,479
|
|
|
Trade
payables
|
|
25,632
|
|
33,715
|
|
|
Accrued
expenses
|
|
67,847
|
|
70,534
|
|
|
Advances from
customers and deferred revenues
|
|
14,066
|
|
16,721
|
|
|
Advances from
customers, held by trustees
|
|
-
|
|
1,416
|
|
|
Other current
liabilities
|
|
19,575
|
|
20,044
|
|
|
|
|
|
|
|
|
|
Total
current liabilities
|
|
131,736
|
|
146,909
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
Accrued severance
pay
|
|
7,645
|
|
7,999
|
|
|
Long-term loans, net
of current maturities
|
|
8,475
|
|
12,582
|
|
|
Other long-term
liabilities
|
|
1,008
|
|
1,008
|
|
|
|
|
|
|
|
|
|
Total
long-term liabilities
|
|
17,128
|
|
21,589
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
Share capital -
ordinary shares of NIS 0.2 par value
|
|
2,604
|
|
2,601
|
|
|
Additional paid-in
capital
|
|
922,244
|
|
921,726
|
|
|
Accumulated other
comprehensive loss
|
|
(3,289)
|
|
(3,046)
|
|
|
Accumulated
deficit
|
|
(699,127)
|
|
(702,959)
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
222,432
|
|
218,322
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
$
371,296
|
|
$
386,820
|
|
GILAT SATELLITE
NETWORKS LTD.
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (*)
|
|
|
|
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net income
(loss)
|
|
$
2,311
|
|
$
(784)
|
|
Adjustments
required to reconcile net income (loss)
|
|
|
|
|
|
to net cash
provided by (used in) operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
3,650
|
|
3,165
|
|
Stock-based
compensation of options and RSU's
|
|
218
|
|
204
|
|
Accrued severance
pay, net
|
|
88
|
|
(61)
|
|
Exchange rate
differences on long-term loans
|
|
30
|
|
25
|
|
Deferred income
taxes, net
|
|
12
|
|
(16)
|
|
Decrease (increase)
in trade receivables, net
|
|
35,509
|
|
(6,955)
|
|
Decrease (increase)
in other assets (including short-term, long-term
|
|
|
|
|
|
and
deferred charges)
|
|
714
|
|
(3,250)
|
|
Increase in
inventories
|
|
(1,445)
|
|
(3,312)
|
|
Decrease in trade
payables
|
|
(8,272)
|
|
(392)
|
|
Increase (decrease)
in accrued expenses
|
|
(2,007)
|
|
7,493
|
|
Decrease in advances
from customers
|
|
(4,902)
|
|
(3,098)
|
|
Decrease in advances
from customers, held
|
|
|
|
|
|
by
trustees
|
|
(1,478)
|
|
(4,412)
|
|
Increase (decrease)
in other current liabilities and other long term
liabilities
|
|
1,564
|
|
(2,338)
|
|
Net cash provided
by (used in) operating activities
|
|
25,992
|
|
(13,731)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(2,861)
|
|
(1,212)
|
|
Net cash used in
investing activities
|
|
(2,861)
|
|
(1,212)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Issuance of
restricted stock units and exercise of stock options
|
|
306
|
|
266
|
|
Repayment of
long-term loans
|
|
(4,000)
|
|
(4,241)
|
|
Net cash used in
financing activities
|
|
(3,694)
|
|
(3,975)
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
|
296
|
|
428
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash, cash equivalents and restricted
cash
|
|
19,733
|
|
(18,490)
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at the beginning of the
period
|
|
86,757
|
|
111,633
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at the end of the
period
|
|
$
106,490
|
|
$
93,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) In November 2016,
the Financial Accounting Standards Board (the "FASB") issued ASU
2016-18, "Statement of Cash Flows (Topic 230): Restricted
Cash",
|
which requires
companies to include amounts generally described as restricted cash
and restricted cash equivalents in cash and cash equivalents
when
|
|
reconciling
beginning-of-period and end-of-period total amounts shown on the
statement of cash flows. ASU 2016-18 is effective for annual and
interim periods
|
beginning after
December 15, 2017. The Company adopted this standard during the
first quarter of 2018 using the retrospective transition
method,
|
|
as required by the
new standard.
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
provides a reconciliation of cash and cash equivalents, and long
term restricted cash reported within the consolidated balance
sheets that sum
|
to the total of such
amounts in the consolidated statements of cash flows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
78,929
|
|
$
65,076
|
|
Restricted
cash
|
|
27,122
|
|
23,817
|
|
Restricted cash held
by trustees
|
|
251
|
|
4,081
|
|
Long term restricted
cash included in other assets
|
|
188
|
|
169
|
|
Cash, cash
equivalents and restricted cash shown in the consolidated statement
of cash flows
|
|
$
106,490
|
|
$
93,143
|
|
Contact:
Gilat Satellite Networks
Doreet Oren
DoreetO@gilat.com
Comm-Partners LLC
June Filingeri, President
203-972-0186
junefil@optonline.net
View original
content:http://www.prnewswire.com/news-releases/gilat-reports-significant-increase-in-year-over-year-profitability-in-q1-2018-300648470.html
SOURCE Gilat Satellite Networks Ltd.