PETAH TIKVA, Israel, May 14,
2019 /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,
2019.
Key Financial Highlights:
- Revenues for Q1 2019 totaled $62.1
million compared with $67.4
million for Q1 2018.
- Continued strong profitability:
-
- Q1 2019 GAAP operating income increased 21.7% to $4.5 million from $3.7
million in Q1 2018. Q1 2019 Non-GAAP operating income
rose to $5.6 million, or by 9.5% from
Q1 2018.
- Q1 2019 GAAP net income increased 22.2% to $2.8 million, or $0.05 per diluted share, compared with
$2.3 million, or $0.04 per diluted share in Q1 2018. Q1 2019
non-GAAP net income increased 5.4% to $4.0
million, or $0.07 per diluted
share, compared with $3.8 million, or
$0.07 per diluted share, in Q1
2018.
- Q1 2019 Adjusted EBITDA increased 9.0% year over year to
$8.2 million, or 13.2 % of
revenues.
- Reiterated management objectives for 2019: revenue range
between $275 million to $295 million, GAAP operating income of between
$23 million and $27 million, and Adjusted EBITDA between
$38 million and $42 million.
Yona Ovadia, CEO of Gilat,
commented:
"I am pleased to report that Gilat
continued to achieve good results in the first quarter, and am
proud that Gilat received market recognition for our leadership in
4G/LTE Cellular Backhaul.
"These results come hand in hand with significant business
progress in our strategic focus areas of Mobility IFC and Mobile
Cellular Backhaul.
We marked a significant milestone in our IFC focus area, with
Honeywell's selection of Gilat's aero modem for its JetWave
Satellite Communication Solution. The Honeywell-Gilat solution is
to be deployed first in China for
both domestic and cross border flights, and then expected to expand
to additional regions around the globe.
"In the cellular backhaul focus area we have secured an
important deal with TIM Brasil to enable 4G services for the
agriculture IoT business. The initial forecast calls for one
thousand Gilat VSATs to complement "4G TIM in the Field" cellular
coverage program.
Gilat also continued as the front-runner in the LTE/4G satellite
backhaul market, and was recognized by the industry analyst NSR, as
the world leader in shipments of cellular backhaul over satellite,
achieving a 35% market share in modem shipments.
"We also made progress in the new era of digital communications
with NGSO (non-geostationary satellite) constellations and 5G
networks. Gilat's modem was used for a first-ever important
successful test that was conducted at the 5G Innovation Centre at
the University of Surrey, demonstrating 5G connectivity over
Telesat's LEO test satellite."
Mr. Ovadia concluded: "As we have announced previously, we have
substantially increased R&D investment in 2019, to maintain our
current technology advantage as well as to press forward with our
product roadmap including our IFC antennas as well as our NGSO
baseband, in support of the opportunities in LEO and MEO satellites
and 5G. As we proceed through the remainder of 2019, we are
encouraged with the opportunities ahead, as we continue to maintain
a strategic balance among materializing our product pipeline,
investing in our technology leadership, and growing our
profitability."
Key Recent Announcements:
- Honeywell Selects Gilat's Aero Modem for its JetWave Satellite
Communication Solution
- Gilat Announces First Ever Successful Demonstration of 5G
Connectivity over a LEO Satellite, Powered by Gilat using Telesat's
Phase 1 LEO
- Gilat is World Leader in Shipments of Cellular Backhaul over
Satellite According to NSR
- TIM Brasil Selects Gilat's Satellite Backhaul to Enable 4G
Services for the Agriculture IoT Business
- Gilat Declares a $25 Million Cash
Dividend
Conference Call and Webcast Details:
Following the release, Yona Ovadia,
Chief Executive Officer, and Adi Sfadia, Chief Financial Officer,
will discuss Gilat's first quarter 2019 results and participate in
a question and answer session:
Date:
Tuesday,
May 14, 2019
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:
www.veidan-stream.com/gilatq1-2019.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
14, 2019 at 12:00 PM EDT / 19:00
IDT
End:
May
17, 2019 at 12:00 PM EDT / 19:00
IDT
Dial-in:
US:
1-888-326-9310
International:
(972) 3-925-5900
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. Non-GAAP financial measures mainly exclude
the effect of stock based compensation, amortization of purchased
intangibles, lease incentive amortization, litigation expenses,
income related to trade secrets claims and expenses for tax
contingencies to be paid under an amnesty program and initial
recognition of deferred tax asset with respect to carry-forward
losses.
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 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 2019. 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
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
62,109
|
|
$
67,374
|
|
Cost of
revenues
|
|
|
38,539
|
|
45,987
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
23,570
|
|
21,387
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
8,857
|
|
8,446
|
|
Less -
grants
|
|
|
555
|
|
467
|
|
Research and
development expenses, net
|
|
8,302
|
|
7,979
|
|
Selling and marketing
expenses
|
|
5,871
|
|
5,413
|
|
General and
administrative expenses
|
|
4,942
|
|
4,335
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
19,115
|
|
17,727
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
4,455
|
|
3,660
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
|
(821)
|
|
(583)
|
|
|
|
|
|
|
|
|
|
Income before
taxes on income
|
|
3,634
|
|
3,077
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
|
|
810
|
|
766
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
$
2,824
|
|
$
2,311
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
earnings per share
|
|
$
0.05
|
|
$
0.04
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
computing earnings
per share
|
|
|
|
|
|
|
Basic
|
|
|
55,197,588
|
|
54,765,456
|
|
|
Diluted
|
|
|
55,959,504
|
|
55,590,362
|
|
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,
2019
|
|
March 31,
2018
|
|
|
GAAP
|
|
Adjustments
(1)
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustments
(1)
|
|
Non-GAAP
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
$
23,570
|
|
326
|
|
$
23,896
|
|
$
21,387
|
|
1,200
|
|
$
22,587
|
Operating
expenses
|
19,115
|
|
(829)
|
|
18,286
|
|
17,727
|
|
(263)
|
|
17,464
|
Operating
income
|
4,455
|
|
1,155
|
|
5,610
|
|
3,660
|
|
1,463
|
|
5,123
|
Income before taxes
on income
|
3,634
|
|
1,155
|
|
4,789
|
|
3,077
|
|
1,463
|
|
4,540
|
Net income
|
2,824
|
|
1,155
|
|
3,979
|
|
2,311
|
|
1,463
|
|
3,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
(basic and diluted)
|
$
0.05
|
|
$
0.02
|
|
$
0.07
|
|
$
0.04
|
|
$
0.03
|
|
$
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
|
|
|
|
computing earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
55,197,588
|
|
|
|
55,197,588
|
|
54,765,456
|
|
|
|
54,765,456
|
|
Diluted
|
55,959,504
|
|
|
|
56,142,723
|
|
55,590,362
|
|
|
|
55,816,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjustments
reflect the effect of non-cash stock-based compensation as per ASC
718 and amortization of intangible assets related to
|
|
|
|
shares acquisition
transactions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
March 31,
2019
|
|
March 31,
2018
|
|
|
|
|
Unaudited
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
|
$
2,824
|
|
|
|
|
|
$
2,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses
|
|
|
94
|
|
|
|
|
|
6
|
|
|
Amortization of
intangible assets related to acquisition transactions
|
|
|
232
|
|
|
|
|
|
1,194
|
|
|
|
|
|
|
326
|
|
|
|
|
|
1,200
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses
|
|
|
777
|
|
|
|
|
|
212
|
|
|
Amortization of
intangible assets related to acquisition transactions
|
|
|
52
|
|
|
|
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income
|
|
|
$
3,979
|
|
|
|
|
|
$
3,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE
NETWORKS LTD.
|
|
|
|
|
|
|
|
SUPPLEMENTAL
INFORMATION
|
|
|
|
|
|
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
|
|
|
|
$
4,455
|
|
$
3,660
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses
|
|
|
|
871
|
|
218
|
|
Depreciation and
amortization (*)
|
|
|
|
|
2,877
|
|
3,650
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
$
8,203
|
|
$
7,528
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) includng
amortization of lease incentive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
Networks
|
|
|
|
|
|
$
36,428
|
|
$
37,614
|
|
Mobility
Solutions
|
|
|
|
|
|
20,912
|
|
20,758
|
|
Terrestrial
Infrastructure Projects
|
|
|
|
|
4,769
|
|
9,002
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
|
|
|
$
62,109
|
|
$
67,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE
NETWORKS LTD.
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET
|
|
|
|
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2019
|
|
2018
|
|
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
69,109
|
|
$
67,381
|
|
Restricted
cash
|
|
32,428
|
|
32,305
|
|
Restricted cash held
by trustees
|
|
2,649
|
|
4,372
|
|
Trade receivables,
net
|
|
40,049
|
|
47,164
|
|
Contract
assets
|
|
47,504
|
|
47,760
|
|
Inventories
|
|
24,379
|
|
21,109
|
|
Other current
assets
|
|
26,912
|
|
26,022
|
|
|
|
|
|
|
|
Total
current assets
|
|
243,030
|
|
246,113
|
|
|
|
|
|
|
|
LONG-TERM
INVESTMENTS AND RECEIVABLES:
|
|
|
|
|
|
Long-term restricted
cash
|
|
149
|
|
146
|
|
Severance pay
funds
|
|
6,607
|
|
6,780
|
|
Long term deferred
tax assets
|
|
3,445
|
|
4,127
|
|
Operating lease
right-of-use assets
|
|
4,983
|
|
-
|
|
Other long term
receivables
|
|
8,264
|
|
7,276
|
|
|
|
|
|
|
|
Total long-term
investments and receivables
|
|
23,448
|
|
18,329
|
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET
|
|
83,210
|
|
84,403
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS,
NET
|
|
2,095
|
|
2,434
|
|
|
|
|
|
|
|
GOODWILL
|
|
43,468
|
|
43,468
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
395,251
|
|
$
394,747
|
|
|
|
|
|
|
|
GILAT SATELLITE
NETWORKS LTD.
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET (Cont.)
|
|
|
|
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2019
|
|
2018
|
|
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Current maturities of
long-term loans
|
|
$
4,433
|
|
$
4,458
|
|
Trade
payables
|
|
23,726
|
|
24,636
|
|
Accrued
expenses
|
|
64,369
|
|
67,533
|
|
Advances from
customers and deferred revenues
|
|
26,335
|
|
29,133
|
|
Operating lease
right-of-use liabilities
|
|
1,727
|
|
-
|
|
Dividend
payable
|
|
24,862
|
|
-
|
|
Other current
liabilities
|
|
15,606
|
|
14,588
|
|
|
|
|
|
|
|
Total
current liabilities
|
|
161,058
|
|
140,348
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Accrued severance
pay
|
|
6,761
|
|
6,649
|
|
Long-term loans, net
of current maturities
|
|
4,000
|
|
8,098
|
|
Operating lease
right-of-use liabilities
|
|
3,277
|
|
-
|
|
Other long-term
liabilities
|
|
580
|
|
580
|
|
|
|
|
|
|
|
Total
long-term liabilities
|
|
14,618
|
|
15,327
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Share capital -
ordinary shares of NIS 0.2 par value
|
|
2,629
|
|
2,625
|
|
Additional paid-in
capital
|
|
926,061
|
|
924,856
|
|
Accumulated other
comprehensive loss
|
|
(4,047)
|
|
(5,380)
|
|
Accumulated
deficit
|
|
(705,068)
|
|
(683,029)
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
219,575
|
|
239,072
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
395,251
|
|
$
394,747
|
|
|
|
|
|
|
GILAT SATELLITE
NETWORKS LTD.
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
March
31,
|
|
|
|
|
2019
|
|
2018
|
|
|
|
Unaudited
|
Cash flows from
operating activities:
|
|
|
|
|
Net
income
|
|
$
2,824
|
|
$
2,311
|
Adjustments
required to reconcile net income
|
|
|
|
|
to net cash
provided by operating activities:
|
|
|
|
|
Depreciation and
amortization
|
|
2,822
|
|
3,650
|
Stock-based
compensation of options
|
|
871
|
|
218
|
Accrued severance
pay, net
|
|
285
|
|
88
|
Exchange rate
differences on long-term loans
|
|
-
|
|
30
|
Deferred income
taxes, net
|
|
683
|
|
12
|
Decrease in trade
receivables, net
|
|
7,831
|
|
18,417
|
Decrease (increase)
in contract assets
|
|
(430)
|
|
17,092
|
Decrease (increase)
in other assets (including short-term, long-term
|
|
|
|
|
and
deferred charges)
|
|
(79)
|
|
714
|
Increase in
inventories
|
|
(3,659)
|
|
(1,445)
|
Decrease in trade
payables
|
|
(922)
|
|
(8,272)
|
Decrease in accrued
expenses
|
|
(2,169)
|
|
(2,007)
|
Decrease in advance
from customers
|
|
(3,087)
|
|
(4,902)
|
Decrease in advances
from customers, held
|
|
|
|
|
by
trustees
|
|
-
|
|
(1,478)
|
Increase in other
current liabilities and other long term liabilities
|
|
863
|
|
1,564
|
Net cash provided
by operating activities
|
|
5,833
|
|
25,992
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchase of property
and equipment
|
|
(2,014)
|
|
(2,861)
|
Net cash used in
investing activities
|
|
(2,014)
|
|
(2,861)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Exercise of stock
options
|
|
338
|
|
306
|
Repayment of
long-term loans
|
|
(4,123)
|
|
(4,000)
|
Net cash used in
financing activities
|
|
(3,785)
|
|
(3,694)
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
|
97
|
|
296
|
|
|
|
|
|
|
Increase in cash,
cash equivalents and restricted cash
|
|
131
|
|
19,733
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at the beginning of the
period
|
|
104,204
|
|
86,757
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at the end of the
period
|
|
$
104,335
|
|
$
106,490
|
|
|
|
|
|
|
Supplementary
disclosure of cash flows activities:
|
|
|
|
|
Non-cash
transactions:
|
|
|
|
|
|
|
|
|
|
|
Declaration of cash
dividend not yet distributed
|
|
$
24,862
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
Gilat Satellite Networks
Doreet Oren, Director Corporate
Communications
DoreetO@gilat.com
Comm-Partners LLC
June Filingeri, President
+1-203-972-0186
junefil@optonline.net
View original
content:http://www.prnewswire.com/news-releases/gilat-reports-continued-growth-in-profitability-in-q1-2019-300849637.html
SOURCE Gilat Satellite Networks