Gilat 1st Quarter 2014 Results Slightly better than Previous Quarter
Petah Tikva, Israel, May 21, 2014 – Gilat Satellite Networks Ltd. today reported its results for the first quarter ended March 31, 2014. Non-GAAP operating income was US$ 0.5 million, compared to a loss of US$ 0.1 million in the fourth quarter 2013. GAAP operating loss was US$ 1.5 million compared to a loss of US$ 2.7 million in the fourth quarter of 2013
Non-GAAP gross margin was 42%, compared to 39% in the fourth quarter 2013. GAAP gross margin was 39%, compared to 36% in the fourth quarter. Management reaffirms 2014 objectives for annual revenues of $240-$245 million and EBITDA margin levels of approximately 9%
Revenues for the first quarter of 2014 were US$ 50.9 million, compared to US$ 65.4 million for the same period in 2013. The main reasons for the decline in revenue were completion of past contracts in Colombia and completion of the installations for NBN Co in Australia.
On a non-GAAP basis, operating income was $0.5 million in the first quarter of 2014 as compared to an operating income of $3.0 million in the comparable quarter of 2013. On a non-GAAP basis, net loss for the quarter was $0.6 million or a loss of $0.01 per diluted share compared to net income of $1.8 million or $0.04 per diluted share in the same quarter of 2013.
GAAP operating loss for the first quarter was $1.5 million as compared to an operating income of $1.1 million in the first quarter of 2013. GAAP Net loss for the quarter was $2.7 million, or a loss of $0.06 per diluted share, compared to net loss of $2.4 million, or a loss of $0.05 per diluted share in the first quarter of 2013.
EBITDA for the first quarter of 2014 was US$ 2.8 million compared with US$ 6.2 million in the comparable period in 2013.
“The quarter was highlighted by the launch of innovative new products, which are a result of our continued investment in technology,” said Erez Antebi, Chief Executive Officer of Gilat. “We also announced this quarter two important partnerships with high throughput satellite operators, Thaicom and Inmarsat.”
“Our improved profitability this quarter comes from our Commercial and Defense Divisions, as well as the cost-reduction steps we took last year. As we stated previously, we expect a stronger second half for the year coming from our growing commercial and defense activity as well as growth in revenues from projects in Peru and Colombia. We are on track to meet our previously stated 2014 management objectives,” added Entebi.
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