Gilat Reports Increased Revenues; Decresed Losses in 2Q 2016
Petah Tikva, Israel, Aug. 10, 2016--Gilat Satellite Networks Ltd. (NASDAQ:GILT) (TASE:GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the second quarter ended June 30, 2016. Revenues for Q2 2016 increased 53% to US$ 67.9 million from US$ 44.3 million in the comparable period of 2015. Revenues rose 29% compared with Q1 2016.
Loss on a GAAP basis for Q2 2016 decreased to $3.7 million compared to a loss of $9.1 million in the second quarter of 2015. EBITDA for Q2 2016 increased to $1.0 million compared to a loss of $2.5 million in the comparable period of 2015. Reiterated management objectives for 2016: revenues between $290 to $310 million, and EBITDA of between $18 to $24 million. In 2015, revenues totaled $197.5 million and EBITDA was $5.3 million.
On a GAAP basis, operating loss was $2.5 million in the second quarter of 2016 as compared to an operating loss of $7.2 million in the comparable quarter of 2015.
On a non-GAAP basis, operating loss was $0.8 million in the second quarter of 2016 as compared to an operating loss of $5.2 million in the comparable quarter of 2015.
On a GAAP basis, the loss for the second quarter of 2016 was $3.7 million or $0.07 per diluted share compared to a loss of $9.1 million or $0.21 per diluted share in the same quarter of 2015.
On a non-GAAP basis, the loss for the second quarter of 2016 was $2.0 million or $0.04 per diluted share compared to a loss of $7.1 million or $0.16 per diluted share in the same quarter of 2015.
EBITDA for the second quarter of 2016 improved to $1.0 million, compared to a loss of $2.5 million in the comparable period in 2015.
"We are pleased with our second quarter results,” said Yona Ovadia, CEO of Gilat. "We continue to make progress with our strategy across all segments, especially in In-Flight Connectivity (IFC) and broadband networks."
Mr. Ovadia continued: "Gilat's five-pillar strategy is focused on winning the markets unlocked by the global demand for broadband and the increasingly-abundant HTS capacity, based on our advanced solutions and our ongoing investment in technological innovation. “Indeed, this quarter we are pleased to announce a significant win in broadband networks, one of our growth pillars. The recent choice of our X-Architecture for UK-based EE's (Everything Everywhere) LTE network testifies to our leadership in this area. This win adds to our momentum in cellular backhaul that began with our success with SoftBank earlier in the year. With these achievements, Gilat is solidifying its leadership in the markets of satellite backhauling for LTE cellular networks and broadband access services.
"Looking forward, we are reiterating our management objectives for full year 2016: revenues of $290 to $310 million and EBITDA of between $18 to $24 million. These objectives represent a sizeable stepping up of revenues and a target of positive operating income in the second half of 2016, based on our strong backlog in Peru and China as well as additional revenues from projects won as part of our strategy, and despite a challenging business environment in Latin America,” added Ovadia.
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