Gilat Reports Significant Improvement in Results in 2014
Petah Tikva, Israel – February 18, 2015 –Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT) today reported results for the fourth quarter and year ended December 31, 2014. Revenue for 2014 was US$ 235.1 million compared to US$ 234.9 million in 2013. EBITDA increased by 43% in 2014 to US $23.4 million from US$16.3 million in 2013.
Non-GAAP operating income increased by 200% to US$ 13.1 million in 2014, from US$ 4.4 million in 2013 GAAP operating income was US$ 5.0 million as compared to a loss of US$ 4.1 million in 2013.
Management objectives for 2015 include continued growth to revenues between US$ 250 to $260 million and EBITDA between US$ 26 to $28 million.
Revenues for the fourth quarter of 2014 were US$ 73.1 million, compared to US$ 55.7 million for the same period in 2013. Revenues for the year ended December 31, 2014 were US$ 235.1 million, compared to US$ 234.9 million in the year ended December 31, 2013.
On a non-GAAP basis, operating income was US$ 7.5 million in the fourth quarter of 2014 as compared to an operating loss of $0.1 million in the comparable quarter of 2013. Operating income for 2014 on a non-GAAP basis was $13.1 million compared to operating income of US$ 4.4 million in 2013.
On a GAAP basis, operating income was US$ 5.5 million in the fourth quarter of 2014 as compared to an operating loss of US$ 2.7 million in the comparable quarter of 2013. Operating income for 2014 on a GAAP basis was US$ 5 million compared to operating loss of US$ 4.1 million in 2013.
On a non-GAAP basis, net income for the quarter was US$ 4.4 million or $0.1 per diluted share compared to net loss of US$ 1.0 million or $0.02 per diluted share in the same quarter of 2013. Net income for 2014 on a non-GAAP basis was $7.4 million or $0.17 per diluted share compared to net loss of $1.1 million or $0.03 per diluted share in 2013.
On a GAAP basis, net income for the quarter was US$ 2.4 million or $0.06 per diluted share compared to net loss from continuing operations of US$ 3.6 million or $0.09 per diluted share in the same quarter of 2013. Net loss from continuing operations for 2014 on a GAAP basis was $0.7 million or $0.02 per diluted share compared to net loss from continuing operations of $9.6 million or $0.23 per diluted share in 2013.
EBITDA for the fourth quarter of 2014 reached US$ 10.4 million compared with US$ 2.5 million in the comparable period in 2013. EBITDA for the twelve months of 2014 reached US$ 23.4 million compared with US$ 16.3 million in the comparable period in 2013.
“2014 was a good year for Gilat, with significant improvement in all major operational parameters, most of all: profitability,” said Erez Antebi, CEO of Gilat. “Looking forward, we begin 2015 with a growth focused strategy and a strong product portfolio that enables us to position ourselves successfully in the growing markets, such as HTS, Mobility and Cellular Backhaul. We expect continued improvements in 2015, and our management objectives are to reach revenues between $250 and $260 million and EBIDTA between $26 to $28 million for the year. As in 2014, we expect the second half of 2015 to be significantly stronger than the first half,” he added.
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