Gilat Announces Fourth Quarter And Full Year 2012 Results

PETAH TIKVA, Israel, Feb. 13, 2013 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (Nasdaq:GILT) (TASE:GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the fourth quarter and year ended December 31, 2012.

Key Highlights:

• Quarterly revenues of $97.4 million, compared to $93.6 million in the fourth quarter of 2011
• Full year revenues increased to $348.4 million, up from $339.2 million in 2011
• In the fourth quarter EBITDA increased to $10.7 million or a margin of 11%
• Cash generated from operating activities increased significantly to $18.1 million in Q4 2012
• Net cash over debt of $21.4 million up from $4.4 million at end of 2011
• Operational costs decreased by $8.3 million during 2012
• Company recorded a non-cash impairment of goodwill and other intangible assets in the amount of $31.9 million related to Wavestream

Revenues for the fourth quarter of 2012 were $97.4 million, compared to $93.6 million for the same period in 2011. Revenues for the year ended December 31, 2012 were $348.4 million, compared to $339.2 million in the year ended December 31, 2011.

On a GAAP basis, the Company had an operating loss in the fourth quarter of 2012 of $28.1 million compared to an operating loss of $15.2 million in the fourth quarter of 2011. On a GAAP basis, the Company had an operating loss for the year 2012 of $25.1 million, compared with an operating loss of $12.3 million in the prior year. The Company's GAAP operating loss was mainly affected by a non-cash impairment of goodwill and other intangible assets in the amount of $31.9 million relating to Wavestream.

On a non-GAAP basis, operating income for the fourth quarter of 2012 was $6.6 million similar to the operating income in the fourth quarter of 2011. On a non-GAAP basis, operating income for the year ended December 31, 2012 was $16.8 million compared to $17.5 million in the full year 2011.

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