PETAH TIKVA, Israel, May 8, 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 first quarter ended March 31, 2013.
Key Financial Highlights:
- Quarterly revenues of $82.8 million, up 8% compared to $76.6 million in the first quarter of 2012
- EBITDA increased to $5.1 million, up 74% compared to $3.0 million in the first quarter of 2012
- Total Cash increased by $3.3 million
Revenues for the first quarter of 2013 were $82.8 million, compared to $76.6 million for the same period in 2012.On a non-GAAP basis, operating income for the first quarter of 2013 was $1.0 million compared to an operating loss of $0.3 million in the first quarter of 2012. Net loss for the period on a non-GAAP basis was $0.3 million, or $0.01 per diluted share, compared to net loss of $0.8 million, or $0.02 per diluted share, in the comparable period in 2012. EBITDA for the first quarter of 2013 reached $5.1 million compared with $3.0 million in the comparable period in 2012, representing a margin of 6.2%. "We are pleased with our results for the first quarter of 2013 as we achieved year-over-year improvement in revenue and EBITDA," said Erez Antebi, Chief Executive Officer of Gilat. "Our Commercial division continues to be a significant source of revenue as we executed well on existing projects while closing new deals. In addition to securing various enterprise deals, in the area of broadband internet access we have continued our progress with implementation ahead of schedule at NBN Co. with over 30,000 CPEs installed, over 6,000 CPEs delivered in support of the SBBS service and a major win in our Services division with the Peruvian Ministry of Education to connect thousands of schools nationwide."