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Gilat Announces Second Quarter 2013 Results

Stocks in this article: GILT

- EBITDA Up 6% to $5.4 Million as Compared to Q1 2013

- Non-GAAP Operating Income Increased 20% as Compared to Q1 2013

PETAH TIKVA, Israel, Aug. 14, 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 second quarter ended June 30, 2013.

Key Financial Highlights:

  • Non-GAAP operating income increased by 20% to $1.3 million compared to $1.0 million in the first quarter of 2013
  • EBITDA increased to $5.4 million, up 6% compared to $5.1 million in the first quarter of 2013

Revenues for the second quarter of 2013 were $80.2 million, compared to $82.8 million in the first quarter of 2013 and $85.3 million in the second quarter of 2012.

On a non-GAAP basis, operating income for the second quarter of 2013 was $1.3 million compared to an operating income of $1.0 million in the first quarter of 2013 and $4.8 million in the second quarter of 2012. Net loss for the period on a non-GAAP basis was $1.9 million, or $0.05 per diluted share, compared to net loss of $0.3 million, or $0.01 per diluted share, in the first quarter of 2013 and a net income of $3.2 million, or $0.07 per diluted share in the second quarter of 2012.

EBITDA for the second quarter of 2013 reached $5.4 million, representing a margin of 6.8%, compared with $5.1 million in the first quarter of 2013 and $8.6 million in the second quarter of 2012.

"We were able to gain traction across our businesses this quarter, particularly in our Commercial Division, which was highlighted by new client wins, continued execution on existing projects and a significant partnership agreement with THAICOM," commented Erez Antebi, Gilat's Chief Executive Officer. "In our Defense Division, though we felt the effects this quarter of the budget cuts and purchasing slowdowns in the United States, we believe strongly in our long term prospects and the strategic nature of the programs of record that we are targeting."

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