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CORRECTING And REPLACING -- Gilat Announces Second Quarter 2014 Results

Stocks in this article: GILT

In a release issued under the same headline earlier today by Gilat Satellite Networks Ltd. (Nasdaq:GILT) (TASE:GILT), certain figures have been updated, specifically in the "RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS (Six months ended)" table. The corrected release follows:

PETAH TIKVA, Israel, Aug. 13, 2014 (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, 2014.

Key Financial Highlights:

  • Revenues for the second quarter increased to $54.1 million compared to $50.9 million in the first quarter of 2014.
  • Non-GAAP operating income was $1.5 million, compared to operating income of $0.5 million in the first quarter of 2014. GAAP operating loss was $0.5 million compared to a loss of $1.5 million in the first quarter of 2014
  • Management reaffirms 2014 objectives for annual revenues of $240-$245 million and EBITDA margin levels of approximately 9%

Revenues for the second quarter were $54.1 million, compared to $50.9 million in the first quarter of 2014 and to $61.9 million for the comparable period in 2013. The difference between the second quarter of 2014 and the comparable quarter in 2013 is mostly attributed to the decrease in revenues in our Services Division.

On a non-GAAP basis, operating income was $1.5 million in the second quarter as compared to operating income of $0.5 million in the first quarter of 2014 and of $1.9 million in the comparable quarter of 2013. On a non-GAAP basis, net income for the quarter was $0.6 million or an income of $0.01 per diluted share compared to a net loss of $0.6 million or a loss of $0.01 per diluted share in the first quarter of 2014 and to a net loss of $0.9 million or $0.02 per diluted share in the comparable period in 2013.

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