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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gilat Satellite Networks Ltd | NASDAQ:GILT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.37 | 5.34 | 5.39 | 0 | 11:20:32 |
Gilat
Satellite Networks Ltd.
|
|||
(Registrant) | |||
Dated February 14, 2017
|
By:
|
/s/ Yael Shofar | |
Yael Shofar | |||
General Counsel
|
|||
· |
Revenues for Q4 2016 increased 19% to $80.3 million from $67.7 million in Q4 2015.
|
· |
Full year 2016 revenues totaled $279.6 million, an increase of 42% from $197.5 million in 2015.
|
· |
Profitability continued to improve:
|
o |
Q4 2016 GAAP operating income reached $6.5 million and non-GAAP operating income was $9.0 million.
|
o |
Full year 2016 GAAP operating income was $0.8 million and non-GAAP operating income was $11.7 million.
|
o |
GAAP net income for Q4 2016 was $4.5 million, or $0.08 per diluted share, non-GAAP net income was $7.0 million, or $0.13 per diluted share.
|
o |
GAAP loss for full year 2016 was $5.3 million, or $0.10 per diluted share. Full year 2016 non-GAAP net income was $5.6 million, or $0.11 per diluted share.
|
o |
Adjusted EBITDA for Q4 2016 was $10.8 million.
|
o |
Full year 2016 Adjusted EBITDA reached $19.2 million compared with Adjusted EBITDA of $6.1 million in 2015.
|
· |
Management objectives for 2017: revenues between $280 to $300 million, GAAP operating income between $4 and $8 million, and Adjusted EBITDA of between $20 and $24 million.
|
· |
Gilat Awarded a Clean Sky 2 Call to Develop Electronically Steerable Antenna (ESA) for In-Flight Connectivity (IFC) for Airbus Technology Demonstrator
|
· |
Gilat to Supply Broadband Consumer VSATs for the Joint Service of Tricolor TV and Eutelsat Networks
|
· |
Gilat and Air Esurfing Announce a Strategic Collaboration to Provide In-Flight Connectivity (IFC) for China’s Domestic Airline Market
|
GILAT SATELLITE NETWORKS LTD.
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||
U.S. dollars in thousands (except share and per share data)
|
Year ended | Three months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Unaudited
|
Audited
|
Unaudited
|
Unaudited
|
|||||||||||||
Revenues
|
$
|
279,551
|
$
|
197,543
|
$
|
80,345
|
$
|
67,682
|
||||||||
Cost of revenues
|
204,061
|
143,318
|
56,147
|
47,181
|
||||||||||||
Impairment of long lived assets
|
-
|
10,137
|
-
|
10,137
|
||||||||||||
Gross profit
|
75,490
|
44,088
|
24,198
|
10,364
|
||||||||||||
Research and development expenses
|
26,477
|
24,952
|
7,103
|
5,709
|
||||||||||||
Less - grants
|
1,624
|
2,540
|
616
|
1,977
|
||||||||||||
Research and development, net
|
24,853
|
22,412
|
6,487
|
3,732
|
||||||||||||
Selling and marketing expenses
|
23,411
|
24,823
|
6,187
|
6,098
|
||||||||||||
General and administrative expenses
|
26,471
|
18,644
|
5,036
|
3,418
|
||||||||||||
Restructuring costs
|
-
|
1,508
|
-
|
522
|
||||||||||||
Goodwill impairment
|
-
|
20,402
|
-
|
-
|
||||||||||||
Total operating expenses
|
74,735
|
87,789
|
17,710
|
13,770
|
||||||||||||
Operating income (loss)
|
755
|
(43,701
|
)
|
6,488
|
(3,406
|
)
|
||||||||||
Financial expenses, net
|
(4,843
|
)
|
(7,243
|
)
|
(1,668
|
)
|
(1,393
|
)
|
||||||||
Income (loss) before taxes on income
|
(4,088
|
)
|
(50,944
|
)
|
4,820
|
(4,799
|
)
|
|||||||||
Taxes on income
|
1,252
|
1,190
|
285
|
450
|
||||||||||||
Income (loss) from continuing operations
|
(5,340
|
)
|
(52,134
|
)
|
4,535
|
(5,249
|
)
|
|||||||||
Loss from discontinued operations
|
-
|
(200
|
)
|
-
|
-
|
|||||||||||
Income (loss)
|
$
|
(5,340
|
)
|
$
|
(52,334
|
)
|
$
|
4,535
|
$
|
(5,249
|
)
|
|||||
Income (loss) per share from continuing operations (basic and diluted)
|
(0.10
|
)
|
(1.19
|
)
|
0.08
|
(0.12
|
)
|
|||||||||
Loss per share from discontinued operations (basic and diluted)
|
-
|
(0.00
|
)
|
-
|
-
|
|||||||||||
Income (loss) per share (basic and diluted)
|
$
|
(0.10
|
)
|
$
|
(1.19
|
)
|
$
|
0.08
|
$
|
(0.12
|
)
|
|||||
Weighted average number of shares used in
|
||||||||||||||||
computing income (loss) per share
|
||||||||||||||||
Basic
|
51,970,458
|
43,655,309
|
54,591,346
|
44,311,825
|
||||||||||||
Diluted
|
51,970,458
|
43,655,309
|
54,615,092
|
44,311,825
|
GILAT SATELLITE NETWORKS LTD.
|
||||||||
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
|
||||||||
FOR COMPARATIVE PURPOSES
|
||||||||
U.S. dollars in thousands (except share and per share data)
|
Three months ended
|
Three months ended
|
|||||||||||||||||||||||
December 31, 2016
|
December 31, 2015
|
|||||||||||||||||||||||
GAAP
|
Adjustments (1)
|
Non-GAAP
|
GAAP
|
Adjustments (1)
|
Non-GAAP
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||||||||
Gross profit
|
$
|
24,198
|
1,204
|
$
|
25,402
|
$
|
10,364
|
11,387
|
$
|
21,751
|
||||||||||||||
Operating expenses
|
17,710
|
(1,264
|
)
|
16,446
|
13,770
|
(989
|
)
|
12,781
|
||||||||||||||||
Operating income (loss)
|
6,488
|
2,468
|
8,956
|
(3,406
|
)
|
12,376
|
8,970
|
|||||||||||||||||
Income (loss) before taxes on income
|
4,820
|
2,468
|
7,288
|
(4,799
|
)
|
12,376
|
7,577
|
|||||||||||||||||
Income (loss)
|
$
|
4,535
|
2,468
|
$
|
7,003
|
$
|
(5,249
|
)
|
12,376
|
$
|
7,127
|
|||||||||||||
Basic income (loss) per share
|
$
|
0.08
|
0.05
|
$
|
0.13
|
$
|
(0.12
|
)
|
0.28
|
$
|
0.16
|
|||||||||||||
Diluted income (loss) per share
|
$
|
0.08
|
0.05
|
$
|
0.13
|
$
|
(0.12
|
)
|
0.28
|
$
|
0.16
|
|||||||||||||
Weighted average number of shares used in
|
||||||||||||||||||||||||
computing income (loss) per share
|
||||||||||||||||||||||||
Basic
|
54,591,346
|
54,591,346
|
44,311,825
|
44,311,825
|
||||||||||||||||||||
Diluted
|
54,615,092
|
54,652,640
|
44,311,825
|
44,567,776
|
(1)
|
Adjustments reflect the effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, impairment of goodwill and long lived assets, trade secrets litigation expenses, restructuring costs and loss from discontinued operations.
|
Three months ended
|
Three months ended
|
|||||||||||||||||||||||
December 31, 2016
|
December 31, 2015
|
|||||||||||||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
GAAP income (loss)
|
$
|
4,535
|
$
|
(5,249
|
)
|
|||||||||||||||||||
Gross profit
|
||||||||||||||||||||||||
Non-cash stock-based compensation expenses
|
9
|
52
|
||||||||||||||||||||||
Amortization of intangible assets related to acquisition transactions
|
1,195
|
1,198
|
||||||||||||||||||||||
Impairment of long lived assets
|
-
|
10,137
|
||||||||||||||||||||||
1,204
|
11,387
|
|||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||
Non-cash stock-based compensation expenses
|
207
|
184
|
||||||||||||||||||||||
Amortization of intangible assets related to acquisition transactions:
|
193
|
190
|
||||||||||||||||||||||
Trade secrets litigation expenses
|
864
|
93
|
||||||||||||||||||||||
Restructuring costs
|
-
|
522
|
||||||||||||||||||||||
1,264
|
989
|
|||||||||||||||||||||||
Non GAAP income
|
$
|
7,003
|
$
|
7,127
|
GILAT SATELLITE NETWORKS LTD.
|
||||||
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
|
||||||
FOR COMPARATIVE PURPOSES
|
||||||
U.S. dollars in thousands (except share and per share data)
|
Year ended | Year ended | |||||||||||||||||||||||
31 December 2016 | 31 December 2015 | |||||||||||||||||||||||
GAAP
|
Adjustments (1)
|
Non-GAAP
|
GAAP
|
Adjustments (1)
|
Non-GAAP
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||||||||
Gross profit
|
$
|
75,490
|
4,817
|
$
|
80,307
|
$
|
44,088
|
15,146
|
$
|
59,234
|
||||||||||||||
Operating expenses
|
74,735
|
(6,091
|
)
|
68,644
|
87,789
|
(25,200
|
)
|
62,589
|
||||||||||||||||
Operating income (loss)
|
755
|
10,908
|
11,663
|
(43,701
|
)
|
40,346
|
(3,355
|
)
|
||||||||||||||||
Income (loss) before taxes on income
|
(4,088
|
)
|
10,908
|
6,820
|
(50,944
|
)
|
40,346
|
(10,598
|
)
|
|||||||||||||||
Income (loss) from continuing operations
|
(5,340
|
)
|
10,908
|
5,568
|
(52,134
|
)
|
40,346
|
(11,788
|
)
|
|||||||||||||||
Loss from discontinued operations
|
-
|
-
|
-
|
(200
|
)
|
200
|
-
|
|||||||||||||||||
Income (loss)
|
$
|
(5,340
|
)
|
10,908
|
$
|
5,568
|
$
|
(52,334
|
)
|
40,546
|
$
|
(11,788
|
)
|
|||||||||||
Income (loss) per share from continuing operations (basic and diluted)
|
(0.10
|
)
|
0.21
|
0.11
|
(1.19
|
)
|
0.92
|
(0.27
|
)
|
|||||||||||||||
Loss per share from discontinued operations (basic and diluted)
|
-
|
-
|
-
|
(0.00
|
)
|
0.00
|
-
|
|||||||||||||||||
Income (loss) per share (basic and diluted)
|
$
|
(0.10
|
)
|
0.21
|
$
|
0.11
|
$
|
(1.19
|
)
|
0.92
|
$
|
(0.27
|
)
|
|||||||||||
Weighted average number of shares used in
|
||||||||||||||||||||||||
computing net income (loss) per share
|
||||||||||||||||||||||||
Basic
|
51,970,458
|
51,970,458
|
43,655,309
|
43,655,309
|
||||||||||||||||||||
Diluted
|
51,970,458
|
52,123,677
|
43,655,309
|
43,655,309
|
(1)
|
Adjustments reflect the effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, impairment of goodwill and long lived assets, trade secrets litigation expenses, restructuring costs and loss from discontinued operations.
|
Year ended
|
Year ended
|
|||||||||||||||||||||||
31 December 2016
|
31 December 2015
|
|||||||||||||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
GAAP loss
|
|
|
$
|
(5,340
|
)
|
$
|
(52,334
|
)
|
||||||||||||||||
Gross profit
|
||||||||||||||||||||||||
Non-cash stock-based compensation expenses
|
41
|
217
|
||||||||||||||||||||||
Amortization of intangible assets related to acquisition transactions
|
4,776
|
4,792
|
||||||||||||||||||||||
Impairment of long lived assets
|
-
|
10,137
|
||||||||||||||||||||||
4,817
|
15,146
|
|||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||
Non-cash stock-based compensation expenses
|
867
|
1,684
|
||||||||||||||||||||||
Amortization of intangible assets related to acquisition transactions:
|
777
|
805
|
||||||||||||||||||||||
Goodwill impairment
|
-
|
20,402
|
||||||||||||||||||||||
Trade secrets litigation expenses
|
4,447
|
801
|
||||||||||||||||||||||
Restructuring costs
|
-
|
1,508
|
||||||||||||||||||||||
6,091
|
25,200
|
|||||||||||||||||||||||
Loss from discontinued operations
|
-
|
200
|
||||||||||||||||||||||
Non GAAP income (loss)
|
$
|
5,568
|
$
|
(11,788
|
)
|
GILAT SATELLITE NETWORKS LTD.
|
||||||||
CONDENSED ADJUSTED EBITDA
|
||||||||
U.S. dollars in thousands
|
Year ended | Three months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||
GAAP operating income (loss)
|
$
|
755
|
$
|
(43,701
|
)
|
$
|
6,488
|
$
|
(3,406
|
)
|
||||||
Add:
|
||||||||||||||||
Non-cash stock-based compensation expenses
|
908
|
1,901
|
216
|
236
|
||||||||||||
Restructuring costs
|
-
|
1,508
|
-
|
522
|
||||||||||||
Impairment of goodwill and long lived assets
|
-
|
30,539
|
-
|
10,137
|
||||||||||||
Trade secrets litigation expenses
|
4,447
|
801
|
864
|
93
|
||||||||||||
Depreciation and amortization
|
13,108
|
15,072
|
3,277
|
3,613
|
||||||||||||
Adjusted EBITDA
|
$
|
19,218
|
$
|
6,120
|
$
|
10,845
|
$
|
11,195
|
GILAT SATELLITE NETWORKS LTD.
|
||||
CONDENSED CONSOLIDATED BALANCE SHEET
|
||||
U.S. dollars in thousands
|
||||
GILAT SATELLITE NETWORKS LTD.
|
||||
CONDENSED CONSOLIDATED BALANCE SHEET
|
||||
U.S. dollars in thousands
|
GILAT SATELLITE NETWORKS LTD.
|
||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||||
U.S. dollars in thousands
|
||||||||||
Year ended
|
Three months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||
Cash flows from continuing operations
|
||||||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||||||
Net Income (Loss)
|
$
|
(5,340
|
)
|
$
|
(52,334
|
)
|
$
|
4,535
|
$
|
(5,249
|
)
|
|||||
Loss from discontinued operations
|
-
|
200
|
-
|
-
|
||||||||||||
Net income (loss) from continuing operations
|
(5,340
|
)
|
(52,134
|
)
|
4,535
|
(5,249
|
)
|
|||||||||
Adjustments required to reconcile net income (loss)
|
||||||||||||||||
to net cash provided by (used in) operating activities:
|
||||||||||||||||
Depreciation and Amortization
|
13,108
|
15,072
|
3,277
|
3,613
|
||||||||||||
Goodwill impairment
|
-
|
20,402
|
-
|
-
|
||||||||||||
Impairment of long lived assets
|
-
|
10,137
|
-
|
10,137
|
||||||||||||
Capital loss from disposal of property and equipment
|
(88
|
)
|
82
|
-
|
-
|
|||||||||||
Stock-Based Compensation
|
908
|
1,901
|
216
|
236
|
||||||||||||
Accrued severance pay, net
|
(267
|
)
|
(111
|
)
|
(65
|
)
|
163
|
|||||||||
Accrued interest and exchange rate differences on
|
||||||||||||||||
short and long-term restricted cash, net
|
(1,382
|
)
|
842
|
72
|
635
|
|||||||||||
Exchange rate differences on long-term loans
|
(43
|
)
|
(288
|
)
|
(99
|
)
|
(67
|
)
|
||||||||
Deferred income taxes, net
|
4
|
1
|
(1
|
)
|
(10
|
)
|
||||||||||
Decrease (increase) in trade receivables, net
|
(37,586
|
)
|
4,553
|
(47,695
|
)
|
(12,177
|
)
|
|||||||||
Decrease (increase) in other assets (including short-term, long-term
|
||||||||||||||||
and deferred charges)
|
(3,386
|
)
|
998
|
(4,593
|
)
|
97
|
||||||||||
Decrease (increase) in inventories
|
2,221
|
(2,821
|
)
|
1,356
|
2,090
|
|||||||||||
Decrease (Increase) in restricted cash directly related to operating activities, net
|
48,519
|
(87,004
|
)
|
12,991
|
(34,268
|
)
|
||||||||||
Increase (decrease) in trade payables
|
12,454
|
(5,133
|
)
|
8,607
|
2,514
|
|||||||||||
Increase in accrued expenses
|
30,149
|
2,935
|
4,135
|
3,444
|
||||||||||||
Increase (decrease) in advance from customers
|
(53,081
|
)
|
79,884
|
13,561
|
24,268
|
|||||||||||
Increase (decrease) in advances from customers, held
|
||||||||||||||||
by trustees
|
922
|
(2,243
|
)
|
1,950
|
6,168
|
|||||||||||
Increase (decrease) in other current liabilities and other long term liabilities
|
3,666
|
(1,860
|
)
|
2,036
|
(1,454
|
)
|
||||||||||
Net cash provided by (used in) operating activities
|
10,778
|
(14,787
|
)
|
283
|
140
|
|||||||||||
Cash Flows from Investing Activities:
|
||||||||||||||||
Purchase of property and equipment
|
(4,307
|
)
|
(3,930
|
)
|
(1,485
|
)
|
(821
|
)
|
||||||||
Investment in restricted cash held by trustees
|
(16,200
|
)
|
(16,634
|
)
|
(5,275
|
)
|
(10,525
|
)
|
||||||||
Proceeds from restricted cash held by trustees
|
16,498
|
21,501
|
3,025
|
2,852
|
||||||||||||
Investment in restricted cash (including long-term)
|
(17,001
|
)
|
(22,717
|
)
|
(9,751
|
)
|
(306
|
)
|
||||||||
Proceeds from restricted cash (including long-term)
|
7,441
|
34,120
|
-
|
1,561
|
||||||||||||
Net cash provided by (used in) investing activities
|
(13,569
|
)
|
12,340
|
(13,486
|
)
|
(7,239
|
)
|
|||||||||
Cash flows from financing activities:
|
||||||||||||||||
Capital lease payments
|
(307
|
)
|
(609
|
)
|
-
|
(201
|
)
|
|||||||||
Issuance of shares in a rights offering
|
35,095
|
-
|
-
|
-
|
||||||||||||
Issuance of restricted stock units and exercise of stock options
|
576
|
5,683
|
49
|
88
|
||||||||||||
Payment of obligation related to the purchase of intangible assets
|
-
|
(500
|
)
|
-
|
-
|
|||||||||||
Short term bank credit, net
|
(7,000
|
)
|
(5,897
|
)
|
-
|
(2,086
|
)
|
|||||||||
Repayment of long-term loans
|
(4,443
|
)
|
(4,544
|
)
|
(27
|
)
|
(135
|
)
|
||||||||
Net cash provided by (used in) financing activities
|
23,921
|
(5,867
|
)
|
22
|
(2,334
|
)
|
||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
568
|
(977
|
)
|
(125
|
)
|
145
|
||||||||||
Increase (decrease) in cash and cash equivalents
|
21,698
|
(9,291
|
)
|
(13,306
|
)
|
(9,288
|
)
|
|||||||||
Cash and Cash Equivalents at the Beginning of the Period
|
18,435
|
27,726
|
53,439
|
27,723
|
||||||||||||
Cash and Cash Equivalents at the End of the Period
|
$
|
40,133
|
$
|
18,435
|
$
|
40,133
|
$
|
18,435
|
1 Year Gilat Satellite Networks Chart |
1 Month Gilat Satellite Networks Chart |
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