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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 0.18% | 5.60 | 5.56 | 5.58 | 5.61 | 5.55 | 5.57 | 14,545 | 14:32:03 |
Gilat Satellite Networks Ltd.
|
|||
(Registrant)
|
|||
Dated February 13, 2018
|
By: |
/s/ Yael Shofar
|
|
Yael Shofar
|
|||
General Counsel
|
· |
Revenues for Q4 2017 totaled $82.7 million. Full year 2017 revenues of $282.8 million compare with $279.6 million in 2016.
|
· |
Continued strong profitability:
|
o |
Q4 2017 GAAP operating income was $5.6 million and non-GAAP operating income was $7.0 million.
|
o |
Full year 2017 GAAP operating income climbed substantially to $10.9 million from $0.8 million in 2016. Non-GAAP operating income for 2017 reached $18.5 million compared to $11.7 million in 2016, an increase of 58.6%.
|
o |
Q4 2017 GAAP net income was $3.4 million, or $0.06 per diluted share. Q4 2017 non-GAAP net income was $4.7 million, or $0.09 per diluted share.
|
o |
Full year 2017 GAAP net income increased to $6.8 million, or $0.12 per diluted share, from a loss of $5.3 million, or $0.10 per diluted share, in 2016. Non-GAAP net income for 2017 more than doubled to $14.6 million, or $0.27 per diluted share, from $5.6 million, or $0.11 per diluted share, in 2016.
|
o |
Q4 2017 Adjusted EBITDA was $9.0 million, or 10.8% of revenues. Full Year 2017 Adjusted EBITDA increased 36.2% to $26.2 million or 9.3% of revenues, from $19.2 million, or 6.9% of revenues in 2016.
|
· |
Management objectives for 2018: revenue range between $285 million to $305 million, GAAP operating income of between $17 million and $21 million, and Adjusted EBITDA between $30 million and $34 million.
|
· |
NBN Co and Speedcast Select Gilat for Business and Enterprise Satellite Service in Australia; Valued at Tens of Millions of Dollars
|
· |
KDDI Selects Gilat’s Satellite Based LTE Cellular Backhaul Solution for Nationwide LTE Network in Japan
|
Date:
|
Tuesday, February 13, 2018
|
Start:
|
09:30 AM EST / 16:30 IST
|
Dial-in:
|
US: 1-888-407-2553
|
International: (972) 3-918-0610
|
Start:
|
February 13, 2018 at 12:00 PM EST / 19:00 IST
|
End:
|
February 16, 2018 at 12:00 PM EST / 19:00 IST
|
Dial-in:
|
US: 1-888-326-9310
|
International: (972) 3-925-5901
|
GILAT SATELLITE NETWORKS LTD.
|
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||
U.S. dollars in thousands (except share and per share data)
|
Twelve months ended
December 31,
|
Three months ended
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||||||
Revenues
|
$
|
282,756
|
$
|
279,551
|
$
|
82,652
|
$
|
80,345
|
||||||||
Cost of revenues
|
200,261
|
204,061
|
57,416
|
56,147
|
||||||||||||
Gross profit
|
82,495
|
75,490
|
25,236
|
24,198
|
||||||||||||
Research and development expenses
|
29,433
|
26,477
|
8,785
|
7,103
|
||||||||||||
Less - grants
|
1,419
|
1,624
|
599
|
616
|
||||||||||||
Research and development expenses, net
|
28,014
|
24,853
|
8,186
|
6,487
|
||||||||||||
Selling and marketing expenses
|
23,759
|
23,411
|
6,572
|
6,187
|
||||||||||||
General and administrative expenses
|
19,861
|
26,471
|
4,835
|
5,036
|
||||||||||||
Total operating expenses
|
71,634
|
74,735
|
19,593
|
17,710
|
||||||||||||
Operating income
|
10,861
|
755
|
5,643
|
6,488
|
||||||||||||
Financial expenses, net
|
(4,307
|
)
|
(4,843
|
)
|
(1,138
|
)
|
(1,668
|
)
|
||||||||
Income (loss) before taxes on income
|
6,554
|
(4,088
|
)
|
4,505
|
4,820
|
|||||||||||
Taxes on income (tax benefit)
|
(247
|
)
|
1,252
|
1,102
|
285
|
|||||||||||
Net income (loss)
|
$
|
6,801
|
$
|
(5,340
|
)
|
$
|
3,403
|
$
|
4,535
|
|||||||
Earnings (loss) per share (basic and diluted)
|
$
|
0.12
|
$
|
(0.10
|
)
|
$
|
0.06
|
$
|
0.08
|
|||||||
Weighted average number of shares used in
|
||||||||||||||||
computing earnings (loss) per share
|
||||||||||||||||
Basic
|
54,680,822
|
51,970,458
|
54,719,903
|
54,591,346
|
||||||||||||
Diluted
|
54,851,967
|
51,970,458
|
55,237,923
|
54,615,092
|
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)
|
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)
|
GILAT SATELLITE NETWORKS LTD.
|
|||||||||
ADJUSTED EBITDA
|
|||||||||
U.S. dollars in thousands
|
Twelve months ended
December 31,
|
Three months ended
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||
GAAP operating income
|
$
|
10,861
|
$
|
755
|
$
|
5,643
|
$
|
6,488
|
||||||||
Add (deduct):
|
||||||||||||||||
Non-cash stock-based compensation expenses
|
856
|
908
|
230
|
216
|
||||||||||||
Trade secrets litigation expenses
|
873
|
4,447
|
-
|
864
|
||||||||||||
Tax expenses (benefit) under amnesty program
|
450
|
-
|
(178
|
)
|
-
|
|||||||||||
Depreciation and amortization
|
13,140
|
13,108
|
3,256
|
3,277
|
||||||||||||
Adjusted EBITDA
|
$
|
26,180
|
$
|
19,218
|
$
|
8,951
|
$
|
10,845
|
GILAT SATELLITE NETWORKS LTD.
|
||||
CONSOLIDATED BALANCE SHEET
|
||||
U.S. dollars in thousands
|
GILAT SATELLITE NETWORKS LTD.
|
||||
CONSOLIDATED BALANCE SHEET
|
||||
U.S. dollars in thousands
|
GILAT SATELLITE NETWORKS LTD.
|
|||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||
U.S. dollars in thousands
|
Twelve months ended
December 31,
|
Three months ended
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income (loss)
|
$
|
6,801
|
$
|
(5,340
|
)
|
$
|
3,403
|
$
|
4,535
|
|||||||
Adjustments required to reconcile net income (loss)
|
||||||||||||||||
to net cash provided by (used in) operating activities:
|
||||||||||||||||
Depreciation and amortization
|
13,140
|
13,108
|
3,256
|
3,277
|
||||||||||||
Stock-based compensation of options and RSU's
|
856
|
908
|
230
|
216
|
||||||||||||
Accrued severance pay, net
|
118
|
(267
|
)
|
(11
|
)
|
(65
|
)
|
|||||||||
Accrued interest and exchange rate differences on
|
||||||||||||||||
short and long-term restricted cash, net
|
(239
|
)
|
(442
|
)
|
(135
|
)
|
1,012
|
|||||||||
Exchange rate differences on long-term loans
|
186
|
(43
|
)
|
35
|
(99
|
)
|
||||||||||
Deferred income taxes, net
|
189
|
4
|
489
|
(1
|
)
|
|||||||||||
Increase in trade receivables, net
|
(19,588
|
)
|
(37,586
|
)
|
(22,421
|
)
|
(47,695
|
)
|
||||||||
Increase in other assets (including short-term, long-term
|
||||||||||||||||
and deferred charges)
|
(4,029
|
)
|
(3,474
|
)
|
(400
|
)
|
(4,593
|
)
|
||||||||
Decrease (increase) in inventories
|
(10,763
|
)
|
2,221
|
(1,534
|
)
|
1,356
|
||||||||||
Decrease in restricted cash directly related to operating activities, net
|
38,123
|
48,519
|
-
|
12,991
|
||||||||||||
Increase in trade payables
|
4,087
|
12,454
|
5,169
|
8,607
|
||||||||||||
Increase in accrued expenses
|
14,898
|
30,149
|
243
|
4,135
|
||||||||||||
Increase (decrease) in advances from customers
|
(18,959
|
)
|
(53,081
|
)
|
(7,245
|
)
|
13,561
|
|||||||||
Increase (decrease) in advances from customers, held
|
||||||||||||||||
by trustees
|
(6,185
|
)
|
(18
|
)
|
(3,845
|
)
|
1,010
|
|||||||||
Increase in other current liabilities and other long term liabilities
|
2,165
|
3,666
|
1,808
|
2,036
|
||||||||||||
Net cash provided by (used in) operating activities
|
20,800
|
10,778
|
(20,958
|
)
|
283
|
|||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Purchase of property and equipment
|
(3,692
|
)
|
(4,307
|
)
|
(283
|
)
|
(1,485
|
)
|
||||||||
Investment in restricted cash held by trustees
|
(14,218
|
)
|
(16,200
|
)
|
(3,416
|
)
|
(5,275
|
)
|
||||||||
Proceeds from restricted cash held by trustees
|
18,974
|
16,498
|
5,586
|
3,025
|
||||||||||||
Investment in restricted cash (including long-term)
|
(5,700
|
)
|
(17,001
|
)
|
(5,044
|
)
|
(9,751
|
)
|
||||||||
Proceeds from restricted cash (including long-term)
|
661
|
7,441
|
(10
|
)
|
-
|
|||||||||||
Net cash used in investing activities
|
(3,975
|
)
|
(13,569
|
)
|
(3,167
|
)
|
(13,486
|
)
|
||||||||
Cash flows from financing activities:
|
||||||||||||||||
Capital lease payments
|
-
|
(309
|
)
|
-
|
(2
|
)
|
||||||||||
Issuance of shares in a rights offering
|
-
|
35,085
|
-
|
(12
|
)
|
|||||||||||
Issuance of restricted stock units and exercise of stock options
|
661
|
588
|
92
|
63
|
||||||||||||
Short term bank credit, net
|
-
|
(7,000
|
)
|
-
|
-
|
|||||||||||
Repayment of long-term loans
|
(4,673
|
)
|
(4,443
|
)
|
(145
|
)
|
(27
|
)
|
||||||||
Net cash provided by (used in) financing activities
|
(4,012
|
)
|
23,921
|
(53
|
)
|
22
|
||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
11
|
568
|
(99
|
)
|
(125
|
)
|
||||||||||
Increase (decrease) in cash and cash equivalents
|
12,824
|
21,698
|
(24,277
|
)
|
(13,306
|
)
|
||||||||||
Cash and cash equivalents at the beginning of the period
|
40,133
|
18,435
|
77,234
|
53,439
|
||||||||||||
Cash and cash equivalents at the end of the period
|
$
|
52,957
|
$
|
40,133
|
$
|
52,957
|
$
|
40,133
|
1 Year Gilat Satellite Networks Chart |
1 Month Gilat Satellite Networks Chart |
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