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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 1.18% | 5.14 | 5.08 | 5.39 | 5.15 | 5.08 | 5.08 | 118,728 | 00:41:09 |
Gilat Satellite Networks Ltd.
|
|
(Registrant)
|
|
Dated August 6, 2019
|
By: /s/ Yael Shofar
|
Yael Shofar
General Counsel
|
• |
Revenues for Q2 2019 totaled $59.7 million compared with $66.5 million for Q2 2018.
|
• |
Continued strong profitability:
|
|
o |
Q2 2019 GAAP operating income increased 17.9% to $4.9 million from $4.1 million in Q2 2018. Q2 2019 Non-GAAP operating income rose to $6.3 million, or by 10.8% from Q2 2018.
|
|
o |
Q2 2019 GAAP net income increased 58.3% to $3.4 million, or $0.06 per diluted share, compared with $2.2 million, or $0.04 per diluted share in Q2 2018. Q2 2019 non-GAAP net income increased 30.7% to $4.8 million, or $0.09 per diluted
share, compared with $3.7 million, or $0.07 per diluted share, in Q2 2018.
|
|
o |
Q2 2019 Adjusted EBITDA increased 10.0% year over year to $8.9 million, or 14.9% of revenues.
|
• |
Reiterated management objectives for 2019: revenue range between $275 million to $295 million, GAAP operating income of between $23 million and $27 million, and Adjusted EBITDA between $38 million and $42 million.
|
• |
Gilat will Provide Aero Antennas with Initial Agreement for Tens of Millions of Dollars to a Tier-1 Business Aviation Service Provider
|
• |
Gilat Awarded Over $7 Million Dollar Contract for US Army’s WIN-T (Warfighter Information Network-Tactical) Program
|
• |
Gilat Achieves Critical Milestone in Peru with Approval to Enter Operational Phase, Unlocking Access to Revenue of ~$12M per Annum from Telecom Project Awarded in 2015
|
• |
Globe Awards Gilat a Three-Year Multi-Million US Dollar Contract for Delivering Satellite Based WiFi in Addition to Cellular Backhaul Services
|
Date:
Start:
Dial-in:
|
Tuesday, August 6
09:30 AM EDT / 16:30 IDT
US: 1-888-668-9141
International: (972) 3-918-0609
|
Start:
End:
Dial-in:
|
August 6, 2019 at 12:00 PM EDT / 19:00 IDT
August 9, 2019 at 12:00 PM EDT / 19:00 IDT
US: 1-888-326-9310
International: (972) 3-925-5900
|
GILAT SATELLITE NETWORKS LTD.
|
|||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||
U.S. dollars in thousands (except share and per share data)
|
Six months ended
|
Three months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||
Revenues
|
$
|
121,794
|
$
|
133,882
|
$
|
59,685
|
$
|
66,508
|
||||||||
Cost of revenues
|
76,239
|
90,053
|
37,700
|
44,066
|
||||||||||||
Gross profit
|
45,555
|
43,829
|
21,985
|
22,442
|
||||||||||||
Research and development expenses
|
16,492
|
16,730
|
7,635
|
8,284
|
||||||||||||
Less - grants
|
1,094
|
810
|
539
|
343
|
||||||||||||
Research and development expenses, net
|
15,398
|
15,920
|
7,096
|
7,941
|
||||||||||||
Selling and marketing expenses
|
11,288
|
11,716
|
5,417
|
6,303
|
||||||||||||
General and administrative expenses
|
9,527
|
8,389
|
4,585
|
4,054
|
||||||||||||
Total operating expenses
|
36,213
|
36,025
|
17,098
|
18,298
|
||||||||||||
Operating income
|
9,342
|
7,804
|
4,887
|
4,144
|
||||||||||||
Financial expenses, net
|
(1,400
|
)
|
(2,188
|
)
|
(579
|
)
|
(1,605
|
)
|
||||||||
Income before taxes on income
|
7,942
|
5,616
|
4,308
|
2,539
|
||||||||||||
Taxes on income
|
1,713
|
1,154
|
903
|
388
|
||||||||||||
Net income
|
$
|
6,229
|
$
|
4,462
|
$
|
3,405
|
$
|
2,151
|
||||||||
Basic and Diluted earnings per share
|
$
|
0.11
|
$
|
0.08
|
$
|
0.06
|
$
|
0.04
|
||||||||
Weighted average number of shares used in
|
||||||||||||||||
computing earnings per share
|
||||||||||||||||
Basic
|
55,321,858
|
54,811,893
|
55,446,127
|
54,858,330
|
||||||||||||
Diluted
|
56,074,361
|
55,614,782
|
56,189,217
|
55,639,202
|
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
|
|||||||||||||||||||||||
June 30, 2019
|
June 30, 2018
|
|||||||||||||||||||||||
GAAP
|
Adjustments (1)
|
Non-GAAP
|
GAAP
|
Adjustments (1)
|
Non-GAAP
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
Gross profit
|
$
|
21,985
|
312
|
$
|
22,297
|
$
|
22,442
|
1,230
|
$
|
23,672
|
||||||||||||||
Operating expenses
|
17,098
|
(1,077
|
)
|
16,021
|
18,298
|
(288
|
)
|
18,010
|
||||||||||||||||
Operating income
|
4,887
|
1,389
|
6,276
|
4,144
|
1,518
|
5,662
|
||||||||||||||||||
Income before taxes on income
|
4,308
|
1,389 | 5,697 |
2,539
|
1,518
|
4,057
|
||||||||||||||||||
Net income
|
3,405
|
1,389
|
4,794
|
2,151
|
1,518
|
3,669
|
||||||||||||||||||
Earnings per share (basic and diluted)
|
$ | 0.06 | $ | 0.03 | $ | 0.09 |
$
|
0.04
|
$ |
0.03
|
$ |
0.07
|
||||||||||||
Weighted average number of shares used in
|
||||||||||||||||||||||||
computing earnings per share
|
||||||||||||||||||||||||
Basic
|
55,446,127
|
55,446,127
|
54,858,330
|
54,858,330
|
||||||||||||||||||||
Diluted
|
56,189,217
|
56,337,558
|
55,639,202
|
55,854,231
|
(1)
|
Adjustments reflect the effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, trade secrets litigation expenses and
re-organiztion costs.
|
|
Three months ended
|
Three months ended
|
||||||||||||||||||
|
June 30, 2019
|
June 30, 2018
|
||||||||||||||||||
|
Unaudited
|
Unaudited
|
||||||||||||||||||
|
||||||||||||||||||||
GAAP net income
|
$
|
3,405
|
|
|
$
|
2,151
|
|
|||||||||||||
|
||||||||||||||||||||
Gross profit
|
||||||||||||||||||||
Non-cash stock-based compensation expenses
|
49
|
36
|
||||||||||||||||||
Amortization of intangible assets related to acquisition transactions
|
234
|
1,194
|
||||||||||||||||||
Re-organization costs
|
29
|
-
|
||||||||||||||||||
|
312
|
1,230
|
||||||||||||||||||
Operating expenses
|
||||||||||||||||||||
Non-cash stock-based compensation expenses
|
373
|
238
|
||||||||||||||||||
Amortization of intangible assets related to acquisition transactions
|
49
|
50
|
||||||||||||||||||
Trade secrets litigation expenses
|
100
|
-
|
||||||||||||||||||
Re-organization costs
|
555
|
-
|
||||||||||||||||||
|
1,077
|
288
|
||||||||||||||||||
|
||||||||||||||||||||
Non-GAAP net income
|
$
|
4,794
|
$
|
3,669
|
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)
|
Six months ended | Six months ended | |||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||
GAAP | Adjustments (1) | Non-GAAP | GAAP | Adjustments (1) | Non-GAAP | |||||||||||||||||||
Unaudited | Unaudited | |||||||||||||||||||||||
Gross profit | $ | 45,555 | 638 | $ | 46,193 | $ | 43,829 | 2,430 | $ | 46,259 | ||||||||||||||
Operating expenses | 36,213 | (1,906 | ) | 34,307 | 36,025 | (551 | ) | 35,474 | ||||||||||||||||
Operating income | 9,342 | 2,544 | 11,886 | 7,804 | 2,981 | 10,785 | ||||||||||||||||||
Income before taxes on income | 7,942 | 2,544 | 10,486 | 5,616 | 2,981 | 8,597 | ||||||||||||||||||
Net income | 6,229 | 2,544 | 8,773 | 4,462 | 2,981 | 7,443 | ||||||||||||||||||
Basic earnings per share | $ | 0.11 | $ | 0.05 | $ | 0.16 | $ | 0.08 | $ | 0.06 | $ | 0.14 | ||||||||||||
Diluted earnings per share | $ | 0.11 | $ | 0.05 | $ | 0.16 | $ | 0.08 | $ | 0.05 | $ | 0.13 | ||||||||||||
Weighted average number of shares used in | ||||||||||||||||||||||||
computing earnings per share | ||||||||||||||||||||||||
Basic | 55,321,858 | 55,321,858 | 54,811,893 | 54,811,893 | ||||||||||||||||||||
Diluted | 56,074,361 | 56,240,141 | 55,614,782 | 55,835,134 |
(1)
|
Adjustments reflethe effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, trade secrets litigation expenses or
income and re-organization costs.
|
|
Six months ended
|
Six months ended
|
||||||||||||||||||
|
June 30, 2019
|
June 30, 2018
|
||||||||||||||||||
|
Unaudited
|
Unaudited
|
||||||||||||||||||
|
||||||||||||||||||||
GAAP net income
|
$
|
6,229
|
$
|
4,462
|
||||||||||||||||
|
||||||||||||||||||||
Gross profit
|
||||||||||||||||||||
Non-cash stock-based compensation expenses
|
143
|
42
|
||||||||||||||||||
Amortization of intangible assets related to acquisition transactions
|
466
|
2,388
|
||||||||||||||||||
Re-organization costs
|
29
|
-
|
||||||||||||||||||
|
638
|
2,430
|
||||||||||||||||||
Operating expenses
|
||||||||||||||||||||
Non-cash stock-based compensation expenses
|
1,150 |
450
|
|
|||||||||||||||||
Amortization of intangible assets related to acquisition transactions
|
101 |
|
|
101
|
|
|||||||||||||||
Trade secrets litigation expenses
|
100
|
-
|
||||||||||||||||||
Re-organization costs
|
555
|
-
|
||||||||||||||||||
|
1,906
|
551
|
||||||||||||||||||
|
||||||||||||||||||||
Non-GAAP net income
|
$
|
8,773
|
$
|
7,443
|
GILAT SATELLITE NETWORKS LTD.
|
||||||||
SUPPLEMENTAL INFORMATION
|
||||||||
U.S. dollars in thousands
|
Six months ended
|
Three months ended | |||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||
GAAP operating income
|
$
|
9,342
|
$
|
7,804
|
$
|
4,887
|
$
|
4,144
|
||||||||
Add:
|
||||||||||||||||
Non-cash stock-based compensation expenses
|
1,293
|
492
|
422
|
274
|
||||||||||||
Re-organization costs
|
584
|
-
|
584
|
-
|
||||||||||||
Trade secrets litigation expenses
|
100
|
-
|
100
|
-
|
||||||||||||
Depreciation and amortization (*)
|
5,786
|
7,322
|
2,909
|
3,672
|
||||||||||||
Adjusted EBITDA
|
$
|
17,105
|
$
|
15,618
|
$
|
8,902
|
$
|
8,090
|
Six months ended
June 30,
|
Three months ended
June 30,
|
|||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
|
Unaudited
|
Unaudited
|
||||||||||||||
|
||||||||||||||||
Fixed Networks
|
$
|
66,836
|
$
|
73,843
|
$
|
30,408
|
$
|
36,228
|
||||||||
Mobility Solutions
|
43,499
|
45,778
|
22,587
|
25,021
|
||||||||||||
Terrestrial Infrastructure Projects
|
11,459
|
14,261
|
6,690
|
5,259
|
||||||||||||
|
||||||||||||||||
Total revenue
|
$
|
121,794
|
$
|
133,882
|
$
|
59,685
|
$
|
66,508
|
GILAT SATELLITE NETWORKS LTD.
|
||||
CONSOLIDATED BALANCE SHEET
|
||||
U.S. dollars in thousands
|
June 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
Unaudited
|
Audited
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
39,904
|
$
|
67,381
|
||||
Restricted cash
|
27,094
|
32,305
|
||||||
Restricted cash held by trustees
|
2,353
|
4,372
|
||||||
Trade receivables, net
|
45,553
|
47,164
|
||||||
Contract assets
|
47,119
|
47,760
|
||||||
Inventories
|
26,224
|
21,109
|
||||||
Other current assets
|
25,777
|
26,022
|
||||||
Total current assets
|
214,024
|
246,113
|
||||||
LONG-TERM INVESTMENTS AND RECEIVABLES:
|
||||||||
Long-term restricted cash
|
147
|
146
|
||||||
Severance pay funds
|
6,770
|
6,780
|
||||||
Long term deferred tax assets
|
2,809
|
4,127
|
||||||
Operating lease right-of-use assets
|
4,721
|
-
|
||||||
Other long term receivables
|
9,371
|
7,276
|
||||||
Total long-term investments and receivables
|
23,818
|
18,329
|
||||||
PROPERTY AND EQUIPMENT, NET
|
82,466
|
84,403
|
||||||
INTANGIBLE ASSETS, NET
|
1,757
|
2,434
|
||||||
GOODWILL
|
43,468
|
43,468
|
||||||
TOTAL ASSETS
|
$
|
365,533
|
$
|
394,747
|
GILAT SATELLITE NETWORKS LTD.
|
||||
CONSOLIDATED BALANCE SHEET (Cont.)
|
||||
U.S. dollars in thousands
|
June 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
Unaudited
|
Audited
|
|||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current maturities of long-term loans
|
$
|
4,325
|
$
|
4,458
|
||||
Trade payables
|
28,569
|
24,636
|
||||||
Accrued expenses
|
59,012
|
67,533
|
||||||
Advances from customers and deferred revenues
|
20,403
|
29,133
|
||||||
Operating lease right-of-use liabilities
|
1,659
|
-
|
||||||
Other current liabilities
|
13,650
|
14,588
|
||||||
Total current liabilities
|
127,618
|
140,348
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Accrued severance pay
|
7,020
|
6,649
|
||||||
Long-term loans, net of current maturities
|
4,000
|
8,098
|
||||||
Operating lease right-of-use liabilities
|
3,093
|
-
|
||||||
Other long-term liabilities
|
646
|
580
|
||||||
Total long-term liabilities
|
14,759
|
15,327
|
||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Share capital - ordinary shares of NIS 0.2 par value
|
2,640
|
2,625
|
||||||
Additional paid-in capital
|
926,509
|
924,856
|
||||||
Accumulated other comprehensive loss
|
(4,329
|
)
|
(5,380
|
)
|
||||
Accumulated deficit
|
(701,664
|
)
|
(683,029
|
)
|
||||
Total shareholders' equity
|
223,156
|
239,072
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
365,533
|
$
|
394,747
|
GILAT SATELLITE NETWORKS LTD.
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
U.S. dollars in thousands
|
Six months ended | Three months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Unaudited | Unaudited | |||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 6,229 | $ | 4,462 | $ | 3,405 | $ | 2,151 | ||||||||
Adjustments required to reconcile net income | ||||||||||||||||
to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 5,681 | 7,322 | 2,859 | 3,672 | ||||||||||||
Stock-based compensation of options | 1,293 | 492 | 422 | 274 | ||||||||||||
Accrued severance pay, net | 382 | 47 | 97 | (41 | ) | |||||||||||
Exchange rate differences on long-term loans | - | (13 | ) | - | (43 | ) | ||||||||||
Deferred income taxes, net | 1,385 | (29 | ) | 702 | (41 | ) | ||||||||||
Decrease (increase) in trade receivables, net | 2,506 | 15,089 | (5,325 | ) | (3,221 | ) | ||||||||||
Decrease (increase) in contract assets | (232 | ) | 14,380 | 198 | (2,819 | ) | ||||||||||
Decrease (increase) in other assets (including short-term, long-term | ||||||||||||||||
and deferred charges) | (29 | ) | (9,151 | ) | 50 | (9,865 | ) | |||||||||
Decrease (increase) in inventories | (6,137 | ) | 332 | (2,478 | ) | 1,777 | ||||||||||
Increase (decrease) in trade payables | 3,933 | (11,634 | ) | 4,855 | (3,362 | ) | ||||||||||
Increase (decrease) in accrued expenses | (7,076 | ) | (1,980 | ) | (4,907 | ) | 27 | |||||||||
Decrease in advance from customers | (8,405 | ) | (4,980 | ) | (5,318 | ) | (78 | ) | ||||||||
Decrease in advances from customers, held | ||||||||||||||||
by trustees | - | (1,478 | ) | - | - | |||||||||||
Increase (decrease) in other current liabilities and other long term liabilities | (1,950 | ) | 5,575 | (2,813 | ) | 4,011 | ||||||||||
Net cash provided by (used in) operating activities | (2,420 | ) | 18,434 | (8,253 | ) | (7,558 | ) | |||||||||
Cash flows from investing activities: | ||||||||||||||||
Purchase of property and equipment | (3,587 | ) | (5,014 | ) | (1,573 | ) | (2,153 | ) | ||||||||
Net cash used in investing activities | (3,587 | ) | (5,014 | ) | (1,573 | ) | (2,153 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Exercise of stock options | 375 | 573 | 37 | 267 | ||||||||||||
Repayment of long-term loans | (4,231 | ) | (4,249 | ) | (108 | ) | (249 | ) | ||||||||
Dividend payment | (24,864 | ) | - | (24,864 | ) | - | ||||||||||
Net cash provided by (used in) financing activities | (28,720 | ) | (3,676 | ) | (24,935 | ) | 18 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 21 | (709 | ) | (76 | ) | (1,005 | ) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (34,706 | ) | 9,035 | (34,837 | ) | (10,698 | ) | |||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 104,204 | 86,757 | 104,335 | 106,490 | ||||||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 69,498 | $ | 95,792 | $ | 69,498 | $ | 95,792 |
1 Year Gilat Satellite Networks Chart |
1 Month Gilat Satellite Networks Chart |
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