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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 1.62% | 5.03 | 4.95 | 5.03 | 5.13 | 4.97 | 5.00 | 162,424 | 21:00:15 |
Gilat Satellite Networks Ltd.
|
|||
(Registrant)
|
|||
Dated June 3, 2020
|
By: /s/ Yael Shofar
|
||
Yael Shofar
|
|||
General Counsel
|
•
|
Revenues for Q1 2020 totaled $47.7 million compared with $62.1 million for Q1 2019.
|
•
|
Results for the quarter:
|
o
|
Q1 2020 - GAAP operating loss was $10.8 million compared to operating income of $4.5 million in Q1 2019. Q1 2020 Non-GAAP operating loss was $7.6 million compared to Non-GAAP operating
income of $5.6 in Q1 2019.
|
o
|
Q1 2020 GAAP net loss was $11.8 million, or loss of $0.21 per diluted share, compared with net income of $2.8 million, or income of $0.05 per diluted share in Q1 2019. Q1 2020 non-GAAP
net loss was $8.6 million, or $0.15 per diluted share, compared with net income of $4.0 million, or $0.07 per diluted share, in Q1 2019.
|
o
|
Q1 2020 Adjusted EBITDA loss was $5.0 million compared with Adjusted EBITDA of $8.2 million in Q1 2019.
|
o
|
The results of the first quarter of 2020 were significantly impacted by the COVID-19 outbreak. The pandemic has had an adverse impact on Gilat’s different segments though to varying
degrees. It has significantly impacted the travel and aviation markets in which Gilat's IFC customers operate and has resulted in a slowdown of our business with these customers. Other parts of Gilat's business such as the Fixed networks
and Cellular Backhaul have demonstrated relative resilience, however order postponements and delays were experienced. In order to mitigate the impact to the business, Gilat executed a plan to reduce expenses, including a reduction in
headcount as well as other cost-saving measures.
|
GILAT SATELLITE NETWORKS LTD.
|
|||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||
U.S. dollars in thousands (except share and per share data)
|
Three months ended
|
||||||||
March, 31
|
||||||||
2020
|
2019
|
|||||||
Unaudited
|
||||||||
Revenues
|
$
|
47,673
|
$
|
62,109
|
||||
Cost of revenues
|
38,787
|
38,539
|
||||||
Gross profit
|
8,886
|
23,570
|
||||||
Research and development expenses
|
7,634
|
8,857
|
||||||
Less - grants
|
272
|
555
|
||||||
Research and development expenses, net
|
7,362
|
8,302
|
||||||
Selling and marketing expenses
|
5,066
|
5,871
|
||||||
General and administrative expenses
|
4,545
|
4,942
|
||||||
Merger and acquisition costs
|
2,405
|
-
|
||||||
Restructuring costs
|
273
|
-
|
||||||
Total operating expenses
|
19,651
|
19,115
|
||||||
Operating income (loss)
|
(10,765
|
)
|
4,455
|
|||||
Financial expenses, net
|
(972
|
)
|
(821
|
)
|
||||
Income (loss) before taxes on income
|
(11,737
|
)
|
3,634
|
|||||
Taxes on income
|
18
|
810
|
||||||
Net income (loss)
|
$
|
(11,755
|
)
|
$
|
2,824
|
|||
Basic and Diluted earnings (loss) per share
|
$
|
(0.21
|
)
|
$
|
0.05
|
|||
Weighted average number of shares used in
|
||||||||
computing earnings (loss) per share
|
||||||||
Basic
|
55,493,258
|
55,197,588
|
||||||
Diluted
|
55,493,258
|
55,959,504
|
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.
|
|||||||
SUPPLEMENTAL INFORMATION
|
|||||||
U.S. dollars in thousands
|
ADJUSTED EBITDA:
|
Three months ended
March 31,
|
||||||||
2020
|
2019
|
|||||||
Unaudited
|
||||||||
GAAP operating income (loss)
|
$
|
(10,765
|
)
|
$
|
4,455
|
|||
Add:
|
||||||||
Non-cash stock-based compensation expenses
|
423
|
871
|
||||||
Trade secrets and other litigation expenses
|
11
|
-
|
||||||
Restructuring costs
|
273
|
-
|
||||||
Merger and acquisition costs
|
2,405
|
-
|
||||||
Depreciation and amortization (*)
|
2,664
|
2,877
|
||||||
Adjusted EBITDA
|
$
|
(4,989
|
)
|
$
|
8,203
|
(*) includng amortization of lease incentive
|
SEGMENT REVENUE:
|
Three months ended
|
||||||||
March 31,
|
||||||||
2020
|
2019
|
|||||||
Unaudited
|
||||||||
Fixed Networks
|
$
|
23,011
|
$
|
36,428
|
||||
Mobility Solutions
|
19,201
|
20,912
|
||||||
Terrestrial Infrastructure Projects
|
5,461
|
4,769
|
||||||
Total revenue
|
$
|
47,673
|
$
|
62,109
|
GILAT SATELLITE NETWORKS LTD.
|
||||
CONSOLIDATED BALANCE SHEETS
|
||||
U.S. dollars in thousands
|
GILAT SATELLITE NETWORKS LTD.
|
||||
CONSOLIDATED BALANCE SHEETS (Cont.)
|
||||
U.S. dollars in thousands
|
GILAT SATELLITE NETWORKS LTD.
|
||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||
U.S. dollars in thousands
|
Three months ended
|
||||||||
March 31,
|
||||||||
2020
|
2019
|
|||||||
Unaudited
|
||||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
(11,755
|
)
|
$
|
2,824
|
|||
Adjustments required to reconcile net income
|
||||||||
to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
2,604
|
2,822
|
||||||
Capital loss (gain) from disposal of property and equipment
|
(33
|
)
|
7
|
|||||
Stock-based compensation of options
|
423
|
871
|
||||||
Accrued severance pay, net
|
43
|
285
|
||||||
Deferred income taxes, net
|
634
|
683
|
||||||
Decrease in trade receivables, net
|
13,607
|
7,831
|
||||||
Increase in contract assets
|
(4,851
|
)
|
(430
|
)
|
||||
Decrease (increase) in other assets (including short-term, long-term
|
||||||||
and deferred charges)
|
1,673
|
(86
|
)
|
|||||
Increase in inventories
|
(6,635
|
)
|
(3,659
|
)
|
||||
Increase (decrease) in trade payables
|
2,375
|
(922
|
)
|
|||||
Decrease in accrued expenses
|
(1,652
|
)
|
(2,169
|
)
|
||||
Decrease in advance from customers
|
(2,827
|
)
|
(3,087
|
)
|
||||
Increase in current and non current liabilities
|
2,811
|
863
|
||||||
Net cash provided by (used in) operating activities
|
(3,583
|
)
|
5,833
|
|||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(951
|
)
|
(2,014
|
)
|
||||
Net cash used in investing activities
|
(951
|
)
|
(2,014
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Exercise of stock options
|
-
|
338
|
||||||
Repayment of long-term loans
|
(4,096
|
)
|
(4,123
|
)
|
||||
Net cash used in financing activities
|
(4,096
|
)
|
(3,785
|
)
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(695
|
)
|
97
|
|||||
Increase (decrease) in cash, cash equivalents and restricted cash
|
(9,325
|
)
|
131
|
|||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
101,969
|
104,204
|
||||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
92,644
|
$
|
104,335
|
||||
Supplementary disclosure of cash flows activities:
|
||||||||
Non-cash transactions:
|
||||||||
Declaration of cash dividend not yet distributed
|
$
|
-
|
$
|
24,862
|
1 Year Gilat Satellite Networks Chart |
1 Month Gilat Satellite Networks Chart |
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