Gilat Satellite (NASDAQ:GILTF)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Gilat Satellite Charts. Click Here for more Gilat Satellite Charts.](/p.php?pid=staticchart&s=N%5EGILTF&p=8&t=15)
Gilat Satellite Networks Ltd. (Nasdaq:GILTF), a
worldwide leader in satellite networking technology, today reported
its results for the quarter ending September 30, 2005.
Revenues for the third quarter of 2005 were US$49.0 million,
EBITDA(3) of US$4.0 million and net loss was US$(0.9) million or
US$(0.04) diluted per share. By comparison, revenues for the third
quarter of 2004 were US$64.7 million, EBITDA of US$8.4 million and net
loss was US$(0.2) million or US$(0.01) diluted per share.
Revenues for the nine month period ended September 30, 2005 were
US$153.4 million, EBITDA of US$13.9 million and net loss was US$(2.5)
million or US$(0.11) diluted per share. By comparison, revenues for
the nine-month period ended September 30, 2004 were US$179.7 million,
EBITDA of US$17.3 million and net loss was US$(8.5) million or
US$(0.38) diluted per share.
The Company also announced its decision to include further
financial information within its earnings reports. This can be seen in
the additional statements provided of cash flow and EBITDA.
Gilat Chief Executive Officer and Chairman of the Board Amiram
Levinberg said, "This quarter we shipped approximately 30% more in
VSAT units than last quarter. In addition, this is the first quarter
that we have shipped more SkyEdge VSATs than Skystar 360E. Some of
these shipments are part of transactions that include the provision of
bundled equipment, solutions and services, all in line with our
corporate strategy of progressing upward on the value chain in project
implementation. The consideration underlying some of these agreements
is not included in our revenues for this quarter and has increased our
backlog."
About Gilat Satellite Networks Ltd.
Gilat Satellite Networks Ltd. (Nasdaq:GILTF) is a leading provider
of products and services for satellite-based communications networks.
The Company operates under two business units: (i) Gilat Network
Systems ("GNS"), a provider of network systems and associated
professional services to service providers and operators and (ii)
Spacenet, a provider of managed services for businesses and
governments through its Connexstar service brand, for consumers
through its StarBand service brand and for rural communities through
Spacenet Rural Communications.
Gilat was founded in 1987 and has shipped over 550,000 Very Small
Aperture Terminals (VSATs) to more than 85 countries across six
continents. Gilat's headquarters is located in Petah Tikva, Israel.
The Company has 14 local offices and 3 service facilities worldwide.
Gilat markets the SkyEdge (TM) Product Family which includes the
SkyEdge(TM) Pro, SkyEdge(TM) IP, SkyEdge(TM) Call, SkyEdge(TM) DVB-RCS
and SkyEdge(TM) Gateway. In addition, the Company markets numerous
other legacy products.
Visit Gilat at www.gilat.com
Notes:
-0-
*T
1) Certain statements made herein that are not historical are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. The words "estimate,"
"project," "intend," "expect," "believe" and similar
expressions are intended to identify forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties. Many factors could cause the
actual results, performance or achievements of Gilat to be
materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including, among others, changes
in general economic and business conditions, inability to
maintain market acceptance to Gilat's products, inability to
timely develop and introduce new technologies, products and
applications, rapid changes in the market for Gilat's
products, loss of market share and pressure on prices
resulting from competition, introduction of competing products
by other companies, inability to manage growth and expansion,
loss of key OEM partners, inability to attract and retain
qualified personnel, inability to protect the Company's
proprietary technology and risks associated with Gilat's
international operations and its location in Israel. For
additional information regarding these and other risks and
uncertainties associated with Gilat's business, reference is
made to Gilat's reports filed from time to time with the
Securities and Exchange Commission.
2) The attached summary financial statements were prepared in
accordance with U.S. GAAP. The attached summary financial
statements for Q3 2005 are unaudited.
3) Operating loss before depreciation, amortization and
exceptional items, ('EBITDA') is presented because it is a
measure commonly used and is presented solely in order to
improve the understanding of the Company's operating results
and to provide further perspective on these results. EBITDA,
however, should not be considered as an alternative to
operating loss or net loss for the period as an indicator of
the operating performance of the Company. Similarly, EBITDA
should not be considered as an alternative to cash flows from
operating activities as a measure of liquidity. EBITDA is not
a measure of financial performance under generally accepted
accounting principles and may not be comparable to other
similarly titled measures for other companies. EBITDA may not
be indicative of the historic operating results of the
Company; nor is it meant to be predictive of potential future
results. Reconciliation between the Company's Operating loss
and EBIDTA is presented in the attached summary financial
statements.
*T
-0-
*T
GILAT SATELLITE NETWORKS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
US dollars in thousands
September 30, December 31,
------------- -------------
2005 2004
------------- -------------
Unaudited Unaudited
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 64,678 75,771
Short-term restricted cash 18,047 14,168
Restricted cash held by trustees 6,533 10,620
Trade receivables (net of allowance for
doubtful accounts) 31,299 31,380
Inventories 19,425 23,277
Receivables in respect of capital leases,
prepaid expenses and other accounts
receivable 25,083 27,413
------------- -------------
Total current assets 165,065 182,629
------------------------------------------ ------------- -------------
LONG-TERM INVESTMENTS AND RECEIVABLES:
Long-term restricted cash 9,000 7,534
Long-term restricted cash held by
trustees 17,789 18,994
Severance pay fund 8,345 7,933
Long-term trade receivables, receivables
in respect of capital leases
and other receivables, net 27,278 27,728
------------- -------------
62,412 62,189
------------- -------------
PROPERTY AND EQUIPMENT, NET 127,722 137,198
------------- -------------
INTANGIBLE ASSETS AND DEFERRED CHARGES,
NET 11,699 9,432
------------- -------------
TOTAL ASSETS 366,898 391,448
------------------------------------------ ============= =============
GILAT SATELLITE NETWORKS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
US dollars in thousands
September 30, December 31,
------------- -------------
2005 2004
------------- -------------
Unaudited Unaudited
------------- -------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit 11,436 4,159
Current maturities of long-term loans 13,664 8,869
Trade payables 19,105 21,245
Accrued expenses 22,646 28,011
Short-term advances from customer held by
trustees 14,775 13,500
Other accounts payable 33,462 40,048
------------- -------------
Total current liabilities 115,088 115,832
------------------------------------------ ------------- -------------
LONG-TERM LIABILITIES:
Accrued severance pay 8,374 8,172
Long-term advances from customer held by
trustees 31,119 40,226
Long-term loans, net of current
maturities 94,725 108,182
Accrued interest related to restructured
debt 13,350 16,793
Other long-term liabilities 17,801 15,951
Excess of losses over investment in
affiliates 720 2,102
Convertible subordinated notes 16,333 16,171
------------- -------------
Total long-term liabilities 182,422 207,597
------------------------------------------ ------------- -------------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Share capital - Ordinary shares of NIS
0.2 par value 995 984
Additional paid in capital 719,633 718,096
Accumulated other comprehensive loss (321) (2,624)
Accumulated deficit (650,919) (648,437)
------------- -------------
Total shareholders' equity 69,388 68,019
------------------------------------------ ------------- -------------
Total liabilities and shareholders' equity 366,898 391,448
------------------------------------------ ============= =============
GILAT SATELLITE NETWORKS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except per share data)
Nine months ended Three months ended
September 30, September 30,
----------------------------------------
2005 2004 2005 2004
--------- --------- ---------- ---------
Unaudited Unaudited Unaudited Unaudited
--------- --------- ---------- ---------
Revenues 153,437 179,697 49,029 64,749
Cost of Revenues 98,554 124,324 30,024 43,576
Write-off of inventories - 2,000 - -
--------- --------- ---------- ---------
Gross profit 54,883 53,373 19,005 21,173
--------- --------- ---------- ---------
Research and development
expenses:
Expenses incurred 13,039 14,048 4,139 4,807
Less - grants 2,586 4,445 326 1,969
--------- --------- ---------- ---------
10,453 9,603 3,813 2,838
--------- --------- ---------- ---------
Selling, marketing, general
and administrative
expenses 45,193 52,015 15,625 17,475
Impairment of tangible and
intangible assets - 2,161 - 2,161
Gain from derecognition of
liability - (245) - -
--------- --------- ---------- ---------
Operating loss (763) (10,161) (433) (1,301)
--------- --------- ---------- ---------
Financial income
(expenses)- net 394 2,839 (60) 1,767
Other income (expenses) 140 (192) (68) (192)
--------- --------- ---------- ---------
Income (loss) before taxes on
income (229) (7,514) (561) 274
--------- --------- ---------- ---------
Taxes on income 2,653 2,696 374 906
--------- --------- ---------- ---------
Loss after taxes on income (2,882) (10,210) (935) (632)
--------- --------- ---------- ---------
Equity in profits of
affiliated companies 400 937 - 450
Minority interest in losses
of a subsidiary - 164 - -
--------- --------- ---------- ---------
Net loss from continuing
operations (2,482) (9,109) (935) (182)
--------- --------- ---------- ---------
Gain from cumulative effect
of a change in an
accounting principle - 611 - -
--------- --------- ---------- ---------
Net loss (2,482) (8,498) (935) (182)
========= ========= ========== =========
Basic net loss per share (0.11) (0.38) (0.04) (0.01)
========= ========= ========== =========
Diluted net loss per share (0.11) (0.38) (0.04) (0.01)
========= ========= ========== =========
Shares used in basic net loss
per share computation 22,401 22,227 22,502 22,230
========= ========= ========== =========
Shares used in diluted net
loss per share computation 22,401 22,227 22,502 22,230
========= ========= ========== =========
GILAT SATELLITE NETWORKS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
US dollars in thousands
Nine months ended Three months ended
September 30, September 30,
-------------------- -------------------
2005 2004 2005 2004
---------- --------- --------- ---------
Unaudited Unaudited Unaudited Unaudited
-------------------- -------------------
Cash flows from operating
activities:
-----------------------------
Net loss (2,482) (8,498) (935) (182)
Adjustments required to
reconcile net loss to net
cash used in operating
activities:
Depreciation and amortization 14,652 23,537 4,445 7,565
Non cash cumulative effect
relating to a subsidiary - (198) - -
Loss from deconsolidation of
subsidiaries 171 192 171 192
Stock compensation relating
to option in a subsidiary - (763) - -
Stock compensation relating
to options issued to
consultants 338 177 226 (95)
Equity in losses of
affiliated companies (400) (937) - (450)
Accrued severance pay, net (210) 516 138 104
Interest accrued on short and
long-term restricted cash (384) (1,448) (156) (1,121)
Exchange rate on long-term
loans (846) (143) (23) 87
Minority interest in losses
of a subsidiary - (164) - -
Exchange rate on loans to
employees 224 - 34 -
Impairment of property and
equipment and other tangible
assets - 2,201 - 2,201
Capital loss from disposal of
property and equipment 300 - 2 -
Deferred income taxes, net (249) 1,294 (64) 434
Decrease (increase) in trade
receivables (16) (569) (1,334) 1,495
Decrease (increase) in
Receivables in respect of
capital leases, prepaid
expenses and other
accounts receivable
(Including long-term) 4,383 6,722 (671) 622
Decrease (increase) in
inventories 414 (3,651) (840) 1,577
Write-off of inventories - 2,000 - -
Increase (decrease) in trade
payables (2,158) (8,175) 3,041 (5,805)
Increase (decrease) in
accrued expenses (8,696) (10,943) (3,828) 1,696
Decrease in other accounts
payable and other long-term
liabilities (3,080) (372) (2,339) (26)
Increase (decrease) in
advances from customers held
in trustees, net (7,832) 17,359 (3,218) (1,484)
---------- --------- --------- ---------
Net cash provided by (used
in) operating activities (5,871) 18,137 (5,351) 6,810
---------- --------- --------- ---------
Cash flows from investing
activities:
-----------------------------
Purchase of property and
equipment (2,926) (4,485) (715) (659)
Purchase of minority shares
of rStar - (1,053) - -
Deconsolidation of
subsidiaries (181) 2,592 (181) -
Investment in short-term bank
deposits - (443) - -
Proceeds from short-term bank
deposits - 442 - 442
Disposal of subsidiaries - 600 - 600
Proceeds from disposal of
Fixed Assets 8 - - -
Loans to employees - Net (3,681) - 46 -
Investment in restricted cash
held by trustee (2,245) (23,501) (207) (1,075)
Proceeds from restricted cash
held by trustee 7,921 18,794 811 10,590
Investment in restricted cash (12,639) (9,202) (2,057) (448)
Investment in other assets (93) (44) (49) (17)
Proceeds from restricted cash 7,424 8,196 4,600 3,923
---------- --------- --------- ---------
Net cash provided by (used
in) investing activities (6,412) (8,104) 2,248 13,356
---------- --------- --------- ---------
Cash flows from financing
activities:
-----------------------------
Exercise of options, net 1,210 23 371 -
Short-term bank credit, net 7,277 1,137 (8) (2,486)
Repayments of long-term loans (7,816) (2,314) (5,944) (1,267)
---------- --------- --------- ---------
Net cash provided by (used
in) financing activities 671 (1,154) (5,581) (3,753)
---------- --------- --------- ---------
Effect of exchange rate
changes on cash and cash
equivalents 519 7 186 34
---------- --------- --------- ---------
Increase (decrease) in cash
and cash equivalents (11,093) 8,886 (8,498) 16,447
Cash and cash equivalents at
the beginning of the period 75,771 51,781 73,176 44,220
---------- --------- --------- ---------
Cash and cash equivalents at
the end of the period 64,678 60,667 64,678 60,667
========== ========= ========= =========
GILAT SATELLITE NETWORKS LTD.
CONDENSED EBITDA
US dollars in thousands
Nine months ended Three months ended
September 30, September 30,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Unaudited Unaudited Unaudited Unaudited
------------------- -------------------
Operating loss (763) (10,161) (433) (1,301)
Less:
Write-off of inventory - 2,000 - -
Impairment of tangible and
intangible assets - 2,161 - 2,161
Gain from derecognition of
liability - (245) - -
Deprecation and amortization 14,652 23,537 4,445 7,565
--------- --------- --------- ---------
EBITDA 13,889 17,292 4,012 8,425
========= ========= ========= =========
*T