Gilat Satellite Networks Ltd. (NASDAQ:GILT) (TASE:GILT), a
worldwide leader in satellite networking technology, solutions and
services, today reported its results for the second quarter ended
June 30, 2016.
Key Financial Updates:
- Revenues for Q2 2016 increased 53% to $67.9 million from $44.3
million in the comparable period of 2015. Revenues rose 29%
compared with Q1 2016.
- Loss on a GAAP basis for Q2 2016 decreased to $3.7 million
compared to a loss of $9.1 million in the second quarter of
2015.
- EBITDA for Q2 2016 increased to $1.0 million compared to a loss
of $2.5 million in the comparable period of 2015.
- Reiterated management objectives for 2016: revenues between
$290 to $310 million, and EBITDA of between $18 to $24 million. In
2015, revenues totaled $197.5 million and EBITDA was $5.3
million.
On a GAAP basis, operating loss was $2.5 million in the second
quarter of 2016 as compared to an operating loss of $7.2 million in
the comparable quarter of 2015.
On a non-GAAP basis, operating loss was $0.8 million in the
second quarter of 2016 as compared to an operating loss of $5.2
million in the comparable quarter of 2015.
On a GAAP basis, the loss for the second quarter of 2016 was
$3.7 million or $0.07 per diluted share compared to a loss of $9.1
million or $0.21 per diluted share in the same quarter of 2015.
On a non-GAAP basis, the loss for the second quarter of 2016 was
$2.0 million or $0.04 per diluted share compared to a loss of $7.1
million or $0.16 per diluted share in the same quarter of 2015.
EBITDA for the second quarter of 2016 improved to $1.0 million,
compared to a loss of $2.5 million in the comparable period in
2015.
"We are pleased with our second quarter results,” said Yona
Ovadia, CEO of Gilat. "We continue to make progress with our
strategy across all segments, especially in In-Flight Connectivity
(IFC) and broadband networks."
Mr. Ovadia continued: "Gilat's five-pillar strategy is focused
on winning the markets unlocked by the global demand for broadband
and the increasingly-abundant HTS capacity, based on our advanced
solutions and our ongoing investment in technological
innovation.
“Indeed, this quarter we are pleased to announce a significant
win in broadband networks, one of our growth pillars. The recent
choice of our X-Architecture for UK-based EE's (Everything
Everywhere) LTE network testifies to our leadership in this
area. This win adds to our momentum in cellular backhaul that
began with our success with SoftBank earlier in the year. With
these achievements, Gilat is solidifying its leadership in the
markets of satellite backhauling for LTE cellular networks and
broadband access services.
"Looking forward, we are reiterating our management objectives
for full year 2016: revenues of $290 to $310 million and EBITDA of
between $18 to $24 million. These objectives represent a sizeable
stepping up of revenues and a target of positive operating income
in the second half of 2016, based on our strong backlog in Peru and
China as well as additional revenues from projects won as part of
our strategy, and despite a challenging business environment in
Latin America.”
Key Recent Announcements:
- Avanti Selects Gilat’s X-Architecture to Enhance Reach and
Resilience of EE’s LTE Network in the UK
- Brazilian ISP Ruralweb Deploys Gilat’s Solution for its Rural
Broadband VSAT Network
- Dizengoff Ghana Selects Gilat for Turnkey Delivery of Broadband
for Rural Schools and Cellular Services
- Gilat Satellite Networks Shares Included in the TA-100 Index of
the Tel Aviv Stock Exchange
- Sky Net Selects Gilat’s Network for Cellular Backhaul in
Myanmar
- SES and Gilat to Launch Hybrid Broadband Solution in Asia
- Gilat’s Market-Leading SkyEdge II-c Platform is DVB-S2X
Ready
Conference Call and Webcast Details: Gilat
management will host a conference call today, August 10, at 13:30
GMT / 09:30 EDT / 16:30 IDT to discuss the second quarter results.
International participants are invited to access the call at
(972)3-918-0644, and US-based participants are invited to access
the call by dialing (1)888-407-2553.
A simultaneous Webcast of the conference call will be available
on the Gilat website at www.gilat.com and through this
link:
http://www.veidan-stream.com/?con=Gilat_Satellite_Networks_Q2_2016_Results
Conference Call and Webcast ReplayA replay of
the conference call will be available beginning approximately 16:00
GMT/ 12:00 EDT/ 19:00 IDT today, until 16:00 GMT/ 12:00 EDT/ 19:00
IDT August 13, 2016. International participants are invited to
access the replay of the call at (972)3-925-5921, and US-based
participants are invited to access the call by dialing
(1)888-295-2634.
A replay of the call may also be accessed as a webcast via
Gilat’s website at www.gilat.com and will be archived for 30
days.
Notes: (1) The attached summary financial
statements were prepared in accordance with U.S. Generally Accepted
Accounting Principles (GAAP). The attached summary financial
statements are unaudited. To supplement the consolidated financial
statements presented in accordance with GAAP, the Company presents
Gilat's EBITDA before the impact of non-cash share-based payment
charges, depreciation and amortization, other income and other
costs related to acquisition transactions. Non-GAAP presentations
of net income, operating income, EBITDA and earnings per share are
provided to enhance the understanding of the Company's historical
financial performance and comparability between periods.
(2) Operating income before depreciation, amortization, non-cash
stock option expenses as per ASC 718 (formerly SFAS 123(R)) and
other costs related to acquisition transactions ('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 income or net income 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 income and EBITDA is
presented in the attached summary financial statements.
About GilatGilat Satellite Networks Ltd
(NASDAQ:GILT) (TASE:GILT) is a leading provider of products and
services for satellite-based broadband communications. Gilat
develops and markets a wide range of high-performance satellite
ground segment equipment and VSATs, with an increasing focus on the
consumer and Ka-band market. In addition, Gilat enables
mobile SOTM (Satellite-on-the-Move) solutions providing
low-profile antennas, next generation solid-state power amplifiers
and modems. Gilat also provides managed network and satellite-based
services for rural telephony and Internet access via its
subsidiaries in Peru and Colombia.
With over 25 years of experience, and over a million products
shipped to more than 90 countries, Gilat has provided enterprises,
service providers and operators with efficient and reliable
satellite-based connectivity solutions, including cellular
backhaul, banking, retail, e-government and rural communication
networks. Gilat also enables leading defense, public security and
news organizations to implement advanced, on-the-move tactical
communications on board their land, air and sea fleets using
Gilat's high-performance SOTM solutions. Gilat controlling
shareholders are the FIMI Private Equity Funds. For more
information, please visit us at www.gilat.com
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. We undertake
no obligation to update or revise any forward-looking statements
for any reason. 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.
|
|
GILAT SATELLITE NETWORKS LTD. |
|
CONDENSED 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, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
$ |
120,563 |
|
|
$ |
89,514 |
|
|
$ |
67,898 |
|
|
$ |
44,324 |
|
|
Cost of revenues |
|
|
|
|
92,984 |
|
|
|
65,272 |
|
|
|
52,717 |
|
|
|
33,274 |
|
|
Gross
profit |
|
|
|
|
27,579 |
|
|
|
24,242 |
|
|
|
15,181 |
|
|
|
11,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses |
|
|
|
|
12,593 |
|
|
|
13,128 |
|
|
|
6,705 |
|
|
|
6,594 |
|
|
Less - grants |
|
|
|
|
638 |
|
|
|
412 |
|
|
|
552 |
|
|
|
222 |
|
|
Research and
development, net |
|
|
|
|
11,955 |
|
|
|
12,716 |
|
|
|
6,153 |
|
|
|
6,372 |
|
|
Selling and marketing
expenses |
|
|
|
|
10,976 |
|
|
|
12,675 |
|
|
|
5,853 |
|
|
|
6,412 |
|
|
General and
administrative expenses |
|
|
|
|
10,152 |
|
|
|
10,062 |
|
|
|
5,714 |
|
|
|
5,471 |
|
|
Total operating
expenses |
|
|
|
|
33,083 |
|
|
|
35,453 |
|
|
|
17,720 |
|
|
|
18,255 |
|
|
Operating
loss |
|
|
|
|
(5,504 |
) |
|
|
(11,211 |
) |
|
|
(2,539 |
) |
|
|
(7,205 |
) |
|
Financial expenses,
net |
|
|
|
|
(1,603 |
) |
|
|
(2,910 |
) |
|
|
(860 |
) |
|
|
(1,559 |
) |
|
Loss before
taxes |
|
|
|
|
(7,107 |
) |
|
|
(14,121 |
) |
|
|
(3,399 |
) |
|
|
(8,764 |
) |
|
Taxes on income |
|
|
|
|
569 |
|
|
|
567 |
|
|
|
251 |
|
|
|
318 |
|
|
Loss |
|
|
|
$ |
(7,676 |
) |
|
$ |
(14,688 |
) |
|
$ |
(3,650 |
) |
|
$ |
(9,082 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share
(basic and diluted) |
|
|
|
$ |
(0.16 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing loss per share (basic
and diluted) |
|
|
|
|
49,383,450 |
|
|
|
43,139,303 |
|
|
|
54,384,521 |
|
|
|
42,883,469 |
|
|
|
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, 2016 |
|
June 30, 2015 |
|
|
|
|
|
|
|
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
$ |
15,181 |
|
|
|
1,225 |
|
|
$ |
16,406 |
|
|
$ |
11,050 |
|
|
|
1,230 |
|
|
$ |
12,280 |
|
|
Operating expenses |
|
|
|
|
|
|
|
17,720 |
|
|
|
(465 |
) |
|
|
17,255 |
|
|
|
18,255 |
|
|
|
(794 |
) |
|
|
17,461 |
|
|
Operating loss |
|
|
|
|
|
|
|
(2,539 |
) |
|
|
1,690 |
|
|
|
(849 |
) |
|
|
(7,205 |
) |
|
|
2,024 |
|
|
|
(5,181 |
) |
|
Loss before taxes |
|
|
|
|
|
|
|
(3,399 |
) |
|
|
1,690 |
|
|
|
(1,709 |
) |
|
|
(8,764 |
) |
|
|
2,024 |
|
|
|
(6,740 |
) |
|
Loss |
|
|
|
|
|
|
$ |
(3,650 |
) |
|
|
1,690 |
|
|
$ |
(1,960 |
) |
|
$ |
(9,082 |
) |
|
|
2,024 |
|
|
$ |
(7,058 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share (basic
and diluted) |
|
|
|
|
|
|
$ |
(0.07 |
) |
|
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
(0.21 |
) |
|
$ |
0.05 |
|
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing loss per share (basic and diluted) |
|
|
|
|
|
|
|
54,384,521 |
|
|
|
|
|
54,384,521 |
|
|
|
42,883,469 |
|
|
|
|
|
42,883,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjustments reflect the effect of non-cash stock-based
compensation as per ASC 718 and amortization of intangible assets
related to shares acquisition transactions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
Three months ended |
|
|
|
|
|
|
|
|
|
|
June 30, 2016 |
|
|
|
June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss |
|
|
|
|
|
|
|
|
$ |
(3,650 |
) |
|
|
|
|
|
$ |
(9,082 |
) |
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses |
|
|
|
|
|
|
|
|
|
32 |
|
|
|
|
|
|
|
54 |
|
|
|
|
Amortization of
intangible assets related to acquisition transactions |
|
|
|
|
|
|
|
|
|
1,193 |
|
|
|
|
|
|
|
1,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,225 |
|
|
|
|
|
|
|
1,230 |
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses |
|
|
|
|
|
|
|
|
|
270 |
|
|
|
|
|
|
|
581 |
|
|
|
|
Amortization of
intangible assets related to acquisition transactions |
|
|
|
|
|
|
|
|
|
195 |
|
|
|
|
|
|
|
213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
465 |
|
|
|
|
|
|
|
794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non GAAP loss |
|
|
|
|
|
|
|
|
$ |
(1,960 |
) |
|
|
|
|
|
$ |
(7,058 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2016 |
|
June 30, 2015 |
|
|
|
|
|
|
|
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
$ |
27,579 |
|
|
|
2,409 |
|
|
$ |
29,988 |
|
|
$ |
24,242 |
|
|
|
2,481 |
|
|
$ |
26,723 |
|
|
Operating expenses |
|
|
|
|
|
|
|
33,083 |
|
|
|
(870 |
) |
|
|
32,213 |
|
|
|
35,453 |
|
|
|
(1,482 |
) |
|
|
33,971 |
|
|
Operating loss |
|
|
|
|
|
|
|
(5,504 |
) |
|
|
3,279 |
|
|
|
(2,225 |
) |
|
|
(11,211 |
) |
|
|
3,963 |
|
|
|
(7,248 |
) |
|
Loss before taxes |
|
|
|
|
|
|
|
(7,107 |
) |
|
|
3,279 |
|
|
|
(3,828 |
) |
|
|
(14,121 |
) |
|
|
3,963 |
|
|
|
(10,158 |
) |
|
Loss |
|
|
|
|
|
|
$ |
(7,676 |
) |
|
|
3,279 |
|
|
$ |
(4,397 |
) |
|
$ |
(14,688 |
) |
|
|
3,963 |
|
|
$ |
(10,725 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share (basic
and diluted) |
|
|
|
|
|
|
$ |
(0.16 |
) |
|
$ |
0.07 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.34 |
) |
|
$ |
0.09 |
|
|
$ |
(0.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing loss per share (basic and diluted) |
|
|
|
|
|
|
|
49,383,450 |
|
|
|
|
|
49,383,450 |
|
|
|
43,139,303 |
|
|
|
|
|
43,139,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments reflect the effect of non-cash stock-based compensation
as per ASC 718 and amortization of intangible assets related to
shares acquisition transactions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Six months ended |
|
|
|
|
|
|
|
|
June 30, 2016 |
|
June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss |
|
|
|
|
|
|
|
|
$ |
(7,676 |
) |
|
|
|
|
|
$ |
(14,688 |
) |
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses |
|
|
|
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
106 |
|
|
|
|
Amortization of
intangible assets related to acquisition transactions |
|
|
|
|
|
|
|
|
|
2,388 |
|
|
|
|
|
|
|
2,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,409 |
|
|
|
|
|
|
|
2,481 |
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses |
|
|
|
|
|
|
|
|
|
482 |
|
|
|
|
|
|
|
1,057 |
|
|
|
|
Amortization of
intangible assets related to acquisition transactions |
|
|
|
|
|
|
|
|
|
388 |
|
|
|
|
|
|
|
425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
870 |
|
|
|
|
|
|
|
1,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non GAAP loss |
|
|
|
|
|
|
|
|
$ |
(4,397 |
) |
|
|
|
|
|
$ |
(10,725 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
CONDENSED EBITDA |
|
U.S. dollars in thousands |
|
|
|
|
|
Six months ended |
|
Three months ended |
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
loss |
|
|
|
$ |
(5,504 |
) |
|
$ |
(11,211 |
) |
|
$ |
(2,539 |
) |
|
$ |
(7,205 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses |
|
|
|
|
503 |
|
|
|
1,163 |
|
|
|
302 |
|
|
|
635 |
|
|
Depreciation and
amortization |
|
|
|
|
6,525 |
|
|
|
7,699 |
|
|
|
3,224 |
|
|
|
4,041 |
|
|
EBITDA |
|
|
|
$ |
1,524 |
|
|
$ |
(2,349 |
) |
|
$ |
987 |
|
|
$ |
(2,529 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
50,760 |
|
|
$ |
18,435 |
|
|
|
Restricted cash |
|
|
72,539 |
|
|
|
100,779 |
|
|
|
Restricted cash held by
trustees |
|
|
6,617 |
|
|
|
8,524 |
|
|
|
Trade receivables, net |
|
|
48,106 |
|
|
|
50,984 |
|
|
|
Inventories |
|
|
26,856 |
|
|
|
25,358 |
|
|
|
Other current assets |
|
|
16,674 |
|
|
|
16,223 |
|
|
|
Total current
assets |
|
|
221,552 |
|
|
|
220,303 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM
INVESTMENTS AND RECEIVABLES: |
|
|
|
|
|
|
Long-term restricted cash |
|
|
205 |
|
|
|
179 |
|
|
|
Severance pay funds |
|
|
7,827 |
|
|
|
7,545 |
|
|
|
Other long term receivables |
|
|
224 |
|
|
|
221 |
|
|
|
Total long-term investments
and receivables |
|
|
8,256 |
|
|
|
7,945 |
|
|
|
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET |
|
|
81,436 |
|
|
|
81,963 |
|
|
|
|
|
|
|
|
|
|
INTANGIBLE
ASSETS, NET |
|
|
14,268 |
|
|
|
17,154 |
|
|
|
|
|
|
|
|
|
|
GOODWILL |
|
|
43,468 |
|
|
|
43,468 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
368,980 |
|
|
$ |
370,833 |
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
U.S. dollars in thousands |
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Short-term bank credit and
loans |
|
$ |
- |
|
|
$ |
7,000 |
|
|
|
Current maturities of long-term
loans |
|
|
4,558 |
|
|
|
4,542 |
|
|
|
Trade payables |
|
|
20,386 |
|
|
|
17,210 |
|
|
|
Accrued expenses |
|
|
38,080 |
|
|
|
23,481 |
|
|
|
Advances from customers |
|
|
46,549 |
|
|
|
82,813 |
|
|
|
Advances from customers held by
trustees |
|
|
6,852 |
|
|
|
8,515 |
|
|
|
Other current liabilities |
|
|
17,768 |
|
|
|
16,213 |
|
|
|
Total current
liabilities |
|
|
134,193 |
|
|
|
159,774 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
Accrued severance pay |
|
|
7,691 |
|
|
|
7,506 |
|
|
|
Long-term loans, net of current
maturities |
|
|
17,248 |
|
|
|
21,493 |
|
|
|
Other long-term liabilities |
|
|
3,207 |
|
|
|
3,978 |
|
|
|
Total long-term
liabilities |
|
|
28,146 |
|
|
|
32,977 |
|
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
Share capital - ordinary shares of
NIS 0.2 par value |
|
|
2,587 |
|
|
|
2,048 |
|
|
|
Additional paid-in capital |
|
|
919,530 |
|
|
|
884,126 |
|
|
|
Accumulated other comprehensive
loss |
|
|
(3,435 |
) |
|
|
(3,727 |
) |
|
|
Accumulated deficit |
|
|
(712,041 |
) |
|
|
(704,365 |
) |
|
|
Total equity |
|
|
206,641 |
|
|
|
178,082 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
368,980 |
|
|
$ |
370,833 |
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Three months ended |
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
Loss |
|
|
|
$ |
(7,676 |
) |
|
$ |
(14,688 |
) |
|
$ |
(3,650 |
) |
|
$ |
(9,082 |
) |
|
Adjustments required to reconcile loss |
|
|
|
|
|
|
|
|
|
|
|
to net cash provided by (used in) Operating
Activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
|
|
6,525 |
|
|
|
7,699 |
|
|
|
3,224 |
|
|
|
4,041 |
|
|
Stock-based
compensation |
|
|
|
|
503 |
|
|
|
1,163 |
|
|
|
302 |
|
|
|
635 |
|
|
Accrued severance pay,
net |
|
|
|
|
(97 |
) |
|
|
(270 |
) |
|
|
26 |
|
|
|
(169 |
) |
|
Accrued interest and
exchange rate differences on short and long-term restricted cash,
net |
|
|
|
|
(1,560 |
) |
|
|
87 |
|
|
|
(1,151 |
) |
|
|
44 |
|
|
Exchange rate
differences on long-term loans |
|
|
|
|
48 |
|
|
|
(226 |
) |
|
|
(42 |
) |
|
|
103 |
|
|
Deferred income taxes,
net |
|
|
|
|
- |
|
|
|
(38 |
) |
|
|
- |
|
|
|
3 |
|
|
Decrease in trade
receivables, net |
|
|
|
|
3,994 |
|
|
|
6,335 |
|
|
|
5,388 |
|
|
|
5,614 |
|
|
Decrease (increase) in
other assets (including short-term, long-term and deferred
charges) |
|
|
|
|
(1,072 |
) |
|
|
64 |
|
|
|
1,082 |
|
|
|
(2,870 |
) |
|
Decrease (increase) in
inventories |
|
|
|
|
(2,459 |
) |
|
|
(2,817 |
) |
|
|
226 |
|
|
|
1,365 |
|
|
Decrease (increase) in
restricted cash directly related to operating activities, net |
|
|
|
|
21,574 |
|
|
|
(54,318 |
) |
|
|
15,270 |
|
|
|
(54,318 |
) |
|
Increase (decrease) in
trade payables |
|
|
|
|
3,192 |
|
|
|
(5,301 |
) |
|
|
(897 |
) |
|
|
(5,106 |
) |
|
Increase (decrease) in
accrued expenses |
|
|
|
|
14,483 |
|
|
|
(1,760 |
) |
|
|
7,075 |
|
|
|
413 |
|
|
Increase (decrease) in
advances from customers |
|
|
|
|
(36,285 |
) |
|
|
57,332 |
|
|
|
(24,462 |
) |
|
|
58,099 |
|
|
Increase (decrease) in
advances from customers held by trustees |
|
|
|
|
(2,012 |
) |
|
|
(4,158 |
) |
|
|
2,051 |
|
|
|
1,020 |
|
|
Increase (decrease) in
other current liabilities and other long term liabilities |
|
|
|
|
697 |
|
|
|
1,742 |
|
|
|
(524 |
) |
|
|
(3,275 |
) |
|
Net cash
provided by (used in) Operating Activities |
|
|
|
|
(145 |
) |
|
|
(9,154 |
) |
|
|
3,918 |
|
|
|
(3,483 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment |
|
|
|
|
(2,032 |
) |
|
|
(1,839 |
) |
|
|
(928 |
) |
|
|
(1,098 |
) |
|
Investment in
restricted cash held by trustees |
|
|
|
|
(5,428 |
) |
|
|
(6,109 |
) |
|
|
(5,428 |
) |
|
|
(6,109 |
) |
|
Proceeds from
restricted cash held by trustees |
|
|
|
|
8,158 |
|
|
|
14,652 |
|
|
|
4,483 |
|
|
|
3,730 |
|
|
Investment in
restricted cash (including long-term) |
|
|
|
|
(186 |
) |
|
|
(21,202 |
) |
|
|
(7 |
) |
|
|
(11,150 |
) |
|
Proceeds from
restricted cash (including long-term) |
|
|
|
|
7,426 |
|
|
|
28,276 |
|
|
|
79 |
|
|
|
6,159 |
|
|
Net cash
provided by (used in) Investing Activities |
|
|
|
|
7,938 |
|
|
|
13,778 |
|
|
|
(1,801 |
) |
|
|
(8,468 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
Capital lease
payments |
|
|
|
|
(307 |
) |
|
|
(204 |
) |
|
|
(256 |
) |
|
|
(102 |
) |
|
Issuance of shares in a
rights offering |
|
|
|
|
35,095 |
|
|
|
- |
|
|
|
19,852 |
|
|
|
- |
|
|
Issuance of restricted
stock units and exercise of stock options |
|
|
|
|
346 |
|
|
|
3,705 |
|
|
|
10 |
|
|
|
2,912 |
|
|
Short term bank credit,
net |
|
|
|
|
(7,000 |
) |
|
|
(5,569 |
) |
|
|
(4,250 |
) |
|
|
4,438 |
|
|
Repayment of long-term
loans |
|
|
|
|
(4,277 |
) |
|
|
(4,272 |
) |
|
|
(138 |
) |
|
|
(137 |
) |
|
Net cash
provided by (used in) Financing Activities |
|
|
|
|
23,857 |
|
|
|
(6,340 |
) |
|
|
15,218 |
|
|
|
7,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents |
|
|
|
|
675 |
|
|
|
(414 |
) |
|
|
265 |
|
|
|
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents |
|
|
|
|
32,325 |
|
|
|
(2,130 |
) |
|
|
17,600 |
|
|
|
(4,769 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the period |
|
|
|
|
18,435 |
|
|
|
27,726 |
|
|
|
33,160 |
|
|
|
30,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period |
|
|
|
$ |
50,760 |
|
|
$ |
25,596 |
|
|
$ |
50,760 |
|
|
$ |
25,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
Gilat Satellite Networks
Doreet Oren
DoreetO@gilat.com
Comm-Partners LLC
June Filingeri, President
203-972-0186
junefil@optonline.net
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Apr 2023 to Apr 2024