Gilat Announces Fourth Quarter and Full Year 2013 Results, Misses on Revenue
Gilat Satellite Networks Ltd. (Nasdaq:GILT) (TASE:GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the fourth quarter and year ended December 31, 2013.
Key Financial Updates:
– Revenue for 2013 was $234.9 million with EBITDA of $16.3 million
– Cash increased to $86.8 million as compared to $67.4 million at the end of 2012
– Net cash increased to $50.9 million as compared to $18.7 million at the end of 2012
– Strong backlog of $228 million at the end of 2013 more than doubled as compared to $98.9 million at the end of 2012
– Management objectives for 2014 are in the range of $240 to $245 million in revenue with EBITDA of approximately 9%
– Spacenet operational results are classified as discontinued operations and not included in results presented
Revenues for the fourth quarter of 2013 were $55.7 million, compared to $76.5 million for the same period in 2012. Revenues for the year ended December 31, 2013 were $234.9 million, compared to $271.6 million in the year ended December 31, 2012.
On a non-GAAP basis, operating loss was $0.1 million in the fourth quarter of 2013 as compared to an operating income of $5.6 million in the comparable quarter of 2012. Operating income for 2013 on a non-GAAP basis was $4.4 million compared to operating income of $19.1 million in 2012.
On a non-GAAP basis, net loss for the quarter was $1.0 million or $.02 per diluted share compared to net income of $6.6 million or $.15 per diluted share in the same quarter of 2012. Net loss for 2013 on a non-GAAP basis was $1.1 million compared to net income of $17.6 million in 2012.
EBITDA for the fourth quarter of 2013 reached $2.5 million compared with $8.9 million in the comparable period in 2012. EBITDA for the twelve months of 2013 reached $16.3 million compared with $30.7 million in the comparable period in 2012.
“2013 was a challenging year for Gilat,” said Erez Antebi, CEO of Gilat. “Looking forward, we have worked to streamline the Company and its cost structure. We begin 2014 with a healthy balance sheet, strong cash position and a backlog which has more than doubled from 2013. And, we have successfully positioned ourselves in growing markets with many opportunities.”
