May 23, 2012
Gilat Satellite Networks Ltd. reported its results for the first quarter ended March 31, 2012.
Revenues for the first quarter of 2012 were $76.6 million, compared to $80.0 million for the same period in 2011. On a GAAP basis, operating loss for the first quarter of 2012 was $2.6 million compared to an operating income of $0.8 million in the first quarter of 2011. Net loss for the first quarter of 2012 was $3.1 million, or $0.07 per diluted share, compared to net income of $0.4 million, or $0.01 per diluted share, in the first quarter of 2011.
Gross margin for the first quarter of 2012 was approximately 32% compared to approximately 36% in the comparable period in 2011.
On a non-GAAP basis, operating loss for the first quarter of 2012 was $0.3 million compared to an operating income of $3.9 million in the first quarter of 2011. On a non-GAAP basis, net loss for the period was $0.8 million, or $0.02 per diluted share, compared to net income of $2.6 million, or $0.06 per diluted share, in the comparable period in 2011.
EBITDA for the first quarter of 2012 reached $3.0 million compared with $8.0 million in the comparable period in 2011.
"Our Commercial division continued to perform well with several important contract wins in the first quarter," said Erez Antebi, Gilat's Chief Executive Officer. "While our financial performance was impacted by the implementation timing of specific contracts in our Services division, as well as lower than expected revenues in our Defense division, we remain confident in our strategic direction and positioning in the growing Ka-band market, and as a provider of on-the move solutions for the defense industry."
