November 15, 2011
Gilat Satellite Networks Ltd. reported its results for the quarter ending September 30, 2011.
Revenues for the third quarter of 2011 were $83.9 million, compared to $58.0 million in the third quarter of 2010, up 45%. Operating income for the third quarter of 2011 was $1.9 million compared to an operating loss of $0.7 million in the third quarter of 2010. Net income for the third quarter of 2011 was $4.3 million, or $0.1 per diluted share, compared to a net income of $36.2 million, or $0.86 per diluted share, in the comparable period in 2010. It should be noted that the net income for the third quarter of 2011 and 2010 include one-time income from the sale of an investment and settlement agreement in the amount of $4.4 million and $37.3 million, respectively.
On a non-GAAP basis, operating income for the period was $4.3 million compared to an operating income of $1.0 million in the third quarter of 2010. Non-GAAP net income for the period was $2.3 million or $0.05 per diluted share, compared to a net income of $0.6 million, or $0.01 per diluted share, in the comparable period in 2010.
Gross margins for the third quarter of 2011 were 35% compared to 34% in the comparable period in 2010. On a non-GAAP basis, gross margins in the reported quarter were 37%, compared with 35% for the third quarter of 2010. EBITDA for the third quarter reached $8.1 million compared with $4.4 million in the third quarter last year.
Revenues for the nine months period ended September 30, 2011 were $245.6 million compared to $166.9 million in the comparable period of 2010. Net income for the nine months period in 2011 was $5.7 million, or $0.14 per diluted share, compared to a net income of $35.5 million, or $0.85 per diluted share, in the same period of 2010. It should be noted that the net income for the nine months ended September 30, 2011 and 2010 include one-time income mainly from the sale of an investment and settlement agreement in the amount of $4.4 million and $37.3 million, respectively.
On a non-GAAP basis, operating income for the nine months period ended September 30, 2011 was $10.9 million compared to an operating income of $0.8 million in the comparable period of 2010. Non-GAAP net income for the period was $7.5 million or $0.17 per diluted share, compared to a net income of $1.1 million, or $0.03 per diluted share, in the comparable period in 2010.
"In the third quarter, we saw a year-over-year improvement across all financial parameters as we increased our revenues, gross margin, EBITDA and operating income. We maintained strong performance in our bookings this quarter, with several significant contract wins from new as well as existing customers," said Amiram Levinberg, Gilat's Chief Executive Officer and Chairman of the Board. "Specifically of note is the progress we have made in our strategy to become a strong contender in the Ka-band arena, securing another major Ka-band win, this time in Russia with Rostelecom's RTComm and local government agency NIIR."
