First quarter revenues grew 17% over the comparable period last year.
Based on our backlog and promising market prospects, management reiterates financial objectives for FY2016
PETAH TIKVA, Israel, May 18, 2016 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ:GILT) (TASE:GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the first quarter ended March 31, 2016.
Key Financial Updates:
Revenue for Q1 2016 was $52.7 million compared to $45.2 million in comparable period of 2015, an increase of 17%.
EBITDA for Q1 2016 increased to $0.5 million compared to $0.2 million in comparable period of 2015.
Reiterated management objectives for 2016: continued growth with revenues between $290 and $310 million and EBITDA between $18 and $24 million.
On a GAAP basis, operating loss was $3.0 million in the first quarter of 2016 as compared to an operating loss of $4.0 million in the comparable quarter of 2015.
On a non-GAAP basis, operating loss was $1.4 million in the first quarter of 2016 as compared to an operating loss of $2.1 million in the comparable quarter of 2015.
On a GAAP basis, loss for the quarter was $4.0 million or $0.09 per diluted share compared to a loss of $5.6 million or $0.13 per diluted share in the same quarter of 2015.
On a non-GAAP basis, the loss for the quarter was $2.4 million or $0.05 per diluted share compared to a loss of $3.7 million or $0.09 per diluted share in the same quarter of 2015.
EBITDA for the first quarter of 2016 reached $0.5 million, compared to $0.2 million in the comparable period in 2015.
“I am pleased to report a good first quarter, which was in-line with our plans,” said Yona Ovadia, CEO of Gilat. “Our first quarter results are a strong testament to the validity of our strategy. Our one-platform/multi-application X-Architecture continued to gain wide acceptance as the most advanced HTS ground equipment technology. In the first quarter, Eutelsat chose our X-Architecture platform to connect to RSCC’s Express AMU1/EUTELSAT 36C satellite for the delivery of broadband services to users throughout western Russia. SES and Facebook also selected the platform for Facebook’s initiative to deliver broadband Internet access throughout Africa.
“In the Mobility market, our In-Flight Connectivity strategy gained momentum when Gogo, the global leader in providing broadband connectivity solutions and wireless entertainment to the aviation industry, selected our next-generation airborne IP network modem system.
“Our positive first quarter results were achieved despite the economic slowdown witnessed in the Latin American and CIS markets. We have more than compensated for these difficult market conditions with significant achievements in our strategic focus areas,” added Mr. Ovadia.
“Based on our solid first quarter business progress and results, our backlog and the prospects we continue to see, we reiterate our management objectives for FY2016 of a revenue target of $290 to $310 million and an EBITDA target of $18 to $24 million,” concluded Mr. Ovadia.
Key Recent Announcements:
Telefonica del Peru Selects Gilat to Extend Cellular and Broadband Coverage to Rural Areas Nationwide
Eutelsat Selects Gilat Technology to Power Satellite Broadband Services in Western Russia
Gilat Partners with Austria’s Diamond Aircraft to Deliver Airborne Broadband Connectivity via Satellite
Gogo Selects Gilat to Provide its Next-Generation Airborne IP Network Modem System
SoftBank to Provide High-Speed LTE Services Using Gilat’s Satellite-Based Cellular Backhaul Technology
Conference Call and Webcast Details:
Gilat management will host a conference call today at 14:30 GMT / 09:30 EST / 16:30 IST to discuss the 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)888-281-1167.
Webcast Replay
A replay of the conference call will be available beginning approximately 17:00 GMT/ 12:00 EST/ 19:00 IST today, until 17:00 GMT/ 12:00 EST/ 19:00 IST May 21, 2016. International participants are invited to access the replay of the call at (972)3-925-5901, and US-based participants are invited to access the call by dialing (1)888-782-4291.
(C) Copyright 2016 GlobeNewswire, Inc. All rights reserved.
Article source