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Gilat Satellite Networks – Strong financial performance in the fourth quarter

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Gilat Satellite Networks Ltd. (NASDAQ: GILT), a worldwide leader in satellite networking technology, solutions and services, reported its results for the fourth quarter and year ended December 31, 2011.

Key Highlights:

  • Quarterly revenues of $93.6 million, up 42% compared to fourth quarter 2010
  • Full year revenues increased to $339.2 million, up from $233 million in 2010
  • Non-GAAP year-over-year operating income reached $17.5 million compared to $1.3 million in 2010
  • 2011 EBITDA of $33.5 million, up from EBITDA of $14.2 million in 2010

Revenues for the fourth quarter of 2011 were $93.6 million, compared to $66.1 million for the same period in 2010. GAAP operating loss for the fourth quarter of 2011 was $15.2 million compared to an operating loss of $4.1 million in the fourth quarter of 2010.


Revenues for the year ended December 31, 2011 were $339.2 million, compared to $233.0 million in the comparable period of 2010. On a GAAP basis, operating loss for the year 2011 was $12.3 million, compared with an operating loss of $6.2 million in the prior year. Net loss for the twelve month period ended December 31, 2011 was $5.9 million or $0.14 per diluted share, compared to a net income of $30.6 million or $0.73 per diluted share, in the same period of 2010.

On a non-GAAP basis, operating income for the year ended December 31, 2011 was $17.5 million compared to $1.3 million in the full year 2010. Non-GAAP net income for the period was $15.9 million or $0.37 per diluted share, compared to a net income of $0.7 million, or $0.02 per diluted share, in the comparable period in 2010.

EBITDA for the twelve months of 2011 reached $33.5 million compared with $14.2 million in the comparable period in 2010.

Executive Perspective:

“Our strong financial performance in the fourth quarter was accompanied by several important contract wins for Gilat. In 2011 we made significant inroads in our strategy with key awards in the Ka-band market and stood by the management objectives we set at the beginning of the year,” said Erez Antebi, Gilat’s Chief Executive Officer. “Looking forward, we have identified the key growth drivers we will be focusing on – Ka-band, defense and homeland security, and Managed Network Services markets – and I believe that our differentiated product offering and capabilities give us a significant advantage in these markets which are expected to grow long term.”

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Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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