According to FUNDER website data,
102 mutual funds hold Gilat shares worth NIS 62.7 million
Funds that hold significant holdings in the stock – for the full list of holdings
The following is a change in the holdings of mutual funds in Gilat shares according to FUNDER-MVF data
Gilat Satellite Networks (Nasdaq and Tel Aviv Stock Exchange: GILT), a world leader in technology for satellite communications networks, solutions and services, reports its financial results for the fourth quarter and 2020, which ended on December 31, 2020.
Main highlights for the fourth quarter:
• Revenues in the fourth quarter of 2020 totaled $ 42.6 million compared to $ 78.3 million in the fourth quarter of 2019, an improvement over third quarter revenues of 2020 of $ 37.3 million;
• GAAP-based operating income was $ 62.7 million compared to $ 9.2 million in the fourth quarter of 2019 and compared to an operating loss of $ 10.9 million in the third quarter of 2020; GAAP-based operating income includes net income less expenses related to the $ 64.8 million settlement with Comtech;
• The non-GAAP operating loss in the fourth quarter of 2020 was $ 1.6 million compared to an operating profit of $ 9.9 million in the fourth quarter of 2019, an improvement over an operating loss of $ 1.9 million in the previous quarter;
• GAAP-based net income for the fourth quarter of 2020 totaled $ 62.4 million, or earnings of $ 1.12 per fully diluted share, compared to net income of $ 24.0 million, or earnings of 43 cents per fully diluted share in the fourth quarter of 2019, and a loss Net of $ 11.6 million, or a loss of 21 cents a share in the previous quarter; GAAP’s net income includes net income less expenses of $ 64.8 million resulting from the settlement agreement with Comtech, and GAAP’s net income in the fourth quarter of 2019 included a $ 15.5 million tax benefit;
• The net loss on a non-GAAP basis in the fourth quarter of 2020 amounted to $ 1.9 million, or a loss of 3 cents per fully diluted share, compared to a net profit of $ 9.1 million, or a gain of 16 cents per full diluted share in the fourth quarter of 2019 , And an improvement over the $ 2.6 million net loss, or loss of 5 cents per share, as reported in the previous quarter;
• In the fourth quarter of 2020, adjusted EBITDA amounted to $ 1.1 million, compared to adjusted EBITDA of $ 13.1 million in the fourth quarter of 2019; And an improvement over adjusted EBITDA of $ 600,000 in the previous quarter;
• The company received $ 70 million from Comtech following the cancellation of the merger;
• During the quarter, a $ 20 million cash dividend was paid to shareholders; An additional $ 35 million in cash dividend was also paid during the quarter which was paid in January 2021.
Main highlights for 2020 in full:
• Revenues for 2020 totaled $ 165.9 million compared to $ 263.5 million in 2019;
• GAAP-based operating profit for 2020 was $ 37.6 million compared to $ 25.6 million in 2019; GAAP operating income includes net income less expenses of $ 53.6 million following the settlement agreement with Comtech;
• Non-GAAP operating loss for 2020 amounted to $ 13.7 million compared to non-GAAP operating profit of $ 29.2 million in 2019;
• GAAP-based net income for 2020 totaled $ 34.9 million or earnings of 63 cents per fully diluted share compared to $ 36.5 million or earnings of 65 cents per fully diluted share in 2019; GAAP-based net income includes net income less expenses of $ 53.6 million related to the settlement agreement with Comtech, while GAAP-based net income in 2019 includes a $ 15.5 million tax benefit;
• The net loss on a non-GAAP basis in 2020 amounted to $ 16.4 million or a loss of 30 cents per fully diluted share compared to a net profit on a non-GAAP basis of $ 24.7 million or a gain of 44 cents per full diluted share in 2019;
• The adjusted EBITDA loss was $ 3.3 million, compared to the adjusted EBITDA profit of $ 40.2 million in 2019;
Management response:
Adi Tzafdia, CEO of Gilat Satellite Networks, said: “During 2020, and especially in the second half of the year, we reached significant technological achievements and closed some very significant deals, which position us well towards 2021 and beyond. We have especially enjoyed successes in most of our growth areas, especially in cellular transmission and NGSO.
“We have won many managed service agreements that will provide us with significant recurring revenue in the coming years. In 5G transmission – our additional growth engine, we have made significant progress, and during the year we demonstrated great success, beyond 5G traffic using Thaicom’s GEO HTS satellite. In addition, we established our position. “As a pioneer in the provision of ground systems for NGSO satellite arrays, with a fourth-quarter win in a contract with revenue potential of over $ 50 million to support the LEO satellite array.”
“In addition, Internet in-flight, IFC, will continue to play a key role among passengers on commercial flights. I am confident that as the aviation and commercial flights industry continues to recover, there will be a significant increase in demand for our IFC solutions and products.”
“Mr. Tzafdia concluded, ‘I am very encouraged by the transactions we had in the second half of 2020 which continue into 2021, as well as by the huge investments that are being made in our industry. Although I believe that the epidemic may continue to affect our activity to some extent in 2021, I am confident that the results of our activity in 2021 will be significantly better than those of 2020. “
Dov Bahar, Chairman of the Board, said: “Today I announced my plan to retire and end my tenure as Chairman of the Board during 2021 after seven years in office. “I will remain in office until a new chairman is appointed. I conclude my term with great pride and satisfaction. Over the past seven years, the company has achieved extraordinary technological and business achievements, and is now in excellent shape to take advantage of the great opportunities we see today.”
Recent notable announcements:
• Gilat provided initial delivery of airborne modems as part of a multimillion-dollar business opportunity in China
• Gilat won a multimillion-dollar agreement with CORPAC to provide critical communications systems to Peruvian airports
• Gilat wins contract with revenue potential of over $ 50 million to supply solid-state amplifiers in Wavestream’s Gateway for a group of low-satellite orbits
• Gilat’s proven ESA technology has been successfully demonstrated on Inmarsat’s Global Xpress Network
• Gilat won millions of dollars in agreement with AXESS to expand cellular coverage to two major cellular network operators in Mexico
• Gilat announces the winning of a multi-million dollar contract from Globe for the provision of management services and a significant expansion of the cellular transmission project
• Discovered announcing a $ 35 million dividend to shareholders
• Gilat was selected by Hispasat to provide satellite satellite transmission in a multi-million dollar contract to expand Altan La Red Compartida’s service to rural areas in Mexico
Gilat equips hundreds of ships and vessels with satellite communications.
• Gilat won a multi-million dollar contract with the US Department of Defense’s Tactical Communications Program
• Gilat won another multi-million dollar contract for the US government’s military communications program
Non-GAAP Financial Disclosure
Summary of the attached unaudited financial statements, prepared in accordance with GAAP principles of the US Securities and Exchange Commission. In addition to presenting GAAP financial indices, the Company presents non-GAAP financial indices: net income, operating income, adjusted EBITDA and earnings per share. The adjustments to the GAAP results of the Company were made with the intention of providing the Company’s management and investors with a more comprehensive and comprehensive understanding of the basis of operating results, trends and performance. Non-GAAP values mainly neutralize the effect of share-based benefits, depreciation and amortization on acquired intangible assets, reduction of lease incentive expenses, legal expenses related to claims for breach of trade secrets and other claims, reorganization expenses, net income and expenses from mergers and acquisitions including related legal expenses and Initial recognition of deferred tax assets related to transferred losses.
Gilat presents coordinated EBITDA to enable a comparison between the Company’s actual performance and its performance in previous periods and as a tool for evaluating the financial and operating results on a consistent basis from period to period. The Company believes that this index, when combined with the Company’s financial results in accordance with GAAP principles, provides useful information to investors for evaluating operating results and current trends. Adjusted EBITDA, is not intended for disconnected examination, and should not be construed as an alternative to operating profit or net profit for the period and cannot attest to the Company’s operating results in the past; And is not intended to provide a forecast of future potential results. Adjusted EBITDA is not prepared according to a comprehensive set of rules or accounting principles and is not intended to be compared to similar indices used by other companies. The supplementary information between the operating profit and the adjusted EBITDA of the company is presented in the summary of the financial statements attached.
The presentation of the net profit, operating profit, adjusted EBITDA and earnings per share not in accordance with GAAP is not intended to be examined separately or as a replacement for the Company’s consolidated financial statements prepared in accordance with GAAP, or as an indication of Gilat’s operating performance and liquidity.
To the company’s announcement in Maya