According to Gilat Satellite Networks Ltd., its reorganization finally paid off during the second quarter of 2012. The satellite communications services provider earned $85.3 million as of June 30, an increase of nearly $4 million compared to 2011's second quarter earnings of $81.7 million.
Using Generally Accepted Accounting Principles (GAAP) on its 2012 second quarter performance, Gilat achieved an operating income of $2.4 million, twelve times its 2011 operating income of $0.2 million. Net income for the second quarter of 2012 was $0.9 million, which translates to $0.02 per diluted share, roughly the same as the corresponding period last year.
Gilat's second quarter EBITDA (earnings before interest, taxes, depreciation, and amortization) hit $8.6 million, a $2.4 million increase compared to last year's $6.2 million.
According to Erez Antebi, CEO, the positive results of Gilat's second quarter is a good sign about the company's future prospects. "Our Commercial Division continues to perform well,” Mr. Antebi noted, “and our Defense Division has started gaining traction both within the U.S. and in the global markets.”
Mr. Antebi went on to explain that Gilat's ongoing organizational changes have improved the company's efficiencies and reduced operational expenses. "Based on the solid pipeline we have developed,” he said, “we expect the momentum of this quarter to continue into the second half of the year."
Gilat's satellite-on-the-move business recently got a boost thanks to new sales of its RaySat mobile satellite communications antennas to Russia, China, Israel, and Mexico. The company's Wavestream Aerostream Transceiver product also gained its Commercial FAA Certification.
In addition, Gilat sealed a number of deals with leading system integrators in this quarter. Those integrators will install Gilat VSAT products in commercial airlines and luxury cruise ships to generate satellite broadband services.
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