Gilat hits operating profit after three years in the red
02.2.2005 | 15:42
Shirley Yom Tov
After three years of elephantine operating losses totaling $180 million, Gilat Satellite Networks (NASDAQ:GILTF) can boast some black ink.
For the fourth quarter of 2004, the satellite communications provider realized $1.6 million operating profit, after significantly widening its gross margins. Its achievement is all the more notable considering the revenue dropped from the prior quarter.
At the bottom line, Gilat posted a loss of a million dollars, or 4 cents per share.
In the fourth quarter, Gilat sold $61.8 million, up 46% from the parallel quarter but down 5% from the previous quarter.
Its gross widened to 38% of turnover, from 33% in the third quarter and 11% in the parallel quarter of 2003.
For the year 2004, Gilat's revenue grew 27% to $241.5 million, while its net loss remained wide at $9.5 million, or 42 cents per share.
During the year Gilat wrote off inventory and took other charges amounting to $4.2 million in total. Its operating loss for the year narrowed to $8.6 million, compared with $93 million in 2003.
Gilat prefers to look at Ebitda (earnings before interest, taxes, depreciation and amortization). That has been positive for the last four quarters.
Midas
|
