Photo: HMG Aerospace

Gilat Satellite Networks reported its results for the first quarter ended March 31, noting that revenues for Q1 2017 increased 21 percent to $63.9 million from $52.7 million in Q1 2016. Generally Accepted Accounting Principles (GAAP) operating profitability also improved to $18,000, compared with an operating loss of $3 million in Q1 2016.

“Our management objectives for 2017 indicate that profitability remains our priority, while we continue to develop our broadband and mobility growth engines…” said Yona Ovadia, Chief Executive Officer (CEO) of Gilat.

The company also reported non-GAAP net income of $1.7 million, or $0.03 per diluted share, compared with a non-GAAP loss of $2.2 million, or $0.05 per diluted share, in Q1 2016. Adjusted Earnings Before Interest Tax, Depreciation and Amortization (EBITDA) increased to $4.2 million, or 6.6 percent of revenues, compared with adjusted EBITDA of $0.8 million, or 1.4 percent of revenues, in Q1 2016.

Management reiterated its 2017 objectives of revenues between $280 and 300 million, GAAP operating income between $4 and $8 million, and adjusted EBITDA between $20 and $24 million.