zk1109510.htm
FORM 6 – K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report on Foreign Issuer

Pursuant to Rule 13a – 16 or 15d – 16
of the Securities Exchange Act of 1934
 
For the Month of February 2011

Gilat Satellite Networks Ltd. 
(Translation of Registrant’s Name into English)
 
Gilat House, Yegia Kapayim Street
Daniv Park, Kiryat Arye, Petah Tikva, Israel
(Address of Principal Corporate Offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F x    Form 40-F o
 
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes o    No x
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):   N/A

 
 
 
 
Attached hereto is Registrant’s press release dated February 22, 2011, announcing Registrant’s results for the fourth quarter and year ended December 31, 2010.
 
This report on Form 6-K is being incorporated by reference into the Registration Statement on Form F-3 (Registration No. 333-160683) and the Registration Statements on Form S-8 (Registration Nos. 333- 158476, 333-96630, 333-132649, 333-123410, 333-113932, 333-08826, 333-10092, 333-12466 and 333-12988).

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Gilat Satellite Networks Ltd.
(Registrant)
  
       
Dated February 22, 2011
By:
/s/ Alon Levy  
    Alon Levy  
    Legal Counsel  
 
 
 
 
 
Gilat Announces Fourth Quarter and Full Year 2010 Results

Petah Tikva, Israel - February 22, 2011 – Gilat Satellite Networks Ltd. (NASDAQ: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the fourth quarter and year ended December 31, 2010.

Key Highlights:
 
 
·
Quarterly revenues of $66.1 million, up 17% compared to fourth quarter 2009
 
·
Full year revenues increased to $233.0 million
 
·
Year-on-year operating income (non-GAAP basis) up from $0.3 million to $1.3 million

Revenues for the fourth quarter of 2010 were $66.1 million, compared to $56.6 million for the same period in 2009. Net loss for the fourth quarter of 2010 was $4.9 million or $0.12 per diluted share, compared to a net income of $0.3 million or $0.01 per diluted share in the fourth quarter of 2009. Non-GAAP operating income for the fourth quarter of 2010 was $0.5 million compared to $0.4 million in the fourth quarter of 2009.

Revenues for the twelve month period ended December 31, 2010 were $233.0 million, compared to $228.1 million in the comparable period of 2009. Net income for the twelve month period ended December 31, 2010 was $30.6 million or $0.73 per diluted share, compared to a net income of $1.9 million or $0.04 per diluted share, in the same period of 2009. Non-GAAP operating income for the year ended December 31, 2010 was $1.3 million compared to $0.3 million in full year 2009.

Executive Perspective:
“During 2010, we completed the acquisitions of RaySat Antenna Systems and Wavestream. This is part of our growth strategy to expand our business into the defense and homeland security markets, both in the U.S and internationally. We ended the year with a small increase in revenues and significant growth in backlog, from $180 million to over $232 million”, said Amiram Levinberg, Gilat’s Chief Executive Officer and Chairman of the Board. “We have set our financial management objectives for 2011 to increase our annual revenue to more than $330 million and improve our EBITDA margin to 10%."

Resources:
Fourth Quarter and Full Year 2010 Financial Statements

Recent Announcements:
In November 2010 -- Gilat has completed its previously announced acquisition of Wavestream Corporation. Wavestream's family of Ka, Ku, X and C-band Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) provide systems integrators with field-proven, high performance solutions designed for mobile and fixed satellite communication (SATCOM) systems worldwide. The company's products have been selected as key components in a number of DoD programs and it has an extensive tier-1 customer list of DoD system integrators. Read

In January 2011 -- the Ministry of Information Technology and Communications of Colombia, together with the country’s National Fund of Development (FONADE), has extended and amended Gilat’s agreements for the provision of services under the Rural Communitarian Telephony and Telecentros projects for an additional one-year term. The extended service agreements are valued at approximately $21 million. Read

Also in January 2011 -- Gilat expanded its leadership position in the US lottery market with multi-year contracts for over 27,000 lottery sites in Texas and Illinois. These recent awards were added to previous awards for Indiana, Louisiana and Iowa, totaling almost 33,000 sites across the five networks. Read

 
 
 
 
Earlier this month -- Gilat was selected by a defense agency to provide a broadband network for military communications. The network includes Ku and Ka band terminals and will serve various military branches and units as part of a single, unified multi-band communications network, providing mission critical applications and on the move communications. Read

Conference Call and Webcast Details:
Gilat management will host a conference call today at 14:30 GMT/9:30 EST to discuss the results. International participants are invited to access the call at (972) 3-918-0644, and US-based participants are invited to access the call by dialing (888) 281-1137.
 
The results presentation may be accessed prior to the conference call via Webcast through the Company's website at www.gilat.com.

A replay of the conference call will be available beginning at approximately 17:00 GMT/12:00 EST today, until 17:00 GMT/12:00 EST February 24, 2011.  International participants are invited to access the replay at (972) 3-925-5901, and US-based participants are invited to access the replay by dialing (888) 326-9310. A replay of the call may also be accessed as a webcast via Gilat’s website at www.gilat.com and will be archived for 30 days.

Notes:
(1) The attached summary financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The attached summary financial statements are unaudited. To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents Gilat's EBITDA before the impact of non-cash share-based payment charges, depreciation and amortization and other costs related to acquisition transactions. Non-GAAP presentations of net income, EBITDA and earnings per share are provided to enhance the understanding of the Company's historical financial performance and comparability between periods.

(2) Operating income before depreciation, amortization, non cash stock option expenses as per SFAS 123(R) and other costs related to acquisition transactions ('EBITDA') is presented because it is a measure commonly used and is presented solely in order to improve the understanding of the Company's operating results and to provide further perspective on these results. EBITDA, however, should not be considered as an alternative to operating income or net income for the period as an indicator of the operating performance of the Company.

Similarly, EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity. EBITDA is not a measure of financial performance under generally accepted accounting principles and may not be comparable to other similarly titled measures for other companies. EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Reconciliation between the Company's Operating income and EBIDTA is presented in the attached summary financial statements.

 
 
 
 
About Gilat Satellite Networks Ltd.:
Gilat is a leading provider of products and professional services for satellite-based broadband communication networks worldwide. Gilat was founded in 1987 and has shipped over 750,000 VSATs (Very Small Aperture Terminals) to more than 85 countries across six continents. Gilat's headquarters are located in Petah Tikva, Israel, and the Company has 16 sales and service offices worldwide. Gilat develops and markets an expansive range of broadband satellite solutions including high-performance VSATs under the SkyEdgeTM and SkyEdge II brands, low-profile antennas for communications-on-the-move, under the RaySat Antenna Systems and the StealthRayTM brands, and next generation solid-state power amplifiers for mission-critical defense and broadcast satellite communications systems under the Wavestream brand. Gilat's wholly-owned subsidiary, Spacenet Inc., is a leading provider of managed services in North America to the business and government segments. Visit Gilat at www.gilat.com.

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission.

Media Contact:
Karen Mazor
Gilat Satellite Networks
(972) 54 228 8039
karenm@gilat.com

Amir Aisenberg/Itay Gurmez
Aisenberg Eliash Communications
(972) 3 753 8828

Investor Contact:
Jeff Corbin/ Marybeth Csaby
KCSA Strategic Communications
(212) 896-1214/ (212) 896-1236
gilat@kcsa.com
 
 
 
 
 
GILAT SATELLITE NETWORKS LTD.
            
CONDENSED CONSOLIDATED BALANCE SHEET
            
US dollars in thousands
            
   
December 31,
    
December 31,
  
   
2010
    
2009
  
   
Unaudited
        
             
ASSETS
            
             
CURRENT ASSETS:
            
Cash and cash equivalents
     57,238       122,672  
Short-term bank deposits
     -       31,729  
Short-term restricted cash
     3,839       1,782  
Restricted cash held by trustees
     1,004       2,137  
Trade receivables, net
     51,994       45,597  
Inventories
     29,612       13,711  
Other current assets
     22,973       19,068  
Total current assets
     166,660       236,696  
                 
LONG-TERM INVESTMENTS AND RECEIVABLES:
                
Long-term restricted cash
     4,583       4,896  
Severance pay fund
     10,572       9,912  
Long-term trade receivables, receivables in respect of capital
                
leases and other receivables
     6,538       2,204  
Total long-term investments and receivables
     21,693       17,012  
                 
PROPERTY AND EQUIPMENT, NET
     103,490       100,532  
                 
INTANGIBLE ASSETS AND DEFERRED CHARGES, NET
     57,453       2,988  
                 
GOODWILL
     106,082       -  
                 
TOTAL ASSETS
     455,378       357,228  
 
 
 
 
 
GILAT SATELLITE NETWORKS LTD.
            
CONDENSED CONSOLIDATED BALANCE SHEET
            
US dollars in thousands
            
   
December 31,
    
December 31,
  
   
2010
    
2009
  
   
Unaudited
        
             
LIABILITIES AND EQUITY
            
             
CURRENT LIABILITIES:
            
Short-term bank credit
     2,129       -  
Current maturities of long-term loans and convertible notes
     2,186       5,220  
Trade payables
     18,267       16,838  
Accrued expenses
     24,591       20,067  
Short-term advances from customer, held by trustees
     1,004       2,137  
Other current liabilities
     39,675       28,154  
                 
Total current liabilities
     87,852       72,416  
                 
LONG-TERM LIABILITIES:
                
Accrued severance pay
     10,579       10,011  
Long-term loans, net
     45,202       9,830  
Accrued interest related to restructured debt
     575       1,176  
Convertible subordinated notes
     14,379       15,220  
Other long-term liabilities
     32,678       16,280  
                 
Total long-term liabilities
     103,413       52,517  
                 
COMMITMENTS AND CONTINGENCIES
                
                 
EQUITY:
                
Share capital - ordinary shares of NIS 0.2 par value
     1,855       1,832  
Additional paid in capital
     865,080       863,337  
Accumulated other comprehensive income
     774       1,341  
Accumulated deficit
     (603,596 )     (634,215 )
                 
Total equity
     264,113       232,295  
                 
TOTAL LIABILITIES AND EQUITY
     455,378       357,228  
 
 
 
 
 
GILAT SATELLITE NETWORKS LTD.
        
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
            
U.S. dollars in thousands (except per share data)
                
 
  Year ended
December 31,
     Three months ended
December 31,
  
   
2010
    
2009
    
2010
    
2009
  
   
Unaudited
          
Unaudited
    
Unaudited
  
                         
Revenues
     232,985       228,059       66,059       56,590  
Cost of revenues
     153,131       157,628       42,645       37,788  
Gross profit
     79,854       70,431       23,414       18,802  
Research and development expenses:
                                
Expenses incurred
     22,194       16,281       7,342       4,016  
Less - grants
     3,249       2,311       878       591  
      18,945       13,970       6,464       3,425  
Selling, marketing, general and administrative expenses
     63,240       57,125       18,480       15,216  
Costs related to acquisition transactions
     3,842       -       2,612       -  
Operating income (loss)
     (6,173 )     (664 )     (4,142 )     161  
Financial income (expenses), net
     (557 )     1,050       (243 )     391  
Other income
     37,360       2,396       75       -  
Income (loss) before taxes on income
     30,630       2,782       (4,310 )     552  
Taxes on income
     11       904       589       203  
Net income (loss)
     30,619       1,878       (4,899 )     349  
                                 
Basic net earnings (loss) per share
     0.76       0.05       (0.12 )     0.01  
Diluted net earnings (loss) per share
     0.73       0.04       (0.12 )     0.01  
                                 
Weighted average number of shares used in
                                
computing net earnings (loss) per share                                
Basic     40,467       40,159       40,639       40,245  
Diluted     41,985       41,474       40,639       41,664  
 
 
 
 
 
GILAT SATELLITE NETWORKS LTD.
  
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
  
FOR COMPARATIVE PURPOSES
  
U.S. dollars in thousands (except per share data)
 
  
     
Year ended
                
Year ended
        
       
31 December 2010
                
31 December 2009
        
   
GAAP
    
Adjustments (1)
    
Non-GAAP
    
GAAP
    
Adjustments (1)
    
Non-GAAP
  
   
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
  
   
Revenues
     232,985       -       232,985       228,059       -       228,059  
Cost of revenues
     153,131       (1,939 )     151,192       157,628       (173 )     157,455  
Gross profit
     79,854       1,939       81,793       70,431       173       70,604  
      34 %             35 %     31 %             31 %
Research and development expenses:
                                                
Expenses incurred
     22,194       (172 )     22,022       16,281       (80 )     16,201  
Less - grants
     3,249       -       3,249       2,311       -       2,311  
      18,945       (172 )     18,773       13,970       (80 )     13,890  
Selling, marketing, general and administrative expenses
     63,240       (1,523 )     61,717       57,125       (684 )     56,441  
Costs related to acquisition transactions
     3,842       (3,842 )     -       -       -       -  
Operating income (loss)
     (6,173 )     7,476       1,303       (664 )     937       273  
Financial income (expenses), net
     (557 )     -       (557 )     1,050       -       1,050  
Other income
     37,360       (37,360 )     -       2,396       (2,396 )     -  
Income before taxes on income
     30,630       (29,884 )     746       2,782       (1,459 )     1,323  
Taxes on income
     11       -       11       904       -       904  
Net income
     30,619       (29,884 )     735       1,878       (1,459 )     419  
   
Basic net earnings per share
     0.76               0.02       0.05               0.01  
Diluted net earnings per share
     0.73               0.02       0.04               0.01  
   
Weighted average number of shares used in
                                          
   computing net earnings per share
                                          
Basic
     40,467               40,467       40,159               40,159  
Diluted
     41,985               42,806       41,474               42,418  
 
(1) Adjustments reflect the effect of non-cash stock options expenses as per SFAS123R, costs related to acquisition transactions, amortization of intangible assets related to acquisition transactions and other income.
 
   
Year ended
    
Year ended
  
   
31 December 2010
    
31 December 2009
  
Non-cash stock-based compensation expenses:
            
Cost of Revenues
     281       173  
Research and development
     172       80  
Selling, general, marketing and administrative
     1,273       684  
      1,726       937  
Amortization of intangible assets related to acquisition transactions:
                
Cost of Revenues
     1,658       -  
Selling, general, marketing and administrative
     250       -  
      1,908       -  
 
 
 
 
 
GILAT SATELLITE NETWORKS LTD.
                                
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
                          
FOR COMPARATIVE PURPOSES
                                
U.S. dollars in thousands (except per share data)
                                
           
Three months ended
                
Three months ended
        
           
31 December 2010
                
31 December 2009
        
     
GAAP
    
Adjustments (1)
    
Non-GAAP
    
GAAP
    
Adjustments (1)
    
Non-GAAP
  
     
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
  
                                       
Revenues
     66,059       -       66,059       56,590       -       56,590  
Cost of revenues
     42,645       (1,512 )     41,133       37,788       (53 )     37,735  
Gross profit
     23,414       1,512       24,926       18,802       53       18,855  
      35 %             38 %     33 %             33 %
Research and development expenses:
                                                
Expenses incurred
     7,342       (48 )     7,294       4,016       (24 )     3,992  
Less - grants
     878       -       878       591       -       591  
      6,464       (48 )     6,416       3,425       (24 )     3,401  
Selling, marketing, general and administrative expenses
     18,480       (466 )     18,014       15,216       (186 )     15,030  
Costs related to acquisition transactions
     2,612       (2,612 )     -       -       -       -  
Operating income (loss)
     (4,142 )     4,639       497       161       263       424  
Financial income (expenses), net
     (243 )     -       (243 )     391       -       391  
Other income
     75       (75 )     -       -       -       -  
Income (loss) before taxes on income
     (4,310 )     4,564       254       552       263       815  
Taxes on income
     589       -       589       203       -       203  
Net income (loss)
     (4,899 )     4,564       (335 )     349       263       612  
                                                 
Basic net earnings (loss) per share
     (0.12 )             (0.01 )     0.01               0.02  
Diluted net earnings (loss) per share
     (0.12 )             (0.01 )     0.01               0.01  
                                                 
Weighted average number of shares used in                                            
computing net earnings (loss) per share                                            
Basic     40,639               40,639       40,245               40,245  
Diluted     40,639               40,639       41,664               42,431  
 
(1) Adjustments reflect the effect of non-cash stock options expenses as per SFAS123R, costs related to acquisition transactions, amortization of intangible assets related to acquisition transactions and other income.
 
   
Three months ended
    
Three months ended
  
   
31 December 2010
    
31 December 2009
  
Non-cash stock-based compensation expenses:
            
Cost of Revenues
     77       53  
Research and development
     48       24  
Selling, general, marketing and administrative
     307       186  
      432       263  
                 
Amortization of intangible assets related to acquisition transactions:
                
Cost of Revenues
     1,435       -  
Selling, general, marketing and administrative
     159       -  
      1,595       -  
 
 
 
 
 
GILAT SATELLITE NETWORKS LTD.
                        
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                        
US dollars in thousands
                        
    Year ended
December 31,
      Three months ended
December 31,
 
   
2010
    
2009
    
2010
    
2009
  
   
Unaudited
          
Unaudited
    
 
  
                         
Cash flows from operating activities:
                        
Net income (loss)
     30,619       1,878       (4,899 )     349  
Adjustments required to reconcile net income
                                
to net cash provided by (used in) operating activities:
                                
Depreciation and amortization
     14,794       14,509       4,855       3,645  
Gain from redemption of convertible notes
     -       (78 )     -       (56 )
Gain from the sale of an investment accounted for at cost
     (24,314 )     (2,597 )     -       -  
Stock-based compensation related to employees
     1,726       937       432       263  
Accrued severance pay, net
     (135 )     (1,113 )     (2 )     (298 )
Accrued interest and exchange rate differences on
                                
short and long-term restricted cash, net
     (201 )     256       195       103  
Accrued interest and exchange rate differences on
                                
 marketable securities and short term bank deposits, net
     (45 )     (349 )     181       (17 )
Exchange rate differences on long-term loans
     (415 )     212       (107 )     (108 )
Exchange rate differences on loans to employees
     -       (5 )     -       (1 )
Capital loss from disposal of property and equipment
     270       163       -       26  
Deferred income taxes
     (250 )     992       (246 )     669  
Decrease (increase) in trade receivables, net
     (1,562 )     14,294       4,733       1,206  
Decrease (increase) in other assets (including short-term, long-term
                                
    and deferred charges)
     (5,559 )     6,530       (1,015 )     (860 )
Decrease (increase) in inventories
     (2,946 )     8,995       (2,584 )     1,676  
Increase (decrease) in trade payables
     (4,759 )     (6,855 )     (1,059 )     4,542  
Increase (decrease) in accrued expenses
     2,256       (6,034 )     3,156       (3,549 )
Increase (decrease) in advances from customer, held
                                
by trustees, net
     (1,133 )     (22,032 )     (3,158 )     (3,274 )
Increase (decrease) in other accounts payable and other long term liabilities
     4,574       (9,909 )     2,920       1,530  
Net cash provided by (used in) operating activities
     12,920       (206 )     3,402       5,846  
 
 
 
 
 
GILAT SATELLITE NETWORKS LTD.
                        
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                        
US dollars in thousands
                        
                         
    Year ended
December 31,
     Three months ended
December 31,
  
   
2010
    
2009
    
2010
    
2009
  
   
Unaudited
          
Unaudited
    
Unaudited
  
Cash flows from investing activities:
                        
Purchase of property and equipment
     (7,638 )     (4,485 )     (2,182 )     (1,544 )
Proceeds from sale of an investment accounted for at cost
     24,314       2,597       -       -  
Purchase of held-to-maturity marketable securities and deposits
     (30,693 )     (130,961 )     -       (31,691 )
Proceeds from held-to-maturity marketable securities and deposits
     62,384       162,615       22,507       25,193  
Purchase of available-for-sale marketable securities
     (4,804 )     -       -       -  
Proceeds from available-for-sale marketable securities
     4,888       -       4,888       -  
Loans to employees, net
     14       39       10       4  
Investment in restricted cash held by trustees
     (12,346 )     (3,056 )     -       (3,056 )
Proceeds from restricted cash held by trustees
     13,673       24,834       2,963       6,225  
Investment in restricted cash (including long-term)
     (2,941 )     (90 )     (2,478 )     (3 )
Proceeds from restricted cash (including long-term)
     1,339       7,696       5       6,667  
Acquisitions of subsidiaries, net of cash acquired
     (153,883 )     -       (127,566 )     -  
Purchase of intangible asset
     (2,515 )     -       (15 )     -  
Net cash provided by (used in) investing activities
     (108,208 )     59,189       (101,868 )     1,795  
                                 
Cash flows from financing activities:
                                
Repayment of convertible notes
     (839 )     -       -       -  
Early redemption of convertible notes
     -       (170 )     -       (125 )
Issuance of restricted stock units and exercise of stock options
     39       11       6       2  
Short-term bank credit, net
     (946 )     (6,500 )     (1,173 )     (6,500 )
Proceeds from long-term loans
     40,000       -       40,000       -  
Repayment of long-term loans
     (8,409 )     (4,350 )     (4,128 )     (91 )
Net cash used in financing activities
     29,845       (11,009 )     34,705       (6,714 )
                                 
Effect of exchange rate changes on cash and cash equivalents
     9       782       27       50  
                                 
Increase (decrease) in cash and cash equivalents
     (65,434 )     48,756       (63,734 )     977  
                                 
Cash and cash equivalents at the beginning of the period
     122,672       73,916       120,972       121,695  
                                 
Cash and cash equivalents at the end of the period
     57,238       122,672       57,238       122,672  
 
 
 
 
 
GILAT SATELLITE NETWORKS LTD.
                        
CONDENSED EBITDA
                        
US dollars in thousands
                        
                         
    Year ended
December 31,
     Three months ended
December 31,
  
   
2010
    
2009
    
2010
    
2009
  
   
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
  
                         
Operating income
     (6,173 )     (664 )     (4,142 )     161  
Add:
                                
Non-cash stock-based compensation expenses
     1,726       937       432       263  
Costs related to acquisition transactions
     3,842       -       2,612       -  
Deprecation and amortization
     14,794       14,509       4,855       3,645  
EBITDA
     14,189       14,782       3,757       4,069