Hughes Bidding for Gilat?
According to local press reports in Israel, Hughes has made a bid for Israeli satellite company, Gilat Satellite Networks. Gilat looks an attractive proposition and has had a strong recent performance. In its most recent results, issued August 9, the company had strong increases in revenues and profits. Gilat had revenues for the second quarter of $70.3 million, up $9 million compared to the same quarter last year. Gilat also had net income for the quarter of $5.5 million, up $3.5 million compared to the same quarter last year.