Gilat Reports Fourth Quarter Loss
[Satellite Today 02-18-09] Gilat Satellite Networks Ltd. reported a net loss for the fourth quarter of $6.5 million in its results released Feb. 17. The loss compares to a net loss of $6.2 million in fourth quarter of 2007.
Revenues for the quarter fell from $72.7 million a year ago to $66.1 million in the most recent fourth quarter.
Gilat Chairman Amiram Levinberg said the losses in revenue were mostly due to his company’s “inability to recognize the revenues for a Columbian government project, a difference dollar cycle exchange rate, and the longer sales cycles in [Gilat’s] GNS.” Levinberg added that the company’s backlog remains stable, compared to last year’s figures at approximately $197 million.