Gilat Revenue and Profits Fall
By Mark Holmes | May 25, 2012
[Satellite TODAY 05-25-11] Gilat revenues and net profits fell in the three months to the end of March. These were two of the highlights of its first quarter results, issued May 23. The company had revenues of $76.6 million compared with $80 million for the same period in 2011.
Net loss for the first quarter of 2012 was $3.1 million. This compares to net profit of $0.4 million in the first quarter of 2011.
"Our commercial division continued to perform well with several important contract wins in the first quarter. While our financial performance was impacted by the implementation timing of specific contracts in our services division, as well as lower than expected revenues in our defense division, we remain confident in our strategic direction and positioning in the growing Ka-band market and as a provider of on-the-move solutions for the defense industry," Gilat’s CEO Erez Antebi said in a statement.