Gilat Posts Slightly Higher Revenues, Large Losses

By | August 14, 2003 | Uncategorized

Petah Tikva, Israel-based Gilat Satellite Networks [Nasdaq: GILTF] notched slightly improved revenues for second quarter, reaching $52.1 million, up from $51.6 million in 2002. Gilat’s operating loss for the second quarter hit $31.5 million, while the quarter’s net loss totaled $36.2 million, or $2.79 a share. The results included $21 million in accounting and restructuring charges.

The second quarter also ushered in a new management team and board of directors. Shlomo Rodav is the new chairman, while Oren Most is the new president and CEO. In addition, Erez Antebi is resigning as COO effective Sept. 15 and Doron Steiger has left the company’s board.

For more on this story, see the Aug. 18 issue of SATELLITE NEWS. For info on subscribing to PBI Media’s satellite newsletters, check out our Web site at http://www.telecomweb.com/catalog.

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