[Satellite Today 05-12-09] Gilat’s revenues fell nearly $10 million in the 2009 first quarter to $60.8 million, compared to revenues of $70.5 million for the corresponding quarter of 2008, the company announced May 11.
Gilat’s net income dropped sharply, from $4.6 million in the first three months of 2008 to to $240,000 in the 2009 first quarter.
Gilat CEO Amiram Levinberg said the company took steps to adjust its cost structure during the quarter. “We have started to release money from the restricted cash held by trustees in Colombia and once again are able to recognize revenues from our Colombian operations,” Levinberg said in a statement.
Gilat Satellite Reports Losses in First Quarter
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