Gilat Sees Strong Revenue and Profit Increases

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[Satellite TODAY 05-18-11] Gilat Satellite Networks saw strong increases in revenues and profits its first quarter, the company reported May 17.

The company noted revenues of $80 million in the first quarter of the year, compared with $57.1 million in the same quarter last year. Its operating profits reached $0.8 million in the first quarter. This compares with $0.1 million in the same quarter last year.

Gilat has made a good start to 2011, and recently won a key contract in Australia. It was selected by Optus to provide a SkyEdge II VSAT network, installation, operation and maintenance for the Australian Government’s National Broadband Network Company‘s (NBN Co) interim satellite service. The contract represents a potential value of $120 million during a five-year period.

“Our strategy to increase R&D and invest in our future while we improve our profitability is continuing as planned. Our recent contract win in Australia is a strong show of faith for Gilat’s technology and our overall delivery capabilities," Gilat CEO Amiram Levinberg said in a statement.