Gilat Reports Revenue Increase, Income Decline For First Quarter
[Satellite Today – 5-15-08] Gilat Satellite Networks Ltd. posted a 4 percent increase in revenue for the first quarter of 2008, but net income fell 6 percent, the company announced May 15.
Revenues for the first quarter of 2008 were $70.5 million, up from $68 million in the same period of 2007. Net income was $4.6 million, compared to a net income of $4.9 million in the first quarter of 2007.
“Our first quarter results, excluding expenses relating to the merger transaction, show an improvement in year over year revenues and net income,” Gilat’s CEO and chairman Amiram Levinberg said in a statement. “Our new advanced SkyEdge 2 platform is gaining market traction and has been chosen by customers worldwide."
Gilat agreed March 31 to be acquired by a consortium of private equity investors.