Gilat Satellite Networks Ltd. reported an increase in revenues for 2004, but the revenues boost came coupled with a reported net loss for the year.

For the year ended Dec. 31, 2004, the company reported $241.5 million in revenues up from $190.2 million in the previous year. For 2004, the company reported a net loss of $9.5 million, down from a net income of $143.6 million in 2003, though the company noted the 2003 net income included a $244.2 million gain from restructuring of debt offset by charges relating to inventory write-offs, restructuring charges and impairment of long lived assets in the amount of $39 million.

In a prepared statement, Gilat CEO and Chairman Shlomo Rodav said, “We are back on the growth path. Our revenues are continuing to grow and overall our financial parameters are getting stronger. For the fourth consecutive quarter, we have generated significant growing positive earnings before interest, taxes, depreciation and amortization. In addition, for the first time in several years, this quarter we demonstrated positive operating income.”