Gilat Satellite Networks Ltd. reported revenues of $53 million for the first quarter of 2005, a slight drop from the $57.4 million in revenues in the first quarter of 2004. The company’s net loss narrowed to $1.1 million in the first quarter of 2005 from $6.5 million in the first quarter of 2004, which included inventory write-offs of $2 million.

“Gilat continues executing its strategy of focusing on bottom line results while providing specific sales solutions for target markets,” Gilat Chairman and CEO Shlomo Rodav said in a prepared statement. “We are witness to an excellent acceptance of our new product family, the SkyEdge. The installed base is growing steadily and [up to now], we have shipped more than 5,000 SkyEdge VSATs worldwide.”