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February 19, 2009

Gilat Satellite Networks Q4 net loss widens

Posts a revenue of $66.1m compared to $72.7m for the fourth quarter of 2007

By CBR Staff Writer

Israel-based Gilat Satellite Networks has posted a GAAP net loss of $6.5m, or $0.16 per diluted share, for the fourth quarter of 2008, compared to a net loss of $6.2m, or $0.16 per diluted share, in the fourth quarter of 2007.

Revenues for the fourth quarter of 2008 were $66.1m, compared to $72.7m for the same period in 2007.

Revenues for the 12-month period ended December 31, 2008 were $267.5m, compared to $282.6m in the comparable period of 2007. GAAP net loss for the 12-month period ended December 31, 2008 was $1.1m, or $0.03 per diluted share, compared to a GAAP net income of $10.1m, or $0.24 per diluted share, in the same period of 2007.

Amiram Levinberg, CEO and chairman of the board at Gilat, said: Our fourth quarter ended relatively on par with the previous quarter in terms of revenues and down from last year’s revenues which was not unexpected in the context of the current economic environment. Our management targets for 2009 are to increase revenues while improving profitability and generating free cash flow.

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