Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) revenue fell to $51.8 million for the second quarter of 2010 from $56 million for the corresponding quarter of 2009, and its net loss widened to $1.3 million ($0.03 per share) from $1.2 million.
A similar pattern played out over the first half: revenue fell to $108.9 million from to $116.8 million in the first half of last year, but the net loss narrowed to $691,000 from $965,000.
Gilat chairman and CEO Amiram Levinberg said, "The second quarter was highlighted by the completion of our acquisition of RaySat Antenna Systems and the signing of a definitive agreement to acquire the antenna research and design center in Bulgaria. These acquisitions are part of our focus on the defense and military markets."
Levinberg continued, "In the second quarter we were able to increase our cash, and our bookings grew sequentially compared with the first quarter of 2010 and with the comparable quarter of 2009, which leads us to be cautiously optimistic for the second half of the year."
He added that with today's settlement of the litigation over the failed acquisition of the company, Gilat could now focus its full attention to implementing its strategy and current business.
During the second quarter, Gilat signed agreements for its SkyEdge II satellite communications system with Vietnam Telecom International, and with Ethiopia for the country's SchoolNet project. The company also signed agreements for provide broadband satellite networks for homeland security in Asia.
Published by Globes [online], Israel business news - www.globes-online.com - on August 10, 2010
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