Gilat Satellite Networks Ltd (GILT)

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Gilat Announces Strong Q3 Results: Revenues Reached $71.5 Million; Net Income Totaled $5.9 Million
Tuesday November 13, 7:22 am ET

PETAH TIKVA, Israel--(BUSINESS WIRE)--Gilat Satellite Networks Ltd. (Nasdaq:GILT - News), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the third quarter ending September 30, 2007.

Revenues for the third quarter of 2007 were $71.5 million, up from $63.8 million in the same period of 2006. Net income for the third quarter of 2007 was $5.9 million or $0.14 per diluted share, compared to a net income of $2.7 million or $0.11 per diluted share in the third quarter of 2006. Non-GAAP net income (1) for the third quarter of 2007 was $6.1 million, or $0.15 per diluted share, versus a net income of $3.5 million or $0.13 per diluted share in the same quarter of 2006.

Revenues for the nine month period ended September 30, 2007 were $209.9 million, up from $183.4 million in the comparable period of 2006. Net income for the nine month period ended September 30, 2007 was $16.3 million or $0.39 per diluted share, compared to a net income of $6 million or $0.25 per diluted share in the same period of 2006. Non-GAAP net income for the nine month period ended September 30, 2007 was $17.4 million, or $0.42 per diluted share, versus a net income of $9.2 million or $0.37 per diluted share in the comparable period of 2006.

Gilat’s Chief Executive Officer and Chairman of the Board Amiram Levinberg said, "During the third quarter we continued to experience strong growth in revenues and profits with revenues increasing by 12% year over year. The quarter was highlighted by enhanced activity in the government sector -- one of our major areas of focus."

"We just announced the availability of our new flagship product, SkyEdge II, an advanced VSAT platform based on next generation technology, with higher efficiencies and full adaptivity for both the inbound and outbound channels. Designed for diverse environments including enterprises, rural networks, cellular backhaul and government network applications, Gilat's SkyEdge II is an excellent solution for broadband IP networks with high-speed inbound requirements, providing inbound data rates of up to 4Mbps. We have already received first orders for SkyEdge II from leading service providers in Asia, Europe, Latin America and Africa."

Recent Announcements


The availability of SkyEdge II, an advanced VSAT platform based on next generation technology, with higher efficiencies and full adaptivity for both the inbound and outbound channels.
Spacenet Inc. expands its presence in the government market through contracts with new government customers and the recent award of a five-year GSA Schedule Contract.
North-West Telecom, one of Russia's largest telecommunications companies, is expanding its Gilat SkyEdge satellite network to bring telephony and broadband Internet services to a growing number of remote communities in North Western Russia.
Gilat is deploying a SkyEdge broadband satellite communications network for Russia's largest electric utility company, FSK. FSK will use the SkyEdge VSAT network for supervisory control and data acquisition (SCADA) and satellite telephony applications at an initial 650 locations nationwide
Gilat's business unit, Spacenet Rural Communications, contributed to Peru's disaster recovery efforts by deploying a SkyEdge VSAT network and offering free telephony services in the aftermath of the August 16th earthquake.
Gilat's wholly-owned subsidiary, Spacenet Inc., is working with Verizon Business to deploy a custom satellite network for the U.S. Postal Service. The satellite network will provide high performance broadband communications for over 5,000 Postal Service sites in the continental United States, Hawaii, Alaska and Puerto Rico.
Russia's leading satellite service provider, Closed Joint-Stock Company (CJSC) Global-Teleport, is deploying a broadband satellite communications network for the Russian Ministry of Education based on Gilat's SkyEdge systems.
Gilat will host a conference call today at 10:00 AM EST. In order to ensure audio access, participants from the U.S. should dial in at [phone], and international participants should dial in at (972) 3-918-0650. The presentation may be accessed through the Company’s website at www.gilat.com prior to the call. The call will also be available as a Webcast on the Company’s website at: www.gilat.com and will be archived for 30 days.

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