Thanks to the help of Yosi S I was able to recove the following post from Globes. I hope it was worth the effort.
Don Walster
Monday , Mar 2, 1998 Sun-Thu at 18:00 (GMT+3)
Headlines
Gilat Up 50% on Wall Street Last
Month
By Ami Ginsburg
The weekend on Wall Street brought to a close
one of the most successful months the US
share market has ever known. The Dow Jones
ended the week above 8,500 points for the first
time, and closed on a new peak for the third
consecutive day. The Dow rose 55 points, or
0.7%, on Friday, closing on 8,545 points.
Overall, the Dow posted a 131 point rise last
week, thus completing an 8% rise for February
as a whole.
As far as Israeli shares were concerned, the
positive atmosphere continued on Friday, with
Gilat shares taking up the lead, as they soared
12% to $33.7. The rise in Gilat represented a
reaction delayed by one day to the financial
statements the company published for the fourth
quarter. Gilat's revenue grew in the fourth quarter
to $30 million, 10% higher than in the third
quarter. Its net profit jumped 30% to $5.7
million. Gilat rose 50% last month, after being
traded at a low of $22.5.
For the end of 1997, Gilat reported an orders
backlog 50% higher than at the end of the
previous year. At December 31, 1997, the orders
backlog totalled $28.6 million. The company
shipped 20,000 VSAT systems in 1997,
compared with 9,000 in 1996.
Gilat also announced that its subsidiary, Global
Village Telecom, raised $50 million in a private
placement, of which $40 million was raised from
overseas investors, and $10 million from Gilat
itself. The capital raised is earmarked for
deploying wireless telephony networks in
developing countries. The networks will be
based on Gilat's satellite systems. Gilat
recently entered into a new telecommunications
project in the Philippines with the local
Department of Transport and Communication,
but the company reported that, because of a
change of government ministers, there could be
no assurance that the project would go ahead.
Published by Israel's Business Arena March 1,
1998 |
