Probably everyone interested in GILTF has already seen this. However, I'd like to see if some discussion can be initiated on it. From Yahoo:
>>>>>>Tuesday May 12, 8:19 am Eastern Time
Company Press Release
Gilat Announces Record Q1 Sales for 1998
PETAH TIKVA, Israel--(BUSINESS WIRE)--May 12, 1998--Gilat Satellite Networks Ltd. (NASDAQ: GILTF - news) reported today unaudited revenues of US$31.1 million for the first quarter ended March 31, 1998, an increase of almost 50 percent over the US$21.1 million result for the same period in 1997. Operating income was US$4.4 million, compared with US$2.8 million, while net income was US$3.9 million (US$0.35 per share), compared with US$3.1 million (US$0.28 per share) for the same period of last year.
Operating income increased by approximately 60 percent between the first quarters of 1997 and 1998, while net income increased by approximately 30 percent. The difference between the growth in operating income and net income is primarily a result of interest incurred on the convertible notes Gilat issued on May 12, 1997. Orders from January 1, 1998 until today amounted to more than US$32.0 million.
Global Village Telecom (GVT) gaining ground
Gilat also announced the recent closing of the GVT private placement, previously reported on April 6, 1998. GVT was recently notified that it has been chosen to supply rural telephony services in four regions in Peru. The final terms and conditions of the license are to be negotiated with the Peruvian authorities. There can be no assurance that the negotiations will conclude successfully.
''Assuming the Peru deal goes through, we will already have met our 1998 goal of commencing service provision in two countries during our first year of operation,'' said GVT Chief Executive Officer Joshua Levinberg. ''In Chile, the first phase of our system is up and running, commercial operation has begun - including local and long-distance services - and we are on track for a full-scale roll-out in 1998.''
Africa discovers Gilat, China ramps up
During the first quarter, a significant amount of orders originated in Africa, where there is growing interest in all Gilat product lines. Gilat now supplies equipment to Ethiopia, Ghana, Ivory Coast, Nigeria, South Africa and others.
Gilat's ''KSAT'' joint venture agreement with Singapore-based Keppel Communications, previously reported on January 20, 1998, recently closed. KSAT is in the process of setting up a manufacturing joint venture in China, which is scheduled to be completed during the third quarter of this year.
''We are pleased with our record first quarter results, on the heels of an excellent fourth quarter,'' remarked Gilat Chairman and Chief Executive Officer Yoel Gat. ''To date, there has been a continuous flow of orders for our interactive VSAT products from GE Spacenet and GTECH. Also, our voice products now account for approximately 25 percent of new orders.''
Gilat's teleconference to the financial community, scheduled today at 10:30 AM EST in the United States (in the US: 1-800- 289-0730, outside the US: 1-913-981-5509), will also be broadcast live over the Internet. The event can be accessed at gilat.com where there will also be a link for downloading the necessary software (Real Player 5). <<<<<< |
