Gilat Announces Revised Management Objectives for 2015
September 24 2015 - 8:32AM
Gilat Satellite Networks Ltd. (NASDAQ:GILT) (TASE:GILT), a
worldwide leader in satellite networking technology, solutions and
services, today reported revised management objectives for 2015.
Based on preliminary estimates, revenues for the second half of
2015 are expected to be between $120 million and $130 million and
second half EBITDA is expected to be between $8 million and $10
million. As a result, revenues for the full year of 2015 are
expected to be between $210 million and $220 million and EBITDA
between $6 million to $8 million.
"I am disappointed that we will not meet our management
objectives for 2015. Our revision is due to recent decisions to
delay several large-scale projects by our customers, mainly in
Mexico and Russia and in our defense-related activities. In
addition, although our Fitel project in Peru is progressing well,
we have extended the initial planning stage to achieve greater
efficiency and improved profitability. These factors will mainly
impact the third quarter.
Management is in the process of streamlining the operation to
achieve greater effectiveness and efficiency, with specific changes
scheduled to take positive effect in the fourth quarter of the
year," said Dov Baharav, Chairman and interim CEO of Gilat.
"Moreover, we continue to see increasing interest in our
products and services designed for HTS and Mobility and I remain
optimistic about our business outlook for 2016 and beyond," he
concluded.
About Gilat
Gilat Satellite Networks Ltd (NASDAQ:GILT) (TASE:GILT) is a
leading provider of products and services for satellite-based
broadband communications. Gilat develops and markets a wide range
of high-performance satellite ground segment equipment and VSATs,
with an increasing focus on the consumer and Ka-band market. In
addition, Gilat enables mobile SOTM (Satellite-on-the-Move)
solutions providing low-profile antennas, next generation
solid-state power amplifiers and modems. Gilat also provides
managed network and satellite-based services for rural telephony
and Internet access via its subsidiaries in Peru and Colombia.
With over 25 years of experience, and over a million products
shipped to more than 90 countries, Gilat has provided enterprises,
service providers and operators with efficient and reliable
satellite-based connectivity solutions, including cellular
backhaul, banking, retail, e-government and rural communication
networks. Gilat also enables leading defense, public security and
news organizations to implement advanced, on-the-move tactical
communications on board their land, air and sea fleets using
Gilat's high-performance SOTM solutions. Gilat's controlling
shareholders are the FIMI Private Equity Funds. For more
information, please visit us at www.gilat.com.
Certain statements made herein that are not historical are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. The words "estimate", "project",
"intend", "expect", "believe" and similar expressions are intended
to identify forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties. Many
factors could cause the actual results, performance or achievements
of Gilat to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements, including, among others, changes
in general economic and business conditions, inability to maintain
market acceptance to Gilat's products, inability to timely develop
and introduce new technologies, products and applications, rapid
changes in the market for Gilat's products, loss of market share
and pressure on prices resulting from competition, introduction of
competing products by other companies, inability to manage growth
and expansion, loss of key OEM partners, inability to attract and
retain qualified personnel, inability to protect the Company's
proprietary technology and risks associated with Gilat's
international operations and its location in Israel. For additional
information regarding these and other risks and uncertainties
associated with Gilat's business, reference is made to Gilat's
reports filed from time to time with the Securities and Exchange
Commission.
CONTACT: Gilat Satellite Networks
Joelle Inowlocki
JoelleI@gilat.com
KCSA Strategic Communications
Phil Carlson, Vice President
(212) 896-1233
pcarlson@kcsa.com
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