Steve Mehs
01-07-03, 04:00 AM
Gilat Satellite Networks reported Monday that its revenues for the third quarter were $43 million, and its year-end 2002 backlog is expected to increase to $250 million.
Net loss for the third quarter was $108 million, which included write-offs for inventory adjustment related to current sales level and transponder termination costs associated with satellite broadband provider StarBand Communications. Without the impacts and without share in equity losses in Satlynx and StarBand, the net loss would have been $26.9 million for the quarter.
Last month, Gilat announced that it reached an agreement with its major bank and holders for a majority of bonds on the details of its debt restructuring plan. The company said it's moving forward in anticipation of completing the restructuring plan in the first quarter.
"The closing of our debt restructuring plan will be a major milestone for Gilat, positioning the Company on a path of growth in 2003 and beyond, with a significantly improved balance sheet and operating structure," Gilat Chairman and CEO Yoel Gat said.
From SkyReport (http://www.skyreport.com/skyreport/jan2003/010703.shtm#two) (Used with Permission)
Net loss for the third quarter was $108 million, which included write-offs for inventory adjustment related to current sales level and transponder termination costs associated with satellite broadband provider StarBand Communications. Without the impacts and without share in equity losses in Satlynx and StarBand, the net loss would have been $26.9 million for the quarter.
Last month, Gilat announced that it reached an agreement with its major bank and holders for a majority of bonds on the details of its debt restructuring plan. The company said it's moving forward in anticipation of completing the restructuring plan in the first quarter.
"The closing of our debt restructuring plan will be a major milestone for Gilat, positioning the Company on a path of growth in 2003 and beyond, with a significantly improved balance sheet and operating structure," Gilat Chairman and CEO Yoel Gat said.
From SkyReport (http://www.skyreport.com/skyreport/jan2003/010703.shtm#two) (Used with Permission)