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Gilat Postpones 2Q Announcement
Posted 22 August 2002 - 04:44 AM
The company's Web site mentioned the delay in releasing financial results for the three-month period, but it didn't offer details concerning the postponement. The Web site said it will provide a rescheduled date when it becomes available.
The company, known for its VSAT work, had pre-announced a loss of $14.3 million on revenues of $70 million for the period.
Salomon Smith Barney satellite analyst Armand Musey said Gilat management called his firm to assure that the postponement had nothing to do with accounting issues, and that Gilat wants to be in a better position to fully discuss the company’s financial situation going forward.
In a research note, Musey pointed out that Gilat has an overhang of $350 million in convertible debt. The company also recently revealed that $63 million of its $230 million year-end 2001 backlog was tied to WorldCom, related to a 1998 contract with the troubled telecommunications company to supply VSATs to the U.S. Postal Service.
From SkyReport (Used with Permission)
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Posted 22 August 2002 - 09:12 AM
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