Gilat Revises Targets for 2015
Petah Tikva, Israel, September 24, 2015 - Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT),today reported revised management objectives for 2015. Based on preliminary estimates, revenues for the second half of 2015 are expected to be between US$ 120 million and US$ 130 million and second half EBITDA is expected to be between US$ 8 million and US$ 10 million. As a result, revenues for the full year of 2015 are expected to be between US $210 million and US$ 220 million and EBITDA between US$ 6 million to US$ 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.
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