PETAH TIKVA, Israel, Sept. 24, 2015 (GLOBE NEWSWIRE) -- 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.
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.
Source:Gilat Satellite Networks Ltd.