SCIENCE

Gilat Satellite Networks reported its results for the quarter ending June 30, 2011.

Revenues for the second quarter of 2011 were $81.7 million, compared to $51.8 million in the second quarter of 2010, up 58%. Operating income for the second quarter of 2011 was $0.2 million compared to an operating loss of $1.4 million in the second quarter of 2010. Net income for the second quarter of 2011 was $0.9 million, or $0.02 per diluted share, compared to a net loss of $1.3 million, or a net loss of $0.03 per diluted share, in the comparable period in 2010.

On a Non-GAAP basis, operating income for the period was $2.7 million compared to an operating loss of $1.0 million in the second quarter of 2010. Non-GAAP net income for the period was $2.6 million or $0.06 per diluted share, compared to a net loss of $0.9 million or a net loss of $0.02 per diluted share in the comparable period in 2010.

Gross margins for the second quarter of 2011 were 36% compared to 33% in the comparable period in 2010, and EBITDA for the second quarter reached $6.6 million compared with $2.2 million in the second quarter last year.

Revenues for the six month period ended June 30, 2011 were $161.7 million compared to $108.9 million in the comparable period of 2010. Net income for the six month period in 2011 was $1.4 million, or $0.03 per diluted share, compared to a net loss of $0.7 million, or $0.02 per diluted share, in the same period of 2010.

"Gilat ended the second quarter with strong earnings growth and improvement in all financial indicators compared to the second quarter of last year," said Amiram Levinberg, Gilat's Chief Executive Officer and Chairman of the Board. "The quarter was highlighted by several key customer wins, notably our partnership with Optus for the Australian NBN Interim Satellite solution utilizing multi-spot beam capacity, and more recently, our strategic win for SES Ka-band consumer network. Both awards represent an important vote of confidence in Gilat and open the door to future opportunities in one of the industry's largest growth engines."