Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE:GILT) reported its results for the first quarter of 2010 today.

The company's revenue for the first quarter of 2010 was $57.1 million compared with $60.8 million for the corresponding quarter 2009. Net profit for the first quarter of 2010 was $600,000 ($0.02 per share) compared with net profit of $200,000 ($0.01 per share) in the corresponding quarter.

Gilat's CEO and chairman Amiram Levinberg said, "The quarter was highlighted by signing the definitive agreement to acquire Raysat Antenna Systems. This acquisition is part of our focus on the defense and military markets and we hope to be able to close it by the beginning of the third quarter."

Gilat's share price closed at $5.88 on Nasdaq yesterday, giving a market cap of $237.33 million. On the TASE this afternoon, Gilat's share price was down 2.48% to NIS 22.

Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2010

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