Gilat Announces Fourth Quarter and Full Year 2012 Results

Gilat Announces Fourth Quarter and Full Year 2012 Results

Fourth Quarter Highlights: Revenue Growth of 9% Over Third Quarter 2012,
EBITDA Margin of 11% and $18.1 Million Cash Generated From Operating
Activities

PETAH TIKVA, Israel, Feb. 13, 2013 (GLOBE NEWSWIRE) -- Gilat Satellite
Networks Ltd. (Nasdaq:GILT) (TASE:GILT), a worldwide leader in satellite
networking technology, solutions and services, today reported its results for
the fourth quarter and year ended December 31, 2012.

Key Highlights:

  *Quarterly revenues of $97.4 million, compared to $93.6 million in the
    fourth quarter of 2011
  *Full year revenues increased to $348.4 million, up from $339.2 million in
    2011
  *In the fourth quarter EBITDA increased to $10.7 million or a margin of 11%
  *Cash generated from operating activities increased significantly to $18.1
    million in Q4 2012
  *Net cash over debt of $21.4 million up from $4.4 million at end of 2011
  *Operational costs decreased by $8.3 million during 2012
  *Company recorded a non-cash impairment of goodwill and other intangible
    assets in the amount of $31.9 million related to Wavestream

Revenues for the fourth quarter of 2012 were $97.4 million, compared to $93.6
million for the same period in 2011. Revenues for the year ended December 31,
2012 were $348.4 million, compared to $339.2 million in the year ended
December 31, 2011.

On a GAAP basis, the Company had an operating loss in the fourth quarter of
2012 of $28.1 million compared to an operating loss of $15.2 million in the
fourth quarter of 2011. On a GAAP basis, the Company had an operating loss for
the year 2012 of $25.1 million, compared with an operating loss of $12.3
million in the prior year. The Company's GAAP operatingloss was mainly
affected by a non-cash impairment of goodwill and other intangible assets in
the amount of $31.9 million relating to Wavestream.

On a non-GAAP basis, operating income for the fourth quarter of 2012 was $6.6
million similar to the operating income in the fourth quarter of 2011. On a
non-GAAP basis, operating income for the year ended December 31, 2012 was
$16.8 million compared to $17.5 million in the full year 2011.

On a non-GAAP basis, net income for the fourth quarter was $7.7 million, or
$0.18 per diluted share, compared to net income of $8.4 million, or $0.20 per
diluted share, in the comparable period in 2011. Non-GAAP net income for 2012
was $16.0 million or $0.37 per diluted share, compared to net income of $15.9
million, or $0.37 per diluted share, in the comparable period in 2011.

EBITDA for the fourth quarter of 2012 reached $10.7 million compared with
$10.8 million in the comparable period in 2011. EBITDA for the twelve months
of 2012 reached $32.1 million compared with $33.5 million in the comparable
period in 2011. Cash generated from operating activities was $18.1 million in
the fourth quarter of 2012.

"We are very pleased with our overall numbers for the fourth quarter as well
as year-end 2012, and our prospects going forward," said Erez Antebi, Chief
Executive Officer of Gilat. "This quarter was highlighted by a 9% revenue
growth from the third quarter of 2012, EBITDA margin of 11% and over $18
million of cash generation from operating activities. With regards to
Wavestream, we believe they will continue to grow in the future, as it has
done over the last three quarters, both in revenue and profitability. However,
the continuing pressure and ongoing uncertainties surrounding future spending
on DoD budgets in the U.S., as well as other elements, have led us to extend
our anticipated timeframe and moderate the forecasted pace of growing the
Wavestream business. Therefore in accordance with ASC 350, we are taking this
quarter a non-cash impairment of goodwill and other intangible assets charge
related to Wavestream."

"On the commercial side of the business, we continue to see a strong rate of
implementation at NBN Co. in Australia, and new orders for our Ka CPE from
several European ISPs as the SES Broadband Services consumer rollout was
launched in mid-December. We closed several new Defense deals in the quarter
and continue to expand our position as a leader in Satellite-on-the-Move
technology as exemplified by our recent wins in the avionics industry. We have
also closed several significant contracts in our Services Division with new
and existing customers."

Antebi concluded, "Looking forward into 2013, we will continue to focus on
achieving revenue targets, increased profitability and improved cash
generation. Our management objectives for 2013 are to generate revenues in the
range of $350 million to $360 million with EBITDA margins of 9%, similar to
what we achieved in 2012."

Key Recent Announcements:

  *Gilat's Spacenet Awarded Multi-Year Contract with One of World's Leading
    Delivery Service Organizations;
  *Gilat Awarded Premier VSAT Vendor for Mexican Government New Broadband
    Connectivity Initiative;
  *Gilat's Wavestream Wins Contract with Honeywell for In-flight
    Connectivity;
  *Gilat Peru Wins $9.6m Contract with Banco de la Nacion to Provide
    Satellite Connectivity;
  *Gilat and Huawei Partnering to Deliver Cellular Backhaul Solution to a SE
    Asian MNO;
  *Gilat Expands Military Customer Portfolio with Southeast Asian Navy
    Contract;
  *Gilat Announces the Release of the Wavestream Ku-Band Matchbox Mini BUC;
  *Gilat's Wavestream Delivering Airborne Transceivers to TECOM.

Conference Call and Webcast Details:

Gilat management will host a conference call today at 14:30 GMT/ 09:30 EST/
16:30 IST (Israel Standard Time) to discuss the results. International
participants are invited to access the call at (972) 3-918-0609, and US-based
participants are invited to access the call by dialing (888) 668-9141. A
replay of the conference call will be available beginning at approximately
17:00 GMT/ 12:00 EST/ 19:00 IST today, until 17:00 GMT/ 12:00 EST/ 19:00 IST
February 15, 2013. International participants are invited to access the replay
at (972) 3-925-5900 and US-based participants are invited to access the replay
by dialing (888) 295-2634. A replay of the call may also be accessed as a
webcast via Gilat's website at www.gilat.com and will be archived for 30 days.

Notes:

(1) The attached summary financial statements were prepared in accordance with
U.S. Generally Accepted Accounting Principles (GAAP). The attached summary
financial statements are unaudited. To supplement the consolidated financial
information and statements presented in accordance with GAAP, the Company
presents Gilat's EBITDA before the impact of non-cash share-based payment
charges, depreciation and amortization, other income and other costs related
to acquisition transactions. Non-GAAP presentations of net income, EBITDA and
earnings per share are provided to enhance the understanding of the Company's
historical financial performance and comparability between periods.

(2) Operating income before depreciation, amortization, non-cash stock option
expenses as per ASC 718 (formerly SFAS 123(R)) and other costs related to
acquisition transactions ('EBITDA') is presented because it is a measure
commonly used and is presented solely in order to improve the understanding of
the Company's operating results and to provide further perspective on these
results. EBITDA, however, should not be considered as an alternative to
operating income or net income for the period as an indicator of the operating
performance of the Company.

Similarly, EBITDA should not be considered as an alternative to cash flows
from operating activities as a measure of liquidity. EBITDA is not a measure
of financial performance under generally accepted accounting principles and
may not be comparable to other similarly titled measures for other companies.
EBITDA may not be indicative of the historic operating results of the Company;
nor is it meant to be predictive of potential future results. Reconciliation
between the Company's Operating income and EBITDA is presented in the attached
summary financial statements.

About Gilat Satellite Networks Ltd.

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 the
United States, Peru and Colombia.

With over 25 years of experience, and over a million products shipped to more
than 85 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. For more information, please visit us at
www.gilat.com

The Gilat Satellite Networks Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5848

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.

GILAT SATELLITE NETWORKS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
US dollars in thousands

                                                    December 31, December 31,
                                                    2012         2011
                                                    Unaudited    
                                                                
ASSETS                                                           
                                                                
CURRENT ASSETS:                                                  
Cash and cash equivalents                            66,968      56,231
Short-term restricted cash                           3,794       7,034
Restricted cash held by trustees                     1,664       1,549
Trade receivables, net                               60,991      51,654
Inventories                                          24,973      31,933
Other current assets                                 29,140      25,767
Total current assets                                 187,530     174,168
                                                                
LONG-TERM INVESTMENTS AND RECEIVABLES:                           
Long-term restricted cash                            1,151       2,025
Severance pay fund                                   9,703       9,722
Long-term trade receivables, receivables in respect  19,781      20,219
of capitalleases and other receivables
Total long-term investments and receivables          30,635      31,966
                                                                
PROPERTY AND EQUIPMENT, NET                          94,727      100,926
                                                                
INTANGIBLE ASSETS, NET                               35,991      49,927
                                                                
GOODWILL                                             65,760      89,691
                                                                
TOTAL ASSETS                                         414,643     446,678
                                                                
                                                                
GILAT SATELLITE NETWORKS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
US dollars in thousands
                                                    December 31, December 31,
                                                    2012         2011
                                                    Unaudited    
                                                                
LIABILITIES AND EQUITY                                           
                                                                
CURRENT LIABILITIES:                                             
Short-term bank credit                               3,517       2,971
Current maturities of long-term loans and            7,963       19,092
convertible notes
Trade payables                                      23,240      25,477
Accrued expenses                                    24,353      25,609
Short-term advances from customer, held by trustees  4,448       1,551
Other current liabilities                            40,336      36,764
                                                                
Total current liabilities                            103,857     111,464
                                                                
LONG-TERM LIABILITIES:                                           
Accrued severance pay                                9,513       9,445
Long-term loans, net                                40,747      40,353
Other long-term liabilities                          18,569      25,341
                                                                
Total long-term liabilities                          68,829      75,139
                                                                
COMMITMENTS AND CONTINGENCIES                                    
                                                                
EQUITY:                                                          
Share capital - ordinary shares of NIS 0.2 par       1,909       1,882
value
Additional paid in capital                           869,822     867,098
Accumulated other comprehensive income               2,864       541
Accumulated deficit                                  (632,638)   (609,446)
                                                                
Total equity                                         241,957     260,075
                                                                
TOTAL LIABILITIES AND EQUITY                         414,643     446,678

                                                               
GILAT SATELLITE NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
FOR COMPARATIVE PURPOSES
U.S. dollars in thousands (except per share data)
                         Three                          Three
                       months                        months      
                         ended                          ended
                       December                      December    
                         31, 2012                        31, 2011
              GAAP      Adjustments Non-GAAP  GAAP      Adjustments Non-GAAP
                         (1)                             (1)
              Unaudited Unaudited   Unaudited Unaudited Unaudited   Unaudited
                                                               
Revenues       97,428   --        97,428   93,604   --        93,604
Cost of        64,567   (1,742)    62,825   59,943   (1,699)    58,244
revenues
Gross profit   32,861   1,742      34,603   33,661   1,699      35,360
              34%                  36%       36%                  38%
Research and
development                                                     
expenses:
Expenses       8,022    (111)      7,911    8,963    (48)       8,915
incurred
Less - grants  710      --        710      635      --        635
              7,312    (111)      7,201    8,328    (48)       8,280
Selling and
marketing      12,534   (362)      12,172   11,776   (325)      11,451
expenses
General and
administrative 8,961    (354)      8,607    9,270    (263)      9,007
expenses
Impairment of
goodwill and
Intangible     32,194   (32,194)   --      19,478   (19,478)   --
assets and
restructuring
costs
Operating      (28,140) 34,763     6,623    (15,191) 21,813     6,622
income (loss)
Financial      (215)    --        (215)    (113)    --        (113)
expenses, net
Other income   2,729    (2,729)    --      1,863    (1,863)    --
Income (loss)
before taxes   (25,626) 32,034     6,408    (13,441) 19,950     6,509
on income
Tax benefit    (1,324)  --        (1,324)  (1,911)  --        (1,911)
Net income     (24,302) 32,034     7,732    (11,530) 19,950     8,420
(loss)
                                                               
Basic net
earnings       (0.58)              0.19     (0.28)              0.20
(loss) per
share
Diluted net
earnings       (0.58)              0.18     (0.28)              0.20
(loss) per
share
                                                               
Weighted
average number
of shares used
in computing                                                    
net earnings
(loss) per
share:
Basic          41,603              41,603   41,111              41,111
Diluted        41,603              43,556   41,111              42,782
                                                               
(1) Adjustments reflect the effect of non-cash stock options expenses as per
ASC 718, amortization of intangible assets related to acquisition
transactions,
Costs related to acquisition transactions, impairment of goodwill and
intangible assets and restructuring costs and other income.
                                                               
                         Three                           Three
                       months                        months      
                         ended                          ended
                       December                      December    
                         31, 2012                        31, 2011
                       Unaudited                     Unaudited   
Non-cash
stock-based                                                     
compensation
expenses:
Cost of                 70                           69         
Revenues
Research and            111                          48         
development
Selling and             132                          95         
marketing
General and             354                          263        
administrative
                       667                          475        
                                                               
Amortization
of intangible
assets related                                                  
to acquisition
transactions:
Cost of                 1,672                        1,630      
Revenues
Selling and             230                          230        
marketing
                       1,902                        1,860      

                                                               
GILAT
SATELLITE                                                       
NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS                   
FOR
COMPARATIVE                                                     
PURPOSES
U.S. dollars
in thousands                                                    
(except per
share data)
                       Year                         Year       
                         Ended                          Ended
                       December                      December    
                         31, 2012                        31, 2011
              GAAP      Adjustments Non-GAAP  GAAP      Adjustments Non-GAAP
                         (1)                             (1)
              Unaudited Unaudited   Unaudited          Unaudited   Unaudited
                                                               
Revenues       348,363  --        348,363  339,201  --        339,201
Cost of        235,363  (6,690)    228,673  217,574  (7,416)    210,158
revenues
Gross profit   113,000  6,690      119,690  121,627  7,416      129,043
              32%                  34%       36%                  38%
Research and
development                                                     
expenses:
Expenses       32,296   (354)      31,942   35,076   (222)      34,854
incurred
Less - grants  3,055    --        3,055    3,375    --        3,375
              29,241   (354)      28,887   31,701   (222)      31,479
Selling and
marketing      42,631   (1,335)    41,296   46,523   (1,379)    45,144
expenses
General and
administrative 34,075   (1,374)    32,701   36,005   (1,058)    34,947
expenses
Costs related
to acquisition --      --        --      256      (256)      --
transactions
Impairment of
goodwill and
intangible     32,194   (32,194)   --      19,478   (19,478)   --
assets and
restructuring
costs
Operating      (25,141) 41,947     16,806   (12,336) 29,809     17,473
income (loss)
Financial      (2,642)  --        (2,642)  (1,931)  --        (1,931)
expenses, net
Other income   2,729    (2,729)    --      8,074    (8,074)    --
Income (loss)
before taxes   (25,054) 39,218     14,164   (6,193)  21,735     15,542
on income
Tax benefit    (1,862)  --        (1,862)  (343)    --        (343)
Net income     (23,192) 39,218     16,026   (5,850)  21,735     15,885
(loss)
                                                               
Basic net
earnings       (0.56)              0.39     (0.14)              0.39
(loss) per
share
Diluted net
earnings       (0.56)              0.37     (0.14)              0.37
(loss) per
share
                                                               
Weighted
average number
of shares used
incomputing                                                    
net earnings
(loss) per
share
Basic          41,410              41,410   40,929              40,929
Diluted        41,410              43,406   40,929              42,889
                                                               
(1) Adjustments reflect the effect of non-cash stock options expenses as per
ASC 718, amortization of intangible assets related to acquisition
transactions,
Costs related to acquisition transactions, impairment of goodwill and
intangible assets and restructuring costs and other income.
                                                               
                       Year                         Year       
                         Ended                          Ended
                       December                      December    
                         31, 2012                        31, 2011
                       Unaudited                     Unaudited   
Non-cash
stock-based                                                     
compensation
expenses:
Cost of                 300                          295        
Revenues
Research and            354                          222        
development
Selling and             417                          434        
marketing
General and             1,374                        1,058      
administrative
                       2,445                        2,009      
                                                               
Amortization
of intangible
assets related                                                  
to acquisition
transactions:
Cost of                 6,390                        7,121      
Revenues
Selling and             918                          945        
marketing
                       7,308                        8,066      

                                                                 
GILAT SATELLITE NETWORKS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except per share data)
                                      Yearended          Three months ended
                                      December 31,        December 31,
                                      2012      2011      2012      2011
                                      Unaudited          Unaudited Unaudited
                                                                 
Revenues                               348,363  339,201  97,428   93,604
Cost of revenues                       235,363  217,574  64,567   59,943
Gross profit                           113,000  121,627  32,861   33,661
Research and development expenses:                                
Expenses incurred                      32,296   35,076   8,022    8,963
Less - grants                          3,055    3,375    710      635
                                      29,241   31,701   7,312    8,328
Selling and marketing expenses         42,631   46,523   12,534   11,776
General and administrative expenses    34,075   36,005   8,961    9,270
Costs related to acquisition           --      256      --      --
transactions
Impairment of goodwill and Intangible  32,194   19,478   32,194   19,478
assets and restructuring costs
Operating loss                         (25,141) (12,336) (28,140) (15,191)
Financial expenses, net               (2,642)  (1,931)  (215)    (113)
Other income                           2,729    8,074    2,729    1,863
Loss before taxes on income            (25,054) (6,193)  (25,626) (13,441)
Tax benefit                            (1,862)  (343)    (1,324)  (1,911)
Net loss                               (23,192) (5,850)  (24,302) (11,530)
                                                                 
Basic net loss per share               (0.56)   (0.14)   (0.58)   (0.28)
Diluted net loss per share             (0.56)   (0.14)   (0.58)   (0.28)
                                                                 
Weighted average number of shares used                            
in computing net loss per share
Basic                                  41,410    40,929    41,603    41,111
Diluted                                41,410    40,929    41,603    41,111

                                                                 
GILAT SATELLITE NETWORKS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
US dollars in thousands

                                      Yearended          Three months ended
                                      December 31,        December 31,
                                      2012      2011      2012      2011
                                      Unaudited          Unaudited Unaudited
                                                                 
Cash flows from operating activities:                             
Net loss                               (23,192) (5,850)  (24,302) (11,530)
Adjustments required to reconcile net
income to net cash provided by                                    
operating activities:
Depreciation and amortization          22,582   24,121   5,991    6,070
Impairment of goodwill and other       31,879   18,043   31,879   18,043
intangible assets
Gain from the sale of an investment    --      (3,034)  --      --
accounted for at cost
Stock-based compensation related to    2,445    2,009    667      475
employees
Accrued severance pay, net             88       (285)    (150)    (21)
Accrued interest and exchange rate
differences onshort and long-term     (209)    500      (114)    269
restricted cash, net
Exchange rate differences on long-term 90       (112)    81       (262)
loans
Capital loss from disposal of property 61       286      14       168
and equipment
Deferred income taxes                  (3,657)  (428)    (2,578)  (1,589)
Decrease (increase) in trade           (9,891)  646      733      3,553
receivables, net
Increase in other assets (including
short-term, long-term and deferred     (3,054)  (21,062) (728)    (1,825)
charges)
Decrease (increase) in inventories     4,969    (4,889)  2,522    (1,194)
Increase (decrease) in trade payables  (2,176)  7,066    (3,009)  3,912
Increase (decrease) in accrued         (1,265)  11       1,366    575
expenses
Increase (decrease) in advances from   2,897    547      (39)     (1,062)
customer, heldby trustees, net
Increase (decrease) in other accounts
payable and other long term            4        (8,972)  5,748    1,407
liabilities
Net cash generated from operating      21,571   8,597    18,081   16,989
activities
                                                                 
GILAT SATELLITE NETWORKS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
US dollars in thousands
                                                                 
                                      Yearended          Three months ended
                                      December 31,        December 31,
                                      2012      2011      2012      2011
                                      Unaudited          Unaudited Unaudited
Cash flows from investing activities:                             
Purchase of property and equipment     (4,646)  (8,948)  (1,218)  (2,844)
Proceeds from sale of an investment    --      3,034    --      --
accounted for at cost
Investment in restricted cash held by  (35,442) (11,737) (6,741)  (5,417)
trustees
Proceeds from restricted cash held by  35,447   10,660   12,931   6,213
trustees
Investment in restricted cash          (24,507) (23,548) (9,090)  (8,817)
(including long-term)
Proceeds from restricted cash          28,639   23,014   7,762    6,045
(including long-term)
Proceeds from working capital
adjustment to subsidiary purchase      --      1,465    --      --
price
Acquisitions of subsidiaries, net of   --      (1,867)  --      --
cash acquired
Purchase of intangible asset           (89)     (38)     (7)      (12)
Net cash generated from (used in)      (598)    (7,965)  3,637    (4,832)
investing activities
                                                                 
Cash flows from financing activities:                             
Repayment of convertible notes         (14,322) (835)    (14,322) (441)
Issuance of restricted stock units and 254      27       236      7
exercise of stock options
Short-term bank credit, net            546      842      (644)    200
Proceeds from long-term loans          10,000   --      --      --
Repayment of long-term loans           (6,452)  (1,225)  (1,017)  (178)
Net cash used in financing activities  (9,974)  (1,191)  (15,747) (412)
                                                                 
Effect of exchange rate changes on     (262)    (448)    (29)     (9)
cash and cash equivalents
                                                                 
Increase (decrease) in cash and cash   10,737   (1,007)  5,942    11,736
equivalents
                                                                 
Cash and cash equivalents at the       56,231   57,238   61,026   44,495
beginning of the period
                                                                 
Cash and cash equivalents at the end   66,968   56,231   66,968   56,231
of the period

                                                                 
GILAT SATELLITE NETWORKS LTD.
CONDENSED EBITDA
US dollars in thousands
                                      Yearended          Three months ended
                                      December 31,        December 31,
                                      2012      2011      2012      2011
                                      Unaudited Unaudited Unaudited Unaudited
                                                                 
Operating loss                         (25,141) (12,336) (28,140) (15,191)
Add:                                                              
Non-cash stock-based compensation      2,445    2,009    667      475
expenses
Costs related to acquisition           --      256      --      --
transactions
Impairment of goodwill and Intangible  32,194   19,478   32,194   19,478
assets and restructuring costs
Depreciation and amortization          22,582   24,121   5,991    6,070
EBITDA                                 32,080   33,528   10,712   10,832

CONTACT: Phil Carlson / Josh Dver, KCSA
         pcarlson@kcsa.com / jdver@kcsa.com
         1 (212) 896 1233 / 1239
        
         David Leichner, Gilat Satellite Networks Ltd.
         davidle@gilat.com
         (972) 3 925 2321

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