GILT - Gilat Satellite reports first weak quarter since merger termination

Gilat Satellite Networks (GILT) shares are down 2.4% after reporting Q4 declines and the retirement of its board chairman.Q4 revenue fell 46% Y/Y to $42.6M. The company reported a $0.03 loss per share compared to the $0.16 profit in last year's quarter.Adjusted EBITDA dropped from $13.1M last year to $1.1M but improved from the $600K in Q3.The company received $70M in merger cancellation fees from Comtech during the quarter.Chairman Dov Baharav will step down from his role after seven years as soon as a replacement is appointed."I am very encouraged by our strong bookings in the second half of 2020 which have continued into 2021, as well as the enormous investments targeting our industry. Despite my belief that the pandemic may still effect our 2021 operation to some extent, I am confident that our 2021 operating results will be materially better than those of 2020," says CEO Adi Stadia.Press release. Related: Last October, Comtech and Gilat cancelled

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Gilat Satellite reports first weak quarter since merger termination