Gilat Announces Filing of 2021 Annual Report

Rhea-AI Summary

Gilat Satellite Networks Ltd. (NASDAQ: GILT) has filed its Annual Report on Form 20-F with the U.S. SEC, detailing audited financial results for the year ending December 31, 2021. The report includes revised unaudited quarterly and year-end results for 2021 and restated financial statements for 2019 and 2020. The annual report is accessible on the Gilat website, with hard copies available upon request.

Gilat is recognized for its satellite-based broadband solutions, with a diverse product portfolio catering to various sectors, ensuring high service level standards.

Positive

• Filing of audited financial statements for the year ended December 31, 2021 indicates transparency.
• Includes revisions that may enhance the accuracy of financial reporting.
• Gilat maintains a strong market presence with 30 years of experience in satellite communications.

Negative

• Restated financial statements for previous years may raise concerns about prior reporting accuracy.

PETAH TIKVA, Israel, May 16, 2022 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced that it has filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission containing audited consolidated financial statements for the year ended December 31, 2021. The Annual Report includes revisions to the unaudited quarterly and year-end results for the year ended December 31, 2021 and restated financial statements for the years ended December 31, 2019 and 2020.

The annual report will be available on the Gilat website (www.gilat.com). Shareholders may receive a hard copy of the annual report free of charge upon request.

About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we design and manufacture cutting-edge ground segment equipment, and provide comprehensive solutions and end-to-end services, powered by our innovative technology. Delivering high value competitive solutions, our portfolio comprises of a cloud based VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid State Amplifiers (SSPA) and Block Upconverters (BUC).

Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access, cellular backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. For more information, please visit: 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, risks associated with the outbreak and global spread of the coronavirus (COVID-19) pandemic; 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. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:
Gilat Satellite Networks
Doreet Oren, Senior Director Corporate Communications
DoreetO@gilat.com

GK Investor and Public Relations
Ehud Helft, Managing Partner
ehud@gkir.com

FAQ

What financial statements did Gilat file on May 16, 2022?

Gilat filed its Annual Report on Form 20-F containing audited financial statements for the year ended December 31, 2021.

What revisions were made in Gilat's annual report?

The annual report includes revisions to unaudited quarterly and year-end results for 2021, along with restated financial statements for 2019 and 2020.

How can shareholders access Gilat's annual report?

Shareholders can access the annual report on Gilat's website or request a hard copy free of charge.

What is the significance of the restated financial statements for Gilat?

Restated financial statements may indicate corrections to financial reporting, which could impact investor confidence.

What sectors does Gilat serve with its satellite communication solutions?

Gilat serves sectors including broadband access, cellular backhaul, enterprise connectivity, in-flight services, maritime solutions, and public safety.