ADDING and REPLACING Gilat Announces Second Quarter 2005 Results

Share Name	Share Symbol	Market	Type
Gilat Satellite Networks Ltd. (MM)	NASDAQ:GILTF	NASDAQ	Ordinary Share

Gilat Satellite (NASDAQ:GILTF)
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Add financial tables after last graph of release: Gilat Satellite Networks Ltd., Condensed Consolidated Balance Sheet and Condensed Consolidated Statements of Operations. The corrected release reads: GILAT ANNOUNCES SECOND QUARTER 2005 RESULTS Gilat Satellite Networks Ltd. (Nasdaq:GILTF), a worldwide leader in satellite networking technology, today reported its results for the quarter ending June 30, 2005. Revenues for the second quarter of 2005 were US$51.4 million and net loss was US$(0.5) million or US$(0.02) diluted per share. By comparison, revenues for the second quarter of 2004 were US$57.5 million and net loss was US$(1.8) million or US$(0.08) diluted per share. Included in the second quarter of 2005 results are US$4.8 million in depreciation and amortization expenses as compared to US$7.8 million in the same period last year. Revenues for the six month period ended June 30, 2005 were US$104.4 million and net loss was US$(1.5) million or US$(0.07) diluted per share. By comparison, revenues for the six-month period ended June 30, 2004 were US$114.9 million, and net loss was US$(8.3) million or US$(0.37) diluted per share. Included in these six months results are US$10.2 million in depreciation and amortization expenses in the six-month period ended June 30, 2005 as compared to US$16.0 million in the same period last year. The Company reported total cash balances (including cash and cash equivalents, short and long-term restricted cash, short and long-term restricted cash held by trustees less short-term bank credit) of US$116.0 million as of June 30, 2005, an increase of US$3.9 million from the cash balance of US$112.1 million as of March 31, 2005. Not included in these amounts is a US$5.1 million payment made in July to the Israeli Tax Authorities as part of the settlement agreement for the Company's tax assessment for the years 1998-2003, as previously announced by the Company, as well as scheduled loan amortization and interest payments in an amount of approximately US$7.5 million. As of July 30, 2005, the Company had approximately US$103 million cash balances (as defined above) and approximately US$125 million long-term loans (including current maturities of long-term loans) and convertible subordinated notes. The Company also announced the appointment of Mr. Joshua Levinberg as Executive Vice President of Business Development. Mr. Levinberg is the co-founder of Gilat and from June 1999 to 2003 served as Senior Vice President for Business Development having previously served in that position from 1994 to April 1998. In 1998-1999, Mr. Levinberg served as Chief Executive Officer of Gilat to Home Latin America (Antilles) N.V., previously Global Village Telecom Antilles N.V. From 1989 until September 1994, he served as Executive Vice President and General Manager of Gilat Satellite Networks, Inc. Mr. Joshua Levinberg is the brother of Mr. Amiram Levinberg, CEO and Chairman of the Company. About Gilat Satellite Networks Ltd. Gilat Satellite Networks Ltd. (Nasdaq: GILTF) is a leading provider of products and services for satellite-based communications networks. The Company operates under two business units: (i) Gilat Network Systems ("GNS"), which is a provider of network systems and associated professional services to service providers and operators and (ii) Spacenet, which provides managed services for businesses and governments through its Connexstar service brand, for consumers through its StarBand service brand and for rural communities through Spacenet Rural Communications. Gilat was founded in 1987 and has shipped over 550,000 Very Small Aperture Terminals (VSATs) to more than 80 countries across six continents. Gilat's headquarters is located in Petah Tikva, Israel. The Company has 14 local offices and 3 service facilities worldwide. Gilat markets the SkyEdge (TM) Product Family which includes the SkyEdge(TM) Pro, SkyEdge(TM) IP, SkyEdge(TM) Call, SkyEdge(TM) DVB-RCS and SkyEdge(TM) Gateway. In addition, the Company markets numerous other legacy products. Visit Gilat at 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, 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. -0- *T Gilat Satellite Networks Ltd. Condensed Consolidated Balance Sheet US dollars in thousands June 30, Dec. 31, --------- --------- 2005 2004 --------- --------- Unaudited Unaudited --------- --------- ASSETS CURRENT ASSETS: Cash and cash equivalents 73,176 75,771 Short-term restricted cash 22,467 14,168 Restricted cash held by trustees 6,981 10,620 Trade receivables (net of allowance for doubtful accounts) 30,142 31,380 Inventories 18,751 23,277 Receivables in respect of capital leases, prepaid expenses and other accounts receivable 26,066 27,413 --------- --------- Total current assets 177,583 182,629 -------------------------------------------------- --------- --------- LONG-TERM INVESTMENTS AND RECEIVABLES: Long-term restricted cash 7,076 7,534 Long-term restricted cash held by trustees 17,789 18,994 Severance pay fund 7,956 7,933 Long-term trade receivables, receivables in respect of capital leases and other receivables, net 28,055 27,728 --------- --------- 60,876 62,189 --------- --------- PROPERTY AND EQUIPMENT, NET 130,886 137,198 --------- --------- INTANGIBLE ASSETS AND DEFERRED CHARGES, NET 9,222 9,432 --------- --------- TOTAL ASSETS 378,567 391,448 -------------------------------------------------- ========= ========= June 30, Dec. 31, --------- --------- 2005 2004 --------- --------- Unaudited Unaudited --------- --------- LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Short-term bank credit 11,444 4,159 Current maturities of long-term loans 10,381 8,869 Trade payables 16,095 21,245 Accrued expenses 25,370 28,011 Short-term advances from customer held by trustees 14,094 13,500 Other accounts payable 38,223 40,048 --------- --------- Total current liabilities 115,607 115,832 -------------------------------------------------- --------- --------- LONG-TERM LIABILITIES: Accrued severance pay 7,847 8,172 Long-term advances from customer held by trustees 35,020 40,226 Long-term loans, net of current maturities 103,975 108,182 Accrued interest related to restructured debt 14,437 16,793 Other long-term liabilities 15,357 15,951 Excess of losses over investment in affiliates 720 2,102 Convertible subordinated notes 16,333 16,171 --------- --------- Total long-term liabilities 193,689 207,597 -------------------------------------------------- --------- --------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Share capital - Ordinary shares of NIS 0.2 par value 992 984 Additional paid in capital 719,039 718,096 Accumulated other comprehensive loss (776) (2,624) Accumulated deficit (649,984) (648,437) --------- --------- Total shareholders' equity 69,271 68,019 -------------------------------------------------- --------- --------- Total liabilities and shareholders' equity 378,567 391,448 -------------------------------------------------- ========= ========= Gilat Satellite Networks Ltd. Condensed Consolidated Statements of Operations US dollars in thousands Six months Three months ended ended June 30, June 30, ----------------- ---------------- 2005 2004 2005 2004 ----------------- ---------------- Unaudited Unaudited ----------------- ---------------- Revenues 104,408 114,948 51,370 57,534 Cost of Revenues 68,530 80,748 33,371 38,543 Write-off of inventories 2,000 -------- -------- -------- ------- Gross profit 35,878 32,200 17,999 18,991 -------- -------- -------- ------- Research and development expenses: Expenses incurred 8,900 9,241 4,068 4,556 Less - grants 2,260 2,476 1,491 924 -------- -------- -------- ------- 6,640 6,765 2,577 3,632 -------- -------- -------- ------- Selling, marketing, general and administrative expenses 29,568 34,540 15,062 17,170 Gain from derecognition of liability (245) (245) -------- -------- -------- ------- Operating income (Loss) (330) (8,860) 360 (1,566) -------- -------- -------- ------- Financial income (expenses) - net 454 1,072 (247) 490 Other income (expenses) 208 367 -------- -------- -------- ------- Income (loss) before taxes on income 332 (7,788) 480 (1,076) -------- -------- -------- ------- Taxes on income 2,279 1,790 958 1,205 -------- -------- -------- ------- Loss after taxes on income (1,947) (9,578) (478) (2,281) -------- -------- -------- ------- Equity in profits of affiliated companies 400 487 487 Minority interest in losses of a subsidiary 164 -------- -------- -------- ------- Net loss from continuing operations (1,547) (8,927) (478) (1,794) -------- -------- -------- ------- Gain from cumulative effect of a change in an accounting principle 611 -------- -------- -------- ------- Net loss (1,547) (8,316) (478) (1,794) ======== ======== ======== ======= Basic net loss per share (0.07) (0.37) (0.02) (0.08) ======== ======== ======== ======= Diluted net loss per share (0.07) (0.37) (0.02) (0.08) ======== ======== ======== ======= Shares used in basic net income per share computation 22,350 22,226 22,377 22,226 ======== ======== ======== ======= Shares used in diluted net income per share computation 22,350 22,226 22,377 22,226 ======== ======== ======== ======= *T

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GILTF Gilat Satellite Networks Ltd. (MM)