Satellite networking services provider Gilat Satellite Networks Ltd. (GILT), reported Monday a drop in first-quarter profit, reflecting a sharp decline in revenues.
For the first quarter, net income dipped to $0.24 million or $0.01 per share from $4.59 million or $0.11 per share in the previous year.
Non-cash stock option expenses for the quarter was $ 0.23 million, compared to $0.21 million a year ago. Excluding the one-time charge, net income declined to $0.47 million or $0.01 per share from $4.80 million or $0.11 per share in the past year.
Revenues for the quarter slid to $60.8 million from $70.5 million for the year-ago period.
Operating income slumped to $50 thousand from $3.95 million in the corresponding quarter a year ago.
Selling and marketing, general and administrative expenses reduced to $14.13 million from $17.06 million in the same period last year.
GILT is currently trading at $3.61, down $0.14 or 3.73%, on the Nasdaq.
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