PETAH TIKVA, Israel, December 30, 2020 (GLOBE NEWSWIRE) – Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a global leader in technology, solutions and services for satellite networks, announced today that its board of directors has declared a cash dividend to be paid to shareholders of $ 0.63 per share (totaling approximately $ 35 Million USD) upon receipt of court approval for dividend distribution. The dividend will be paid to shareholders of record on January 11, 2021 in US dollars on January 20, 2021. Combined with the $ 20 million dividend paid earlier this month, the total dividends payable to shareholders is approximately $ 55 million, or $ 0.99 per share. In addition, Gilat’s interim CFO Bosmat Halpern has been appointed CFO of Gilat.
“I am pleased to have the approval of the Court of Justice to pay this significant dividend to our shareholders,” said Adi Sfadia, CEO of Gilat. “After this distribution, the company has a very significant cash position in addition to its real estate assets that will allow it to capitalize on potential opportunities we are considering,” added Sfadia.
“I would also like to take this opportunity to congratulate Gilat’s interim CFO Bosmat Halpern on her appointment as CFO of Gilat. I am confident that she will be able to use her wealth of experience to carefully steer Gilat towards a successful year 2021,” concluded Sfadia.
The company will withhold taxes in accordance with Israeli tax law. The company has filed a decision with the Israeli tax authorities in connection with the dividend and will announce the main terms of the decision as it becomes available.
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we develop and manufacture state-of-the-art ground segment devices and offer comprehensive solutions and end-to-end services based on our innovative technology. Our portfolio offers high quality, competitive solutions and includes a cloud-based VSAT network platform, high-speed modems, high-performance antennas for on the go, and high-efficiency high-performance solid-state amplifiers (SSPA) and block-up converters (BUC).
Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to meet critical applications such as broadband access, cellular backhaul, enterprise, in-flight connectivity, marine, train, defense and public safety while meeting the strictest service level requirements . Gilat’s majority shareholders are the FIMI Private Equity Funds. Further information can be found 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,” “intent,” “expectation,” “belief” and similar expressions are intended to be forward-looking Identify statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause Gilat’s actual results, performance, or achievements to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to the risks associated with the outbreak and the global spread of the Coronavirus (COVID-19) Pandemic; Changes in general economic and business conditions, inability to maintain market acceptance for Gilat products, inability to develop and introduce new technologies, products and applications in a timely manner, rapid market changes for Gilat products, loss of market share and price pressures due to competition, introduction of competing ones 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 and its location’s international activities in Israel. For more information about these and other risks and uncertainties associated with Gilat’s business, please refer to Gilat’s reports from time to time with the Securities and Exchange Commission. We assume no obligation to update or revise any forward-looking statements for any reason.
Gilat satellite networks
Doreet Oren, Director Corporate Communications
GK investor and public relations
Ehud Helft, managing partner