[SatNews] Gilat Satellite Networks Ltd. (NASDAQ: GILT) has reported its results for the quarter ending March 31, 2011.

Revenues for the first quarter of 2011 were $80.0 million, compared to $57.1 million in the first quarter of 2010, up 40 percent. Operating income for the first quarter of 2011 was $0.8 million compared to $0.1 million in the first quarter of 2010. Net income for the first quarter of 2011 was $0.4 million or $0.01 per diluted share, compared to a net income of $0.6 million or $0.02 per diluted share in the comparable period in 2010. On a Non-GAAP basis, operating income for the period was $3.9 million compared to $0.4 million in the first quarter of 2010. Non-GAAP net income for the period was $2.6 million or $0.06 per diluted share, compared to a net income of $1.0 million or $0.02 per diluted share in the comparable period in 2010. Gross margins reached 36.4 percent in the first quarter of 2011 compared to 34.3 percent in the comparable period in 2010, and EBITDA margins were 10 percent compared to 6 percent in 2010.

"Gilat ended the first quarter with overall growth in revenue and strong gross and EBITDA margins. Our strategy to increase R&D and invest in our future while we improve our profitability is continuing as planned," said Amiram Levinberg, Gilat's Chief Executive Officer and Chairman of the Board. "Our recent contract win in Australia is a strong show of faith for Gilat's technology and our overall delivery capabilities."