Gilat to cut 200 jobs

Gilat Satellite Networks (Nasdaq:GILTF) ( GILTF) plans to fire 200 people in the coming days, the company has advised its staff.

Management had asked workers not to circulate the news.

The company refused to comment.

Over the last year and a half, Gilat has cut about 900 jobs, leaving it 1,000 employees.

For the first quarter of 2002, the company reported a 28% slide in revenues from the parallel quarter to $72 million. Its net loss was $12.9 million, or 55 cents per share, compared with losing a net $59 million or $2.5 per share in the parallel quarter. Gilat has lowered its guidance for the quarters to come.

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