Gilat Satellite Networks (NASDAQ:GILT): Closing price $5.88
Gilat Satellite’s wholly owned subsidiary, Spacenet, has won a 5-year base contract with a top delivery service organization through which to upgrade and supply network connectivity to over 5,700 locations. The contract is valued in excess of $20 million, and contain an option to extend the 5-year base period of performance for three additional periods of 3-years for a combined potential contract period of 14 years. The agreement is part of a major initiative to lower overall operating costs at the delivery service organization, while enhancing the user’s experience at each location. Also, the contract includes serving over 1,900 sites with broadband connectivity and more than 3,800 sites with satellite-based VSAT tech. Shares closed up 8.49 percent in the day at $5.88, an have been traded in a 52-week range of $2.31 to $5.89.