Ceragon Networks Ltd. (NASDAQ and TASE: CRNT), a leading provider of high-capacity Ethernet and TDM wireless backhaul solutions, today
reported results for the third quarter which ended September 30, 2009.
Revenues for the third quarter of 2009 were $44.7 million,
down 23% from $58.1 million for the third quarter of 2008 and up 6% from
$42.2 million in the second quarter of 2009.
Net income in accordance with US Generally Accepted Accounting
Principles (GAAP) for the third quarter of 2009 was $1.1 million or $0.03 per
basic share and diluted share, compared to net income of $3.5 million or
$0.09 per basic and diluted share in the third quarter of 2008.
On a non-GAAP basis, net income for the third quarter,
excluding $696,000 of equity-based compensation expenses, was $1.8 million,
or $0.05 per basic and diluted share. Non-GAAP net income for the third
quarter of 2008 was $4.2 million, or $0.11 per basic and diluted share.
(Please refer to the accompanying financial table for reconciliation of GAAP
financial information to non-GAAP).
Gross margin on a GAAP basis in the third quarter of 2009 was 31.8% of
revenues. Gross margin on a non-GAAP basis in the third quarter of 2009 was
31.9% of revenues.
Cash and cash investments at the end of the quarter were $99.8 million.
"As expected, Q3 reflected the beginning of a trend toward
improving revenues," said Ira Palti, President and CEO of Ceragon. "Based on
strong bookings again in Q3, we expect revenue growth to continue into next
year, driven by ongoing demand for high capacity backhaul for cellular
networks, particularly in the Asia Pacific region. In addition, our backlog
is increasing, as we win more turnkey projects and successfully expand to a
wide variety of new customers."
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