Ceragon Networks Ltd News
Ceragon Networks Reports First Quarter 2008 Financial Results
Revenues for the first quarter of 2008 were
Net income in accordance with US Generally Accepted Accounting Principles (GAAP) for the first quarter of 2008 was
On a non-GAAP basis net income for the first quarter, excluding
Gross margin on a GAAP basis in the first quarter of 2008 was 35.3% of revenues.
"We are pleased to report an excellent start to the year," said
A conference call discussing Ceragon's results for the first quarter of 2008, business conditions, outlook and guidance, will take place today,
Investors are also invited to listen to the call live via the Internet by accessing Ceragon Networks' website at the investors' page: http://www.ceragon.com/ir_events.asp selecting the webcast link, and following the registration instructions.
If you are unable to join us live, the replay numbers are: (800)475-6701 or international (320)365-3844, Access code 917161.
A replay of both the call and the webcast will be available through
About Ceragon Networks Ltd.
Ceragon Networks Ltd. (NASDAQ and TASE: CRNT) is a leading provider of high capacity wireless backhaul solutions that enable wireless service providers to deliver voice and premium data services, such as Internet browsing, music and video applications. Ceragon's wireless backhaul solutions use microwave technology to transfer large amounts of network traffic between base stations and the infrastructure at the core of the mobile network. Ceragon designs solutions to provide fiber-like connectivity for circuit-switched, or SONET/SDH, networks, next generation Ethernet/Internet Protocol, or IP-based, networks, and hybrid networks that combine circuit-switched and IP-based networks. Ceragon's solutions support all wireless access technologies, including GSM, CDMA, EV-DO and WiMAX. These solutions address wireless service providers' need to cost-effectively build-out and scale their infrastructure to meet the increasing demands placed on their networks by growing numbers of subscribers and the increasing demand for premium data services. Ceragon also provides its solutions to businesses and public institutions that operate their own private communications networks. Ceragon's solutions are deployed by more than 150 service providers of all sizes, as well as in hundreds of private networks, in nearly 100 countries. More information is available at www.ceragon.com
Ceragon Networks(R), CeraView(R), FibeAir(R) and the FibeAir(R) design mark are registered trademarks of Ceragon Network s Ltd., and Ceragon(TM), PolyView(TM), ConfigAir(TM), CeraMon(TM), EtherAir(TM), QuickAir(TM), QuickAir Partner Program(TM), QuickAir Partner Certification Program(TM), QuickAir Partner Zone(TM), EncryptAir(TM) and Microwave Fiber(TM) are trademarks of Ceragon Networks Ltd.
This press release may contain statements concerning Ceragon's future prospects that are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and projections that involve a number of risks and uncertainties. There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts and estimates. These are important factors that could cause actual results to differ materially from forecasts and estimates. These risks and uncertainties, as well as others, are discussed in greater detail in Ceragon's Annual Report on Form 20-F and Ceragon's other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and Ceragon undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made.
Ceragon Reports First Quarter 2008 Results CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) (Unaudited) Three months ended March 31, 2008 2007 Revenues $ 47,176 $ 33,936 Cost of revenues 30,515 21,627 Gross profit 16,661 12,309 Operating expenses: Research and development 4,819 3,490 Selling and marketing 7,026 5,250 General and administrative 1,361 1,119 Total operating expenses $ 13,206 $ 9,859 Operating profit 3,455 2,450 Financial income, net 818 173 Net income $ 4,273 $ 2,623 Basic net earnings per share $ 0.12 $ 0.10 Diluted net earnings per share $ 0.11 $ 0.09 Weighted average number of shares used in computing basic net earnings per share 36,943,142 27,600,884 Weighted average number of shares used in computing diluted net earnings per share 38,830,582 29,148,689 Ceragon Reports First Quarter 2008 Results CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) (Unaudited) March 31, December 31, 2008 2007 ASSETS CURRENT ASSETS: Cash and cash equivalents 48,298 58,650 Short-term bank deposits 23,151 25,997 Marketable securities 8,809 6,399 Trade receivables, net 41,520 40,533 Other accounts receivable and prepaid expenses 8,947 10,888 Inventories 34,168 36,763 Total current assets $ 164,893 $ 179,230 LONG-TERM INVESTMENTS: Long-term bank deposits 12,154 12,030 Long-term marketable securities 28,196 18,665 Severance pay funds 3,788 3,268 Total long-term investments 44,138 33,963 PROPERTY AND EQUIPMENT, NET 5,309 4,447 Total assets $ 214,340 $ 217,640 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables 22,707 $ 25,173 Deferred revenues 4,628 6,702 Other accounts payable and accrued expenses 12,825 14,935 Total current liabilities $ 40,160 $ 46,810 LONG-TERM LIABILITIES Accrued severance pay 5,954 5,286 Other payables 2,232 4,650 Total long-term liabilities $ 8,186 $ 9,936 SHAREHOLDERS' EQUITY: Ordinary shares 91 91 Additional paid-in capital 281,939 281,086 Other comprehensive income 254 280 Accumulated deficit (116,290) (120,563) Total shareholders' equity 165,994 160,894 Total liabilities and shareholders' equity $ 214,340 $ 217,640 Ceragon Reports First Quarter 2008 Results CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (U.S. dollars, in thousands) (Unaudited) Three month ended March 31, 2008 2007 Cash flow from operating activities: Net income 4,273 2,623 Adjustments to reconcile net income to net cash used in operating activities: Depreciation 392 320 Stock-based compensation expense 644 390 Decrease (increase) in trade and other receivables, net 928 (489) Decrease (increase) in inventory 2,595 (4,811) Decrease in trade payables and accrued liabilities (6,884) (2,465) Increase (decrease) in deferred revenues (2,074) 3,841 Other adjustments (19) (37) Net cash used in operating activities (145) (628) Cash flow from investing activities: Purchase of property and equipment ,net (1,034) (474) Investment in short and long-term bank deposits (13,209) - Proceeds from short and long-term bank deposits 16,057 3,337 Investment in held-to-maturity marketable securities (14,000) (1,200) Proceeds from maturities of held-to-maturity marketable securities 2,100 3,384 Net cash provided by (used in) investing activities (10,086) 5,047 Cash flow from financing activities: Proceeds from exercise of options 209 1,163 Issuance costs (330) - Net cash provided by (used in) financing activities (121) 1,163 Increase (decrease) in cash and cash equivalents (10,352) 5,582 Cash and cash equivalents at the beginning of the period 58,650 10,170 Cash and cash equivalents at the end of the period 48,298 15,752 Ceragon Reports First Quarter 2008 Results RECONCILIATION OF NON-GAAP FINANCIAL RESULTS U.S. dollars in thousands, except share and per share data Three months ended March 31, 2008 2007 GAAP (as reported) Adjustment (*) Non-GAAP Non-GAAP Revenues $ 47,176 $ 47,176 $ 33,936 Cost of revenues 30,515 70 30,445 21,598 Gross profit 16,661 16,731 12,338 Operating expenses: Research and development 4,819 159 4,660 3,428 Selling and marketing 7,026 279 6,747 5,102 General and administrative 1,361 136 1,225 968 Total operating expenses $ 13,206 $ 12,632 9,498 Operating profit 3,455 4,099 2,840 Financial income, net 818 818 173 Net income $ 4,273 $ 4,917 $ 3,013 Basic net earnings per share $ 0.12 $ 0.13 $ 0.11 Diluted net earnings per share $ 0.11 $ 0.13 $ 0.10 Weighted average number of shares used in computing basic net earnings per share 36,943,142 36,943,142 27,600,884 Weighted average number of shares used in computing diluted net earnings per share 38,830,582 38,830,582 29,148,689 Total adjustments 644 (*) Adjustments related to equity based compensation expenses according to SFAS 123 (R) Ceragon Reports First Quarter 2008 Results Contact: Vered Shaked Investor Relations Manager Ceragon Networks Ltd. Int'l +972-52-573-5513 US +1-201-853-0228 vereds@ceragon.com
SOURCE Ceragon Networks Ltd
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