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Article for: CRNT
LITTLE FALLS, N.J., May 9, 2016 /PRNewswire/ — Ceragon Networks Ltd. (CRNT), the #1 wireless backhaul specialist today reported results for the first quarter ended March 31, 2016.
First Quarter 2016 Highlights:
Revenues — $59.8 million, down 36% from the first quarter of 2015, and down 21% from the fourth quarter of 2015.
Gross margin – 35.6%, compared to 25.9% in the first quarter of 2015 and 32.8% in the fourth quarter of 2015.
Operating income – $1.2 million, compared to operating income of $0.6 million in the first quarter of 2015 and operating income of $8.9 million in the fourth quarter of 2015.
Net loss – $(0.4) million or $(0.01) per diluted share. Net loss for the first quarter of 2015 was $(7.0) million, or $(0.09) per diluted share. Net income for the fourth quarter of 2015 was $5.2 million, or $0.07 per diluted share.
Non-GAAP results – gross margin was 36.3%, operating profit was $2.2 million, and net loss was $(0.1) million, or $(0.002) per diluted share. Non-GAAP results exclude adjustments of $0.3 million. For a reconciliation of GAAP to non-GAAP results, see the attached tables.
Cash and cash equivalents – $41.8 million at March 31, 2016, compared to $36.3 million at December 31, 2015.
“In the first quarter of 2016, higher gross margin on the low level of revenue enabled us to report an operating profit,” said Ira Palti, president and CEO of Ceragon. “In addition, strong cash flow results increased our cash position to $41.8 million, which exceeded debt by over $10 million, improving our financial position. Based on our recent bookings and pipeline of potential business, we believe that revenue will grow from the current level during the remainder of the year.”
Supplemental revenue breakouts:
Geographical breakdown, first quarter of 2016:
Europe: 18%
Africa: 9%
North America: 15%
Latin America: 25%
India: 19%
APAC: 14%
A conference call to discuss the results will begin at 9:00 a.m. EDT. Investors are invited to join the Company’s teleconference by calling USA: (800) 230-1059 or International: +1 (612) 332-0107, from 8:50 a.m. EDT. The call-in lines will be available on a first-come, first-serve basis.
Investors can also listen to the call live via the Internet by accessing Ceragon Networks’ website at the investors’ page: http://www.ceragon.com/about-us/ceragon/investor-relations, selecting the webcast link, and following the registration instructions.
If you are unable to join us live, the replay numbers are: USA: (800) 475-6701 or International +1 (320) 365-3844 Access Code: 390820. A replay of both the call and the webcast will be available through June 9, 2016.
About Ceragon Networks Ltd.
Ceragon Networks Ltd. (CRNT)is the world’s #1 wireless backhaul specialist. We help operators and other service providers worldwide increase operational efficiency and enhance end customers’ quality of experience with innovative wireless backhaul solutions. Our customers include wireless service providers, public safety organizations, government agencies and utility companies, which use our solutions to deliver 4G, mission-critical multimedia services and other applications at high reliability and speed. Ceragon’s unique multicore technology provides a highly reliable, high-capacity 4G wireless backhaul with minimal use of spectrum, power and other resources. It enables increased productivity, as well as simple and quick network modernization. We deliver a range of professional services that ensure efficient network rollout and optimization to achieve the highest value for our customers. Our solutions are deployed by more than 460 service providers, as well as hundreds of private network owners, in more than 130 countries.
Source – Company Press Release
Broad street alerts has not been compensated for the mention of any publicly traded companies in this article nor do we own positions in any of the companies in this article.
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