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TheStreet Open House

Ceragon's Earnings Dwindle

Stock quotes in this article: CRNT

Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

On Feb. 4, 2009, Ceragon Networks (CRNT) reported that its Q4 FY08 earnings declined 38.2%, due to higher costs and expenses. Net income slipped to $2.74 million or $0.07 per share from $4.43 million or $0.12 per share in Q4 FY07. Excluding $594,000 of equity-based compensation expenses, net income dropped to $3.33 million or $0.09 per share from $4.91 million or $0.14 per share a year ago. The latest quarterly results missed the consensus estimate of $0.11 per share.

Revenue soared 23.0% to $56.78 million from $46.15 million a year ago, led by a strong demand in the Asia-Pacific region. Service providers contributed 88.0% of the total revenue, while the remaining 12.0% was from the Private networks. Geographically, Asia-Pacific, Europe Middle-East and Africa, North America and Latin America contributed 47.0%, 34.0%, 12.0%, and 7.0%, respectively of the total revenue.

During the quarter under review, Ceragon Networks authorized a $20.00 million share repurchase program. Ceragon signed a long-term equipment supply agreement with Tata Teleservices to provide its edge FibeAir solutions, including the FibeAir IP-10 system. The company also received a $1.50 million order for its trunk solutions, FibeAir 3200 to be deployed in Africa by a leading international carrier. Recently, CRNT announced that it has received follow-on orders for its advanced FibeAir all-indoor trunk solution from a mobile operator in one of Indochina's markets.

During FY08, net income grew 97.8% to $25.98 million or $0.68 per share from $13.14 million or $0.41 per share in FY07. On a non-GAAP basis, net income rose to $17.33 million or $0.45 per share, up 12.9% from $15.34 million or $0.48 per share. Annual revenue increased 34.2% to $217.28 million from $161.89 million in the preceding year.

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