PARAMUS, New Jersey, January 4, 2013 /PRNewswire/ --
Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist, today announced that in late December, 2012, it learned that a major customer is requiring additional acceptance procedures and documentation for equipment it has purchased from Ceragon. The equipment was installed and accepted previously by the customer pursuant to the process in place at the time. The Company's assessment is that the additional acceptance procedures will shift the recognition of between $11 million and $14 million of revenue from 2012 to 2013.
"The equipment is part of a valued customer's network carrying live traffic," said Ira Palti, CEO and President of Ceragon Networks. "Learning of this requirement in the last days of the fiscal year meant we had no time to respond to the additional requirements."
The Company noted that collections during the fourth quarter were strong, increasing net cash by approximately $12 to $13 million.Management will hold a brief conference call to respond to questions today, January 4, 2013 at 9:00 a.m. EDT. Investors are invited to join the Company's teleconference by calling ( USA) (800) 230-1092 - or international +1(612) 234-9960 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/ir_events.asp?lang=0 selecting the webcast link, and following the registration instructions. If you are unable to join us live, the replay numbers are: Telephone: ( USA) (800) 475-6701, (International) +1(320) 365-3844, Access Code: 277998. A replay of both the call and the webcast will be available through February 4, 2013. The Company will release its unaudited financial results for the fourth quarter and full year 2012 on Thursday, February 14, 2013 during pre-market hours followed by a conference call. About Ceragon Networks Ltd.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV