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Ceragon Networks Reports Fourth Quarter And Year-End 2012 Financial Results

Stocks in this article: CRNT

PARAMUS, New Jersey, February 14, 2013 /PRNewswire/ --

Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist today reported results for the fourth quarter and full year of 2012 which ended December 31, 2012.

Fourth quarter 2012 results:

Revenues for the fourth quarter of 2012 were $106.8 million.

Net loss in accordance with US Generally Accepted Accounting Principles (GAAP) for the fourth quarter of 2012 was ($8.4) million or $(0.23) per basic share and diluted share, compared to net loss of $(8.2) million in the fourth quarter of 2011, or $(0.23) per basic share and diluted share.

On a non-GAAP basis, excluding (a) $1.2 million of equity-based compensation expenses, (b) $0.9 million amortization of intangible assets, (c) $0.1 million inventory step up related to the Nera acquisition, (d) 6.7 million restructuring and other charges related to reduction in workforce (e) $(0.1) million of changes in pre-acquisition indirect tax positions, net income for the fourth quarter was $0.4 million, or $0.01 per basic share and diluted share. Non-GAAP net income for the fourth quarter of 2011 was $2.3 million, or $0.06 per basic share and diluted share. (Please refer to the accompanying financial tables for reconciliation of GAAP financial information to non-GAAP.)

Gross margin on a GAAP basis in the fourth quarter of 2012 was 32.8% of revenues. Gross margin on a non-GAAP basis in the fourth quarter was 33.3% of revenues.

Operating loss on a GAAP basis in the fourth quarter of 2012 was ($7.1) million. On a non-GAAP basis operating income in the fourth quarter of 2012 was $1.8 million.

Cash and cash investments at the end of the quarter were $51.6 million.

"Our revenues in Q4 were within the range of our guidance and our book-to-bill ratio was above 1," said Ira Palti, President and CEO of Ceragon. "As expected, we generated substantial positive cash flow from operations during the quarter."

"We achieved a number of important milestones during 2012 that will contribute to improving profitability.  After a complete transition of all customers to our short-haul solution and the completion of our program to reduce product cost of the long-haul product, we are poised to achieve further improvement in gross margin. We also increased our market share, becoming the clear #1 in the long haul business and added several new Tier 1 customers while continuing to penetrate others.  We recently introduced a new premium solution, the FibeAir IP-20C  that could begin to contribute to revenues toward the end of the year, and the expense reduction initiatives implemented during Q4 positions us to achieve significant operating leverage once top line growth resumes," concluded Mr. Palti.

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