11/4/2003 - Ceragon Networks Ltd. (Nasdaq: CRNT), www.ceragon.com, a global provider of high-capacity broadband wireless systems, reported results for the third quarter, which ended September 30, 2003. The third quarter of 2003 was Ceragon`s eighth consecutive quarter of revenue growth.
Revenues for the quarter were $9.1 million, up from $5.0 million for the third quarter of 2002 and from $8.1 million for the second quarter of 2003. This represents an increase of 80.6% as compared to the third quarter of 2002, and an increase of 12.5% as compared to the second quarter of 2003.
Gross profit for the third quarter of 2003 increased to $3.7 million, or 40.9% of revenues. This compares to gross profit for the third quarter of 2002 of $1.5 million, or 30.5% of revenues, and to gross profit for the second quarter of 2003 of $3.2 million, or 39.4% of revenues.
The net loss computed in accordance with U.S. GAAP for the third quarter of 2003 improved for the eighth consecutive quarter, to $(0.7) million, or $(0.03) basic and diluted net loss per ordinary share. This compares to net loss for the third quarter of 2002 of $(3.3) million, or $(0.15) basic and diluted net loss per ordinary share, and to net loss for the second quarter of 2003 of $(1.2) million, or $(0.05) basic and diluted net loss per ordinary share. The company ended the third quarter of 2003 with $39.3 million in cash and liquid investments.
"Ceragon has continued on the course we set two years ago, gaining significant market share. We`ve recorded eight consecutive quarters of growth and just about tripled our quarterly revenues, while at the same time showing impressive gross margins," said Shraga Katz, president and CEO, Ceragon Networks Ltd. "I am confident that 2003 will be a record year for Ceragon and I believe that 2004 will be even better."
A conference call discussing Ceragon`s results for the second quarter of 2003 will take place today, October 30, 2003, at 11:00 a.m. (EDT). Details can be found on Ceragon`s website at www.ceragon.com. The live call and its replay will be accessible on Ceragon`s website. The replay will be available through November 3, 2003.
About Ceragon Networks Ltd.
Ceragon Networks Ltd. (Nasdaq: CRNT), a pacesetter in broadband wireless networking systems, enables rapid and cost-effective high-capacity network connectivity for mobile cellular infrastructure, fixed networks and private networks. Ceragon`s modular FibeAir(TM) product family operates across multiple frequencies from 6 to 38 GHz, supports integrated high-capacity services from 155 to 622 Mbps over SONET/SDH, ATM and IP networks, and offers innovative built-in add/drop multiplexing and encryption functionality to meet the growing demand for value-added broadband services. Ceragon`s FibeAir product family complies with North American and international standards and is installed with over 100 customers in more than 45 countries. More information is available at www.ceragon.com.
Ceragon Networks,(R) CeraView,(R) and the FibeAir(R) design mark are registered trademarks of Ceragon Networks Ltd., and Ceragon(TM), FibeAir(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.
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