2/7/2003 - Ceragon Networks Ltd. (NASDAQ: CRNT), www.ceragon.com, a global provider of high-capacity broadband wireless systems, reported results for the fourth quarter and fiscal year, which ended December 31, 2002. Revenues for the fourth quarter were $6.1 million, up from $3.3 million for the fourth quarter of 2001 and from $5.0 million for the third quarter of 2002. This represents an increase of more than 85% as compared to the fourth quarter of 2001, and an increase of more than 20% as compared to the third quarter of 2002. This past quarter was Ceragon's fifth consecutive quarter of revenue growth.
Pro-forma gross profit for the fourth quarter of 2002 increased to $2.1 million, or 34.5% of revenues. This compares to pro-forma gross profit for the fourth quarter of 2001 of $0.7 million, or 20.3% of revenues, and to pro-forma gross profit for the third quarter of 2002 of $1.5 million, or 30.5% of revenues. Pro-forma net loss for the fourth quarter of 2002 has decreased for the sixth consecutive quarter to $(2.2) million, or $(0.10) basic and diluted net loss per ordinary share. This compares to pro-forma net loss for the fourth quarter of 2001 of $(3.6) million, or $(0.17) basic and diluted net loss per ordinary share, and to pro-forma net loss for the third quarter of 2002 of $(2.6) million, or $(0.12) basic and diluted net loss per ordinary share.
The company ended the fourth quarter of 2002 with $43.2 million in cash and liquid investments.
"At Ceragon, we again solidified our position as a leader in the high capacity fixed wireless communications marketplace by consistently improving our performance throughout 2002," said Shraga Katz, president and CEO, Ceragon Networks Ltd. "We are focused on growing our revenues, gaining market share and reaching profitability. We intend to achieve these goals by further increasing penetration into our target markets, expanding our reach into new geographic regions and by leveraging our technology leadership."
About Ceragon Networks Ltd.
Ceragon Networks Ltd. (NASDAQ: CRNT), a pacesetter in broadband wireless networking systems, enables rapid and cost-effective deployment of high-capacity network connectivity for mobile cellular infrastructure, fixed networks and private networks. Ceragon's modular FibeAirTM 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 FibeAirTM product family complies with North American and international standards and is installed with over 100 customers in 40 countries. More information is available at www.ceragon.com.
Ceragon Networks® and CeraView® are registered trademarks of Ceragon Networks Ltd. and CeragonTM, FibeAirTM, PolyViewTM, ConfigAirTM, CeraMonTM, EtherAirTM, QuickAirTM, QuickAir Partner ProgramTM, QuickAir Partner Certification ProgramTM, QuickAir Partner ZoneTM, EncryptAirTM and Microwave FiberTM are trademarks of Ceragon Networks Ltd.
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