5/2/2003 - Ceragon Networks Ltd. (NASDAQ: CRNT), www.ceragon.com, a global provider of high-capacity broadband wireless systems, reported results for the first quarter, which ended March 31, 2003. Revenues for the first quarter were $7.0 million, up from $3.3 million for the first quarter of 2002 and from $6.1 million for the fourth quarter of 2002. This represents an increase of 114.4% as compared to the first quarter of 2002, and 15.9% as compared to the fourth quarter of 2002. This past quarter was Ceragon's sixth consecutive quarter of revenue growth.
Gross profit for the first quarter of 2003 increased to $2.6 million, or 37.0% of revenues. This compares to gross profit for the first quarter of 2002 of $0.8 million, or 24.6% of revenues, and to gross profit for the fourth quarter of 2002 of $2.1 million, or 34.5% of revenues.
Pro-forma net loss (*) for the first quarter of 2003 improved for the seventh consecutive quarter to $(1.7) million, or $(0.08) basic and diluted net loss per ordinary share. This compares to pro-forma net loss for the first quarter of 2002 of $(3.4) million, or $(0.15) basic and diluted net loss per ordinary share, and to pro-forma net loss for the fourth quarter of 2002 of $(2.2) million, or $(0.10) basic and diluted net loss per ordinary share. For an explanation of pro-forma results see the notes at * below.
The company ended the first quarter of 2003 with $41.3 million in cash and liquid investments.
"I am very proud of the Ceragon team as we keep showing consistent improvement across the board, building strong momentum and reinforcing our leadership position" said Shraga Katz, president and CEO, Ceragon Networks Ltd. "The revenue growth and improved financial metrics were achieved by our strategic focus on target markets, geographic expansion and product leadership - all of which enable us to take increased market share and show substantial growth."
* Pro-Forma Financial Presentation
Pro-forma results are presented for informational purposes only. Pro-forma financial results for all periods presented exclude the effect of stock-based, non-cash deferred compensation expenses. In addition, the pro-forma results for the year ended December 31, 2002, exclude expenses of $83 thousand, presented in non-recurring expenses (income), net and the pro-forma results for the three months ended March 31, 2003 exclude income of $82 thousand, presented in non-recurring expenses (income), net.
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 for 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 FibeAir complies with North American and international standards and is installed with over 100 customers in more than 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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