Ceragon Networks Second Quarter Revenues Grow by 103%

7/25/2003 - Ceragon Networks Ltd. (NASDAQ: CRNT), www.ceragon.com, a global provider of high-capacity broadband wireless systems, reported results for the second quarter, which ended June 30, 2003. The second quarter of 2003 was Ceragon's seventh consecutive quarter of revenue growth.

Revenues for the quarter were $8.1 million, up from $4.0 million for the second quarter of 2002 and from $7.0 million for the first quarter of 2003. This represents an increase of 103% as compared to the second quarter of 2002, and an increase of 15.2% as compared to the first quarter of 2003.

Gross profit for the second quarter of 2003 increased to $3.2 million, or 39.4% of revenues. This compares to gross profit for the second quarter of 2002 of $1.2 million, or 29.0% of revenues, and to gross profit for the first quarter of 2003 of $2.6 million, or 37.0% of revenues.

Pro-forma net loss (*) for the second quarter of 2003 improved for the eighth consecutive quarter to $(1.1) million, or $(0.05) basic and diluted net loss per ordinary share. This compares to pro-forma net loss for the second quarter of 2002 of $(3.0) million, or $(0.14) basic and diluted net loss per ordinary share, and to pro-forma net loss for the first quarter of 2003 of $(1.7) million, or $(0.08) basic and diluted net loss per ordinary share.

The company ended the second quarter of 2003 with $40.1 million in cash and liquid investments.

"Over the past two years, Ceragon has exhibited consistent improvement across the board; gaining market share and making significant inroads into new and exciting markets thereby validating our strategy," said Shraga Katz, president and CEO, Ceragon Networks Ltd. "Steady revenue growth, improved bottom line and reduced cash utilization, are important milestones on the road towards reaching our goal of breaking even in the near term."

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 45 countries. More information is available at www.ceragon.com.

Ceragon Networks,® CeraView,® and the FibeAir® design mark 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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