After great earnings yesterday, I believe that this stock is poised to move over the 15 level and make it onto the coveted IBD 100 list.
Ceragon Networks(R) Reports Record Second Quarter 2007 Financial Results
Monday July 23, 8:00 am ET
TEL AVIV, Israel, July 23 /PRNewswire-FirstCall/ -- Ceragon Networks Ltd. (NASDAQ: CRNT; TASE: CRNT), www.ceragon.com, a leading provider of high-capacity wireless backhaul solutions, today reported results for the second quarter which ended June 30, 2007.
Revenues for the second quarter of 2007 were $37.3 million, up 58% from $23.6 million for the second quarter of 2006 and 10% from $33.9 million in the first quarter of 2007.
Net income in accordance with Generally Accepted Accounting Principles (GAAP) for the second quarter of 2007 was $2.9 million or $0.10 per basic share and $0.09 per diluted share. On a non-GAAP basis net income for the second quarter, excluding $432,000 of equity-based compensation expenses, was $3.3 million, or $0.12 per basic share and $0.11 per diluted share, compared to non-GAAP net income of $1.1 million, or $0.04 per basic and diluted share in the second quarter of 2006. (Refer to the accompanying financial table for reconciliation of GAAP financial information to non-GAAP).
Gross margin on a GAAP basis in the second quarter of 2007 was 36.2% of revenues. On a non-GAAP basis gross margin was 36.3% of revenues.
Cash and cash equivalents, short-term bank deposits and short- and long-term marketable securities totaled $32.8 million at June 30, 2007.
"Our record second quarter results reflect continued accelerating demand for our wireless backhaul solutions," said Ira Palti, President and CEO of Ceragon. "Based on strong bookings and record backlog in Q2, we are again raising our full-year revenue growth target from 30% to about 40% growth over 2006."
"Within the overall strength in our served market, we are leading the shift to all-IP backhaul networks that constitutes another significant source of future growth, and we are currently benefiting from several different growth drivers for our high-capacity SDH products. The key to capitalizing on these opportunities will be continuing our track record of superior execution. Our efforts remain concentrated on continuous innovation with emphasis on design-to-cost in our R&D activities, ongoing channel development and strengthening our direct sales capability, as well as strong supply chain management and overall operational excellence," said Palti.
A conference call discussing Ceragon's results for the second quarter of 2007, business conditions, and outlook, will take place today, July 23, 2007, at 9:00 a.m. (EDT). Investors can join the Company's teleconference by calling (800)-230-1059 or international +1-(612)-332-0107 at 8:50 a.m. EDT.
Investors are also invited to listen to the call live via the Internet by accessing Ceragon Networks' website at the investors' page: http://www.ceragon.com/site/Investor_events.asp, selecting the webcast link, and following the registration instructions.
If you are unable to join us live, the replay numbers are: (800)-475-6701 or international +1-(320)-365-3844. A replay of both the call and the webcast link will be accessible through August 23, 2007.
About Ceragon Networks Ltd.
Ceragon Networks Ltd. (NASDAQ and TASE: CRNT) is a leading provider of high-capacity wireless backhaul solutions for cellular and fixed wireless operators, enterprises and government organizations. Ceragon's modular FibeAir® product family is recognized as the gold standard for backhaul transmission and is also one of the top solutions chosen by cellular operators for SONET/SDH rings. A scalable, future-proof solution for wireless transport of broadband services, FibeAir operates across multiple frequencies for IP and SONET/SDH protocols, supporting the emerging needs of next-generation networks that are evolving to all-IP based services, including triple-play. It leads the market in IP backhaul, offering a unique, native IP solution that provides the efficient, robust connectivity required for WiFi, WiMAX and converged networks. Ceragon supports its growing base of more than 200 customers in 85 countries by operating an extensive sales network comprising 17 offices and numerous partners located around the world. More information is available at www.ceragon.com.
Ceragon Networks®, CeraView®, FibeAir® and the FibeAir® design mark are registered trademarks of Ceragon Networks Ltd., and Ceragon(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.
$14.24 (07/24/07)
