Ceragon Networks Reports Financial Results
Thursday, May 11, 2017 | Comments

Ceragon Networks reported results for the first quarter ended March 31. Revenues were $76 million, up 27.1 percent from the first quarter of 2016, and down 10.2 percent from the fourth quarter of 2016.

Gross margin was 29.3 percent compared with 35.6 percent in the first quarter of 2016 and 32.5 percent in the fourth quarter of 2016. Operating income was $2 million compared with operating income of $1.2 million in the first quarter of 2016 and operating income of $8.5 million in the fourth quarter of 2016.

Net loss was $100,000 compared with a $400,000 net loss for the first quarter of 2016 and net income for the fourth quarter of 2016 of $8.3 million. Cash and cash equivalents were $36.5 million at March 31 compared with $36.3 million at Dec. 31.

“Q1 was in line with expectations, and we increased our net cash position to $25 million, using our free cash flow to further reduce our debt,” said Ira Palti, president and CEO of Ceragon. “Our book-to-bill ratio was substantially above 1:1 in the first quarter. Our gross margin fluctuates from quarter to quarter, mainly based on geographic mix of revenue. Based on our bookings, funnel of opportunities and assumptions about timing of revenue, we expect our gross margin to improve as the year progresses due to a more favorable revenue mix, and we continue to target substantial growth in net income for 2017 compared to 2016.”

On a geographical basis, 36 percent of the company’s revenue in the quarter came from India followed by Asia Pacific with 19 percent. North America provided 15 percent of revenues, followed by Latin America with 14 percent, Europe at 10 percent and Africa with 6 percent.

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