Paramus, New Jersey, January 14, 2015 - Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless hauling specialist, today announced that Ira Palti, President and CEO of Ceragon, will present at the 17th Annual Needham Growth Conference at 11:20 a.m. EST, today, January 14, 2015, in New York City. Mr. Palti will discuss the company’s business strategy, the success of the IP-20 platform, and its progress on initiatives aimed at achieving sustained profitability. He will describe working capital management initiatives, including fourth quarter 2014 collections, which enabled the company to significantly reduce cash consumption in that quarter to approximately $3 million as compared with cash consumption of approximately $10 million in the third quarter of 2014. Cash and cash equivalents at 2014 year end were approximately $42 million compared to approximately $44 million at September 30, 2014. With approximately $51 million in debt outstanding under its revolving credit facility at year end, Ceragon had approximately $17 million in available borrowing capacity.
Mr. Palti will also discuss the expense reduction initiative disclosed by the company on December 15, 2014, indicating that it was substantially complete by the end of 2014. As noted in the December 15, 2014 announcement, once the impact of the expense reduction initiative is fully reflected in its financial results beginning in the second quarter of 2015, Ceragon expects operating expenses to decline to a quarterly rate of $21-$22 million, enabling the company to target profitability on a non-GAAP basis from the second quarter onward.
