TEL AVIV, Israel, April 18, 2008 - Ceragon Networks Ltd. (NASDAQ and TASE:
CRNT), a leading provider of high-capacity wireless backhaul solutions, today reported
results for the first quarter which ended March 31, 2008.
Revenues for the first quarter of 2008 were $47.2 million, up 39% from $33.9 million
for the first quarter of 2007 and 2% from $46.1 million in the fourth quarter of 2007.
Net income in accordance with US Generally Accepted Accounting Principles
(GAAP) for the first quarter of 2008 was $4.3 million or $0.12 per basic share and $0.11 per
diluted share, compared to net income of $2.6 million in the first quarter of 2007, or $0.10 per
basic share and $0.09 per diluted share.
On a non-GAAP basis net income for the first quarter, excluding $644,000 of equitybased
compensation expenses, was $4.9 million, or $0.13 per basic and diluted share. Non-
GAAP net income for the first quarter of 2007 was $3.0 million, or $0.11 per basic share and
$0.10 per diluted share. The growth in non-GAAP net income in the first quarter of 2008 was
63% when compared to the first quarter of 2007 (Please refer to the accompanying financial
table for reconciliation of GAAP financial information to non-GAAP).
Gross margin on a GAAP basis in the first quarter of 2008 was 35.3% of revenues.
“We are pleased to report an excellent start to the year,” said Ira Palti, President and
CEO of Ceragon. “Q1 revenues set a new record, our OEM business was excellent and
growing demand in the Asia Pacific and EMEA regions more than offset the recent weakness
in North America. The global trends driving our business are very strong. We are
aggressively managing our costs to compensate for the potential impact of currency
fluctuations and lower interest rates, and we continue to target 25-30% revenue growth.
A conference call discussing Ceragon’s results for the first quarter of 2008, business
conditions, outlook and guidance, will take place today, April 18, 2008, at 9:00 a.m. (EDT).
Investors can join the Company’s teleconference by calling (800) 230-1951 or international
(612) 332-0634 at 8:50 a.m. EDT.
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Investors are also invited to listen to the call live via the Internet by accessing
Ceragon Networks’ website at the investors’ page: https://www.ceragon.com/investors/events
selecting the webcast link, and following the registration instructions.
If you are unable to join us live, the replay numbers are: (800) 475-6701or international (320)
365-3844, Access code 917161.
A replay of both the call and the webcast will be available through May 18, 2008.
