Revenues for the second quarter of 2013 were $90.1 million, down 20% from $112.7 million for the second quarter of 2012, and about the same as revenues in the first quarter of 2013.
Net loss in accordance with US Generally Accepted Accounting Principles (GAAP) for the second quarter of 2013 was $(7.5) million or $(0.20) per basic share and diluted share, compared to a net loss of $(2.9) million in the second quarter of 2012, or $(0.08) per basic share and diluted share.
On a non-GAAP basis, net loss for the second quarter, excluding (a) $1.0 million of equity-based compensation expenses, (b) $0.6 million amortization of intangible assets, and (c) $0.2 million of changes in pre-acquisition indirect tax positions, was $(5.7) million, or $(0.15) per basic share and diluted share. Non-GAAP net income for the second quarter of 2012 was $0.2 million, or $0.01 per basic share and diluted share (Please refer to the accompanying financial tables for reconciliation of GAAP financial information to non-GAAP).
Gross margin on a GAAP basis in the second quarter of 2013 was 31.7% of revenues. Gross margin on a non-GAAP basis was 32.4% of revenues.
Operating loss on a GAAP basis in the second quarter of 2013 was $(4.6) million. On a non-GAAP basis operating loss was $(2.8) million.
Cash and cash investments at the end of the quarter were $49.1 million.
“We see signs of improvement in the business environment and our bookings increased significantly in the second quarter, as expected,” said Ira Palti, President and CEO of Ceragon. “We are particularly pleased with our expanding penetration of large carriers, mainly in Latin America and Africa.
“Our new products continue to garner early wins, and we are receiving excellent feedback on our roadmap from customers anticipating very high bandwidth requirements and the upcoming network architecture transition.”
Geographical breakdown, second quarter of 2013:
- Europe: 17%
- Africa: 34%
- North America: 7%
- Latin America: 28%
- India: 3%
- APAC: 11%
A conference call will follow beginning at 9:00 a.m. EDT. Investors are invited to join the Company’s teleconference by calling: USA (800) 230-1059 – or –international: +1 (612) 332-0107 from 8:50 a.m. EDT. The call-in lines will be available on a first-come, first-serve basis.
Investors can also listen to the call live via the Internet by accessing Ceragon Networks’ website at the investors’ page, selecting the webcast link, and following the registration instructions.
If you are unable to join us live, the replay numbers are: Telephone: (USA) (800) 475-6701 (International) +1 320-365-3844, Access Code: 297410. A replay of both the call and the webcast will be available through September 12, 2013.