Ceragon Networks Reports First Quarter 2010 Financial Results
finance.yahoo.com
TEL AVIV, Israel, April 26, 2010 /PRNewswire-FirstCall/ -- Ceragon Networks Ltd. (NASDAQ and TASE: CRNT), the provider of high-capacity, LTE/4G-ready wireless backhaul networks, today reported results for the first quarter which ended March 31, 2010.
Revenues for the first quarter of 2010 reached an all-time high of $59.7 million, up 36% from $43.9 million for the first quarter of 2009 and up 12% from $53.4 million in the fourth quarter of 2009.
Net income in accordance with US Generally Accepted Accounting Principles (GAAP) for the first quarter of 2010 was $3.0 million or $0.09 per basic share and $0.08 per diluted share, compared to net income of $0.2 million in the first quarter of 2009, or $0.01 per basic and diluted share.
"The year is off to a very strong start in part because we were able to recognize revenue from some turnkey projects earlier than originally expected," said Ira Palti, President and CEO of Ceragon. "As wireless operators move forward with 4G/LTE plans in response to accelerating growth in demand for data, they remain focused on flexible solutions that accommodate the requirements of both current and future networks. As a result, the overall business outlook continues to be positive and we remain confident in our target of 30-35% revenue growth for the year, with profits growing at a higher rate than revenues." |
