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Third quarter revenue was $44.7 million, down 23 percent from $58.1 million for the corresponding quarter of 2008, though 6 percent higher than the $42.2 million recorded in the in the second quarter of 2009. The third quarter figure was slightly higher than the $44.3 million in revenue expected by analysts.
GAAP (generally accepted accounting principles) based net profit for the third quarter of 2009 was $1.1 million or $0.03 per share, compared to net income of $3.5 million or $0.09 per share in the corresponding quarter.
On a non-GAAP basis, net profit was $1.8 million, or $0.05 per share, lower than the $4.2 million, or $0.11 per share, recorded in the corresponding quarter of 2008. The per share figure beat analyst expectations of $.03 earnings per share.
Cash and cash investments at the end of the quarter were $99.8 million.
Ceragon CEO Ira Palti said, "As expected, the third quarter reflected the beginning of a trend toward improving revenues. Based on strong bookings again in the third quarter, we expect revenue growth to continue into next year, driven by ongoing demand for high capacity backhaul for cellular networks, particularly in the Asia Pacific region. In addition, our backlog is increasing, as we win more turnkey projects and successfully expand to a wide variety of new customers."
The Asia Pacific region accounted for 47 percent of Ceragon's revenue. 39 percent of its revenue came from Europe, the Middle East, and Africa, while 10 percent came from North America. 4 percent was from Latin America.
Shares in Ceragon closed on Friday at $9.44, giving a market cap of $323.3 million. The shares jumped 11.2 percent in pre-market trading.
To see more of the Globes or to subscribe to the newspaper, go to http://www.globes-online.com. Copyright (c) 2009, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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