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Ceragon Networks: Ceragon Reports Third Quarter 2015 Financial Results –

The following excerpt is from the company's SEC filing.

ERAGON

ETWORKS

EPORTS

UARTER

2015 F

INANCIAL

ESULTS

Higher profit margins; lower revenues related primarily to strategy focusing on

profitability; cash flow used to reduce debt

Little Falls, New Jersey, November

- Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist, today reported results for the third quarter which ended September 30, 2015.

Third Quarter 2015 Highlights:

Revenues -

$85.4 million, compared to $99.0 million for the third quarter of 2014, and compared to $94.8 million in the second quarter of 2015.

Gross margin –

31.9% of revenues, compared to 25.6% of revenues in the third quarter of 2014, and compared to 28.2% of revenues in the second quarter of 2015.

Operating income (loss)

– Operating income of $6.2 million, compared to an operating loss of $(0.8) million in the third quarter of 2014, and compared to an operating income of $5.9 million in the second quarter of 2015.

Net income (loss)

– Net income of $1.4 million or $0.02 per basic share and diluted share for the third quarter of 2015. Net loss for the third quarter of 2014 was $(5.6) million, or $(0.08) per basic share and diluted share. Net income for the second quarter of 2015 was $1.3 million or $0.02 per basic share and diluted share.

Non-GAAP results

– Gross margin was 32.4%, operating profit was $7.5 million, and net income was $3.7 million, or $0.05 per basic share and diluted share. For reconciliation of GAAP to non-GAAP results, see attached table.

Cash and cash equivalents

- $39.2 million at September 30, 2015 compared to $39.5 million at June 30, 2015.

“We are continuing to make progress with our strategy to capitalize on the strengths of our IP-20 platform by focusing on high-value opportunities where the customer is seeking best-of-breed solutions,” said Ira Palti, president and CEO of Ceragon. In the third quarter, we improved gross margin, continued to tightly control our operating expenses, and achieved an operating profit margin of 7.2%, compared to 6.2% in the second quarter. The lower level of revenue resulted primarily from our ongoing profit improvement initiatives such as more in-depth analysis and a more selective approach to business opportunities.

Ceragon Reports Third Quarter 2015 Results

“We also generated over $7 million in positive cash flow during the third quarter, which we used to reduce debt,” Palti added.

Supplemental geographical breakdown of revenue for the third quarter of 2015:

Europe:

Africa:

North America:

Latin America:

India:

A conference call will follow beginning at 9:00 a.m. EST. Investors are invited to join the Company’s teleconference by calling (USA) (888) 276-0010 or international +1 (612) 332-0630 from 8:50 a.m. EST. 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: http://www.ceragon.com/about-us/ceragon/investor-relations 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: 371263. A replay of both the call and the webcast will be available through December 2, 2015.

About Ceragon Networks Ltd.

Ceragon Networks Ltd. (NASDAQ: CRNT) is the #1 wireless backhaul specialist. We provide innovative, flexible and cost-effective wireless backhaul solutions that enable mobile operators and other service providers to deliver 4G/LTE, 3G/2G, and other wireless broadband services to their subscribers with high quality of experience. Our solutions are deployed by public utilities, government and defense organizations for delivering mission critical multimedia and other applications at high reliability and speed. Ceragon’s high-capacity solutions use microwave technology to transfer multimedia, voice and data traffic while maximizing bandwidth efficiency, to deliver more capacity over longer distances under any deployment scenario. Based on our extensive global experience, Ceragon delivers turnkey solutions that support service provider...


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