Business
Ceragon Networks Reports Fourth Quarter and Full Year 2019 Financial Results
Q4 and full year 2019 cost of revenues include a one-time provision of $2.0 million related to inventory of a low-volume older product made in connection with
About this update from Ceragon Networks Ltd.
[{"type":"text","content":"Q4 and full year 2019 cost of revenues include a one-time provision of $2.0 million related to inventory of a low-volume older product made in connection with a plan to reduce the number of contract manufacturers\n Q4 and full year 2019 general and administrative expenses include a one-time provision of $1.3 million related to a long-time customer experiencing financial difficulties\n\n\nLITTLE FALLS, New Jersey, Feb. 10, 2020 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist today reported results for the fourth quarter and full year ended December 31, 2019.\nFourth Quarter 2019 Highlights:\nRevenues - $71.3 million, down 16.9% from the fourth quarter of 2018, and down 1.3% from the third quarter of 2019. \nGross margin – 31.7%, compared to 34.4% in the fourth quarter of 2018 and 32.2% in the third quarter of 2019. \nOperating income (loss) - $(2.2) million, compared to operating income of $6.5 million in the fourth quarter of 2018, and operating income of $2.1 million in the third quarter of 2019. \nNet income (loss) - $(4.1) million, or $(0.05) per diluted share for the fourth quarter of 2019, compared to net income of $11.6 million, or $0.14 per diluted share, in the fourth quarter of 2018. Net income for the third quarter of 2019 was $0.2 million, or $0.00 per diluted share.\nNon-GAAP results – Gross margin was 31.3%, operating loss was $(2.1) million, and net loss was $(5.0) million, or $(0.06) per diluted share. For reconciliation of GAAP to non-GAAP results, see the attached tables.\nNon-GAAP results excluding one-time items – Gross margin was 34.1%, operating income was $1.2 million, and net loss was $(1.7) million, or $(0.02) per diluted share.\nCash and cash equivalents - $23.9 million at December 31, 2019, compared to $20.5 million at September 30, 2019.\nFull Year 2019 Highlights:\nRevenues – $285.6 million, down 17.0% from 2018.\nGross margin – 33.9%, compared to 33.8% in 2018.\nOperating income – $7.3 million, compared to an operating income of $26.1 million in 2018.\nNet income (loss) – $(2.3) million, or $(0.03) per diluted share. Net income for 2018 was $23.0 million, or $ 0.28 per diluted share. \nNon-GAAP results - gross margin was 33.8%, operating income was $9.0 million, and net income was $0.1 million, or $0.00 per diluted share. For reconciliation of GAAP to non-GAA...