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Ceragon Networks Reports Second Quarter 2019 Financial Results
LITTLE FALLS, New Jersey, Aug. 12, 2019 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist today reported results for
About this update from Ceragon Networks Ltd.
[{"type":"text","content":"\n LITTLE FALLS, New Jersey, Aug. 12, 2019 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist today reported results for the second quarter which ended June 30, 2019. \nSecond Quarter 2019 Highlights:\nRevenues - $73.0 million, down 17.4% from the second quarter of 2018, and up 5.5% from the first quarter of 2019. \nGross margin – 36.1%, compared to 32.5% in the second quarter of 2018 and 35.6% in the first quarter of 2019. \nOperating income - $4.1 million, compared to $6.4 million in the second quarter of 2018, and $3.2 million in the first quarter of 2019. \nNet income - $0.8 million, or $0.01 per diluted share for the second quarter of 2019, compared to $3.2 million, or $0.04 per diluted share, in the second quarter of 2018. Net income for the first quarter of 2019 was $0.8 million, or $0.01 per diluted share.\nNon-GAAP results – Gross margin was 36.1%, operating income was $4.8 million, and net income was $2.5 million, or $0.03 per diluted share. For reconciliation of GAAP to non-GAAP results, see the attached tables.\nCash and cash equivalents - $29.0 million at June 30, 2019, compared to $29.8 million at March 31, 2019.\n\"Growth in several regions accounted for the sequential increase in revenue during the second quarter, although the overall revenue level continued to reflect the delay in receiving orders from our customers in India,\" said Ira Palti, president and CEO of Ceragon. \"We are pleased to report that, during Q2, we added new design wins for 5G in North America, Europe, and Asia Pacific which we expect to begin contributing to revenue during the second half of next year. \n\"Excluding India, revenue from other regions increased substantially in the first half of 2019 compared to the first half of 2018, and we expect to see this trend continue. Looking to the second half of 2019, it now appears that our revenue from India will be affected not only by the order delays but also by a slowdown in the pace of deployment activity, preventing us from reaching our net income goal and causing net income for 2019 to decline compared to 2018,\" Mr. Palti explained. \nSupplemental geographical breakdown of revenue for the second quarter of 2019:\n \nA conference call to discuss the results will begin at 9:00 a.m. EDT. Investors are invited to join the Company's teleconference by call...