[May 10, 2013] Ceragon Networks Reports First Quarter 2013 Financial Results Tweet May 10, 2013 (Close-Up Media via COMTEX) -- Ceragon Networks, a backhaul specialist, reported results for the first quarter which ended March 31. In a release on May 6, the company noted that revenues for the first quarter of 2013 reached $90.1 million, down 18 percent from $110.0 million for the first quarter of 2012, and down 16 percent from $106.8 million in the fourth quarter of 2012. Net loss in accordance with US Generally Accepted Accounting Principles (GAAP) for the first quarter of 2013 was $(14.1) million or $(0.38) per basic share and diluted share, compared to net loss of $(7.4) million in the first quarter of 2012, or $(0.20) per basic share and diluted share. On a non-GAAP basis, excluding (a) $1.1 million of stock-based compensation expenses, (b) $0.7 million amortization of intangible assets, (c) $0.4 million inventory step up related to the Nera acquisition, (d) $2.8 million restructuring and other charges related to reduction in workforce (e) $0.3 million of changes in pre-acquisition indirect tax positions and (f) $3.1 million finance expenses related to a non-recurring currency devaluation in Venezuela, net loss for the first quarter was $(5.7) million, or $(0.16) per basic share and diluted share. Non-GAAP net loss for the first quarter of 2012 was $(2.2) million, or $(0.06) per basic share and diluted share. Gross margin on a GAAP basis in the first quarter of 2013 was 30.5 percent of revenues. Gross margin on a non-GAAP basis was 31.9 percent of revenues. Operating loss on a GAAP basis in the first quarter of 2013 was $(8.7) million. On a non-GAAP basis operating loss was $(3.4) million. Cash and cash investments at the end of the quarter were $51.6 million. "Our financial results for the first quarter of 2013 reflect longer sales cycles," said Ira Palti, President and CEO of Ceragon. "The outlook remains the same as we indicated on April 8 th. We are not seeing carriers cancelling or reducing the scope of their planned projects, and the delays in closing deals relate mainly to operator hesitation during a period of reevaluating business models with a network architecture transition on the horizon. "Meanwhile, the response to our new product line from initial evaluations is very encouraging, and we expect to be able to capitalize on our leadership position beginning next year when the transition to new architectures expands beyond early adopters." Supplemental revenue breakouts: Geographical breakdown, first quarter of 2013: -Europe: 19 percent -Africa: 13 percent -North America: 9 percent -Latin America: 38 percent -India: 8 percent -APAC: 13 percent Ceragon Networks is a wireless backhaul specialist providing wireless backhaul and fronthaul solutions that enable mobile operators and other wired/wireless service providers to deliver 2G/3G, 4G/LTE and other broadband services to their subscribers. More information: www.ceragon.com ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]