|
Ceragon Networks Reports Second Quarter 2015 Financial Results
PARAMUS, N.J., Aug. 13, 2015 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist today reported results for the second quarter which ended June 30, 2015.
Second Quarter 2015 Highlights:
Revenues - $94.8 million, up 4.8% from the second quarter of 2014, and up 1.2% from the first quarter of 2015.
Gross margin - 28.2%, compared to 26.3% in the second quarter of 2014 and 25.9% in the first quarter of 2015.
Operating income - $5.9 million, compared to $11.8 million in the second quarter of 2014, which included $16.8 million of non-recurring other income, and compared to $0.6 million in the first quarter of 2015.
Net income (loss) – Net income of $1.3 million, or $0.02 per diluted share for the second quarter of 2015. Net income for the second quarter of 2014, including non-recurring other income, was $8.0 million, or $0.15 per diluted share. Net loss for the first quarter of 2015 was $(7.0) million or $(0.09) per diluted share.
Non-GAAP results - gross margin was 28.6%, operating profit was $6.7 million, and net income was $3.0 million, or $0.04 per diluted share. For reconciliation of GAAP to non-GAAP results, see the attached table.
Cash and cash equivalents - $39.5 million at June 30, 2015, compared to $37.3 million at March 31, 2015.
"We reached a very important milestone in the second quarter by clearly restoring our financial stability with solid profitability and positive cash flow," said Ira Palti, president and CEO of Ceragon. "More important, we are much more confident that we can continue the trend of profit improvement.
"Reaching our initial financial targets more quickly than expected demonstrates the effectiveness of our strategic initiatives aimed at capitalizing on our best-of-breed technology and global reach by focusing on high-value opportunities worldwide with telecom carriers and private network operators seeking best-of-breed solutions. Now, as we continue to refine our strategy and improve our execution, we are setting new, higher profit goals for the company."
Supplemental geographical breakdown of revenue for the second quarter of 2015:
- Europe: 12%
- Africa: 8%
- North America: 18%
- Latin America: 22%
- India: 30%
- APAC: 10%
A conference call to discuss the results will begin at 9:00 a.m. EDT. Investors are invited to join the Company's teleconference by calling USA: (800) 230-1059 or International: +1 (612) 234-9959, from 8:50 a.m. EDT. 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: USA: (800) 475-6701 or International +1 (320) 365-3844 Access Code: 363874. A replay of both the call and the webcast will be available through September 13, 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 solution 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 profitability at every stage of the network lifecycle enabling faster time to revenue, cost-effective operation and simple modernization to all-IP networks. As the demand for multimedia services pushes the need for ever-increasing capacity, Ceragon is committed to serve the market with unmatched technology and innovation, ensuring effective solutions for the evolving needs of the marketplace. Our solutions are deployed by more than 430 service providers in over 130 countries.
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Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in the United States and other countries. CERAGON ® is a trademark of Ceragon Networks Ltd., registered in various countries. Other names mentioned are owned by their respective holders.
This press release contains statements concerning Ceragon's future prospects that are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include: projections of capital expenditures and liquidity, competitive pressures, revenues, growth prospects, product development, financial resources, restructuring costs, cost savings and other financial matters. You can identify these and other forward-looking statements by the use of words such as "may," "plans," "anticipates," "believes," "estimates," "predicts," "expects," "intends," "potential" or the negative of such terms, or other comparable terminology. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risk that Ceragon will not achieve the benefits it expects from its expense reduction and profit enhancement programs; the risk that Ceragon's expectations regarding future revenues and profitability will not materialize; the risk that Ceragon will not comply with the financial or other covenants in its agreements with its lenders; risks associated with doing business in Latin America, including currency export controls and recent economic concerns; risks relating to the concentration of our business in the Asia Pacific region and in developing nations; the risk of significant expenses in connection with potential contingent tax liability associated with Nera's prior operations or facilities; and other risks and uncertainties detailed from time to time in Ceragon's Annual Report on Form 20-F and Ceragon's other filings with the Securities and Exchange Commission, and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.
Investors:
Doron Arazi or Claudia Gatlin
+972 3 5431 660 +1 212 830-9080
[email protected] [email protected]
Media:
Tanya Solomon
+972 3 5431163
[email protected]
|
Ceragon Reports Second Quarter 2015 Results
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(U.S. dollars in thousands, except share and per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 94,772
|
|
$ 90,420
|
|
$ 188,425
|
|
$ 160,935
|
|
Cost of revenues
|
|
68,078
|
|
66,607
|
|
137,491
|
|
121,543
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
26,694
|
|
23,813
|
|
50,934
|
|
39,392
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
5,770
|
|
8,454
|
|
12,169
|
|
18,893
|
|
Selling and marketing
|
|
9,481
|
|
14,655
|
|
20,789
|
|
30,075
|
|
General and administrative
|
|
5,525
|
|
5,720
|
|
10,261
|
|
11,626
|
|
Restructuring costs
|
|
-
|
|
-
|
|
1,225
|
|
936
|
|
Other income
|
|
-
|
|
16,800
|
|
-
|
|
16,800
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
$ 20,776
|
|
$ 12,029
|
|
$ 44,444
|
|
$ 44,730
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
5,918
|
|
11,784
|
|
6,490
|
|
(5,338)
|
|
|
|
|
|
|
|
|
|
|
Financial expenses, net
|
|
3,161
|
|
2,175
|
|
9,507
|
|
10,339
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes
|
|
2,757
|
|
9,609
|
|
(3,017)
|
|
(15,677)
|
|
|
|
|
|
|
|
|
|
|
Taxes on income
|
|
1,426
|
|
1,611
|
|
2,647
|
|
3,288
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$ 1,331
|
|
$ 7,998
|
|
$ (5,664)
|
|
$ (18,965)
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share
|
|
$ 0.02
|
|
$ 0.15
|
|
$ (0.07)
|
|
$ (0.36)
|
|
Diluted net income (loss) per share
|
|
$ 0.02
|
|
$ 0.15
|
|
$ (0.07)
|
|
$ (0.36)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing basic net income (loss) per share
|
|
77,170,030
|
|
52,457,168
|
|
77,158,982
|
|
52,457,168
|
|
Weighted average number of shares used in computing diluted net income (loss) per share
|
|
77,243,249
|
|
52,861,134
|
|
77,158,982
|
|
52,457,168
|
|
Ceragon Reports Second Quarter 2015 Results
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(U.S. dollars in thousands)
|
|
|
|
|
|
|
|
June 30,
2015
|
|
December 31,
2014
|
|
ASSETS
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ 39,535
|
|
$ 41,423
|
|
Short-term bank deposits
|
|
353
|
|
413
|
|
Marketable securities
|
|
-
|
|
535
|
|
Trade receivables, net
|
|
138,110
|
|
162,626
|
|
Deferred taxes, net
|
|
25,186
|
|
22,898
|
|
Other accounts receivable and prepaid expenses
|
|
2,085
|
|
3,522
|
|
Inventories
|
|
51,337
|
|
61,830
|
|
Total current assets
|
|
256,606
|
|
293,247
|
|
|
|
|
|
|
NON-CURRENT ASSETS:
|
|
|
|
|
|
Deferred tax assets, net
|
|
103
|
|
239
|
|
Severance pay and pension fund
|
|
5,327
|
|
5,669
|
|
Property and equipment, net
|
|
30,646
|
|
33,138
|
|
Intangible assets, net
|
|
4,300
|
|
5,070
|
|
Other non-current assets
|
|
3,681
|
|
4,510
|
|
Total non-current assets
|
|
44,057
|
|
48,626
|
|
Total assets
|
|
$ 300,663
|
|
$ 341,873
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
Short term loan, including current maturities of long term loan
|
|
$ 50,988
|
|
$ 48,832
|
|
Trade payables
|
|
81,491
|
|
101,752
|
|
Deferred revenues
|
|
13,239
|
|
17,667
|
|
Other accounts payable and accrued expenses
|
|
31,291
|
|
37,248
|
|
Total current liabilities
|
|
177,009
|
|
205,499
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
Long term loan, net of current maturities
|
|
-
|
|
2,072
|
|
Accrued severance pay and pension
|
|
10,589
|
|
11,452
|
|
Other long term payables
|
|
16,261
|
|
18,298
|
|
Total long-term liabilities
|
|
26,850
|
|
31,822
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
Share capital:
|
|
|
|
|
|
Ordinary shares
|
|
212
|
|
212
|
|
Additional paid-in capital
|
|
406,986
|
|
406,413
|
|
Treasury shares at cost
|
|
(20,091)
|
|
(20,091)
|
|
Other comprehensive loss
|
|
(6,768)
|
|
(4,111)
|
|
Accumulated deficits
|
|
(283,535)
|
|
(277,871)
|
|
|
|
|
|
|
Total shareholders' equity
|
|
96,804
|
|
104,552
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$ 300,663
|
|
$ 341,873
|
|
Ceragon Reports Second Quarter 2015 Results
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
|
|
(U.S. dollars, in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Cash flow from operating activities:
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$ 1,331
|
|
$ 7,998
|
|
$ (5,664)
|
|
$ (18,965)
|
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
2,719
|
|
3,530
|
|
6,222
|
|
6,908
|
|
Stock-based compensation expense
|
378
|
|
1,076
|
|
572
|
|
2,123
|
|
Decrease (increase) in trade and other receivables, net
|
4,487
|
|
(15,800)
|
|
19,356
|
|
(13,906)
|
|
Decrease in inventory, net of write off
|
4,539
|
|
1,420
|
|
9,648
|
|
3,029
|
|
Decrease in deferred tax asset, net
|
723
|
|
1,327
|
|
1,453
|
|
2,644
|
|
Increase (decrease) in trade payables and accrued liabilities
|
(11,612)
|
|
6,139
|
|
(25,331)
|
|
(8,919)
|
|
Increase (decrease) in deferred revenues
|
1,049
|
|
3,946
|
|
(4,428)
|
|
1,047
|
|
Other adjustments
|
(83)
|
|
(570)
|
|
(189)
|
|
271
|
|
Net cash provided by (used in) operating activities
|
$ 3,531
|
|
$ 9,066
|
|
$ 1,639
|
|
$ (25,768)
|
|
Cash flow from investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
(1,431)
|
|
(3,328)
|
|
(3,473)
|
|
(6,178)
|
|
Investment in short-term bank deposits
|
(4)
|
|
-
|
|
(4)
|
|
-
|
|
Proceeds from short-term bank deposits
|
-
|
|
8
|
|
64
|
|
58
|
|
Proceeds from sale and maturities of marketable securities, net
|
-
|
|
-
|
|
122
|
|
5,161
|
|
Net cash used in investing activities
|
$ (1,435)
|
|
$ (3,320)
|
|
$ (3,291)
|
|
$ (959)
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank loans
|
2,150
|
|
2,080
|
|
4,200
|
|
20,190
|
|
Repayment of bank loans
|
(2,058)
|
|
(2,058)
|
|
(4,116)
|
|
(4,116)
|
|
Net cash provided by financing activities
|
$ 92
|
|
$ 22
|
|
$ 84
|
|
$ 16,074
|
|
|
|
|
|
|
|
|
|
Translation adjustments on cash and cash equivalents
|
$ 77
|
|
$ 52
|
|
$ (320)
|
|
$ 121
|
|
Increase (decrease) in cash and cash equivalents
|
$ 2,265
|
|
$ 5,820
|
|
$ (1,888)
|
|
$ (10,532)
|
|
Cash and cash equivalents at the beginning of the period
|
37,270
|
|
26,055
|
|
41,423
|
|
42,407
|
|
Cash and cash equivalents at the end of the period
|
$ 39,535
|
|
$ 31,875
|
|
$ 39,535
|
|
$ 31,875
|
|
|
|
|
|
|
|
|
|
Ceragon Reports Second Quarter 2015 Results
|
|
RECONCILIATION OF NON-GAAP FINANCIAL RESULTS
|
|
(U.S. dollars in thousands, except share and per share data)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ended June 30,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
GAAP
(as reported)
|
|
Adjustments
|
|
Non-GAAP
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 94,772
|
|
|
|
$ 94,772
|
|
$ 90,420
|
|
Cost of revenues
|
|
68,078
|
|
(a) 403
|
|
67,675
|
|
66,045
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
26,694
|
|
|
|
27,097
|
|
24,375
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
5,770
|
|
(b) 245
|
|
5,525
|
|
7,689
|
|
Selling and marketing
|
|
9,481
|
|
(c) 150
|
|
9,331
|
|
13,989
|
|
General and administrative
|
|
5,525
|
|
(d) 24
|
|
5,501
|
|
5,283
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
20,776
|
|
|
|
$ 20,357
|
|
$ 26,961
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
5,918
|
|
|
|
6,740
|
|
(2,586)
|
|
Financial expenses, net
|
|
3,161
|
|
|
|
3,161
|
|
2,175
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes
|
|
2,757
|
|
|
|
3,579
|
|
(4,761)
|
|
|
|
|
|
|
|
|
|
|
Taxes on income
|
|
1,426
|
|
(e) 856
|
|
570
|
|
260
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$ 1,331
|
|
|
|
$ 3,009
|
|
$ (5,021)
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings (loss) per share
|
|
$ 0.02
|
|
|
|
$ 0.04
|
|
$ (0.10)
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings (loss) per share
|
|
$ 0.02
|
|
|
|
$ 0.04
|
|
$ (0.10)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing basic net earnings (loss) per share
|
|
77,170,030
|
|
|
|
77,170,030
|
|
52,457,168
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing diluted net earnings (loss) per share
|
|
77,243,249
|
|
|
|
77,811,594
|
|
52,457,168
|
|
|
|
|
|
|
|
|
|
|
Total adjustments
|
|
|
|
1,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Cost of revenues includes $0.3 million of amortization of intangible assets, $0.1 million of changes in pre-acquisition indirect tax positions and $20 thousand of stock based compensation income in the three months ended June 30, 2015.
|
|
(b)
|
Research and development expenses include $0.2 million of stock-based compensation expenses in the three months ended June 30, 2015.
|
|
(c)
|
Selling and marketing expenses include $20 thousand of amortization of intangible assets and $0.1 million of stock based compensation expenses in the three months ended June 30, 2015.
|
|
(d)
|
General and administrative expenses include stock based compensation expenses in the three months ended June 30, 2015.
|
|
(e)
|
Taxes on income include non-cash tax adjustments in the three months ended June 30, 2015.
|
|
Ceragon Reports Second Quarter 2015 Results
|
|
RECONCILIATION OF NON-GAAP FINANCIAL RESULTS
|
|
(U.S. dollars in thousands, except share and per share data)
|
|
(Unaudited)
|
|
|
|
|
|
Six months ended June 30,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
GAAP
(as reported)
|
|
Adjustments
|
|
Non-GAAP
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 188,425
|
|
|
|
$ 188,425
|
|
$ 160,935
|
|
Cost of revenues
|
|
137,491
|
|
(a) 767
|
|
136,724
|
|
120,115
|
|
Gross profit
|
|
50,934
|
|
|
|
51,701
|
|
40,820
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
12,169
|
|
(b) 341
|
|
11,828
|
|
15,542
|
|
Selling and marketing
|
|
20,789
|
|
(c) 422
|
|
20,367
|
|
28,394
|
|
General and administrative
|
|
10,261
|
|
(d) 8
|
|
10,253
|
|
10,305
|
|
Restructuring costs
|
|
1,225
|
|
1,225
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
$ 44,444
|
|
|
|
$ 42,448
|
|
$ 54,241
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
6,490
|
|
|
|
9,253
|
|
(13,421)
|
|
Financial expenses, net
|
|
9,507
|
|
(e) 2,973
|
|
6,534
|
|
4,029
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes
|
|
(3,017)
|
|
|
|
2,719
|
|
(17,450)
|
|
|
|
|
|
|
|
|
|
|
Taxes on income
|
|
2,647
|
|
(f) 1,590
|
|
1,057
|
|
447
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$ (5,664)
|
|
|
|
$ 1,662
|
|
$ (17,897)
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share
|
|
$ (0.07)
|
|
|
|
$ 0.02
|
|
$ (0.34)
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share
|
|
$ (0.07)
|
|
|
|
$ 0.02
|
|
$ (0.34)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing basic net earnings (loss) per share
|
|
77,158,982
|
|
|
|
77,158,982
|
|
52,457,168
|
|
Weighted average number of shares used in computing diluted net earnings (loss) per share
|
|
77,158,982
|
|
|
|
77,796,494
|
|
52,457,168
|
|
|
|
|
|
|
|
|
|
|
Total adjustments
|
|
|
|
7,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Cost of revenues includes $0.6 million of amortization of intangible assets, $0.1 million of changes in pre-acquisition indirect tax positions and $10 thousand of stock based compensation expenses in the six months ended June 30, 2015.
|
|
(b)
|
Research and development expenses include $0.3 million of stock-based compensation expenses in the six months ended June 30, 2015.
|
|
(c)
|
Selling and marketing expenses include $0.2 million of amortization of intangible assets and $0.2 million of stock based compensation expenses in the six months ended June 30, 2015.
|
|
(d)
|
General and administrative expenses include stock based compensation expenses in the six months ended June 30, 2015.
|
|
(e)
|
Financial expenses include the effect of re-measurement of certain assets denominated in or linked to the U.S. dollar in Venezuela, due to restrictive government policies on payments in foreign currency in the six months ended June 30, 2015.
|
|
(f)
|
Taxes on income include non-cash tax adjustments in the six months ended June 30, 2015.
|
|
Ceragon Reports Second Quarter 2015 Results
|
|
RECONCILIATION BETWEEN REPORTED AND NON-GAAP
|
|
NET INCOME (LOSS)
|
|
(U.S. dollars in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June 30, 2015
|
|
|
|
|
|
|
Reported GAAP net income (loss)
|
|
1,331
|
|
(5,664)
|
|
|
|
|
|
|
Stock based compensation expenses
|
|
378
|
|
572
|
|
Amortization of intangible assets
|
|
326
|
|
818
|
|
Restructuring expenses
|
|
-
|
|
1,225
|
|
Changes in pre-acquisition indirect tax positions
|
|
118
|
|
148
|
|
Currency devaluation in Venezuela
|
|
-
|
|
2,973
|
|
Non-cash tax adjustments
|
|
856
|
|
1,590
|
|
Non-GAAP net income
|
|
3,009
|
|
1,662
|
|
|
|
|
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ceragon-networks-reports-second-quarter-2015-financial-results-300128099.html
SOURCE Ceragon Networks Ltd.
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