CERAGON NETWORKS REPORTS FIRST QUARTER 2010
TEL AVIV, Israel, April 26, 2010 - Ceragon Networks Ltd. (NASDAQ and TASE: CRNT), the
provider of high-capacity, LTE/4G-ready wireless backhaul networks, today reported results for the first quarter
which ended March 31, 2010.
Revenues for the first quarter of 2010 reached an all-time high of $59.7 million, up 36% from $43.9
million for the first quarter of 2009 and up 12% from $53.4 million in the fourth quarter of 2009.
Net income in accordance with US Generally Accepted Accounting Principles (GAAP) for the first
quarter of 2010 was $3.0 million or $0.09 per basic share and $0.08 per diluted share, compared to net income
of $0.2 million in the first quarter of 2009, or $0.01 per basic and diluted share.
On a non-GAAP basis, net income for the first quarter, excluding $971,000 of equity-based
compensation expenses, was $4.0 million, or $0.12 per basic share and $0.11 per diluted share. Non-GAAP net
income for the first quarter of 2009 was $1.0 million, or $0.03 per basic and diluted share (please refer to the
accompanying financial table for reconciliation of GAAP financial information to non-GAAP).
Gross margin on a GAAP basis in the first quarter of 2010 was 34.1% of revenues. Gross margin on a
non-GAAP basis was 34.2 % of revenues.
Cash and cash investments at the end of the quarter were $98.9 million.
“The year is off to a very strong start in part because we were able to recognize revenue from some
turnkey projects earlier than originally expected,” said Ira Palti, President and CEO of Ceragon. “As wireless
operators move forward with 4G/LTE plans in response to accelerating growth in demand for data, they remain
focused on flexible solutions that accommodate the requirements of both current and future networks. As a result,
the overall business outlook continues to be positive and we remain confident in our target of 30-