Net income down to $2.7m compared to $4.4m in the fourth quarter of 2007
Israel-based Ceragon Networks, a provider of wireless backhaul services, has reported a GAAP net income of $2.7m, or $0.07 per basic and diluted share, for the fourth quarter of 2008, compared to a GAAP net income of $4.4m, or $0.13 per basic share, in the fourth quarter of 2007.
Revenues for the fourth quarter of 2008 were $56.8m, up 23% from $46.1m for the fourth quarter of 2007.
Revenues for the full year of 2008 were $217.3m, up 34.2% from $161.9m in 2007. Net income on a GAAP basis for 2008 was $26m, or $0.70 per basic share, compared to a GAAP net income of $13.1m, or $0.44 per basic share, for the year 2007.
Ira Palti, president and CEO of Ceragon, said: The underlying drivers of our business, such as growth in mobile data usage and mobile subscriber growth, are part of long term trends expected to continue for several years. Meanwhile, we lack short term visibility as customers focus on maintaining flexibility, reducing inventory and conserving cash in response to the spreading global financial crisis. We will manage through this period by staying close to our customers, capitalizing on our strong position, and preparing to take the company to the next level once economic conditions improve.