Revenue down 7% to $43.9m
Israeli wireless backhaul solutions provider Ceragon Networks has posted a GAAP net income of $215,000, or $0.01 per diluted share, for the first quarter ended March 31, 2009, compared to a net income of $4.27m, or $0.11 per diluted share, for the same period in 2008.
Revenues for the first quarter of 2009 were $43.9m, down 7% from $47.17m for the first quarter of 2008. Gross profit for the first quarter of 2009 declined to $14.87m from $16.66m in the same quarter of 2008.
Gross margin on a GAAP basis in the first quarter of 2009 was 33.9% of revenues.
Ira Palti, president and CEO of Ceragon, said: Underlying long term growth drivers remain in place and we are encouraged by improving demand from expansion of GSM networks in India to accommodate record subscriber growth as well as signs of improving demand in North America.
At the same time, we are still cautious about the near term outlook due to poor visibility, lengthening sales cycles, and customers’ continuing focus on retaining cash. In this environment, our emphasis will continue to be on controlling costs and remaining as flexible as possible in order to react quickly, while preserving our capability to respond effectively when the pace of orders picks up.