Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT) today reported flat revenue and lower profits for the fourth quarter and full year of 2012, after lowering its guidance because a large customer required additional acceptance procedures and documentation for equipment purchased, resulting in the postponement of recognition of $11-14 million revenue from 2012 to 2013. Today, the company added that it restated its results for the first three quarters of the year.
Fourth quarter revenue fell to $106.8 million from $118.5 million for the corresponding quarter of 2011. GAAP-based net loss widened to $8.4 million ($0.23 per share) for the fourth quarter from $8.2 million for the corresponding quarter, and non-GAAP net profit fell to $421,000 ($0.01 per share). The company beat the analysts' revenue consensus of $97.7 million, and loss per share consensus of $0.07.
Full-year revenue inched up to $446.7 million from $445.3 million in 2011. GAAP-based net loss narrowed to $23.4 million in 2012 from $53.7 million in 2011, and non-GAAP net profit fell to 65,000 ($0.00 per share) from $421,000. The company missed the analysts' consensus of $0.15 earnings per share on $452.6 million revenue.
"Our revenues in the fourth quarter were within the range of our guidance and our book-to-bill ratio was above 1," said Ceragon president and CEO Ira Palti. "As expected, we generated substantial positive cash flow from operations during the quarter." However, the full-year results were worse than the company's original full-year revenue guidance of $459-465 million, 3-4.4% growth over 2012.
Published by Globes [online], Israel business news - www.globes-online.com - on February 14, 2013
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