LITTLE FALLS, New Jersey,
Feb. 15, 2017 /PRNewswire/
-- Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless
backhaul specialist, today reported results for the fourth quarter
and full year ended December 31,
2016.
Fourth Quarter 2016 Highlights:
Revenues – $84.7 million,
up 12% from the fourth quarter of 2015, and up 7% from the third
quarter of 2016.
Gross margin – 32.5%, compared to 32.8% in the fourth
quarter of 2015 and 32.9% in the third quarter of 2016.
Operating income – $8.5
million, compared to an operating income of $8.9 million in the fourth quarter of 2015 and an
operating income of $5.8 million in
the third quarter of 2016.
Net income – $8.3
million, or $0.10 per diluted
share. Net income for the fourth quarter of 2015 was $5.2 million, or $0.07 per diluted share. Net income for the third
quarter of 2016 was $3.5 million, or
$0.04 per diluted share.
Non-GAAP results –gross margin was 32.9%, operating
income was $7.2 million, and net
income was $5.2 million, or
$0.07 per diluted share. Non-GAAP
results exclude adjustments of $(3.1)
million. For a reconciliation of GAAP to non-GAAP results,
see the attached tables.
Cash and cash equivalents – $36.3
million at December 31, 2016,
compared to $32.4 million at
September 30, 2016, after reducing
debt by $3.3 million to $17.0
million.
Full Year 2016 Highlights:
Revenues – $293.6
million, down 16% from 2015.
Gross margin – 33.8%, compared to 29.5% in 2015.
Operating income – $19.5
million, compared to an operating income of $ 21.6 million in 2015.
Net income – $11.4 million,
or $0.15 per diluted share. Net
income for 2015 was $ 1.0 million, or
$ 0.01 per diluted share.
Non-GAAP results – gross margin was 34.5%, operating
income was $21.1 million, and net
income was $11.5 million, or
$0.15 per diluted share. Non-GAAP
results exclude adjustments of $42,000. For a reconciliation of GAAP to non-GAAP
results, see the attached tables.
"The continued success of our strategy to focus on increasing
net income and free cash flow resulted in significant improvement
in these key metrics in 2016, and enabled us to maintain a strong
cash position while also substantially reducing debt," said
Ira Palti, president and CEO of
Ceragon. "We have a strong order book, particularly with the large
orders we received in Q1 from a customer in India. However, the timing of delivering
various elements of these orders may cause greater than normal
quarter-to-quarter fluctuations in our results during the year.
After integrating these orders into our overall operating plan, we
now feel comfortable raising our net income target for 2017, on a
constant currency basis, from the one we set in November 2016."
Supplemental revenue breakouts by geography:
Fourth quarter 2016:
-
Europe:
14%
-
Africa:
4%
- North America:
14%
- Latin America:
27%
-
India: 32%
-
APAC:
9%
Full year 2016:
-
Europe:
15%
-
Africa: 7%
- North
America: 14%
- Latin America:
27%
-
India: 27%
-
APAC: 10%
A conference call to discuss the results will begin at
9:00 a.m. EST. Investors are invited
to join the Company's teleconference by calling USA: (800) 230-1074 or International: +1 (612)
332-0107, from 8:50 a.m. EST. 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:https://www.ceragon.com/about-ceragon/investor-relations/events-webcasts/,
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: 414711. A replay of
both the call and the webcast will be available through
March 15, 2017.
About Ceragon Networks Ltd.
Ceragon Networks Ltd. (NASDAQ: CRNT) is the world's #1 wireless
backhaul specialist. We help operators and other service providers
worldwide increase operational efficiency and enhance end
customers' quality of experience with innovative wireless backhaul
solutions. Our customers include wireless service providers, public
safety organizations, government agencies and utility companies,
which use our solutions to deliver 4G, mission-critical multimedia
services and other applications at high reliability and speed.
Ceragon's unique multicore technology provides highly reliable,
high-capacity 4G wireless backhaul with minimal use of spectrum,
power and other resources. It enables increased productivity, as
well as simple and quick network modernization. We deliver a range
of professional services that ensure efficient network rollout and
optimization to achieve the highest value for our customers. Our
solutions are deployed by more than 460 service providers, as well
as hundreds of private network owners, in more than 130
countries.
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http://blog.ceragon.com/blog
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" as
defined in the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on the current
beliefs, expectations and assumptions of Ceragon's management.
Examples of forward-looking statements include: revenues, growth
prospects, projections of gross margins, operating and other
expenses, capital expenditures, profitability and liquidity,
competitive pressures, product development, financial resources,
cost savings and other financial matters. You may identify these
and other forward-looking statements by the use of words such as
"may" "plans" "anticipates" "believes" \"estimates" "targets"
"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's
expectations regarding future revenues and profitability will not
materialize; risks relating to the concentration of our business in
India, Latin America, Africa and in developing nations in other
regions, including political, economic and regulatory risks from
doing business in those regions and nations, including in relation
to local business practices that may be inconsistent with
international regulatory requirements, such as anti-corruption and
anti-bribery regulations, currency export control issues and recent
economic concerns; the risk that the business coming from our
bigger customers will go down significantly or cease, the risk that
Ceragon will not achieve the benefits it expects from its expense
reduction plans and profit enhancement programs, as may be
implemented from time to time; the risk of significant expenses in
connection with potential contingent tax liability; 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.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(U.S. dollars in
thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
84,665
|
|
$
75,643
|
|
$
293,641
|
|
$
349,435
|
Cost of
revenues
|
|
57,122
|
|
50,840
|
|
194,479
|
|
246,487
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
27,543
|
|
24,803
|
|
99,162
|
|
102,948
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development, net
|
|
5,718
|
|
5,268
|
|
21,695
|
|
22,930
|
Selling and
marketing
|
|
10,334
|
|
9,982
|
|
39,515
|
|
40,816
|
General and
administrative
|
|
4,942
|
|
5,473
|
|
20,380
|
|
21,235
|
Restructuring
costs
|
|
-
|
|
-
|
|
-
|
|
1,225
|
Other
income
|
|
(1,921)
|
|
(4,849)
|
|
(1,921)
|
|
(4,849)
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
$
19,073
|
|
$
15,874
|
|
$
79,669
|
|
$
81,357
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
8,470
|
|
8,929
|
|
19,493
|
|
21,591
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
1,494
|
|
2,265
|
|
6,303
|
|
14,738
|
|
|
|
|
|
|
|
|
|
Income before
taxes
|
|
6,976
|
|
6,664
|
|
13,190
|
|
6,853
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
|
(1,357)
|
|
1,432
|
|
1,761
|
|
5,842
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
8,333
|
|
$
5,232
|
|
$
11,429
|
|
$
1,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share
|
|
$
0.11
|
|
$
0.07
|
|
$
0.15
|
|
$
0.01
|
Diluted net income per
share
|
|
$
0.10
|
|
$
0.07
|
|
$
0.15
|
|
$
0.01
|
Weighted average number
of shares used in computing basic net income per share
|
|
77,759,346
|
|
77,416,409
|
|
77,702,788
|
|
77,239,409
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing diluted net income per share
|
|
79,583,792
|
|
78,432,387
|
|
78,613,528
|
|
77,296,681
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(U.S. dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
December
31, 2016
|
|
December 31,
2015
|
ASSETS
|
|
|
|
(Audited)
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
36,338
|
|
$
36,318
|
Trade receivables,
net
|
|
107,395
|
|
116,683
|
Deferred taxes,
net
|
|
1,327
|
|
1,633
|
Other accounts
receivable and prepaid expenses
|
|
18,516
|
|
22,583
|
Inventories
|
|
45,647
|
|
49,690
|
Total current
assets
|
|
209,223
|
|
226,907
|
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
|
Deferred tax assets,
net
|
|
17
|
|
189
|
Severance
pay and pension funds
|
|
4,575
|
|
4,681
|
Property
and equipment, net
|
|
27,560
|
|
28,906
|
Intangible
assets, net
|
|
1,544
|
|
3,192
|
Other non-current
assets
|
|
1,306
|
|
1,457
|
|
|
|
|
|
Total non-current
assets
|
|
35,002
|
|
38,425
|
Total assets
|
|
$
244,225
|
|
$
265,332
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Short term loan,
including current maturities of long term bank loan
|
|
$
17,000
|
|
$
34,922
|
Trade
payables
|
|
68,408
|
|
71,721
|
Deferred
revenues
|
|
2,673
|
|
8,901
|
Other accounts payable
and accrued expenses
|
|
22,425
|
|
27,052
|
Total current
liabilities
|
|
110,506
|
|
142,596
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Accrued severance pay
and pension
|
|
9,198
|
|
9,276
|
Other long term
payables
|
|
8,357
|
|
10,639
|
Total long-term
liabilities
|
|
17,555
|
|
19,915
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
Share
capital:
|
|
|
|
|
Ordinary shares
|
|
214
|
|
214
|
Additional paid-in
capital
|
|
409,320
|
|
408,174
|
Treasury shares at
cost
|
|
(20,091)
|
|
(20,091)
|
Other comprehensive
loss
|
|
(7,846)
|
|
(8,616)
|
Accumulated
deficits
|
|
(265,433)
|
|
(276,860)
|
|
|
|
|
|
Total shareholders'
equity
|
|
116,164
|
|
102,821
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
244,225
|
|
$
265,332
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
|
(U.S. dollars, in
thousands)
|
(Unaudited)
|
|
|
|
Three months
ended
December
31,
|
|
Year
ended
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
(Audited)
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
$
8,333
|
|
$
5,232
|
|
$
11,429
|
|
$
1,011
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,534
|
|
3,137
|
|
10,037
|
|
12,203
|
Stock-based
compensation expense
|
198
|
|
453
|
|
1,071
|
|
1,625
|
Decrease in trade and
other receivables, net
|
4,361
|
|
3,509
|
|
15,684
|
|
40,171
|
Decrease (increase) in
inventory, net of write off
|
(1,462)
|
|
(971)
|
|
4,706
|
|
10,240
|
Decrease in trade
payables and accrued liabilities
|
(1,258)
|
|
(3,009)
|
|
(11,434)
|
|
(41,480)
|
Decrease in deferred
revenues
|
(1,753)
|
|
(1,162)
|
|
(6,228)
|
|
(8,766)
|
Decrease (increase) in
deferred tax asset, net
|
(811)
|
|
(466)
|
|
478
|
|
1,975
|
Other
adjustments
|
(140)
|
|
(74)
|
|
28
|
|
(858)
|
Net cash provided
by operating activities
|
$
10,002
|
|
$
6,649
|
|
$
25,771
|
|
$
16,121
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
Purchase of property
and equipment ,net
|
(2,757)
|
|
(946)
|
|
(8,190)
|
|
(5,266)
|
Investment in short and
long-term bank deposit
|
-
|
|
-
|
|
(153)
|
|
(19)
|
Proceeds from
maturities of short and long-term bank deposits
|
-
|
|
368
|
|
153
|
|
432
|
Proceeds from sales of
available for sale marketable securities
|
-
|
|
-
|
|
-
|
|
122
|
Net cash used in
investing activities
|
$
(2,757)
|
|
$
(578)
|
|
$
(8,190)
|
|
$
(4,731)
|
|
|
|
|
|
|
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from exercise
of options
|
8
|
|
26
|
|
75
|
|
138
|
Proceeds from
financial institutions, net
|
-
|
|
-
|
|
-
|
|
4,200
|
Repayments of bank
loans
|
(3,300)
|
|
(9,008)
|
|
(17,922)
|
|
(20,182)
|
Net cash used in
financing activities
|
$
(3,292)
|
|
$
(8,982)
|
|
$
(17,847)
|
|
$
(15,844)
|
|
|
|
|
|
|
|
|
Translation
adjustments on cash and cash equivalents
|
$
11
|
|
$
25
|
|
$
286
|
|
$
(651)
|
Increase
(decrease) in cash and cash equivalents
|
$
3,964
|
|
$
(2,886)
|
|
$
20
|
|
$
(5,105)
|
Cash and cash
equivalents at the beginning of the period
|
32,374
|
|
39,204
|
|
36,318
|
|
41,423
|
Cash and cash
equivalents at the end of the period
|
$
36,338
|
|
$
36,318
|
|
$
36,338
|
|
$
36,318
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL RESULTS
|
(U.S. dollars in
thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP cost
of revenues
|
|
$
|
57,122
|
|
$
|
50,840
|
|
$
|
194,479
|
|
$
|
246,487
|
|
Amortization of
intangible assets
|
|
|
(310)
|
|
|
(309)
|
|
|
(1,232)
|
|
|
(1,228)
|
|
Stock based
compensation expenses
|
|
|
(4)
|
|
|
(29)
|
|
|
(30)
|
|
|
(73)
|
|
Changes in
pre-acquisition indirect tax positions
|
|
|
-
|
|
|
(1)
|
|
|
(806)
|
|
|
(278)
|
|
Non-GAAP cost
of revenues
|
|
$
|
56,808
|
|
$
|
50,501
|
|
$
|
192,411
|
|
$
|
244,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
|
27,543
|
|
$
|
24,803
|
|
$
|
99,162
|
|
$
|
102,948
|
|
Gross profit
adjustments
|
|
|
314
|
|
|
339
|
|
|
2,068
|
|
|
1,579
|
|
Non-GAAP gross
profit
|
|
$
|
27,857
|
|
$
|
25,142
|
|
$
|
101,230
|
|
$
|
104,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and
development expenses
|
|
$
|
5,718
|
|
$
|
5,268
|
|
$
|
21,695
|
|
$
|
22,930
|
|
Stock based
compensation expenses
|
|
|
(17)
|
|
|
(179)
|
|
|
(151)
|
|
|
(735)
|
|
Non-GAAP Research and
development expenses
|
|
$
|
5,701
|
|
$
|
5,089
|
|
$
|
21,544
|
|
$
|
22,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Sales and
Marketing expenses
|
|
$
|
10,334
|
|
$
|
9,982
|
|
$
|
39,515
|
|
$
|
40,816
|
|
Amortization of
intangible assets
|
|
|
(106)
|
|
|
(148)
|
|
|
(417)
|
|
|
(637)
|
|
Stock based
compensation expenses
|
|
|
(54)
|
|
|
(109)
|
|
|
(369)
|
|
|
(495)
|
|
Non-GAAP Sales and
Marketing expenses
|
|
$
|
10,174
|
|
$
|
9,725
|
|
$
|
38,729
|
|
$
|
39,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and
Administrative expenses
|
|
$
|
4,942
|
|
$
|
5,473
|
|
$
|
20,380
|
|
$
|
21,235
|
|
Stock based
compensation expenses
|
|
|
(122)
|
|
|
(135)
|
|
|
(521)
|
|
|
(321)
|
|
Non-GAAP General and
Administrative expenses
|
|
$
|
4,820
|
|
$
|
5,338
|
|
$
|
19,859
|
|
$
|
20,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP restructuring
cost
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
1,225
|
|
Restructuring plan
related cost
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,225)
|
|
Non-GAAP
restructuring cost
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other
income
|
|
$
|
(1,921)
|
|
|
$
|
|
(4,849)
|
|
$
|
|
(1,921)
|
|
$
|
(4,849)
|
|
Statute of limitation
on certain pre-acquisition indirect tax liabilities
|
|
|
|
1,921
|
|
|
|
|
4,849
|
|
|
|
1,921
|
|
|
4,849
|
|
Non-GAAP other
income
|
|
$
|
|
-
|
|
|
$
|
|
-
|
|
$
|
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL RESULTS
|
(U.S. dollars in
thousands, except share and per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Year
ended
|
|
|
December
31,
|
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
GAAP financial
expenses
|
|
$
|
1,494
|
|
$
|
2,265
|
|
|
$
|
6,303
|
|
$
|
14,738
|
Currency devaluation
in Venezuela related expenses
|
|
|
-
|
|
|
-
|
|
|
|
907
|
|
|
(2,973)
|
Non-GAAP financial
expenses
|
|
$
|
1,494
|
|
$
|
2,265
|
|
|
$
|
7,210
|
|
$
|
11,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP taxes on
income
|
|
$
|
(1,357)
|
|
$
|
1,432
|
|
|
$
|
1,761
|
|
$
|
5,842
|
Changes in
pre-acquisition tax liability
|
|
|
-
|
|
|
-
|
|
|
|
(453)
|
|
|
-
|
Other non-cash tax
adjustments
|
|
|
1,786
|
|
|
(762)
|
|
|
|
1,109
|
|
|
(3,297)
|
Non-GAAP taxes on
income
|
|
$
|
429
|
|
$
|
670
|
|
|
$
|
2,417
|
|
$
|
2,545
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL RESULTS
|
U.S. dollars in
thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
|
December
31,
|
|
December
31
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
$
|
8,333
|
|
$
|
5,232
|
|
$
|
11,429
|
|
$
|
1,011
|
|
Amortization of
intangible assets
|
|
|
416
|
|
|
457
|
|
|
1,649
|
|
|
1,865
|
|
Stock based
compensation expenses
|
|
|
197
|
|
|
452
|
|
|
1,071
|
|
|
1,624
|
|
Restructuring
expenses
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,225
|
|
Changes in
pre-acquisition indirect tax positions
|
|
|
-
|
|
|
1
|
|
|
1,259
|
|
|
278
|
|
Currency devaluation
in Venezuela related expenses
|
|
|
-
|
|
|
-
|
|
|
(907)
|
|
|
2,973
|
|
Non-cash tax
adjustments
|
|
|
(1,786)
|
|
|
762
|
|
|
(1,109)
|
|
|
3,297
|
|
Statute of limitation
on certain pre-acquisition indirect tax liabilities
|
|
|
(1,921)
|
|
|
(4,849)
|
|
|
(1,921)
|
|
|
(4,849)
|
|
Non-GAAP net
income
|
|
$
|
5,239
|
|
$
|
2,055
|
|
$
|
11,471
|
|
$
|
7,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basic net income
per share
|
|
$
|
0.11
|
|
$
|
0.07
|
|
$
|
0.15
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net
income per share
|
|
$
|
0.10
|
|
$
|
0.07
|
|
$
|
0.15
|
|
$
|
0.01
|
|
Non-GAAP basic and
diluted net income per share
|
|
$
|
0.07
|
|
$
|
0.03
|
|
$
|
0.15
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computing
basic net income per share
|
|
|
77,759,346
|
|
|
77,416,409
|
|
|
77,702,788
|
|
|
77,239,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computing
GAAP diluted net income per share
|
|
|
79,583,792
|
|
|
77,432,387
|
|
|
78,613,528
|
|
|
77,296,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computing
Non-GAAP diluted net income per share
|
|
|
79,888,786
|
|
|
78,264,309
|
|
|
78,986,738
|
|
|
77,967,811
|
|
Investors:
Doron
Arazi
or Claudia
Gatlin
+972-3-5431-660
+1-212-830-9080
dorona@ceragon.com
claudiag@ceragon.com
Media:
Tanya Solomon
+972-3-5431163
tanyas@ceragon.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ceragon-networks-reports-fourth-quarter-and-full-year-2016-financial-results-300407839.html
SOURCE Ceragon Networks Ltd