LITTLE FALLS, New Jersey,
Feb. 20, 2019 /PRNewswire/ -- Ceragon
Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist
today reported results for the fourth quarter and full year ended
December 31, 2018.
Fourth Quarter 2018 Highlights:
Revenues
- $85.7 million,
down 1.1% from the fourth quarter of 2017, and down 0.9% from the
third quarter of 2018.
Gross margin - 34.4%, compared to 33.6% in the
fourth quarter of 2017 and 35.0% in the third quarter of 2018.
Operating income - $6.5 million, compared to
$7.5 million in the fourth quarter of
2017, and $7.9 million in the third
quarter of 2018.
Net income - $11.6 million, or $0.14 per diluted share for the fourth
quarter of 2018. This includes $7.2
million of income related to the creation of a deferred tax
asset reflecting projected utilization of NOLs. Net income for the
fourth quarter of 2017 was $7.2
million, or $0.09 per diluted
share. Net income for the third quarter of 2018 was
$6.2 million or $0.08 per diluted share.
Non-GAAP results - gross margin was 34.7%, operating
income was $6.8 million, and net
income was $5.0 million, or
$0.06 per diluted share. For
reconciliation of GAAP to non-GAAP results, see the attached
tables.
Cash and cash equivalents - $35.6
million at December 31,
2018, compared to $41.3
million at September 30,
2018.
Full Year 2018 Highlights:
Revenues – $343.9
million, up 3.6% from 2017.
Gross margin – 33.8%, compared to 32.3% in 2017.
Operating income – $26.1
million, compared to an operating income of $23.1 million in 2017.
Net income – $23.0 million, or $0.28 per diluted share. This includes
$7.2 million of income related to the
creation of a deferred tax asset reflecting projected utilization
of NOLs. Net income for 2017 was $15.6
million, or $ 0.19 per diluted
share.
Non-GAAP results - gross margin was 33.9%, operating
income was $27.9 million, and net
income was $17.5 million, or
$0.22 per diluted share. For
reconciliation of GAAP to non-GAAP results, see the attached
tables.
"Our fourth quarter constituted a strong finish to the year,
with revenue, gross margin and net income exceeding our
expectations," said Ira Palti,
president and CEO of Ceragon. "We achieved our primary goal of
growing net income for the fourth consecutive year in 2018. We are
also targeting a fifth consecutive year of non-GAAP net income
growth in 2019, although the first quarter is expected to dip due
to seasonal factors and timing of orders and revenue recognition.
We continue to see a high level of customer activity in most
geographic regions due to the continued expansion of 4G in some
areas and the beginning of the transition to 5G in others. To help
our customers address their specific challenges, we are offering
constantly expanding capabilities from both existing and new
platforms, as we also continue to invest aggressively in our next
generation technology."
Supplemental revenue breakouts by geography:
Fourth quarter 2018:
- Europe: 13%
- Africa: 12%
- North America: 15%
- Latin America: 20%
- India: 25%
- APAC: 15%
Full year 2018:
- Europe: 11%
- Africa: 7%
- North America: 12%
- Latin America: 18%
- India: 38%
- APAC: 14%
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) 230-1085 or International: +1 (612)
288-0329, 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/,
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: 462292. A replay of
both the call and the webcast will be available through
March 20, 2019.
About Ceragon
Ceragon Networks Ltd. (NASDAQ: CRNT) is the #1 wireless backhaul
specialist. We help operators and other service providers worldwide
smoothly evolve their networks towards 5G, while increasing
operational efficiency and enhancing end customers' quality of
experience, with innovative wireless backhaul solutions. Our
customers include wireless service providers, public safety
organizations, government agencies and utility companies, that use
our solutions to deliver mission-critical multimedia services and
other applications at high reliability and speed.
Ceragon's unique multicore technology and wireless backhaul
solutions provide highly reliable, 5G high-capacity connectivity
with minimal use of spectrum, power and other resources. Our
solutions enable 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. Ceragon's 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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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: projections of revenues, net
income, gross margin, capital expenditures and liquidity,
competitive pressures, growth prospects, 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 risks
relating to the concentration of Ceragon's business in certain
geographic regions and particularly in India, risks associated with a decline
in demand from the single market segment on which we focus; risk
relating to certain guarantees granted by Ceragon on behalf of
Orocom to FITEL, in the framework of the FITEL project; risks
associated with any failure to effectively compete with other
wireless equipment providers; risks associated with a change in our
gross margin as a result of changes in the geographic mix of
revenue; risks related to the fact that our operating results
may vary significantly from quarter to quarter and from our
expectations for any specific period; risks related to our ability
to meet the supply demands of our customers in a timely manner due
to the high volatility in their supply needs; risks associated with
difficulties in obtaining market acceptance of newly
introduced product; risks associated with technical difficulties
that may be discovered in newly developed products; 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, that 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.
Ceragon Reports Fourth Quarter and Year End 2018
Results
|
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,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Audited
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
85,742
|
|
$
86,679
|
|
$
343,874
|
|
$
332,033
|
Cost of
revenues
|
|
56,210
|
|
57,524
|
|
227,705
|
|
224,698
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
29,532
|
|
29,155
|
|
116,169
|
|
107,335
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
6,709
|
|
6,493
|
|
28,180
|
|
25,703
|
Selling and
marketing
|
|
11,520
|
|
12,337
|
|
42,961
|
|
41,656
|
General and
administrative
|
|
5,267
|
|
4,544
|
|
19,354
|
|
18,576
|
Other
income
|
|
(470)
|
|
(1,746)
|
|
(470)
|
|
(1,746)
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
23,026
|
|
21,628
|
|
90,025
|
|
84,189
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
6,506
|
|
7,527
|
|
26,144
|
|
23,146
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
872
|
|
1,155
|
|
6,349
|
|
5,889
|
|
|
|
|
|
|
|
|
|
Income before
taxes
|
|
5,634
|
|
6,372
|
|
19,795
|
|
17,257
|
|
|
|
|
|
|
|
|
|
Taxes on income
(benefit)
|
|
(5,965)
|
|
(838)
|
|
(3,251)
|
|
1,697
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
11,599
|
|
$
7,210
|
|
$
23,046
|
|
$
15,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share
|
|
$
0.15
|
|
$
0.09
|
|
$
0.29
|
|
$
0.20
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share
|
|
$
0.14
|
|
$
0.09
|
|
$
0.28
|
|
$
0.19
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares
used in computing basic net income
per share
|
|
79,538,654
|
|
78,010,416
|
|
78,579,013
|
|
77,916,912
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares
used in computing diluted net
income per share
|
|
81,987,796
|
|
79,452,404
|
|
81,021,527
|
|
79,942,353
|
Ceragon Reports
Fourth Quarter and Year end 2018 Results
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(U.S. dollars in
thousands)
|
|
|
|
|
Year ended
December 31
|
|
|
2018
|
|
2017
|
ASSETS
|
|
|
|
Audited
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
35,581
|
|
$
25,877
|
Short -term bank
deposits
|
|
515
|
|
-
|
Trade receivables,
net
|
|
123,451
|
|
113,719
|
Other accounts
receivable and prepaid expenses
|
|
12,135
|
|
17,052
|
Inventories
|
|
53,509
|
|
54,164
|
Total current
assets
|
|
225,191
|
|
210,812
|
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
|
Long-term bank deposits
|
|
504
|
|
996
|
Deferred
tax assets
|
|
7,476
|
|
988
|
Severance
pay and pension fund
|
|
5,096
|
|
5,459
|
Property
and equipment, net
|
|
33,613
|
|
29,870
|
Intangible assets,
net
|
|
6,576
|
|
2,199
|
Other
non-current assets
|
|
4,544
|
|
3,269
|
Total non-current
assets
|
|
57,809
|
|
42,781
|
Total assets
|
|
$
283,000
|
|
$
253,593
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Trade
payables
|
|
$
78,892
|
|
$
75,476
|
Deferred
revenues
|
|
3,873
|
|
5,193
|
Other accounts payable
and accrued expenses
|
|
27,256
|
|
24,781
|
Total current
liabilities
|
|
110,021
|
|
105,450
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Deferred tax
liability
|
|
28
|
|
141
|
Accrued severance pay
and pension
|
|
9,711
|
|
10,085
|
Other long-term
payables
|
|
3,672
|
|
4,019
|
Total long-term
liabilities
|
|
13,411
|
|
14,245
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
Share
capital:
|
|
|
|
|
Ordinary
shares
|
|
214
|
|
214
|
Additional paid-in capital
|
|
415,408
|
|
410,817
|
Treasury shares at
cost
|
|
(20,091)
|
|
(20,091)
|
Other comprehensive
loss
|
|
(9,208)
|
|
(7,171)
|
Accumulated
deficits
|
|
(226,755)
|
|
(249,871)
|
|
|
|
|
|
Total shareholders' equity
|
|
159,568
|
|
133,898
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
283,000
|
|
$
253,593
|
|
|
|
|
|
|
Ceragon Reports
Fourth Quarter and Year end 2018 Results
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
|
|
(U.S. dollars, in
thousands)
|
|
(Unaudited)
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Cash flow from
operating activities:
|
|
|
|
|
|
|
Audited
|
|
Net income
|
$ 11,599
|
|
$ 7,210
|
|
$ 23,046
|
|
$
15,560
|
|
Adjustments to
reconcile net income to net cash provided
by (used in) operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,163
|
|
2,439
|
|
7,758
|
|
9,205
|
|
Stock-based
compensation expense
|
498
|
|
235
|
|
1,980
|
|
1,203
|
|
Decrease (increase) in
trade and other receivables, net
|
(11,797)
|
|
15,551
|
|
(8,102)
|
|
(6,662)
|
|
Decrease (increase) in
inventory, net of write off
|
(6,286)
|
|
1,561
|
|
(956)
|
|
(8,592)
|
|
Increase
(decrease) in trade payables and accrued liabilities
|
11,815
|
|
(11,582)
|
|
4,402
|
|
3,362
|
|
Increase (decrease) in
deferred revenues
|
(4,130)
|
|
1,228
|
|
(650)
|
|
2,575
|
|
Decrease (increase) in
deferred tax asset, net
|
(6,949)
|
|
105
|
|
(6,601)
|
|
497
|
|
Other
adjustments
|
(120)
|
|
(130)
|
|
(11)
|
|
3
|
|
Net cash provided
by (used in) operating activities
|
$
(3,207)
|
|
$
16,617
|
|
$
20,866
|
|
$
17,151
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase
of property and equipment
|
(4,070)
|
|
(1,048)
|
|
(10,303)
|
|
(8,533)
|
|
Purchase of intangible assets,
net
|
(588)
|
|
(1,407)
|
|
(3,412)
|
|
(1,407)
|
|
Investment in short and long-term bank deposit
|
48
|
|
(996)
|
|
48
|
|
(996)
|
|
Net
cash used in investing activities
|
$
(4,610)
|
|
$
(3,451)
|
|
$
(13,667)
|
|
$
(10,936)
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from
share options exercise
|
2,048
|
|
65
|
|
2,611
|
|
294
|
|
Repayments from
bank loans
|
-
|
|
(23,800)
|
|
-
|
|
(17,000)
|
|
Net cash
provided by(used in) financing
activities
|
$
2,048
|
|
$
(23,735)
|
|
$
2,611
|
|
$
(16,706)
|
|
|
|
|
|
|
|
|
|
|
Translation
adjustments on cash and cash equivalents
|
28
|
|
(24)
|
|
(106)
|
|
30
|
|
Increase
(decrease) in cash and cash
equivalents
|
$
(5,741)
|
|
$
(10,593)
|
|
$
9,704
|
|
$
(10,461)
|
|
Cash and cash
equivalents at the beginning of the period
|
41,322
|
|
36,470
|
|
25,877
|
|
36,338
|
|
Cash and cash
equivalents at the end of the period
|
$
35,581
|
|
$
25,877
|
|
$
35,581
|
|
$
25,877
|
|
|
|
|
|
|
|
|
|
|
|
Ceragon Reports
Fourth Quarter and year End 2018 Results
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL RESULTS
|
(U.S. dollars in
thousands)
|
(Unaudited)
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP cost
of revenues
|
|
$
|
56,210
|
|
$
|
57,524
|
|
$
|
227,705
|
|
$
|
224,698
|
Amortization of
intangible assets
|
|
|
-
|
|
|
(367)
|
|
|
-
|
|
|
(1,286)
|
Stock based
compensation expenses
|
|
|
(9)
|
|
|
(12)
|
|
|
(42)
|
|
|
(54)
|
Changes in indirect
tax positions
|
|
|
(240)
|
|
|
237
|
|
|
(278)
|
|
|
119
|
Non-GAAP cost
of revenues
|
|
$
|
55,961
|
|
$
|
57,382
|
|
$
|
227,385
|
|
$
|
223,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
|
29,532
|
|
$
|
29,155
|
|
$
|
116,169
|
|
$
|
107,335
|
Gross profit
adjustments
|
|
|
249
|
|
|
142
|
|
|
320
|
|
|
1,221
|
Non-GAAP gross
profit
|
|
$
|
29,781
|
|
$
|
29,297
|
|
$
|
116,489
|
|
$
|
108,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and
development expenses
|
|
$
|
6,709
|
|
$
|
6,493
|
|
$
|
28,180
|
|
$
|
25,703
|
Stock based
compensation expenses
|
|
|
(103)
|
|
|
(73)
|
|
|
(313)
|
|
|
(229)
|
Non-GAAP Research and
development expenses
|
|
$
|
6,606
|
|
$
|
6,420
|
|
$
|
27,867
|
|
$
|
25,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Sales and
Marketing expenses
|
|
$
|
11,520
|
|
$
|
12,337
|
|
$
|
42,961
|
|
$
|
41,656
|
Amortization of
intangible assets
|
|
|
-
|
|
|
(39)
|
|
|
-
|
|
|
(258)
|
Stock based
compensation expenses
|
|
|
(193)
|
|
|
(46)
|
|
|
(640)
|
|
|
(292)
|
Non-GAAP Sales and
Marketing expenses
|
|
$
|
11,327
|
|
$
|
12,252
|
|
$
|
42,321
|
|
$
|
41,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and
Administrative expenses
|
|
$
|
5,267
|
|
$
|
4,544
|
|
$
|
19,354
|
|
$
|
18,576
|
Stock based
compensation expenses
|
|
|
(193)
|
|
|
(104)
|
|
|
(985)
|
|
|
(628)
|
Non-GAAP General and
Administrative expenses
|
|
$
|
5,074
|
|
$
|
4,440
|
|
$
|
18,369
|
|
$
|
17,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other
income
|
|
$
|
(470)
|
|
$
|
(1,746)
|
|
$
|
(470)
|
|
$
|
(1,746)
|
Statute of limitation
on certain
|
|
|
|
|
|
|
|
|
|
|
|
|
indirect tax
liabilities
|
|
$
|
470
|
|
$
|
1,746
|
|
$
|
470
|
|
$
|
1,746
|
Non-GAAP other
income
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP financial
expenses
|
|
$
|
872
|
|
$
|
1,155
|
|
$
|
6,349
|
|
$
|
5,889
|
Recovery of
devaluation related expenses in
Venezuela
|
|
|
-
|
|
|
-
|
|
|
969
|
|
|
-
|
Non-GAAP financial
expenses
|
|
$
|
872
|
|
$
|
1,155
|
|
$
|
7,318
|
|
$
|
5,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP taxes on
income
|
|
$
|
(5,965)
|
|
$
|
(838)
|
|
$
|
(3,251)
|
|
$
|
1,697
|
Other non-cash tax
adjustments
|
|
|
6,869
|
|
|
1,802
|
|
|
6,343
|
|
|
1,177
|
Non-GAAP taxes on
income
|
|
$
|
904
|
|
$
|
964
|
|
$
|
3,092
|
|
$
|
2,874
|
Ceragon Reports
Fourth Quarter and Year end 2018 Results
|
|
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,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
GAAP net
income
|
|
$
|
11,599
|
|
$
|
7,210
|
|
$
|
23,046
|
|
$
|
15,560
|
Amortization of
intangible assets
|
|
|
-
|
|
|
406
|
|
|
-
|
|
|
1,544
|
Stock based
compensation
expenses
|
|
|
498
|
|
|
235
|
|
|
1,980
|
|
|
1,203
|
Changes
in indirect tax
exposures
|
|
|
240
|
|
|
(237)
|
|
|
278
|
|
|
(119)
|
Recovery of
devaluation related
expenses in Venezuela
|
|
|
-
|
|
|
-
|
|
|
(969)
|
|
|
-
|
Statute of limitation
on certain indirect tax liabilities
|
|
|
(470)
|
|
|
(1,746)
|
|
|
(470)
|
|
|
(1,746)
|
Non-cash tax
adjustments
|
|
|
(6,869)
|
|
|
(1,802)
|
|
|
(6,343)
|
|
|
(1,177)
|
Non-GAAP net
income
|
|
$
|
4,998
|
|
$
|
4,066
|
|
$
|
17,522
|
|
$
|
15,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basic net income
per share
|
|
$
|
0.15
|
|
$
|
0.09
|
|
$
|
0.29
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net
income per share
|
|
$
|
0.14
|
|
$
|
0.09
|
|
$
|
0.28
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic and
diluted net
income per share
|
|
$
|
0.06
|
|
$
|
0.05
|
|
$
|
0.22
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of
shares used in computing GAAP
basic net
income per share
|
|
|
79,538,654
|
|
|
78,010,416
|
|
|
78,579,013
|
|
|
77,916,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of
shares used in computing
GAAP diluted net
income per share
|
|
|
81,987,796
|
|
|
79,452,404
|
|
|
81,021,527
|
|
|
79,942,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of
shares used in computing
Non-GAAP diluted net
income per
share
|
|
|
82,368,838
|
|
|
79,784,939
|
|
|
81,364,897
|
|
|
80,206,822
|
Investors:
Doron Arazi
+972 3 5431 660
dorona@ceragon.com
or
Claudia Gatlin
+1 212 830-9080
claudiag@ceragon.com
Media:
Tanya
Solomon
+972 3 5431163
tanyas@ceragon.com
View original
content:http://www.prnewswire.com/news-releases/ceragon-networks-reports-fourth-quarter-and-full-year-2018-financial-results-300798758.html
SOURCE Ceragon Networks Ltd