Ceragon Networks 2Q net loss narrows, revenue up

Ceragon Networks, provider to wireless companies, says 2Q net loss narrows as revenue rises

Associated Press

NEW YORK (AP) -- Ceragon Networks Ltd., which makes equipment for wireless networks, said Monday that its second-quarter loss narrowed to $1 million as revenue rose 8 percent.

The Israeli company said it drew upon its credit facilities to provide working capital after it received "several large orders" from network operators in Latin America and Africa that have longer payment terms. The company called it a temporary issue.

U.S.-traded shares were off 30 cents, or 3.7 percent, to $7.90 in afternoon trading, after early changing hands as low as $7.65. The stock is near the low end of its 52-week range of $7.25 to $11.13.

The loss was 3 cents per share, compared with a year-ago loss of $17.4 million, or 48 cents per share.

The company said that excluding special items such as stock-based compensation and acquisition expenses, it would have earned 8 cents per share.

Revenue rose to $119.1 million from $110.4 million a year earlier.

Analysts, who usually exclude one-time items, expected earnings of 7 cents per share on revenue of $120.1 million, according to FactSet.

The company said that 31 percent of its revenue came from Latin America, 20 percent from Africa, 18 percent from Europe and 16 percent from India.

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