Ceragon Networks, which supplies high-capacity Ethernet and TDM wireless backhaul solutions, reported Q2 revenues of $55.2 million, up 47.9% from $37.3 million for the second quarter of 2007 and 17% from $47.2 million in the first quarter of 2008. Net income (GAAP) for the second quarter of 2008 was $15.5 million or $0.42 per basic share and $0.40 per diluted share, compared to net income of $2.9 million in the second quarter of 2007, or $0.10 per basic share and $0.09 per diluted share. Net income in the second quarter of 2008, included a tax benefit of $11.2 million, reflecting mainly the future benefit of the company’s net operating losses. Gross margin on a GAAP basis in the second quarter of 2008 was 33.9% of revenues. Gross margin on a non-GAAP basis in the second quarter of 2008 was 34.0% of revenues.
“The global trends driving our business continue to strengthen,” said Ira Palti, President and CEO of Ceragon. “Q2 revenues exceeded expectations, setting another new record. Q2 results reflected the growth in the Asia Pacific region as well as excellent demand from our OEM customers. Our book-to-bill ratio for the quarter continues to be above one, which puts us on track to grow more than 35% in 2008. We are also encouraged by the increasing interest in our IP solutions, which is building faster that we expected. We are working on numerous opportunities, including both migration to IP and new IP-based networks.” http://www.ceragon.com
