Ceragon Networks Q3 Loss Widens - Quick Facts

(RTTNews) - Ceragon Networks Ltd. (CRNT) posted a wider third-quarter GAAP net loss of $10.4 million or $0.28 per share, versus a loss of $4.7 million, or $0.13 per share last year. On a non-GAAP basis, quarterly net loss totaled $4.5 million, or $0.12 per share, excluding $0.7 million of equity-based compensation expenses, $0.6 million amortization of intangible assets, $0.6 million of changes in pre-acquisition indirect tax positions, and $4.0 million of non-recurring adjustment of valuation allowance on tax assets, the company said.

Revenues for the recent quarter reached $92.1 million, down 21% from $117.1 million a year earlier.

On average, 4 analysts polled by Thomson Reuters expected loss per share of $0.10, on $93.53 million in revenues for the quarter. Analysts' estimates typically exclude one-time items.

Further, the company said it would realign its operations, reduce head count and undertake other cost reduction measures in order to lower its breakeven point and improve profitability. The restructuring is anticipated to result in annual savings of about $25 million.