Monday, wireless backhaul solutions provider Ceragon Networks Ltd. (CRNT) announced preliminary results for the first quarter of 2009 that are below analysts' estimates.
The Tel Aviv, Israel-based company expects net income for the first quarter to range between approximately breakeven and $0.7 million, or $0.02 per share, down from $4.3 million, or $0.11 per share, in the prior-year quarter.
Excluding approximately $800 thousand of equity-based compensation expenses, adjusted profit is expected to be in the range of $0.8 million to $1.5 million, or $0.02 to $0.04 per share. Adjusted profit in the year-ago quarter was $4.9 million, or $0.13 per share.
On average, twelve analysts polled by Thomson Reuters expect the company to report earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
In addition, Ceragon sees revenues in a range of $43 million to $45 million for the quarter, below analysts' estimate of $54.98 million. Revenue for the first quarter of 2008 was $47.2 million.
Commenting on the results, president and chief executive officer Ira Palti said, "The pace of bookings has slowed down in most regions and categories. We see that sales cycles are lengthening and planned timeline of new projects and purchasing decisions are being stretched out."
Further, the company intends to implement additional expense reduction measures in the forthcoming weeks to lower adjusted breakeven point to $36 million to $37 million in revenues per quarter by the end of the second quarter.
CRNT is currently trading at $4.07, down 15.91%, on the Nasdaq.
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