Ceragon Networks Ltd.'s (CRNT) fourth-quarter net income declined to $2.13 million or $0.06 per share from $2.74 million or $0.07 per share last year.
On a non-GAAP basis, net income, excluding $1.3 million of equity-based compensation expenses, for the recent quarter was $3.44 million compared with $3.33 million in the previous year. However, fourth-quarter non-GAAP earnings per share remained unchanged at $0.09.
On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.07 for the quarter. Analysts' estimate typically excludes one-time items.
Revenues for the fourth quarter of 2009 were $53.36 million, down 6% from $56.78 million for the fourth quarter of 2008. Eleven analysts estimated revenues of $49.95 million for the quarter.
Ira Palti, president and chief executive of Ceragon added, "With continued strong focus on expense control, we expect profits to grow more rapidly than revenues, with a target of 30-35% revenue growth for 2010 over 2009."
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