Ceragon announces record revenues

Ceragon Networks, a provider of wireless backhaul networks, has reported that its revenues for the first quarter of 2010 came to a record $59.7m (£38.6m) – up 36 per cent from $43.9m for the first quarter of 2009 and up 12 per cent from $53.4m in the fourth quarter of 2009.

Net income in accordance with US Generally Accepted Accounting Principles (GAAP) for the first quarter of 2010 was $3m, or $0.09 per basic share and $0.08 per diluted share, compared to net income of $0.2m in the first quarter of 2009, or $0.01 per basic and diluted share.

On a non-GAAP basis, net income for the first quarter, excluding $971,000 of equity-based compensation expenses, was $4m, or $0.12 per basic share and $0.11 per diluted share.

Non-GAAP net income for the first quarter of 2009 was $1m, or $0.03 per basic and diluted share.