0001178913-18-000461.txt : 20180212 0001178913-18-000461.hdr.sgml : 20180212 20180212081208 ACCESSION NUMBER: 0001178913-18-000461 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20180212 FILED AS OF DATE: 20180212 DATE AS OF CHANGE: 20180212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CERAGON NETWORKS LTD CENTRAL INDEX KEY: 0001119769 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30862 FILM NUMBER: 18593935 BUSINESS ADDRESS: STREET 1: 24 RAOUL WALLENBERG ST CITY: TEL AVIV STATE: L3 ZIP: 69719 BUSINESS PHONE: 972-3-543-1000 MAIL ADDRESS: STREET 1: 24 RAOUL WALLENBERG ST CITY: TEL AVIV STATE: L3 ZIP: 69719 FORMER COMPANY: FORMER CONFORMED NAME: GIGANET LTD DATE OF NAME CHANGE: 20000719 6-K 1 zk1821176.htm 6-K
 
FORM 6-K
 
SECURITIES AND EXCHANGE COMMISSION
 Washington, D. C. 20549
 
REPORT OF FOREIGN ISSUER
 
Pursuant to Section 13a-16 or 15d-16 of the
 Securities Exchange Act of 1934
 
For the month of February 2018
 
CERAGON NETWORKS LTD.
(Translation of registrant’s name into English)
 
24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F ☒         Form 40-F ☐
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes ☐          No ☒
 
If “Yes” is marked, indicate below the file number assigned to the registration in connection with Rule 12g3(b): 82 - _________________
 
Signature
 
        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
CERAGON NETWORKS LTD.
  
     
Date: February 12, 2018
By:  /s/ Doron Arazi
  
 
Name: Doron Arazi
 Title: Executive Vice President and Chief Financial Officer
  
 
Exhibit Description
 
- 2 -
 EX-99 2 exhibit_a.htm EXHIBIT A

Exhibit A
 
Ceragon Networks Reports Fourth Quarter and Full Year 2017 Financial Results
February 12, 2018

 
CERAGON NETWORKS REPORTS FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL RESULTS
 
Third consecutive year of net income growth; cash flow during 2017 used to pay off remaining debt under revolving credit agreement
 
Little Falls, New Jersey, February 12, 2018 - Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist, today reported results for the fourth quarter and full year ended December 31, 2017.
 
Fourth Quarter 2017 Highlights:
 
Revenues - $86.7 million, up 2.4% from the fourth quarter of 2016, and up 14.1% from the third quarter of 2017.
 
Gross margin – 33.6%, compared to 32.5% in the fourth quarter of 2016 and 35.1% in the third quarter of 2017.
 
Operating income - $7.5 million, compared to $8.5 million in the fourth quarter of 2016, and $5.7 million in the third quarter of 2017.
 
Net income - net income of $7.2 million, or $0.09 per diluted share for the fourth quarter of 2017.  Net income for the fourth quarter of 2016 was $8.3 million, or $0.10 per diluted share. Net income for the third quarter of 2017 was $3.5 million or $0.04 per diluted share.
 
Non-GAAP results - gross margin was 33.8%, operating income was $6.2 million, and net income was $4.1 million, or $0.05 per diluted share. For reconciliation of GAAP to non-GAAP results, see the attached tables.
 
Cash and cash equivalents - $25.9 million at December 31, 2017, compared to $36.5 million at September 30, 2017.
 
Full Year 2017 Highlights:
 
Revenues – $332.0 million, up 13.1% from 2016.
 
Gross margin – 32.3%, compared to 33.8% in 2016.
 
Operating income – $23.1 million, compared to an operating income of $19.5 million in 2016.
 
Net income – $15.6 million, or $0.19 per diluted share. Net income for 2016 was $11.4 million, or $ 0.15 per diluted share.
 
Ceragon Networks Reports Fourth Quarter and Full Year 2017 Financial Results
February 12, 2018
 
Non-GAAP results – gross margin was 32.7%, operating income was $24.0 million, and net income was $15.3 million, or $0.19 per diluted share. For a reconciliation of GAAP to non-GAAP results, see the attached tables.
 
“2017 was the third consecutive year that we have achieved significant growth in net income,” said Ira Palti, president and CEO of Ceragon. “Our technology and product leadership, strong global presence, financial strength and track record of performance are key differentiators that have enabled us to win a major share of several large projects during the year.  We achieved a 36% increase in net income, and increased our net cash to $25.9 million at the end of 2017 from $19.3 million at the end of 2016. We had particularly strong bookings during Q4, and we believe we can continue to gradually gain market share as operators are compelled to address complex backhaul challenges in a comprehensive way. We expect these challenges, which are part of the ongoing evolution to full 5G commercial service, to drive greater demand for state-of-the-art solutions and enable us to target progressively higher revenue goals during the next several years.”
 
 Supplemental revenue breakouts by geography:
 
Fourth quarter 2017:
 
·
Europe:
17%
·
Africa:
3%
·
North America:
14%
·
Latin America:
20%
·
India:
34%
·
APAC:
12%
 
Full year 2017:
 
·
Europe:
14%
·
Africa:
   4%
·
North America:
12%
·
Latin America:
18%
·
India:
39%
·
APAC:
13%
 
A conference call to discuss the results will begin at 9:00 a.m. EST. Investors are invited to join the Company’s teleconference by calling USA: (800) 288-8960 or International: +1 (612) 234-9960, from 8:50 a.m. EST. The call-in lines will be available on a first-come, first-serve basis.
2
Ceragon Networks Reports Fourth Quarter and Full Year 2017 Financial Results
February 12, 2018

Investors can also listen to the call live via the Internet by accessing Ceragon Networks’ website at the investors’ page: https://www.ceragon.com/about-ceragon/investor-relations/events-webcasts/, selecting the webcast link, and following the registration instructions.
 
If you are unable to join us live, the replay numbers are: USA: (800) 475-6701 or International +1 (320) 365-3844 Access Code: 442462. A replay of both the call and the webcast will be available through March 12, 2018.

About Ceragon Networks Ltd.

Ceragon Networks Ltd. (NASDAQ: CRNT) is the world’s #1 wireless backhaul specialist. We help operators and other service providers worldwide increase operational efficiency and enhance end customers’ quality of experience with innovative wireless backhaul solutions. Our customers include wireless service providers, public safety organizations, government agencies and utility companies, which use our solutions to deliver 4G, mission-critical multimedia services and other applications at high reliability and speed. Ceragon’s unique multicore technology provides highly reliable, high-capacity 4G wireless backhaul with minimal use of spectrum, power and other resources. It enables increased productivity, as well as simple and quick network modernization. We deliver a range of professional services that ensure efficient network rollout and optimization to achieve the highest value for our customers. Our solutions are deployed by more than 460 service providers, as well as hundreds of private network owners, in more than 130 countries.
 
Join the Discussion
 
Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in the United States and other countries. CERAGON ® is a trademark of Ceragon Networks Ltd., registered in various countries. Other names mentioned are owned by their respective holders.

This press release contains statements concerning Ceragon's future prospects that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Ceragon's management. Examples of forward-looking statements include: projections of revenues, net income, gross margin, capital expenditures and liquidity, competitive pressures, growth prospects, product development, financial resources, cost savings and other financial matters. You may identify these and other forward-looking statements by the use of words such as "may", "plans", "anticipates", "believes", "estimates", "targets", "expects", "intends", "potential" or the negative of such terms, or other comparable terminology. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including risks associated with a decline in revenues due to our focus on a single market segment; risks relating to the concentration of Ceragon's business in certain geographic regions such as India, Latin America and in developing nations and the political, economic and regulatory risks from doing business in those regions, including potential currency restrictions; risks associated with a change in Ceragon’s gross margin as a result of changes in the geographic mix of revenues; risks associated with the loss of a single customer or customer group, which represents a significant portion of Ceragon’s revenues; risks associated with Ceragon’s failure to effectively compete with other wireless equipment providers; and other risks and uncertainties detailed from time to time in Ceragon's Annual Report on Form 20-F and Ceragon's other filings with the Securities and Exchange Commission that represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.

Investors:
    
Doron Arazi
or
Claudia Gatlin
+972 3 5431 660
  
+1 212 830-9080
dorona@ceragon.com
  
claudiag@ceragon.com
     
Media:
    
Tanya Solomon
    
+972 3 5431163
    
tanyas@ceragon.com
    
 
-tables follow-
3
 
Ceragon Reports Fourth Quarter and Year End 2017 Results

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)

   
Three months ended
December 31,
    
Year ended
December 31,
  
   
2017
    
2016
    
2017
    
2016
  
                         
Revenues
  
$
86,679
    
$
84,665
    
$
332,033
    
$
293,641
  
Cost of revenues
    
57,524
      
57,122
      
224,698
      
194,479
  
                                 
Gross profit
    
29,155
      
27,543
      
107,335
      
99,162
  
                                 
Operating expenses:
                                
Research and development, net
    
6,493
      
5,718
      
25,703
      
21,695
  
Selling and marketing
    
12,337
      
10,334
      
41,656
      
39,515
  
General and administrative
    
4,544
      
4,942
      
18,576
      
20,380
  
Other income
    
(1,746
)
    
(1,921
)
    
(1,746
)
    
(1,921
)
                                 
Total operating expenses
    
21,628
      
19,073
      
84,189
      
79,669
  
                                 
Operating income
    
7,527
      
8,470
      
23,146
      
19,493
  
                                 
Financial expenses, net
    
1,155
      
1,494
      
5,889
      
6,303
  
                                 
Income before taxes
    
6,372
      
6,976
      
17,257
      
13,190
  
                                 
Tax expenses (benefit)
    
(838
)
    
(1,357
)
    
1,697
      
1,761
  
                                 
Net income
  
$
7,210
    
$
8,333
    
$
15,560
    
$
11,429
  
                                 
Basic net income per share
  
$
0.09
    
$
0.11
    
$
0.20
    
$
0.15
  
                                 
Diluted net income per share
  
$
0.09
    
$
0.10
    
$
0.19
    
$
0.15
  
                                 
Weighted average number of shares used in computing basic net income per share
    
78,010,416
      
77,759,346
      
77,916,912
      
77,702,788
  
                                 
Weighted average number of shares used in computing diluted net income per share
    
79,452,404
      
79,583,792
      
79,942,353
      
78,613,528
  

4
 
Ceragon Reports Fourth Quarter and Year End 2017 Results
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)

   
Year ended December 31
  
   
2017
    
2016
  
ASSETS
  
Unaudited
    
Audited
  
             
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
25,877
    
$
36,338
  
Trade receivables, net
    
113,719
      
107,395
  
Other accounts receivable and prepaid expenses
    
17,052
      
17,076
  
Inventories
    
54,164
      
45,647
  
                 
Total current assets
    
210,812
      
206,456
  
                 
NON-CURRENT ASSETS:
                
Long-term bank deposits
    
996
      
-
  
Deferred tax assets
    
988
      
1,344
  
   Severance pay and pension funds
    
5,459
      
4,575
  
   Property and equipment, net
    
29,870
      
27,560
  
   Intangible assets, net
    
2,199
      
1,544
  
Other non-current assets
    
3,269
      
2,746
  
                 
Total non-current assets
    
42,781
      
37,769
  
                 
Total assets
  
$
253,593
    
$
244,225
  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
                
CURRENT LIABILITIES:
                
Short term loan, including current maturities of long term bank loan
  
$
-
    
$
17,000
  
Trade payables
    
75,476
      
68,408
  
Deferred revenues
    
5,193
      
2,673
  
Other accounts payable and accrued expenses
    
24,781
      
22,425
  
                 
Total current liabilities
    
105,450
      
110,506
  
                 
LONG-TERM LIABILITIES:
                
Deferred tax liability
    
141
      
-
  
Accrued severance pay and pension
    
10,085
      
9,198
  
Other long term payables
    
4,019
      
8,357
  
                 
Total long-term liabilities
    
14,245
      
17,555
  
                 
SHAREHOLDERS' EQUITY:
                
Share capital:
                
    Ordinary shares
    
214
      
214
  
Additional paid-in capital
    
410,817
      
409,320
  
Treasury shares at cost
    
(20,091
)
    
(20,091
)
Other comprehensive loss
    
(7,171
)
    
(7,848
)
Accumulated deficits
    
(249,871
)
    
(265,431
)
                 
Total shareholders' equity
    
133,898
      
116,164
  
                 
Total liabilities and shareholders' equity
  
$
253,593
    
$
244,225
  

5
Ceragon Reports Fourth Quarter and Year End 2017 Results

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(U.S. dollars, in thousands)
(Unaudited)
 
   
Three months ended
December 31,
    
Year ended
December 31,
  
   
2017
    
2016
    
2017
    
2016
  
                     
(Audited)
  
Cash flow from operating activities:
                        
Net income
  
$
7,210
    
$
8,333
    
$
15,560
    
$
11,429
  
Adjustments to reconcile net income to net cash provided by operating activities:
                                
Depreciation and amortization
    
2,439
      
2,534
      
9,205
      
10,037
  
Stock-based compensation expense
    
235
      
198
      
1,203
      
1,071
  
Decrease (increase) in trade and other receivables, net
    
15,551
      
4,475
      
(6,662
)
    
15,798
  
Decrease (increase) in inventory, net of write off
    
1,561
      
(1,462
)
    
(8,592
)
    
4,706
  
Increase (decrease) in trade payables and accrued liabilities
    
(11,582
)
    
(1,372
)
    
3,362
      
(11,548
)
Increase (decrease) in deferred revenues
    
1,228
      
(1,753
)
    
2,575
      
(6,228
)
Decrease (increase) in deferred tax asset, net
    
105
      
(811
)
    
497
      
478
  
Other adjustments
    
(130
)
    
(140
)
    
3
      
28
  
                                 
Net cash provided by operating activities
  
$
16,617
    
$
10,002
    
$
17,151
    
$
25,771
  
                                 
Cash flow from investing activities:
                                
Purchase of property and equipment, net
    
(1,048
)
    
(2,757
)
    
(8,533
)
    
(8,190
)
Purchase of intangible assets, net
    
(1,407
)
    
-
      
(1,407
)
    
-
  
Investment in short and long-term bank deposit
    
(996
)
    
-
      
(996
)
    
(153
)
Proceeds from maturities of short and long-term bank deposits
    
-
      
-
      
-
      
153
  
                                 
Net cash used in investing activities
  
$
(3,451
)
  
$
(2,757
)
  
$
(10,936
)
  
$
(8,190
)
                                 
Cash flow from financing activities:
                                
Proceeds from exercise of options
    
65
      
8
      
294
      
75
  
Repayments of bank loans
    
(23,800
)
    
(3,300
)
    
(17,000
)
    
(17,922
)
                                 
Net cash used in financing activities
  
$
(23,735
)
  
$
(3,292
)
  
$
(16,706
)
  
$
(17,847
)
                                 
Translation adjustments on cash and cash equivalents
    
(24
)
    
11
      
30
      
286
  
Increase (decrease) in cash and cash equivalents
    
(10,593
)
    
3,964
      
(10,461
)
    
20
  
Cash and cash equivalents at the beginning of the period
    
36,470
      
32,374
      
36,338
      
36,318
  
Cash and cash equivalents at the end of the period
    
25,877
      
36,338
      
25,877
      
36,338
  

6
Ceragon Reports Fourth Quarter and Year End 2017 Results

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands)
(Unaudited)

   
Three months ended
December 31,
    
Year ended
December 31,
  
   
2017
    
2016
    
2017
    
2016
  
                         
GAAP cost of revenues
  
$
57,524
    
$
57,122
    
$
224,698
    
$
194,479
  
Amortization of intangible assets
    
(367
)
    
(310
)
    
(1,286
)
    
(1,232
)
Stock based compensation expenses
    
(12
)
    
(4
)
    
(54
)
    
(30
)
Changes in pre-acquisition indirect tax positions
    
237
      
-
      
119
      
(806
)
Non-GAAP cost of revenues
  
$
57,382
    
$
56,808
    
$
223,477
    
$
192,411
  
                                 
GAAP gross profit
  
$
29,155
    
$
27,543
    
$
107,335
    
$
99,162
  
Gross profit adjustments
    
142
      
314
      
1,221
      
2,068
  
Non-GAAP gross profit
  
$
29,297
    
$
27,857
    
$
108,556
    
$
101,230
  
                                 
GAAP Research and development expenses
  
$
6,493
    
$
5,718
    
$
25,703
    
$
21,695
  
Stock based compensation expenses
    
(73
)
    
(17
)
    
(229
)
    
(151
)
Non-GAAP Research and development expenses
  
$
6,420
    
$
5,701
    
$
25,474
    
$
21,544
  
                                 
GAAP Sales and Marketing expenses
  
$
12,337
    
$
10,334
    
$
41,656
    
$
39,515
  
Amortization of intangible assets
    
(39
)
    
(105
)
    
(258
)
    
(417
)
Stock based compensation expenses
    
(46
)
    
(54
)
    
(292
)
    
(369
)
Non-GAAP Sales and Marketing expenses
  
$
12,252
    
$
10,175
    
$
41,106
    
$
38,729
  
                                 
GAAP General and Administrative expenses
  
$
4,544
    
$
4,942
    
$
18,576
    
$
20,380
  
Stock based compensation expenses
    
(104
)
    
(123
)
    
(628
)
    
(521
)
Non-GAAP General and Administrative expenses
  
$
4,440
    
$
4,819
    
$
17,948
    
$
19,859
  
                                 
GAAP other income
  
$
(1,746
)
  
$
(1,921
)
  
$
(1,746
)
  
$
(1,921
)
Statute of limitation on certain pre-acquisition indirect tax liabilities
    
1,746
      
1,921
      
1,746
      
1,921
  
Non-GAAP other income
  
$
-
    
$
-
    
$
-
    
$
-
  
                                 
GAAP financial expenses
  
$
1,155
    
$
1,494
    
$
5,889
    
$
6,303
  
Currency devaluation in Venezuela related expenses
    
-
      
-
      
-
      
907
  
Non-GAAP financial expenses
  
$
1,155
    
$
1,494
    
$
5,889
    
$
7,210
  
                                 
GAAP taxes on income
  
$
(838
)
  
$
(1,357
)
  
$
1,697
    
$
1,761
  
Changes in pre-acquisition tax liability
    
-
      
-
      
-
      
(453
)
Other non-cash tax adjustments
    
1,802
      
1,786
      
1,177
      
1,109
  
Non-GAAP taxes on income
  
$
964
    
$
429
    
$
2,874
    
$
2,417
  

7
Ceragon Reports Fourth Quarter and Year End 2017 Results

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)

   
Three months ended
December 31,
    
Year ended
December 31,
  
   
2017
    
2016
    
2017
    
2016
  
                         
GAAP net income 
  
$
7,210
    
$
8,333
    
$
15,560
    
$
11,429
  
Amortization of intangible assets
    
406
      
415
      
1,544
      
1,649
  
Stock based compensation expenses
    
235
      
198
      
1,203
      
1,071
  
Changes in pre-acquisition indirect tax positions
    
(237
)
    
-
      
(119
)
    
1,259
  
Currency devaluation in Venezuela related expenses
    
-
      
-
      
-
      
(907
)
Non-cash tax adjustments
    
(1,802
)
    
(1,786
)
    
(1,177
)
    
(1,109
)
Statute of limitation on certain pre-acquisition indirect tax liabilities
    
(1,746
)
    
(1,921
)
    
(1,746
)
    
(1,921
)
Non-GAAP net income 
  
$
4,066
    
$
5,239
    
$
15,265
    
$
11,471
  
                                 
GAAP basic net income per share
  
$
0.09
    
$
0.11
    
$
0.20
    
$
0.15
  
                                 
GAAP diluted net income per share
  
$
0.09
    
$
0.10
    
$
0.19
    
$
0.15
  
Non-GAAP basic and diluted net income per share
  
$
0.05
    
$
0.07
    
$
0.19
    
$
0.15
  
                                 
Weighted average number of shares used in computing basic net income per share
    
78,010,416
      
77,759,346
      
77,916,912
      
77,702,788
  
                                 
Weighted average number of shares used in computing GAAP diluted net income per share
    
79,452,404
      
79,583,792
      
79,942,353
      
78,613,528
  
                                 
Weighted average number of shares used in computing Non-GAAP diluted net income per share
    
79,784,939
      
79,888,786
      
80,206,822
      
78,986,738
  
 
8
 
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