Ceragon Networks Ltd (CRNT) has reported an 141.37 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $3.48 million, or $0.04 a share in the quarter, compared with $1.44 million, or $0.02 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $4.77 million, or $0.06 a share compared with $3.71 million or $0.05 a share, a year ago.
Revenue during the quarter dropped 7.30 percent to $79.13 million from $85.37 million in the previous year period. Gross margin for the quarter expanded 103 basis points over the previous year period to 32.90 percent. Total expenses were 92.72 percent of quarterly revenues, down from 92.77 percent for the same period last year. This has led to an improvement of 5 basis points in operating margin to 7.28 percent.
Operating income for the quarter was $5.76 million, compared with $6.17 million in the previous year period.
“We continue to reap the benefits of our strategic focus on delivering the most value to best-of-breed oriented customers,” said Ira Palti, president and chief executive officer of Ceragon. “In Q3, we reported the highest net income in many quarters. We are targeting significant improvement in our net income in 2016, and further improvement in 2017 as well.”
Operating cash flow improves significantly
Ceragon Networks Ltd has generated cash of $15.77 million from operating activities during the nine month period, up 66.48 percent or $6.30 million, when compared with the last year period.
The company has spent $5.43 million cash to meet investing activities during the nine month period as against cash outgo of $4.15 million in the last year period.
The company has spent $14.56 million cash to carry out financing activities during the nine month period as against cash outgo of $6.86 million in the last year period.
Cash and cash equivalents stood at stood at $32.37 million as at Sep. 30, 2016.
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