Ceragon Shares Quiet as Co. Sees Sales Shift of $11M to $14M from 2012 to 2013
Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist, today announced that in late December, 2012, it learned that a major customer is requiring additional acceptance procedures and documentation for equipment it has purchased from Ceragon. The equipment was installed and accepted previously by the customer pursuant to the process in place at the time. The Company's assessment is that the additional acceptance procedures will shift the recognition of between $11 million and $14 million of revenue from 2012 to 2013.
"The equipment is part of a valued customer's network carrying live traffic," said Ira Palti, CEO and President of Ceragon Networks. "Learning of this requirement in the last days of the fiscal year meant we had no time to respond to the additional requirements."
The Company noted that collections during the fourth quarter were strong, increasing net cash by approximately $12 to $13 million.
Management will hold a brief conference call to respond to questions today, January 4, 2013 at 9:00 a.m. EDT. Investors are invited to join the Company's teleconference by calling (USA) (800) 230-1092 - or international +1(612) 234-9960 from 8:50 a.m. EDT. The call-in lines will be available on a first-come, first-serve basis.
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