Israel-based wireless equipment maker Ceragon Networks Ltd. said Monday that its second-quarter profit soared as revenue rose and the company reported a large tax benefit.
Ceragon shares climbed $1.02, or 13.3 percent, to $8.71 in morning trading. In the past year, the stock has traded between $6.07 and $21.89.
For the quarter that ended June 30, Ceragon earned $15.5 million, or 40 cents per share, up from $2.9 million, or 9 cents per share, in the year-ago quarter. The company had about 37 million shares outstanding in the latest quarter, compared with 28.5 million in 2007 quarter.
Excluding certain items _ such as an $11.2 million tax benefit that mostly reflects the future benefit of Ceragon's net operating losses _ the company earned $4.9 million, or 13 cents per share, in the latest quarter.
Ceragon's revenue rose 47.9 percent to $55.2 million from $37.3 million, due to growth in the Asia Pacific region and demand from the company's OEM, or original equipment manufacturer, customers.
The company added that interest in its Internet protocol products is rising more quickly than it anticipated.
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