(U.S. dollars in thousands, except share and per share data)
Three months ended March 31, 2012 2011 Revenues $ 117,783 $ 100,312 Cost of revenues 80,844 70,728 Gross profit 36,939 29,584 Operating expenses: Research and development, net 12,155 12,457 Selling and marketing 19,847 19,185 General and administrative 7,215 5,523 Restructuring costs - 7,834 Acquisition related costs - 4,919 Total operating expenses $ 39,217 $ 49,918 Operating loss (2,278) (20,334) Financial expenses, net (906) (447) Loss before taxes (3,184) (20,781) Taxes on income (290) (595) Net loss $ (3,474) $ (21,376) Basic net loss per share $ (0.10) $ (0.60) Diluted net loss per share $ (0.10) $ (0.60) Weighted average number of shares used in computing basic net loss per share 36,346,482 35,603,764 Weighted average number of shares used in computing diluted net loss per share 36,346,482 35,603,764
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)(Unaudited)
March 31, December 31, 2012 2011 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 39,418 $ 28,991 Short-term bank deposits 6,229 7,159 Marketable securities - 9,665 Trade receivables, net 147,062 143,247 Deferred taxes, net 8,627 8,622 Other accounts receivable and prepaid expenses 41,630 37,281 Inventories 74,177 93,465 Total current assets 317,143 328,430 LONG-TERM INVESTMENTS: Marketable securities 3,850 3,716 Severance pay funds and pension 6,683 6,360 Total long-term investments $ 10,533 $ 10,076 OTHER ASSETS Deferred taxes, net 8,868 8,898 Goodwill and Intangible assets, net 27,191 28,032 Other long-term receivables 7,960 5,257 Total other assets $ 44,019 $ 42,187 PROPERTY AND EQUIPMENT, NET 30,964 30,465 Total assets $ 402,659 $ 411,158 CURRENT LIABILITIES: Current maturities of long term bank loan 8,232 8,232 Trade payables 82,847 77,395 Deferred revenues 29,136 38,308 Other accounts payable and accrued expenses 44,234 49,508 Total current liabilities $ 164,449 $ 173,443 LONG TERM LIABILITIES: Long term bank loan, net of current maturities 24,710 26,768 Accrued severance pay and pension 12,531 11,996 Other long term liabilities 40,030 37,900 Total long term liabilities $ 77,271 $ 76,664 SHAREHOLDERS' EQUITY: Share capital: Ordinary shares 97 97 Additional paid-in capital 313,709 311,911 Treasury shares at cost (20,091) (20,091) Other comprehensive income (loss) 1,221 (343) Accumulated deficits (133,997) (130,523) Total shareholders' equity $ 160,939 $ 161,051 Total liabilities and shareholders' equity $ 402,659 $ 411,158CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
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