Ceragon Networks Reports First Quarter 2012 Financial Results

(U.S. dollars in thousands, except share and per share data)

(Unaudited)

                                                     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            $ 411,158
 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

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