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Ceragon Networks Reports First Quarter 2012 Financial Results

(U.S. dollars, in thousands)

(Unaudited)

                                                  Three months ended
                                                      March 31,
                                                 2012          2011
    Cash flow from operating
    activities:
    Net loss                                 $ (3,474)        $ (21,376)
    Adjustments to reconcile net
    loss to net cash provided by
    (used in) operating activities:
 
    Depreciation and amortization               3,771             3,201
    Stock-based compensation expense            1,585             1,419
    Decrease (increase) in trade and
    other receivables, net                     (8,651)           22,494
    Decrease in inventory, net of
    write-off                                  19,460             9,825
    Increase (decrease) in trade
    payables and accrued liabilities            1,987           (16,937)
    Decrease in deferred revenues              (9,172)              (10)
    Decrease (increase) in deferred
    tax asset, net                               (377)               31
    Other adjustments                            (104)              (11)
    Net cash provided by (used in)
    operating activities                      $ 5,025          $ (1,364)
 
    Cash flow from investing
    activities:
    Purchase of property and
    equipment ,net                             (3,303)           (2,789)
    Payment for business acquisition                -           (42,405)
    Investment in short and
    long-term bank deposit                     (1,266)           (2,254)
    Proceeds from short and long-term bank
    deposits                                    2,250            13,796
    Proceeds from sale and maturities of
    marketable securities                       9,717             4,235
    Net cash provided by (used in)
    investing activities                      $ 7,398         $ (29,417)
 
    Cash flow from financing
    activities:
    Proceeds from exercise of
    options                                       213             3,296
    Proceeds from long-term bank
    loan                                            -            35,000
    Repayment of long-term bank loan           (2,058)                -
    Net cash provided by (used in)
    financing activities                     $ (1,845)         $ 38,296
 
    Translation adjustments on cash and
    cash equivalents                           $ (151)            $ 354
 
    Increase in cash and cash equivalents    $ 10,427           $ 7,869
 
    Cash and cash equivalents at the
    beginning of the period                    28,991            37,725
 
    Cash and cash equivalents at the end
    of the period                            $ 39,418          $ 45,594
 

RECONCILIATION OF NON-GAAP FINANCIAL RESULTS

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

(Unaudited)

                                       Three months ended March 31,
                                            2012                          2011
                            GAAP       Adjustments         Non-GAAP     Non-GAAP
                        (as reported)
 
    Revenues              $ 117,783                        $ 117,783    $ 100,312
    Cost of
    revenues                 80,844           2,292 (a)       78,552       67,833
 
    Gross profit             36,939                           39,231       32,479
 
    Operating
    expenses:
    Research and
    development,
    net                      12,155             424 (b)       11,731       11,041
    Selling and
    marketing                19,847           1,615 (c)       18,232       16,661
    General and
    administrative            7,215             852 (d)        6,363        4,592
 
    Total
    operating
    expenses               $ 39,217                         $ 36,326     $ 32,294
 
    Operating
    profit (loss)            (2,278)                           2,905          185
    Financial
    expenses, net              (906)                            (906)        (447)
 
    Income (loss)
    before taxes             (3,184)                           1,999         (262)
 
    Taxes on
    income                     (290)                            (290)        (595)
 
    Net income
    (loss)                 $ (3,474)                         $ 1,709       $ (857)
 
    Basic net
    earnings
    (loss) per
    share                   $ (0.10)                          $ 0.05      $ (0.02)
 
    Diluted net
    earnings
    (loss) per
    share                   $ (0.10)                          $ 0.05      $ (0.02)
 
    Weighted average
    number of shares
    used in computing
    basic net earnings
    (loss) per share     36,346,482                       36,346,482   35,603,764
 
    Weighted average
    number of shares
    used in computing
    diluted net
    earnings (loss) per
    share                36,346,482                       37,253,865   35,603,764
 
    Total
    adjustments                             5,183
 

RECONCILIATION OF NON-GAAP FINANCIAL RESULTS

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