Ceragon Networks Reports First Quarter 2012 Financial Results

(a) Cost of revenues includes $0.3 million of amortization of intangible assets, $0.4 million of inventory step-up, $0.1 million of stock based compensation expenses, $0.2 million of integration plan related costs and $1.3 million of changes in pre-acquisition indirect tax positions in the three months ended March 31, 2012.

(b) Research and development expenses include $40 thousand of integration plan related costs and $0.4 million of stock based compensation expenses in the three months ended March 31, 2012.

(c) Selling and marketing expenses include $0.6 million of amortization of intangible assets, $0.4 million of integration plan related costs and $0.6 million of stock based compensation expenses in the three months ended March 31, 2012.

(d) General and administrative expenses include $0.3 million of integration plan related costs and $0.6 million of stock based compensation expenses in the three months ended March 31, 2012.

RECONCILIATION BETWEEN REPORTED AND NON-GAAP

OPERATING LOSS

(U.S. dollars in thousands)

(Unaudited)

                                                             Three months 
                                                                ended
                                                           March 31, 2012
 
    Reported GAAP net operating loss                               (2,278)
 
    Stock based compensation expenses                               1,585
    Amortization of intangible assets                                 901
    Inventory step-up                                                 404
    Integration plan related costs                                    955
    Changes in pre-acquisition indirect tax positions               1,338
 
    Non-GAAP net operating profit                                   2,905
 

Company & Investor Contact: Yoel Knoll Ceragon Networks Ltd. Tel: [phone] [e-mail]

Media Contact: Abigail Levy-Gurwitz Ceragon Networks Ltd. Tel: [phone] [e-mail]

Media Contact: Karen Quatromoni Rainier Communications Tel. [phone] x150 [e-mail]

SOURCE Ceragon Networks Ltd

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