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Ceragon Networks Reports Second Quarter 2012 Financial Results

Ceragon Reports Second Quarter 2012 Results

                     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

                                       (Unaudited)

                                     Three months ended          Six months ended
                                          June 30,                    June 30,
                                     2012          2011         2012           2011
  
    Revenues                      $ 119,050     $ 110,350    $ 236,833      $ 210,662
    Cost of revenues                 81,081        86,716      161,925        157,444
 
    Gross profit                     37,969        23,634       74,908         53,218
 
    Operating expenses:
    Research and development         11,900        12,660       24,055         25,117
    Selling and marketing            20,129        21,003       39,976         40,188
    General and administrative        6,163         6,212       13,378         11,735
    Restructuring costs                   -             -            -          7,834
    Acquisition related costs             -             -            -          4,919
 
    Total operating expenses       $ 38,192      $ 39,875     $ 77,409       $ 89,793
 
    Operating loss                     (223)      (16,241)      (2,501)       (36,575)
 
    Financial expenses, net            (554)         (312)      (1,460)          (759)
 
    Loss before taxes                  (777)      (16,553)      (3,961)       (37,334)
 
    Taxes on income                     245           817          535          1,412
 
    Net loss                       $ (1,022)    $ (17,370)    $ (4,496)     $ (38,746)
 
    Basic net loss per share        $ (0.03)      $ (0.48)     $ (0.12)       $ (1.08)
 
    Diluted net loss per share      $ (0.03)      $ (0.48)     $ (0.12)       $ (1.08)
 
    Weighted average number of 
    shares used in computing 
    basic net loss per share     36,421,106    35,983,033   36,354,389     35,794,446
 
    Weighted average number of 
    shares used in computing 
    diluted net loss per share   36,421,106    35,983,033   36,354,389     35,794,446

Ceragon Reports Second Quarter 2012 Results

                        CONDENSED CONSOLIDATED BALANCE SHEETS

                             (U.S. dollars in thousands)

                                     (Unaudited)

                                                         
                                                          June 30, December 31,
                                                             2012         2011
    ASSETS
 
    CURRENT ASSETS:
    Cash and cash equivalents                            $ 37,944     $ 28,991
    Short-term bank deposits                                2,901        7,159
    Marketable securities                                       -        9,665
    Trade receivables, net                                174,482      143,247
    Deferred taxes                                          8,695        8,622
    Other accounts receivable and prepaid expenses         34,834       37,281
    Inventories                                            68,830       93,465
    Total current assets                                  327,686      328,430
 
    LONG-TERM INVESTMENTS:
    Long-term marketable securities                         3,970        3,716
    Severance pay funds                                     6,572        6,360
    Total long-term investments                            10,542       10,076
 
    OTHER ASSETS:
    Deferred taxes                                          8,828        8,898
    Goodwill and intangible assets, net                    26,118       28,032
    Other long-term receivables                             8,871        5,257
 
    Total other assets                                     43,817       42,187
 
    PROPERTY AND EQUIPMENT, NET                            32,059       30,465
    Total assets                                        $ 414,104    $ 411,158
    LIABILITIES AND SHAREHOLDERS' EQUITY
    CURRENT LIABILITIES:
    Short term loan, including current maturities of
    long term bank loan                                  $ 22,832      $ 8,232
    Trade payables                                         92,875       77,395
    Deferred revenues                                      25,917       38,308
    Other accounts payable and accrued expenses            41,880       49,508
    Total current liabilities                             183,504      173,443
    LONG-TERM LIABILITIES
    Long term bank loan, net of current maturities         22,652       26,768
    Accrued severance pay and pension                      12,020       11,996
    Other long term payables                               36,921       37,900
                                                           71,593       76,664
    SHAREHOLDERS' EQUITY:
    Share capital:
    Ordinary shares                                            97           97
    Additional paid-in capital                            315,217      311,911
    Treasury shares at cost                               (20,091)     (20,091)
    Other comprehensive loss                               (1,197)        (343)
    Accumulated deficits                                 (135,019)    (130,523)
 
    Total shareholders' equity                            159,007      161,051
 
    Total liabilities and shareholders' equity          $ 414,104    $ 411,158

Ceragon Reports Second Quarter 2012 Results

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