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Ceragon Networks Reports Second Quarter 2012 Financial Results

Stocks in this article: CRNT

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

                                            (Unaudited)

 
                                                            Three months ended June 30,
                                                           2012                    2011
                                                 GAAP 
                                         (as reported)  Adjustments   Non-GAAP    Non-GAAP
 
    Revenues                                $ 119,050                $ 119,050   $ 110,350
    Cost of revenues                           81,081     2,225 (a)     78,856      75,128
 
    Gross profit                               37,969                   40,194      35,222
 
    Operating expenses:
    Research and development                   11,900       607 (b)     11,293      11,453
    Selling and marketing                      20,129     1,113 (c)     19,016      18,730
    General and administrative                  6,163        47 (d)      6,116       5,509
 
    Total operating expenses                 $ 38,192                 $ 36,425    $ 35,692
 
    Operating profit (loss)                      (223)                   3,769        (470)
    Financial expenses, net                      (554)                    (554)       (312)
 
    Income (loss) before taxes                   (777)                   3,215        (782)
 
    Taxes on income                               245                      245         817
 
    Net income (loss)                        $ (1,022)                 $ 2,970    $ (1,599)
 
    Basic net earnings (loss) per share       $ (0.03)                  $ 0.08     $ (0.04)
 
    Diluted net earnings (loss) per share     $ (0.03)                  $ 0.08     $ (0.04)
 
    Weighted average number of shares
    used in computing basic net earnings
    (loss) per share                       36,421,106               36,421,106  35,983,033
 
    Weighted average number of shares
    used in computing diluted net
    earnings (loss) per share              36,421,106               37,380,275  35,983,033
 
    Total adjustments                                      3,992

    (a) Cost of revenues includes $0.3 million of amortization of intangible assets, 
        $1.6 million of inventory step-up, $0.1 million of stock based compensation 
        expenses and $0.2 million of changes in pre-acquisition indirect tax positions in 
        the three months ended June 30, 2012. 
    (b) Research and development expenses include $0.6 million of stock based compensation 
        expenses in the three months ended June 30, 2012. 
    (c) Selling and marketing expenses include $0.6 million of amortization of intangible 
        assets and $0.5 million of stock based compensation expenses in the three months 
        ended June 30, 2012. 
    (d) General and administrative expenses include $0.05 million of stock based 
        compensation expenses in the three months ended June 30, 2012. 

                          RECONCILIATION OF NON-GAAP FINANCIAL RESULTS

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

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