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Ceragon Networks Reports Second Quarter 2012 Financial Results

                                           (Unaudited)

 
                                                              Six months ended June 30,
                                                           2012                     2011
                                                 GAAP
                                         (as reported)  Adjustments   Non-GAAP    Non-GAAP
 
    Revenues                                $ 236,833                $ 236,833   $ 210,662
    Cost of revenues                          161,925     4,517 (a)    157,408     142,961
    Gross profit                               74,908                   79,425      67,701
 
    Operating expenses:
    Research and development                   24,055     1,031 (b)     23,024      22,494
    Selling and marketing                      39,976     2,728 (c)     37,248      35,391
    General and administrative                 13,378       899 (d)     12,479      10,101
 
    Total operating expenses                 $ 77,409                 $ 72,751    $ 67,986
 
    Operating profit (loss)                    (2,501)                   6,674        (285)
    Financial expenses, net                    (1,460)                  (1,460)       (759)
 
    Income (loss) before taxes                 (3,961)                   5,214      (1,044)
 
    Taxes on income                               535                      535       1,412
 
    Net income (loss)                        $ (4,496)                 $ 4,679    $ (2,456)
 
    Basic net earnings (loss) per share       $ (0.12)                  $ 0.13     $ (0.07)
 
    Diluted net earnings (loss) per share     $ (0.12)                  $ 0.13     $ (0.07)
 
    Weighted average number of shares
    used in computing basic net earnings 
    (loss) per share                       36,354,389               36,354,389  35,794,446
 
    Weighted average number of shares
    used in computing diluted net
    earnings (loss) per share              36,354,389               37,287,665  35,794,446
 
    Total adjustments                                     9,175

    (a) Cost of revenues includes $0.6 million of amortization of intangible assets, 
        $2.0 million of inventory step-up, $0.1 million of stock based compensation 
        expenses, $0.2 million of integration plan related costs and $1.6 million of 
        changes in pre-acquisition indirect tax positions in the six months ended 
        June 30, 2012. 
    (b) Research and development expenses include $40 thousand of integration plan related 
        costs and $1.0 million of stock based compensation expenses in the six months 
        ended June 30, 2012. 
    (c) Selling and marketing expenses includes $1.2 million of amortization of intangible
        assets, $0.4 million of integration plan related costs and $1.1 million of stock 
        based compensation expenses in the six months ended June 30, 2012. 
    (d) General and administration expenses include, $0.3 million of integration plan 
        related costs and $0.6 million of stock based compensation expenses in the 
        six months ended June 30, 2012. 

                        RECONCILIATION BETWEEN REPORTED AND NON-GAAP

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