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TheStreet Open House

Ceragon Networks Reports Third Quarter 2012 Financial Results

Stocks in this article: CRNT

This press release provides financial measures that exclude certain items and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these Non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors

*   *   *

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

(Unaudited)

                             Three months ended          Nine months ended
 
                                September 30               September 30,
                                2012           2011        2012           2011
 
    Revenues               $ 118,046      $ 116,120   $ 354,879      $ 326,782
    Cost of revenues          81,476         81,651     243,401        239,095
 
    Gross profit              36,570         34,469     111,478         87,687
 
    Operating expenses:
    Research and
    development               11,425         12,805      35,480         37,922
    Selling and
    marketing                 19,193         20,988      59,169         61,176
    General and
    administrative             7,216          6,452      20,594         18,187
    Restructuring costs            -              -           -          7,834
    Acquisition related                                                  
    costs                          -              -           -          4,919
 
    Total operating
    expenses               $ 37,834       $ 40,245    $ 115,243      $ 130,038
 
    Operating loss           (1,264)        (5,776)     (3,765)       (42,351)
 
    Financial expenses,
    net                      (1,149)          (241)     (2,609)        (1,000)
 
    Loss before taxes        (2,413)        (6,017)     (6,374)       (43,351)
 
    Taxes on income              261            724         796          2,136
 
    Net loss              $ (2,674)      $ (6,741)   $ ( 7,170)     $ (45,487)
 
    Basic net loss per
    share                   $ (0.07)       $ (0.19)    $ (0.20)       $ (1.27)
 
    Diluted net loss per
    share                   $ (0.07)       $ (0.19)    $ (0.20)       $ (1.27)
 
    Weighted average
    number of shares
    used in computing
    basic net loss per
    share                 36,495,563     36,065,381  36,397,410     35,885,904
 
    Weighted average
    number of shares
    used in computing
    diluted net loss per
    share                 36,495,563     36,065,381  36,397,410     35,885,904

CONDENSED CONSOLIDATED BALANCE SHEETS

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