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TheStreet Open House

Ceragon Networks Reports Third Quarter 2012 Financial Results

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

(Unaudited)

 
                                           Three months ended September 30,
 
                                               2012                              2011
                       GAAP (as reported)       Adjustments   Non-GAAP         Non-GAAP

    Revenues                   $ 118,046                     $ 118,046        $ 116,120
    Cost of revenues              81,476       4,111 (a)        77,365           78,667
 
    Gross profit                  36,570                        40,681           37,453
 
    Operating expenses:
    Research and development      11,425         404 (b)        11,021           12,023
    Selling and marketing         19,193       1,071 (c)        18,122           18,359
    General and administrative     7,216         423 (d)         6,793            5,511
 
    Total operating expenses    $ 37,834                      $ 35,936         $ 35,893
 
    Operating profit (loss)       (1,264)                        4,745            1,560
    Financial expenses, net       (1,149)                       (1,149)            (241)
 
    Income (loss) before taxes    (2,413)                        3,596            1,319
 
    Taxes on income                  261                           261              724
 
    Net income (loss)           $ (2,674)                      $ 3,335            $ 595
 
    Basic net earnings 
    (loss) per share             $ (0.07)                       $ 0.09           $ 0.02
 
    Diluted net earnings 
    (loss) per share             $ (0.07)                       $ 0.09           $ 0.02
 
    Weighted average number 
    of shares used in 
    computing basic net 
    earnings (loss) per 
    share                     36,495,563                    36,495,563       36,065,381
 
    Weighted average number 
    of shares used in 
    computing diluted net 
    earnings (loss) per 
    share                     36,495,563                    37,091,849       37,527,749
 
    Total adjustments                         6,009
 
  1. Cost of revenues includes $0.3 million of amortization of intangible assets, $2.9 million of inventory step-up, $0.1 million of stock based compensation expenses and $0.8 million of changes in pre-acquisition indirect tax positions in the three months ended September 30, 2012.
  2. Research and development expenses include $0.4 million of stock based compensation expenses in the three months ended September 30, 2012.
  3. 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 September 30, 2012.
  4. General and administrative expenses include $0.4 million of stock based compensation expenses in the three months ended September 30, 2012.

RECONCILIATION OF NON-GAAP FINANCIAL RESULTS

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