(U.S. dollars in thousands, except share and per share data)
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
- 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.
- Research and development expenses include $0.4 million of stock based compensation expenses in the three months ended September 30, 2012.
- 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.
- 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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