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Ceragon Networks Reports Third Quarter 2012 Financial Results

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

(Unaudited)

 
                                            Nine months ended September 30,
 
                                         2012                                 2011
                               GAAP (as reported)   Adjustments   Non-GAAP       Non-GAAP
 
    Revenues                            $ 354,879                $ 354,879      $ 326,782
    Cost of revenues                      243,401   8,628 (a)      234,773        221,629
    Gross profit                          111,478                  120,106        105,153
 
    Operating expenses:
    Research and development               35,480   1,435 (b)       34,045         34,517
    Selling and marketing                  59,169   3,799 (c)       55,370         53,750
    General and administrative             20,594   1,322 (d)       19,272         15,612
 
    Total operating expenses            $ 115,243                $ 108,687      $ 103,879
 
    Operating profit (loss)                (3,765)                  11,419          1,274
    Financial expenses, net               (2,609)                  (2,609)        (1,000)
 
    Income (loss) before taxes             (6,374)                   8,810            274
 
    Taxes on income                           796                      796          2,136
 
    Net income (loss)                    $ (7,170)                 $ 8,014       $ (1,862)
 
    Basic net earnings (loss) 
    per share                             $ (0.20)                  $ 0.22        $ (0.05)
 
    Diluted net earnings (loss) 
    per share $ (0.20)                     $ 0.22   $ (0.05)

    Weighted average number 
    of shares used in computing 
    basic net earnings
    (loss) per share                   36,397,410                36,397,410    35,885,904
 
    Weighted average number of shares
    used in computing diluted net
    earnings (loss) per share          36,397,410                37,218,356    35,885,904
 
    Total adjustments                                15,184
 
  1. Cost of revenues includes $0.9 million of amortization of intangible assets, $4.9 million of inventory step-up, $0.2 million of stock based compensation expenses, $0.2 million of integration plan related costs and $2.4 million of changes in pre-acquisition indirect tax positions in the nine months ended September 30, 2012.
  2. Research and development expenses include $40 thousand of integration plan related costs and $1.4 million of stock based compensation expenses in the nine months ended September 30, 2012.
  3. Selling and marketing expenses include $1.8 million of amortization of intangible assets, $0.4 million of integration plan related costs and $1.6 million of stock based compensation expenses in the nine months ended September 30, 2012.
  4. General and administrative expenses include $0.3 million of integration plan related costs and $1.0 million of stock based compensation expenses in the nine months ended September 30, 2012.

RECONCILIATION BETWEEN REPORTED AND NON-GAAP

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