This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ceragon Networks Reports Fourth Quarter And Year-End 2012 Financial Results

Stocks in this article: CRNT

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

(Unaudited)

                             Three months ended             Year ended

                                 December 31               December 31,
                                2012           2011        2012           2011

    Revenues              $  106,849      $ 118,487   $ 446,651      $ 445,269
    Cost of revenues          71,802         84,096     308,354        323,191

    Gross profit              35,047         34,391     138,297        122,078

    Operating expenses:
    Research and
    development, net          12,007         12,534      47,487         50,456
    Selling and
    marketing                 18,565         20,540      77,326         81,716
    General and
    administrative             6,925          8,337      27,519         26,524

    Restructuring costs       4,608               -       4,608          7,834

    Acquisition related
    costs                         -               -           -          4,919

    Total operating
    expenses               $ 42,105        $ 41,411   $ 156,940      $ 171,449

    Operating loss           (7,058)         (7,020)    (18,643)       (49,371)

    Financial expenses,
    net                         938           1,024       3,547          2,024

    Loss before taxes        (7,996)         (8,044)    (22,190)       (51,395)

    Taxes on income             405             123       1,201          2,259

    Net loss               $ (8,401)       $ (8,167)  $ (23,391)     $ (53,654)

    Basic net loss per
    share                   $ (0.23)        $ (0.23)    $ (0.64)       $ (1.49)

    Diluted net loss per
    share                   $ (0.23)        $ (0.23)    $ (0.64)       $ (1.49)

    Weighted average
    number of shares
    used in computing
    basic net loss per
    share                36,565,168      36,241,106  36,457,989     35,975,434

    Weighted average
    number of shares
    used in computing
    diluted net loss per
    share                36,565,168      36,241,106  36,457,989     35,975,434

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

(Unaudited)

                                                       December 31, December 31,
                                                           2012         2011
    ASSETS

    CURRENT ASSETS:
    Cash and cash equivalents                              $ 47,099   $ 28,991
    Short-term bank deposits                                    422      7,159
    Marketable securities                                         -      9,665
    Trade receivables, net                                  149,120    143,247
    Deferred taxes, net                                       8,589      8,622
    Other accounts receivable and prepaid expenses           38,901     37,281
    Inventories                                              65,554     93,465
    Total current assets                                    309,685    328,430

    LONG-TERM INVESTMENTS:
    Long-term marketable securities                           4,068      3,716
    Severance pay funds and pension                           7,163      6,360
    Total long-term investments                              11,231     10,076

    OTHER ASSETS:
    Long-term receivables                                     4,964      5,257
    Deferred taxes, net                                       9,140      8,898
    Goodwill and intangible assets, net                      25,644     28,032

    Total other assets                                       39,748     42,187

    PROPERTY AND EQUIPMENT, NET                              33,642     30,465
    Total assets                                          $ 394,306  $ 411,158
    LIABILITIES AND SHAREHOLDERS' EQUITY
    CURRENT LIABILITIES:
    Short term loan, including current maturities
    of long term bank loan                                 $ 25,232    $ 8,232
    Trade payables                                          102,079     77,395
    Deferred revenues                                        16,719     38,308
    Other accounts payable and accrued expenses              36,642     49,508
    Total current liabilities                               180,672    173,443
    LONG-TERM LIABILITIES
    Long term bank loan, net of current maturities           18,536     26,768
    Accrued severance pay and pension                        12,311     11,996
    Other long term payables                                 38,920     37,900
                                                             69,767     76,664
    SHAREHOLDERS' EQUITY:
    Share capital:
    Ordinary shares                                              98         97
    Additional paid-in capital                              318,106    311,911
    Treasury shares at cost                                (20,091)   (20,091)
    Other comprehensive loss                                  (332)      (343)
    Accumulated deficits                                  (153,914)  (130,523)

    Total shareholders' equity                              143,867    161,051

    Total liabilities and shareholders' equity            $ 394,306  $ 411,158

 

4 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs