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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(U.S. dollars, in thousands)

(Unaudited)

                                                 Three months ended       Year ended
                                                      December 31,        December 31,
                                                  2012        2011       2012       2011
    Cash flow from operating activities:

    Net loss                                  $ (8,401)   $ (8,167) $ (23,391) $ (53,654)
    Adjustments to reconcile net loss
    to net cash used in operating activities:
    Depreciation and amortization                3,802       4,497     15,030     14,393
    Stock-based compensation expense             1,219       2,031      5,464      6,564
    Decrease (Increase) in trade and other
    receivables, net                            27,610       6,930    (11,911)     3,440
    Decrease (Increase) in inventory, net
    of write off                                (1,598)      7,617     27,210     40,643
    Increase (decrease) in trade payables
    and accrued liabilities                      1,635      (1,706)    19,073    (17,600)
    Increase in Goodwill                        (1,365)          -     (1,365)         -
    Decrease in deferred revenues               (5,170)        (42)   (21,589)   (11,925)
    Increase in deferred tax asset, net           (324)     (1,269)      (743)    (1,237)
    Other adjustments                             (323)     (2,455)      (569)      (749)
    Net cash provided by (used in) operating
    activities                                $ 17,085     $ 7,436    $ 7,209  $ (20,125)

    Cash flow from investing activities:
    Purchase of property and equipment ,net     (4,317)     (4,696)   (14,530)   (14,447)
    Payment for business acquisition *)              -           -          -    (42,405)
    Investment in short and long-term bank
    deposit                                          -           -     (1,266)    (7,304)
    Proceeds from maturities of short and
    long-term bank deposits                          -       2,368      7,920     25,664
    Investment in available for sale
    marketable securities                            -           -        (64)         -
    Proceeds from sales of available for
    sale marketable securities                       -         201      9,781     10,459

    Net cash provided by (used in)
    investing activities                      $ (4,317)   $ (2,127)   $ 1,841  $ (28,033)

    Cash flow from financing activities:
    Proceeds from exercise of options                2         518        736      4,474
    Proceeds from financial institutions,
    net                                         (8,000)          -     17,000     35,000
    Repayments of bank loans                    (2,058)          -     (8,232)         -
    Net cash provided by (used in)
    financing activities                     $ (10,056)      $ 518    $ 9,504   $ 39,474

    Translation adjustments on cash and
    cash equivalents                              $ 36       $ 223     $ (446)     $ (50)
    Increase (Decrease) in cash and cash
    equivalents                                $ 2,748     $ 6,050   $ 18,108   $ (8,734)
    Cash and cash equivalents at the
    beginning of the period                     44,351      22,941     28,991     37,725

    Cash and cash equivalents at the end
    of the period                             $ 47,099    $ 28,991   $ 47,099    $ 28,991
    *) Excluding cash and cash equivalents

 

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