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

Stocks in this article: CRNT

RECONCILIATION OF NON-GAAP FINANCIAL RESULTS

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

(Unaudited)


                                    Three months ended December 31,
                                                              2012                  2011
                                     GAAP (as reported)  Adjustments  Non-GAAP    Non-GAAP

    Revenues                             $ 106,849                   $ 106,849   $ 118,487
    Cost of revenues                        71,802           (a) 495    71,307      79,356

    Gross profit                            35,047                      35,542      39,131

    Operating expenses:
    Research and development, net           12,007         (b) 1,468    10,539      11,908
    Selling and marketing                   18,565         (c) 1,221    17,344      17,936
    General and administrative               6,925         (d) 1,030     5,895       5,872
    Restructuring costs                      4,608             4,608         -           -

    Total operating expenses              $ 42,105                    $ 33,778    $ 35,716

    Operating profit (loss)                 (7,058)                      1,764       3,415
    Financial expenses, net                    938                         938       1,024

    Income (loss) before taxes              (7,996)                        826       2,391

    Taxes on income                            405                         405         123

    Net income (loss)                     $ (8,401)                      $ 421     $ 2,268

    Basic net earnings (loss) per share    $ (0.23)                     $ 0.01      $ 0.06

    Diluted net earnings (loss) per share  $ (0.23)                     $ 0.01      $ 0.06

    Weighted average number of shares
    used in computing basic net earnings
    (loss) per share                    36,565,168                  36,565,168  36,241,106

    Weighted average number of shares
    used in computing diluted net
    earnings (loss) per share           36,565,168                  36,641,920  37,504,556

    Total adjustments                                          8,822

  1. Cost of revenues includes $0.3 million of amortization of intangible assets, $0.1 million of inventory step-up, $(0.1) million of changes in pre-acquisition indirect tax positions and $0.2 million of restructuring and other charges related to reduction in workforce in the three months ended December 31, 2012.
  2. Research and development expenses include $1.2 million of restructuring and other charges related to reduction in workforce and $0.2 million of stock based compensation expenses in the three months ended December 31, 2012.
  3. Selling and marketing expenses includes $0.5 million of amortization of intangible assets, $0.3 million of restructuring and other charges related to reduction in workforce$0.4 million of stock based compensation expenses in the three months ended December 31, 2012.
  4. General and administrative expenses include $0.4 million of restructuring and other charges related to reduction in workforce and $0.6 million of stock based compensation expenses in the three months ended December 31, 2012.

RECONCILIATION OF NON-GAAP FINANCIAL RESULTS

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