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TheStreet Open House

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)


                                                      Year ended December 31,

                                                            2012                      2011
                               GAAP (as reported)    Adjustments     Non-GAAP     Non-GAAP

    Revenues                            $ 446,651                   $ 446,651    $ 445,269
    Cost of revenues                      308,354      (a) 8,573      299,781      300,984
    Gross profit                          138,297                     146,870      144,285

    Operating expenses:
    Research and development, net          47,487      (b) 2,903       44,584       46,425
    Selling and marketing                  77,326      (c) 5,020       72,306       71,686
    General and administrative             27,519      (d) 2,352       25,167       21,484
    Restructuring costs                     4,608          4,608            -            -

    Total operating expenses            $ 156,940                   $ 142,057    $ 139,595

    Operating profit (loss)               (18,643)                      4,813        4,690
    Financial expenses, net                 3,547                       3,547       (2,024)

    Income (loss) before taxes            (22,190)                      1,266        2,666

    Taxes on income                         1,201                       1,201        2,259

    Net income (loss)                   $ (23,391)                       $ 65        $ 407

    Basic net earnings (loss) per share   $ (0.64)                     $ 0.00       $ 0.01

    Diluted net earnings (loss) per share $ (0.64)                     $ 0.00       $ 0.01

    Weighted average number of shares
    used in computing basic net earnings
    (loss) per share                   36,457,989                  36,457,989   35,975,434

    Weighted average number of shares
    used in computing diluted net
    earnings (loss) per share          36,457,989                  37,092,887   37,522,665

    Total adjustments                                     23,456

  1. Cost of revenues includes $1.2 million of amortization of intangible assets, $4.5 million of inventory step-up, $2.3 million of changes in pre-acquisition indirect tax positions, $0.2 million of stock based compensation expenses and $0.4 million of restructuring, integration plan related costs and other charges related to reduction in workforce in the year ended December 31, 2012.
  2. Research and development expenses include $1.3 million of restructuring, integration plan related costs and other charges related to reduction in workforce and $1.6 million of stock based compensation expenses in the year ended December 31, 2012.
  3. Selling and marketing expenses includes $2.3 million of amortization of purchased intangible assets, $0.7 million of restructuring, integration plan related costs and other charges related to reduction in workforce and $2.0 million of stock based compensation expenses in the year ended December 31, 2012.
  4. General and administrative expenses include $0.7 million of restructuring, integration plan related costs and other charges related to reduction in workforce and $1.7 million of stock based compensation expenses in the year ended December 31, 2012.

 

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