Exhibit A
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Press Release
Ceragon Reports Fourth Quarter 2012 – February 14, 2013
CERAGON NETWORKS REPORTS FOURTH QUARTER AND YEAR-END 2012 FINANCIAL RESULTS
Paramus, New Jersey, February 14, 2013 - Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist today reported results for the fourth quarter and full year of 2012 which ended December 31, 2012.
Fourth quarter 2012 results:
Revenues for the fourth quarter of 2012 were $106.8 million.
Net loss in accordance with US Generally Accepted Accounting Principles (GAAP) for the fourth quarter of 2012 was ($8.4) million or $(0.23) per basic share and diluted share, compared to net loss of $(8.2) million in the fourth quarter of 2011, or $(0.23) per basic share and diluted share.
On a non-GAAP basis, excluding (a) $1.2 million of equity-based compensation expenses, (b) $0.9 million amortization of intangible assets, (c) $0.1 million inventory step up related to the Nera acquisition, (d) $6.7 million restructuring and other charges related to reduction in workforce (e) $(0.1) million of changes in pre-acquisition indirect tax positions, net income for the fourth quarter was $0.4 million, or $0.01 per basic share and diluted share. Non-GAAP net income for the fourth quarter of 2011 was $2.3 million, or $0.06 per basic share and diluted share. (Please refer to the accompanying financial tables for reconciliation of GAAP financial information to non-GAAP.)
Gross margin on a GAAP basis in the fourth quarter of 2012 was 32.8% of revenues. Gross margin on a non-GAAP basis in the fourth quarter was 33.3% of revenues.
Operating loss on a GAAP basis in the fourth quarter of 2012 was ($7.1) million. On a non-GAAP basis operating income in the fourth quarter of 2012 was $1.8 million.
Cash and cash investments at the end of the quarter were $51.6 million.
“Our revenues in Q4 were within the range of our guidance and our book-to-bill ratio was above 1,” said Ira Palti, President and CEO of Ceragon. “As expected, we generated substantial positive cash flow from operations during the quarter.”
“We achieved a number of important milestones during 2012 that will contribute to improving profitability. After a complete transition of all customers to our short-haul solution and the completion of our program to reduce product cost of the long-haul product, we are poised to achieve further improvement in gross margin. We also increased our market share, becoming the clear #1 in the long haul business and added several new Tier 1 customers while continuing to penetrate others. We recently introduced a new premium solution, the FibeAir IP-20C that could begin to contribute to revenues toward the end of the year, and the expense reduction initiatives implemented during Q4 positions us to achieve significant operating leverage once top line growth resumes,” concluded Mr. Palti.
Supplemental quarterly revenue breakouts:
Geographical breakdown, fourth quarter of 2012:
· | Europe: | 25% |
· | Africa: | 6% |
· | North America: | 8% |
· | Latin America: | 32% |
· | India: | 7% |
· | APAC: | 22% |
Full Year 2012 Results
As previously announced, in late December 2012, management learned that a major customer was requiring additional acceptance procedures and documentation for part of the equipment it had purchased from Ceragon and previously accepted. As a result, the Company has deferred a portion of revenues previously recognized in 2012 related to such equipment until the additional acceptance procedures are completed, currently expected in 2013. This deferral of revenue recognition also impacted the recognition of the related costs of revenues and expenses, but had no impact on operating cash flow. Accordingly, adjustments have been made to our financial results for the first three quarters of fiscal 2012, which are described in the supplemental tables on page 10 of this press release. All comparative information in this release is on an adjusted basis.
Revenues for the full year of 2012 were $446.7 million, up 0.3% from $445.3 million in 2011. Net loss on a GAAP basis for 2012 was $(23.4) million or $(0.64) per basic share and diluted share. Net loss for the year 2011 was $(53.7) million or $(1.49) per basic share and diluted share.
On a non-GAAP basis, net income for 2012, excluding (a) $5.5 million of equity-based compensation expenses, (b) $3.5 million amortization of intangible assets, (c) $4.5 million inventory step up related to the Nera acquisition, (d) $6.7 million restructuring and other charges related to reduction in workforce (e) $1.0 million integration plan related costs and (f) $2.3 million of changes in pre-acquisition indirect tax positions, was $0.1 million or $0.002 per basic share and diluted share. Net income for the year 2011, was $0.4 million, or $0.01 per basic share and diluted share.
A conference call will follow, beginning at 9:00 a.m. EST. Investors are invited to join the Company’s teleconference by calling USA: (800) 611-1147 or International: +1 (612) 332-0630, from 8:50 a.m. EST. The call-in lines will be available on a first-come, first-serve basis.
Investors can also listen to the call live via the Internet by accessing Ceragon Networks’ website at the investors’ page: http://www.ceragon.com/ir_events.asp?lang=0 selecting the webcast link, and following the registration instructions.
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If you are unable to join us live, the replay numbers are: USA: (800) 475-6701 or International +1 (320) 365-3844 Access Code: 280782. A replay of both the call and the webcast will be available through March 14, 2013.
About Ceragon Networks Ltd.
Ceragon Networks Ltd.(NASDAQ: CRNT) is the #1 wireless backhaul specialist. We provide innovative, flexible and cost-effective wireless backhaul solutions that enable mobile operators and other wired/wireless service providers to deliver 2G/3G, 4G/LTE and other broadband services to their subscribers. Ceragon’s high-capacity, solutions use microwave technology to transfer voice and data traffic while maximizing bandwidth efficiency, to deliver more capacity over longer distances under any deployment scenario. Based on our extensive global experience, Ceragon delivers turnkey solutions that support service provider profitability at every stage of the network lifecycle enabling faster time to revenue, cost-effective operation and simple migration to all-IP networks. As the demand for data pushes the need for ever-increasing capacity, Ceragon is committed to serve the market with unmatched technology and innovation, ensuring effective solutions for the evolving needs of the marketplace. Our solutions are deployed by more than 430 service providers in over 130 countries.
Ceragon Networks® is a registered trademark of Ceragon Networks Ltd. in the United States and other countries. CERAGON® is a trademark of Ceragon Networks Ltd., registered in various countries.Other names mentioned are owned by their respective holders.
Company and Investor Contact: Yoel Knoll Ceragon Networks Ltd. Tel. +1 (201)-853-0228 yoelk@ceragon.com | Media Contact: Abigail Levy-Gurwitz Ceragon Networks Ltd. Tel: +1-(201)-853-0271 abigaill@ceragon.com | Media Contact: Karen Quatromoni Rainier Communications Tel. 508-475-0025 x150 kquatromoni@rainierco.com |
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This press release may contain statements concerning Ceragon’s future prospects that are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and projections that involve a number of risks and uncertainties. There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts and estimates. These are important factors that could cause actual results to differ materially from forecasts and estimates. Some of the factors that could significantly impact the forward-looking statements in this press release include the risk of significant expenses in connection with potential contingent tax liability associated with Nera’s prior operations or facilities, risks associated with increased working capital needs, and other risks and uncertainties, which are discussed in greater detail in Ceragon’s Annual Report on Form 20-F and Ceragon’s other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and Ceragon undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Ceragon’s public filings are available from the Securities and Exchange Commission’s website at www.sec.gov or may be obtained on Ceragon’s website at www.ceragon.com
* * *
Contact: Yoel Knoll
Vice President of Investor Relations
Ceragon Networks Ltd.
Cell (Int'l): +972 (0) 52-830-6419
Office (Int’l): +972 (0) 3-5431-132
Office (US): +1 (201|) 406-1037
yoell@ceragon.com
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Ceragon Reports Fourth Quarter and Year End 2012 Results
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended December 31 | Year ended 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 |
(more)
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Ceragon Reports Fourth Quarter and Year End 2012 Results
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
(Unaudited)
December 31, 2012 | December 31, 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 |
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![](https://capedge.com/proxy/6-K/0001178913-13-000425/ceragon2.jpg)
Ceragon Reports Fourth Quarter and Year End 2012 Results
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(U.S. dollars, in thousands)
(Unaudited)
Three months ended December 31, | Year ended 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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![](https://capedge.com/proxy/6-K/0001178913-13-000425/ceragon2.jpg)
Ceragon Reports Fourth Quarter and Year End 2012 Results
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 |
(a) | 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. |
(b) | 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. |
(c) | 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 and $0.4 million of stock based compensation expenses in the three months ended December 31, 2012. |
(d) | 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. |
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![](https://capedge.com/proxy/6-K/0001178913-13-000425/ceragon2.jpg)
Ceragon Reports Fourth Quarter and Year End 2012 Results
RECONCILIATION OF NON-GAAP FINANCIAL RESULTS
(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 |
(a) | 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. |
(b) | 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. |
(c) | 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. |
(d) | 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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![](https://capedge.com/proxy/6-K/0001178913-13-000425/ceragon2.jpg)
Ceragon Reports Fourth Quarter and Year End 2012 Results
RECONCILIATION BETWEEN REPORTED AND NON-GAAP
OPERATING PROFIT (LOSS)
(U.S. dollars in thousands)
(Unaudited)
Three months ended | Year ended | |||||||
December 31, 2012 | ||||||||
Reported GAAP net operating loss | (7,058 | ) | (18,643 | ) | ||||
Stock based compensation expenses | 1,219 | 5,464 | ||||||
Amortization of purchased intangible assets | 880 | 3,536 | ||||||
Inventory step up | 93 | 4,511 | ||||||
Restructuring and other charges related to reduction in workforce | 6,712 | 6,712 | ||||||
Integration plan related costs | - | 955 | ||||||
Changes in pre-acquisition indirect tax positions | (82 | ) | 2,277 | |||||
Non-GAAP net operating profit | 1,764 | 4,812 |
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Supplemental Information
The Company has adjusted its quarterly results for fiscal 2012 as furnished to the Securities and Exchange Commission under cover of Forms 6-K on October 29, 2012, August 6, 2012, and May 7, 2012. The impact of these adjustments on our financial results for the first three quarters of fiscal 2012 is as follows:
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
(Unaudited - GAAP)
Three months | Three months | Three months | ||||||||||
Ended | Ended | Ended | ||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | ||||||||||
Revenues - as reported | $ | 117,783 | $ | 119,050 | $ | 118,046 | ||||||
Revenues - as adjusted | 110,046 | 112,669 | 117,087 | |||||||||
Gross Profit - as reported | 36,939 | 37,969 | 36,570 | |||||||||
Gross Profit - as adjusted | 32,809 | 35,913 | 34,528 | |||||||||
Basic and diluted net loss per share - as reported | $ | (0.10 | ) | $ | (0.03 | ) | $ | (0.07 | ) | |||
Basic and diluted net loss per share - as adjusted | $ | (0.20 | ) | $ | (0.08 | ) | $ | (0.13 | ) |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) (Unaudited – non-GAAP) |
Three months | Three months | Three months | ||||||||||
Ended | Ended | Ended | ||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | ||||||||||
Revenues - as reported | $ | 117,783 | $ | 119,050 | $ | 118,046 | ||||||
Revenues - as adjusted | 110,046 | 112,669 | 117,087 | |||||||||
Gross Profit - as reported | 39,231 | 40,194 | 40,681 | |||||||||
Gross Profit - as adjusted | 35,106 | 37,284 | 38,938 | |||||||||
Basic and diluted net loss per share - as reported | $ | 0.05 | $ | 0.08 | $ | 0.09 | ||||||
Basic and diluted net loss per share - as adjusted | $ | (0.06 | ) | $ | 0.01 | $ | 0.04 |
# # #
Contact: Yoel Knoll
Vice President of Investor Relations, Ceragon Networks Ltd.
Cell (Int'l): +972 (0) 52-830-6419
Office (Int’l): +972 (0) 3-5431-132 | (US): +1 (201|) 406-1037
yoell@ceragon.com
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