CERAGON NETWORKS LTD.
(Translation of registrant’s name into English)
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24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
(Address of principal executive offices)
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CERAGON NETWORKS LTD.
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Date: May 6, 2013
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By: |
/s/ Donna Gershowitz
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Name:
Title:
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Donna Gershowitz
VP and General Counsel
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·
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Europe:
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19%
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·
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Africa:
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13%
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·
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North America:
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9%
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Latin America:
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38%
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India:
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8%
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APAC:
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13%
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Company and Investor Contact:
Yoel Knoll
Ceragon Networks Ltd.
Tel. +1 (201)-853-0228
yoelk@ceragon.com
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Media Contact:
Abigail Levy-Gurwitz
Ceragon Networks Ltd.
Tel: +1-(201)-853-0271
abigaill@ceragon.com
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Media Contact:
Karen Quatromoni
Rainier Communications
Tel. 508-475-0025 x150
kquatromoni@rainierco.com
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Join the Discussion:
![]() |
Ceragon Reports First Quarter 2013 Results
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![]() |
Three months ended
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March 31,
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||||||||
2013
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2012
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Revenues
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$ | 90,097 | $ | 110,046 | ||||
Cost of revenues
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62,637 | 77,237 | ||||||
Gross profit
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27,460 | 32,809 | ||||||
Operating expenses:
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||||||||
Research and development, net
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11,906 | 12,155 | ||||||
Selling and marketing
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17,533 | 19,634 | ||||||
General and administrative
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6,715 | 7,215 | ||||||
Total operating expenses
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$ | 36,154 | $ | 39,004 | ||||
Operating loss
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8,694 | 6,195 | ||||||
Financial expenses, net
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4,629 | 906 | ||||||
Loss before taxes
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13,323 | 7,101 | ||||||
Taxes on income
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818 | 290 | ||||||
Net loss
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$ | 14,141 | $ | 7,391 | ||||
Basic and diluted net loss per share
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$ | 0.38 | $ | 0.20 | ||||
Weighted average number of shares used in computing basic and diluted net loss per share
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36,755,603 | 36,346,482 |
Ceragon Reports First Quarter 2013 Results
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![]() |
March 31,
2013
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December 31,
2012
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$ | 46,805 | $ | 47,099 | ||||
Short-term bank deposits
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639 | 422 | ||||||
Trade receivables, net
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128,655 | 149,120 | ||||||
Deferred taxes, net
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7,382 | 8,589 | ||||||
Other accounts receivable and prepaid expenses
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36,812 | 38,743 | ||||||
Inventories
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62,660 | 65,554 | ||||||
Total current assets
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282,953 | 309,527 | ||||||
NON-CURRENT ASSETS:
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Marketable securities
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4,111 | 4,068 | ||||||
Deferred taxes, net
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10,083 | 9,140 | ||||||
Severance pay funds and pension
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7,226 | 7,163 | ||||||
Property and equipment, net
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33,826 | 33,642 | ||||||
Intangible assets, net
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9,155 | 9,809 | ||||||
Goodwill
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15,318 | 15,283 | ||||||
Other non-current assets
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5,556 | 4,964 | ||||||
Total non-current assets
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85,275 | 84,069 | ||||||
Total assets
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$ | 368,228 | $ | 393,596 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Short term loans, including current maturities of long term loan
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$ | 26,232 | $ | 25,232 | ||||
Trade payables
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81,615 | 102,079 | ||||||
Deferred revenues
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15,467 | 16,719 | ||||||
Other accounts payable and accrued expenses
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46,415 | 36,090 | ||||||
Total current liabilities
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169,729 | 180,120 | ||||||
LONG-TERM LIABILITIES
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Long term bank loan, net of current maturities
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16,478 | 18,536 | ||||||
Accrued severance pay and pension
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12,208 | 12,311 | ||||||
Other long term liabilities
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37,595 | 38,920 | ||||||
66,281 | 69,767 | |||||||
SHAREHOLDERS' EQUITY:
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Share capital:
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Ordinary shares
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98 | 98 | ||||||
Additional paid-in capital
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320,318 | 318,106 | ||||||
Treasury shares at cost
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(20,091 | ) | (20,091 | ) | ||||
Accumulated other comprehensive loss, net of taxes
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(52 | ) | (490 | ) | ||||
Accumulated deficit
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(168,055 | ) | (153,914 | ) | ||||
Total shareholders' equity
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132,218 | 143,709 | ||||||
Total liabilities and shareholders' equity
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$ | 368,228 | $ | 393,596 |
Ceragon Reports First Quarter 2013 Results
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![]() |
Three months ended
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||||||||
March 31,
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||||||||
2013
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2012
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|||||||
Cash flow from operating activities:
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Net loss
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$ | (14,141 | ) | $ | (7,391 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities:
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Depreciation and amortization
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4,038 | 3,771 | ||||||
Stock-based compensation expense
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1,075 | 1,585 | ||||||
Decrease (increase) in trade and other receivables, net
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23,652 | (2,104 | ) | |||||
Decrease in inventory, net of write-off
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2,863 | 17,043 | ||||||
Increase (decrease) in trade payables and accrued liabilities
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(13,425 | ) | 1,774 | |||||
Decrease in deferred revenues
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(1,252 | ) | (9,172 | ) | ||||
Decrease (increase) in deferred tax asset, net
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150 | (377 | ) | |||||
Other adjustments
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(101 | ) | (104 | ) | ||||
Net cash provided by operating activities
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$ | 2,859 | $ | 5,025 | ||||
Cash flow from investing activities:
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Purchase of property and equipment ,net
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(2,895 | ) | (3,303 | ) | ||||
Investment in short and long-term bank deposit
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(217 | ) | (1,266 | ) | ||||
Proceeds from short and long-term bank deposits
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- | 2,250 | ||||||
Proceeds from sale and maturities of marketable securities
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- | 9,717 | ||||||
Net cash provided by (used in) investing activities
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$ | (3,112 | ) | $ | 7,398 | |||
Cash flow from financing activities:
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Proceeds from exercise of options
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1,137 | 213 | ||||||
Proceeds from short-term bank loan
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3,000 | - | ||||||
Repayment of loans from financial institutions
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(4,058 | ) | (2,058 | ) | ||||
Net cash provided by (used in) financing activities
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$ | 79 | $ | (1,845 | ) | |||
Translation adjustments on cash and cash equivalents
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$ | (120 | ) | $ | (151 | ) | ||
Increase (decrease) in cash and cash equivalents
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$ | (294 | ) | $ | 10,427 | |||
Cash and cash equivalents at the beginning of the period
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47,099 | 28,991 | ||||||
Cash and cash equivalents at the end of the period
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$ | 46,805 | $ | 39,418 |
Ceragon Reports First Quarter 2013 Results
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![]() |
Three months ended March 31,
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2013
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2012
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GAAP (as reported)
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Adjustments
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Non-GAAP
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Non-GAAP
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Revenues
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$ | 90,097 | $ | 90,097 | $ | 110,046 | |||||||
Cost of revenues
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62,637 |
(a) 1,295
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61,342 | 74,940 | |||||||||
Gross profit
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27,460 | 28,755 | 35,106 | ||||||||||
Operating expenses:
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Research and development, net
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11,906 |
(b) 1,523
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10,383 | 11,731 | |||||||||
Selling and marketing
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17,533 |
(c) 1,423
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16,110 | 18,019 | |||||||||
General and administrative
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6,715 |
(d) 1,067
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5,648 | 6,363 | |||||||||
Total operating expenses
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$ | 36,154 | $ | 32,141 | $ | 36,113 | |||||||
Operating loss
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8,694 | 3,386 | 1,007 | ||||||||||
Financial expenses, net
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4,629 |
(e) 3,133
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1,496 | 906 | |||||||||
Loss before taxes
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13,323 | 4,882 | 1,913 | ||||||||||
Taxes on income
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818 | 818 | 290 | ||||||||||
Net loss
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$ | 14,141 | $ | 5,700 | $ | 2,203 | |||||||
Basic and diluted net loss per share
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$ | 0.38 | $ | 0.16 | $ | 0.06 | |||||||
Weighted average number of shares used in computing basic and diluted net loss per share
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36,755,603 | 36,755,603 | 36,346,482 | ||||||||||
Total adjustments
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8,441
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(a)
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Cost of revenues includes $0.3 million of amortization of intangible assets, $0.4 million of inventory step-up, $0.3 million of changes in pre-acquisition indirect tax positions, $0.1 million of stock based compensation expenses and $0.2 million of restructuring and other charges related to reduction in workforce in the three months ended March 31, 2013.
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(b)
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Research and development expenses include $1.2 million of restructuring and other charges related to reduction in workforce and $0.3 million of stock based compensation expenses in the three months ended March 31, 2013.
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(c)
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Selling and marketing expenses includes $0.3 million of amortization of intangible assets, $0.7 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 March 31, 2013.
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(d)
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General and administrative expenses includes $0.7 million of restructuring other charges related to reduction in workforce and $0.4 million of stock based compensation expenses in the three months ended March 31, 2013.
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(e)
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Financial expenses includes $3.1 million non-recurring currency devaluation in Venezuela in the three months ended March 31, 2013
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Ceragon Reports First Quarter 2013 Results
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![]() |
Three months ended
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||||
March 31, 2013
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Reported GAAP net loss
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14,141 | |||
Stock based compensation expenses
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1,075 | |||
Amortization of intangible assets
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666 | |||
Inventory step-up
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459 | |||
Restructuring and other charges related to reduction in workforce
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2,844 | |||
Changes in pre-acquisition indirect tax positions
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264 | |||
Financial expenses related to non-recurring currency devaluation in Venezuela
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3,133 | |||
Non-GAAP net loss
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5,700 |