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Ceragon Networks Reports Fourth Quarter and Year-End 2010 Financial Results

PARAMUS, New Jersey January 31, 2011 December 31, 2010

$67.0 million $53.4 million $62.3 million

$3.8 million $0.10 $2.1 million $0.06

$1.5 million $775,000 January 2011 $6.1 million $0.17 $3.4 million $0.09

$249.9 million $184.2 million $14.1 million $0.38 $3.7 million $0.10

$20.2 million $0.55 $7.3 million $0.20

Gross margin on a GAAP basis in the fourth quarter of 2010 was 37%. Gross margin on a non-GAAP basis was 37.1% of revenues.

$81.5 million

Ira Palti

     Supplemental revenue breakouts:      Geographical breakdown, fourth quarter of 2010:     EMEA:          34%     North America: 16%     Asia Pacific:  42%     Latin America:  8%  

9:00 a.m. EDT 8:50 a.m. EDT

http://www.ceragon.com/ir_events.asp?lang=0

USA

March 7, 2011

About Ceragon Networks Ltd.

http://www.ceragon.com

the United States

www.sec.gov http://www.ceragon.com

     Ceragon Reports Fourth Quarter 2010 Results                   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS           (U.S. dollars in thousands, except share and per share data)                                    (Unaudited)                                 Three months ended             Year ended                                   December 31,               December 31,                                2010           2009        2010           2009      Revenues               $ 66,983       $ 53,357   $ 249,852      $ 184,220     Cost of revenues         42,225         35,007     160,470        122,662      Gross profit             24,758         18,350      89,382         61,558      Operating expenses:     Research and     development               6,732          5,479      25,115         18,954     Selling and     marketing                 9,641          7,675      37,179         29,251     General and     administrative            3,612          3,003      12,328         10,705     Acquisition related     costs                       775              -         775              -      Total operating     expenses               $ 20,760       $ 16,157    $ 75,397       $ 58,910      Operating profit          3,998          2,193      13,985          2,648     Financial income,     net                         124            228       1,255          1,496      Income before taxes       4,122          2,421      15,240          4,144      Taxes on income             304            293       1,178            489      Net Income              $ 3,818        $ 2,128    $ 14,062        $ 3,655      Basic net earnings     per share                $ 0.11         $ 0.06      $ 0.40         $ 0.11      Diluted net     earnings per share       $ 0.10         $ 0.06      $ 0.38         $ 0.10      Weighted average     number of shares     used in computing     basic net earnings     per share            35,106,882     34,256,957  34,854,657     34,369,212      Weighted average     number of shares     used in computing     diluted net     earnings per share   36,995,821     36,365,610  36,564,830     35,796,878                                         (more)      Ceragon Reports Fourth Quarter 2010 Results                        CONDENSED CONSOLIDATED BALANCE SHEETS                            (U.S. dollars in thousands)                                    (Unaudited)                                                         December      December                                                           31,           31,                                                          2010          2009      ASSETS      CURRENT ASSETS:     Cash and cash equivalents                          $ 37,725      $ 38,339     Short-term bank deposits                             23,357        30,183     Marketable securities                                 7,363        16,724     Trade receivables, net                               88,074        68,452     Deferred taxes                                        4,057         3,462     Other accounts receivable and prepaid expenses       15,425         7,492     Inventories                                          65,921        65,925      Total current assets                                241,922       230,577      LONG-TERM INVESTMENTS:     Long-term bank deposits                                   -        10,824     Long-term marketable securities                      13,088         2,250     Severance pay funds                                   6,039         4,971      Total long-term investments                        $ 19,127      $ 18,045      OTHER ASSETS     Deferred taxes                                        8,829         8,942     Goodwill                                              1,093             -      Total other assets                                  $ 9,922       $ 8,942      PROPERTY AND EQUIPMENT, NET                          16,211        11,809      Total assets                                      $ 287,182     $ 269,373      LIABILITIES AND SHAREHOLDERS' EQUITY      CURRENT LIABILITIES:     Trade payables                                       40,537        52,898     Deferred revenues                                    20,661        18,548     Other accounts payable and accrued expenses          13,215         9,847      Total current liabilities                          $ 74,413      $ 81,293      ACCRUED SEVERANCE PAY                               $ 8,600       $ 7,174      SHAREHOLDERS' EQUITY:     Share capital:     Ordinary shares                                          95            92     Additional paid-in capital                          300,875       291,736     Treasury shares at cost                            (20,091)      (20,091)     Other comprehensive income                              159           100     Accumulated deficits                               (76,869)      (90,931)      Total shareholders' equity                        $ 204,169     $ 180,906      Total liabilities and shareholders' equity        $ 287,182     $ 269,373        Ceragon Reports Fourth Quarter 2010 Results                    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW                            (U.S. dollars, in thousands)                                    (Unaudited)                                        Three months ended        Year ended                                          December 31,           December 31,                                        2010       2009        2010       2009     Cash flow from      operating activities:     Net income                      $ 3,818    $ 2,128    $ 14,062    $ 3,655     Adjustments to      reconcile net income      to net cash provided by      (used in) operating activities:      Depreciation                      1,321        960       4,712      3,283     Stock-based      compensation expense             1,541      1,317       4,207      3,607     Decrease (increase)      in trade and other      receivables, net              (26,050)    (9,751)    (27,535)      4,724     Decrease (increase)      in inventory                   (4,071)   (15,755)           4   (25,415)     Increase (decrease)      in trade payables     and accrued liabilities          20,084     18,932     (8,323)     14,619     Increase in deferred revenues     7,902      4,565       2,113     12,662     Increase in deferred tax asset    (114)      (281)       (469)      (281)     Other adjustments                   497        374         532       (42)     Net cash provided by (used in)     operating activities            $ 4,928    $ 2,489  $ (10,697)   $ 16,812      Cash flow from investing      activities:     Purchase of property and      equipment ,net                 (2,083)    (1,640)     (9,798)    (6,737)     Payment of business acquired *)       -          -     (1,232)          -     Investment in short and      long-term bank deposit         (1,972)   (16,214)    (13,754)   (44,009)     Proceeds from short and      long-term bank deposits          6,580     19,284      31,680     46,177     Investment in      marketable securities                -    (3,203)    (18,339)    (4,703)     Proceeds from maturities      of marketable securities         9,091          -      16,591     11,754     Net cash provided by (used in)     investing activities           $ 11,616  $ (1,773)     $ 5,148    $ 2,482      Cash flow from      financing activities:     Proceeds from      exercise of options              1,635      2,205       4,935      2,989     Purchase of treasury      shares at cost                       -    (4,128)           -   (12,168)     Net cash used in      financing activities           $ 1,635  $ (1,923)     $ 4,935  $ (9,179)      Increase (decrease) in      cash and cash equivalents     $ 18,179  $ (1,207)     $ (614)   $ 10,115      Cash and cash equivalents at      the beginning of the period     19,546     39,546      38,339     28,224      Cash and cash equivalents      at the end of the period      $ 37,725   $ 38,339    $ 37,725   $ 38,339      *) Excluding cash and cash equivalents       Ceragon Reports Fourth Quarter 2010 Results                     RECONCILIATION OF NON-GAAP FINANCIAL RESULTS           (U.S. dollars in thousands, except share and per share data)                                    (Unaudited)                                                Three months ended December 31,                                                  2010                  2009                                    GAAP     Adjustments   Non-GAAP   Non-GAAP                                (as reported)       Revenues                     $ 66,983                 $ 66,983   $ 53,357     Cost of revenues               42,225      (*) 83       42,142   $ 34,937      Gross profit                   24,758                   24,841     18,420      Operating expenses:     Research and development        6,732     (*) 261        6,471      5,309     Selling and marketing           9,641     (*) 239        9,402      7,359     General and administrative      3,612     (*) 958        2,654      2,242     Acquisition related costs         775    (**) 775            -          -      Total operating expenses     $ 20,760                 $ 18,527   $ 14,910      Operating profit                3,998                    6,314      3,510     Financial income, net             124                      124        228      Income before taxes             4,122                    6,438      3,738      Taxes on income                   304                      304        293      Net income                    $ 3,818                  $ 6,134    $ 3,445      Basic net earnings per share   $ 0.11                   $ 0.17     $ 0.10      Diluted net earnings per share $ 0.10                   $ 0.17     $ 0.09      Weighted average number of      shares used in computing      basic net earnings per      share                     35,106,882               35,106,882 34,256,957      Weighted average number      of shares used in      computing diluted net      earnings per share        36,995,821               36,995,821 36,365,610      Total adjustments                           2,316       (*) Adjustments related to equity based compensation expenses according         to SFAS 123 (R)     (**) Nera Networks acquisition costs        Ceragon Reports Fourth Quarter 2010 Results                     RECONCILIATION OF NON-GAAP FINANCIAL RESULTS           (U.S. dollars in thousands, except share and per share data)                                    (Unaudited)                                                    Year ended December 31,                                               2010                    2009                                    GAAP    Adjustments   Non-GAAP   Non-GAAP                               (as reported)       Revenues                    $ 249,852               $ 249,852  $ 184,220     Cost of revenues              160,470    (*) 315      160,155  $ 122,406      Gross profit                   89,382                  89,697     61,814      Operating expenses:     Research and development       25,115    (*) 814       23,151     18,311                                           (**) 1,150     Selling and marketing          37,179  (*) 1,177       36,002     28,066     General and administrative     12,328  (*) 1,901       10,427      9,182     Acquisition related costs         775  (***) 775            -          -      Total operating expenses     $ 75,397                $ 69,580   $ 55,559      Operating profit               13,985                  20,117      6,255     Financial income, net           1,255                   1,255      1,496      Income before taxes            15,240                  21,372      7,751      Taxes on income                 1,178                   1,178        489      Net income                   $ 14,062                $ 20,194    $ 7,262      Basic net earnings      per share                     $ 0.40                  $ 0.58     $ 0.21      Diluted net earnings      per share                     $ 0.38                  $ 0.55     $ 0.20      Weighted average number of      shares used in computing      basic net earnings per      share                     34,854,657              34,854,657 34,369,212      Weighted average number of      shares used in computing      diluted net earnings per      share                     36,564,830              36,564,830 35,796,878      Total adjustments                         6,132      (*) Adjustments related to equity based compensation expenses according         to SFAS 123 (R)     (**) Adjustment related to purchase of technology for further development     (***) Nera Networks acquisition costs       Company and Investor Contact:     Yoel Knoll     Ceragon Networks Ltd.     Tel. +1-201-853-0228     [email protected]      Media Contact:     Karen Quatromoni     Rainier Communications     Tel. +1-508-475-0025 x150     [email protected]      Contact:     Yoel Knoll     Director of Investor Relations     Ceragon Networks Ltd.     Cell (Int'l): +972(0)52-830-6419     Office (Int'l): +972(0)3-766-6419     [email protected]    

SOURCE Ceragon Networks Ltd

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