MIRA INFORM REPORT

Report Date :

12.07.2012

IDENTIFICATION DETAILS

Name :	CERAGON NETWORKS LTD.
Registered Office :	24 Raoul Wallenberg Street Tel Aviv-Yafo, 69719
Country :	Israel
Financials (as on) :	31.12.2011
Date of Incorporation :	23.07.1996
Legal Form :	Public Parent
Line of Business :	Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy
No. of Employees :	1,167

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Israel	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Ceragon Networks Ltd.

24 Raoul Wallenberg Street
Tel Aviv-Yafo, 69719
Israel
Tel:	972-3-5431000
Fax:	972-3-6455499
www.ceragon.com

Employees:

1,167

Company Type:

Public Parent

Corporate Family:

27 Companies

Traded:

NASDAQ:	CRNT
Tel Aviv Stock Exchange:	CRNT

Incorporation Date:

23-Jul-1996

Auditor:

Kost, Forer, Gabbay & Kasierer

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	US Dollar
Annual Sales:	445.3 ^1
Net Income:	(53.7)
Total Assets:	411.2 ^2
Market Value:	309.8
	(29-Jun-2012)

Business Description

Ceragon Networks Ltd. (Ceragon) is a provider of wireless backhaul solutions, which enables cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, music and video applications. Ceragon’s wireless backhaul solutions use microwave technology to transfer telecommunication traffic between base stations and the core of the service provider’s network. The Company also provides its solutions to businesses and public institutions that operate their own private communications networks. Ceragon offers a portfolio of wireless backhaul solutions, which enable cellular operators and other wireless service providers to eliminate the backhaul capacity bottleneck. In January, 19, 2011, Ceragon acquired NERA Networks AS (NAS). In September 2010, the Company acquired Elxys Innovations - Electronics Circuits and Systems SA (Elxys). For the fiscal year ended 31 December 2010, Ceragon Networks Ltd.'s revenues increased 36% to $249.9M. Net income totaled $14.1M, up from $3.7M . Revenues reflect an increase in sales of Company's products. Net income also reflects an increase in the gross profit margin and operating margins. The Company provides LTE/4G-ready wireless backhaul solutions and supports all wireless access technologies including GSM, CDMA.

Industry

Industry	Communications Equipment
ANZSIC 2006:	2422 - Communication Equipment Manufacturing
NACE 2002:	3220 - Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy
NAICS 2002:	33422 - Radio and TV Broadcasting and Wireless Communications Equipment Manufacturing
UK SIC 2003:	32202 - Manufacture of radio and electronic capital goods
US SIC 1987:	3663 - Radio and Television Broadcasting and Communications Equipment

Key Executives

Name	Title
Ira Palti	President, Chief Executive Officer
Aviram Steinhart	Chief Financial Officer, Executive Vice President
Udi Gordon	Executive Vice President - Corporate Marketing & Business Development
Donna Gershowitz	Vice President, General Counsel, Corporate Secretary
Gil Solovey	Executive Vice President - Global Operations

Significant Developments

Topic	#*	Most Recent Headline	Date
Negative Earnings Pre-Announcement	1	Ceragon Networks Ltd. Issues Q4 2011 Revenue Guidance Below Analysts' Estimates-Conference Call	7-Nov-2011
Officer Changes	1	Ceragon Networks Ltd. Appoints Aviram Steinhart As Chief Financial Officer	15-Nov-2011
Business Deals	7	Ceragon Networks Ltd Receives Multi Million Dollar Contract from Navajo Tribal Utility Authority	22-May-2012
Other Earnings Pre-Announcement	3	Ceragon Networks Ltd. Issues Q2 2012 Revenue Guidance In Line With Analysts' Estimates-Conference Call	7-May-2012

* number of significant developments within the last 12 months

News

Title	Date
Ceragon Networks@ Second Quarter 2012 Financial Results Scheduled for Release on August 6, 2012 Associated Press (704 Words)	9-Jul-2012
Ceragon Networks® Second Quarter 2012 Financial Results Scheduled for Release on August 6, 2012 PR Newswire US (629 Words)	9-Jul-2012
Nasdaq stocks posting largest volume increases Associated Press (328 Words)	3-Jul-2012
Next Inning Technology Research Updates Outlooks for Ceragon Networks, Aviat Networks, Altera, Xilinx, and Lattice Semiconductor PR Newswire US (543 Words)	15-Jun-2012
Ceragon wins orders to supply microwave backhaul solutions Datamonitor TechnologyWire (291 Words)	1-Jun-2012

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.93	3.07
Quick Ratio (MRQ)	1.48	2.60
Debt to Equity (MRQ)	0.20	0.27
Sales 5 Year Growth	32.65	14.13
Net Profit Margin (TTM) %	-7.73	17.97
Return on Assets (TTM) %	-8.38	7.97
Return on Equity (TTM) %	-21.02	14.12

Stock Snapshot

Traded: NASDAQ: CRNT

As of 29-Jun-2012

   Financials in: USD

Recent Price	8.57	EPS	-0.96
52 Week High	13.76	Price/Sales	0.70
52 Week Low	7.25	Price/Book	1.93
Avg. Volume (mil)	0.07	Beta	1.23
Market Value (mil)	309.78

	Price % Change	Rel S&P 500%
4 Week	3.75%	-2.66%
13 Week	-9.69%	-6.62%
52 Week	-27.92%	-30.11%
Year to Date	11.30%	2.76%

2 Year Weekly End Price & Volume

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
24 Raoul Wallenberg Street
Tel Aviv-Yafo, 69719
Israel

Tel:	972-3-5431000
Fax:	972-3-6455499

www.ceragon.com

Quote Symbol - Exchange
CRNT - NASDAQ
Sales USD(mil):	445.3
Assets USD(mil):	411.2
Employees:	1,167
Fiscal Year End:	31-Dec-2011

Industry:	Communications Equipment

Incorporation Date:	23-Jul-1996
Company Type:	Public Parent
Quoted Status:	Quoted

President, Chief Executive Officer:	Ira Palti

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Contents Industry Codes Business Description Brand/Trade Names Financial Data

Market Data Shareholders Subsidiaries Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2422	-	Communication Equipment Manufacturing

NACE 2002 Codes:
3220	-	Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy

NAICS 2002 Codes:
33422	-	Radio and TV Broadcasting and Wireless Communications Equipment Manufacturing

US SIC 1987:
3663	-	Radio and Television Broadcasting and Communications Equipment

UK SIC 2003:
32202	-	Manufacture of radio and electronic capital goods

Business Description

Ceragon Networks Ltd. (Ceragon), incorporated on July 23, 1996, is a provider of wireless backhaul solutions, which enables cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, music and video applications. Ceragon’s wireless backhaul solutions use microwave technology to transfer telecommunication traffic between base stations and the core of the service provider’s network. The Company also provides its solutions to businesses and public institutions that operate their own private communications networks. In January 19, 2011, Ceragon acquired NERA Networks AS (NAS). In September 2010, the Company acquired Elxys Innovations - Electronics Circuits and Systems SA (Elxys).

Ceragon offers a portfolio of wireless backhaul solutions, which enable cellular operators and other wireless service providers to eliminate the backhaul capacity bottleneck. The Company also provides advanced pure Internet protocol (IP)/Ethernet solutions to wireless broadband service providers, as well as to businesses and public institutions that operate their own private communications networks. Its FibeAir family of LTE/4G ready wireless backhaul solutions supports any transport technology, deployment architecture or network topology. The Company delivers platforms that carry transport technology (TDM), a combination (hybrid) of native TDM and native IP/Ethernet and pure IP/Ethernet traffic. The systems could be deployed in multi-radio all-indoor configurations, split-mount or all-outdoor installations.

The Company’s product includes an antenna, an outdoor unit, an indoor unit consisting of a terminal, and network management system. Indoor units convert the transmission signals from digital to intermediate or radio frequency signals and vice versa, process and manage information transmitted to and from the outdoor unit, aggregate multiple transmission signals and provide a physical interface to wireline networks.
Outdoor units are used to control power transmission, convert intermediate frequency signals to radio frequency signals and vice versa, and provide an interface between antennas and indoor units. Antennas are used to transmit and receive microwave radio signals from and to edge and core networks. The network management system uses simple network management protocol to monitor and control managed devices at both the element and network level and could be integrated into customers’ existing network management systems.

The Company competes with Aviat Networks, Alcatel-Lucent, Fujitsu Limited, Huawei Technologies Co., Ltd., L.M. Ericsson Telephone Company, NEC Corporation (NEC), Nokia Siemens Networks B.V. (NSN), DragonWave Inc., SIAE Microelectronica S.p.A. and ZTE Corporation

More Business Descriptions

Ceragon Networks Ltd. (Ceragon) is a provider of wireless backhaul solutions, which enables cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, music and video applications. Ceragon’s wireless backhaul solutions use microwave technology to transfer telecommunication traffic between base stations and the core of the service provider’s network. The Company also provides its solutions to businesses and public institutions that operate their own private communications networks. Ceragon offers a portfolio of wireless backhaul solutions, which enable cellular operators and other wireless service providers to eliminate the backhaul capacity bottleneck. In January, 19, 2011, Ceragon acquired NERA Networks AS (NAS). In September 2010, the Company acquired Elxys Innovations - Electronics Circuits and Systems SA (Elxys). For the fiscal year ended 31 December 2010, Ceragon Networks Ltd.'s revenues increased 36% to $249.9M. Net income totaled $14.1M, up from $3.7M . Revenues reflect an increase in sales of Company's products. Net income also reflects an increase in the gross profit margin and operating margins. The Company provides LTE/4G-ready wireless backhaul solutions and supports all wireless access technologies including GSM, CDMA.

Provision of high-capacity LTE-ready wireless backhaul solutions for wireless service providers and private businesses.

Point-to-Point Wireless Backhaul Telecommunications Products & Services Designer, Developer, Mfr & Whslr

Ceragon Networks Ltd. (NASDAQ: CRNT) is a leading provider of high capacity LTE/4G-ready wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services enabling smart-phone applications such as Internet browsing music and video. With unmatched technology and cost innovation Ceragons advanced point-to-point microwave systems allow wireless service providers to evolve their networks from circuit-switched and hybrid concepts to all IP networks. Ceragon solutions are designed to support all wireless access technologies delivering more capacity over longer distances under any given deployment scenario. Ceragons solutions are deployed by more than 200 service providers of all sizes and hundreds of private networks in more than 130 countries.

Wireless Telecommunications Carriers (except Satellite)

Brand/Trade Names

FibeAir (R)

Financial Data

Financials in:	USD(mil)
Revenue:	445.3
Net Income:	-53.7
Assets:	411.2
Long Term Debt:	26.8
Total Liabilities:	250.1
Working Capital:	0.0
Date of Financial Data:	31-Dec-2011

1 Year Growth

78.2%

NA

43.2%

Market Data

Quote Symbol:	CRNT
Exchange:	NASDAQ
Currency:	USD
Stock Price:	8.6
Stock Price Date:	06-29-2012
52 Week Price Change %:	-27.9
Market Value (mil):	309,784.5
SEDOL:	2616148
ISIN:	IL0010851660
Equity and Dept Distribution:
Common Stock NIS.01 Par, 12/10, 60M auth., 38,749,398 issd., less 3,481,523 shs. in Trea at $20.1M. Insiders control 21.18% (2.8M shares in options). IPO: 8/3/00, 5M shs.@ $17 by Morgan Stanley Dean Witter. All Pref. Shs. converted to Common upon IPO. PO: 11/2/07, 6.6M shares @ $13.5 per share by Banc of America Securities LLC and

Subsidiaries

Company	Percentage Owned	Country
Ceragon Networks Inc	100%	USA
Ceragon Networks (UK) Ltd	100%	UK
Ceragon Networks Sarl	100%	FRANCE
Ceragon Networks (HK) Ltd	100%	HONG KONG SAR
Ceragon Networks SA de CV	100%	MEXICO
Ceragon Networks do Brasil Ltda	100%	BRAZIL
Ceragon Networks (India) Private Ltd	100%	INDIA
Nera Networks AS	100%	NORWAY
Ceragon Networks South Africa	100%	SOUTH AFRICA
Ceragon Networks Hellas SA	100%	GREECE
Ceragon Canada	100%	CANADA
Ceragon Networks (Aus) Pty Ltd	100%	AUSTRALIA
Ceragon Networks (Nigeria) Ltd	100%	NIGERIA
Ceragon Networks (Philippines) Inc	100%	PHILIPPINES
Ceragon Networks APAC (Singapore) Pte Ltd	100%	SINGAPORE

Shareholders

Major Shareholders

Zisapel Zohar (14.04%); Zisapel Yehuda (6.72%); Palo Alto Investors LLC (6.04%)

Key Corporate Relationships

Auditor:	Kost, Forer, Gabbay & Kasierer
Auditor:	Kost, Forer, Gabbay & Kasierer, Kost Forer Gabbay & Kasierer

Corporate Structure News

Ceragon Networks Ltd.
Total Corporate Family Members: 27

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Ceragon Networks Ltd.	Parent	Tel Aviv-Yafo	Israel	Communications Equipment	445.3	1,167
Ceragon Networks AS	Subsidiary	Kokstad	Norway	Communications Services		300
Nera Networks AS	Subsidiary	Bergen	Norway	Communications Equipment	198.0	263
Nera America Latina Ltda	Subsidiary	Bogotá	Colombia	Computer Hardware		75
Nera América Latina Ltda.	Subsidiary	BaruerÃ	Brazil	Communications Equipment		40
Nera Telecommunicaciones Latin Ameri	Subsidiary	Caracas	Venezuela	Computer Hardware		38
Nera Inc	Subsidiary	Richardson, TX	United States	Computer Hardware	5.5	30
Nera Inc-Texas	Branch	Plano, TX	United States	Business Services	5.5	30
Nera Networks AS	Subsidiary	Islamabad	Pakistan	Communications Services		10
Ceragon Networks (Italy) SRL	Subsidiary	Cassina De' Pecchi, Milano	Italy	Communications Services	5.0	8
Ceragon Networks (India) Private Limited	Subsidiary	New Delhi	India	Communications Equipment		50
Ceragon Networks do Brasil Ltda	Subsidiary	Sao Paulo, SP	Brazil	Communications Services		40
Ceragon Colombia	Subsidiary	Bogota, DC	Colombia	Communications Services		75
Ceragon Networks S.A. de C.V.	Subsidiary	Mexico, DF	Mexico	Communications Equipment		25
Ceragon Networks (UK) Ltd.	Subsidiary	Redditch	United Kingdom	Communications Services		20
Ceragon USA	Subsidiary	Richardson, TX	United States	Communications Services		20
Ceragon Networks, Inc.	Subsidiary	Paramus, NJ	United States	Communications Equipment	12.1	12
Ceragon Poland	Subsidiary	Warsaw	Poland	Communications Equipment		10
Ceragon Networks SARL	Subsidiary	Gennevilliers	France	Communications Services
Ceragon Networks Hellas S.A.	Subsidiary	Maroussi	Greece	Communications Services
Elxys Innovations	Subsidiary	Marousi	Greece	Communications Services
Ceragon Networks (Nigeria) Limited	Subsidiary	Lagos	Nigeria	Communications Services
Ceragon Networks Philippines, Inc.	Subsidiary	Makati	Philippines	Communications Equipment
Ceragon Moscow	Subsidiary	Moscow	Russian Federation	Communications Equipment
Ceragon Networks (HK) Ltd.	Subsidiary	Beijing	China	Communications Services
Ceragon Italy	Subsidiary	Milan	Italy	Communications Equipment
Ceragon Networks APAC (S) Pte Ltd	Subsidiary	Singapore	Singapore	Communications Services

Ceragon Networks Ltd.

Competitors Report

CompanyName	Location	Employees	Ownership
ADC Telecommunications, Inc.	Eden Prairie, Minnesota, United States	9,300	Private
Alcatel Lucent SA	Paris, France	76,002	Public
Alvarion Ltd.	Tel Aviv-Yafo, Israel	877	Public
Aviat Networks, Inc.	Santa Clara, California, United States	1,000	Public
Aviat Networks, Inc.	Santa Clara, California, United States	1,000	Public
DragonWave, Inc.	Ottawa, Ontario, Canada	278	Public
Ericsson Communications, Inc.	Montreal, Quebec, Canada	2,000	Private
FUJITSU LIMITED	Tokyo, Japan	173,155	Public
Harris Corporation	Melbourne, Florida, United States	17,000	Public
Huawei Technologies Co., Ltd.	Shenzhen, China	110,000	Private
NEC Corp	Tokyo, Japan	109,102	Public
Nokia Oyj	Espoo, Finland	129,355	Public
Nokia Siemens Networks	Boca Raton, Florida, United States	250	Private
PHAZAR CORP.	Mineral Wells, Texas, United States	64	Public
Siemens AG	Muenchen, Germany	405,000	Public
Telefonaktiebolaget LM Ericsson	Stockholm, Sweden	108,551	Public
ZTE Corporation	Shenzhen, China	89,786	Public

Executives Report

Board of Directors

Name	Title	Function
Zohar Zisapel	Chairman of the Board	Chairman
Biography: Mr. Zohar Zisapel is Chairman of the Board of Ceragon Networks Ltd., since 1996. Mr. Zisapel is also a founder and a director of RAD Data Communications Ltd., of which he served as CEO from January 1982 until January 1998 and has served as chairman since 1998. Mr. Zisapel serves as chairman of two other public companies, RADVision Ltd. and RADCOM Ltd., as a director of Silicom Ltd. and as chairman or director of several private companies. Since July 2008, Mr. Zisapel has been a director of Amdocs Limited, a public company. Mr. Zisapel received a B.Sc. and an M.Sc. in electrical engineering from the Technion, Israel Institute of Technology (“Technion�) and an M.B.A. from Tel Aviv University. Age: 63 Education: Tel Aviv University, MBA Technion-Israel Institute of Technology, MS (Electrical Engineering) Technion-Israel Institute of Technology, BS (Electrical Engineering)
Joseph Atsmon	Independent Director	Director/Board Member
Biography: Mr. Joseph Atsmon is Independent Director of Ceragon Networks Ltd., since July 2001. Mr. Atsmon has also served as a director of Nice Systems Ltd. since July 2001 and of RADVision Ltd. since June 2003. From November 2005 until December 2008, Mr. Atsmon was a director of VocalTec Communications Ltd. From April 2001 until October 2002, he served as Chairman of Discretix Ltd. From 1995 until 2000, he served as Chief Executive Officer of Teledata Communications Ltd., a public company acquired by ADC Telecommunications Inc. in 1998. From 1986 until 1995, Mr. Atsmon served in various positions at Tadiran Ltd., among them a division president and Corporate Vice President for business development. Mr. Atsmon received a B.Sc. in electrical engineering (summa cum laude) from the Technion. Age: 63 Education: Technion-Israel Institute of Technology, BS (Electrical Engineering)
Yael Langer	Director	Director/Board Member
Biography: Ms. Yael Langer is Director of Ceragon Networks Ltd., since December 2000. Ms. Langer served as general counsel from July 1998 until December 2000. Ms. Langer is General Counsel and Secretary of RAD Data Communications Ltd. and other companies in the RAD-BYNET group. Since July 2009, Ms. Langer serves as a director in RADWARE Ltd. From December 1995 to July 1998, Ms. Langer served as Assistant General Counsel to companies in the RAD-BYNET group. From September 1993 until July 1995, Ms. Langer was a member of the legal department of Poalim Capital Markets and Investments Ltd. Ms. Langer received an LL.B. from the Hebrew University in Jerusalem. Age: 47 Education: The Hebrew University of Jerusalem, LLB
Yair Orgler	External Independent Director	Director/Board Member
Biography: Professor Yair E. Orgler is External Independent Director of Ceragon Networks Ltd., since March 2007. Prof. Orgler is Professor Emeritus at the Leon Recanati Graduate School of Business Administration, Tel Aviv University (the “Recanati School�). From 1996 to June 2006, Prof. Orgler was Chairman of the Board of the Tel-Aviv Stock Exchange. From 2001 to 2004, he was President of the International Options Markets Association (IOMA). Prof. Orgler serves as a director at Israel Chemicals Ltd., Atidim-High Tech Industrial Park Ltd., ICL-IP Co. Ltd., ICL-IP Ltd., Itamar Medical Ltd. and Gazit-Globe Ltd. Other public positions held by Prof. Orgler in recent years include: Director at Bank Hapoalim, B.M., Founder and Chairman of “Maalot�, Israel’s first securities rating company; Chairman of the Wage Committee of the Association of University Heads in Israel; Chairman of the Executive Council of the Academic College of Tel-Aviv-Yaffo; and member of the Board of the United States-Israel Educational Foundation (USIEF). Previous academic positions held by Prof. Orgler include: Vice Rector of Tel-Aviv University and before that Dean of the Recanati School. For over 20 years he was the incumbent of the Goldreich Chair in International Banking at Tel-Aviv University and served frequently as a Visiting Professor of Finance at the Kellogg Graduate School of Management, Northwestern University. Prof. Orgler holds a Ph.D. and Master’s degree in industrial administration from Carnegie Mellon University, an M.Sc. in industrial engineering from University of Southern California and a B.Sc. in industrial engineering from the Technion. Age: 72 Education: Carnegie Melon University, PHD (Industrial Administration) Carnegie Mellon University, M (Industrial Administration) University of Southern California, MS (Industrial Engineering)
Avi Patir	External Independent Director	Director/Board Member
Biography: Mr. Avi Patir is External Independent Director of Ceragon Networks Ltd., since March 2007. Mr. Patir is Senior Vice President and CTO at MIRS Communications Ltd., a wholly-owned subsidiary of HOT Telecommunication. From 2004 to 2006, Mr. Patir served as the Group COO and Head of the Wireline Division of “Bezeq� – The Israel Telecommunication Corp. Limited (“Bezeq�), Israel’s national telecommunications provider. From 2003 to 2004, Mr. Patir was President and CEO of American Israel Paper Mills Ltd., the Israeli manufacturer and marketer of paper and paper products. From 1996 to 2003, he was the President and CEO of Barak International Telecommunication Corporation Ltd., a provider of international telecommunications services in Israel, and from 1992 to 1996, he was Executive Vice President Engineering and Operations at Bezeq. Mr. Patir has been a board member of, among others, Bezeq International, Pelephone Communications Ltd. and Satlink Communications Ltd. Mr. Patir holds an M.Sc. in electrical and electronic engineering from Columbia University and a B.Sc. in electrical and electronic engineering from the Technion. He is, in addition, a graduate of the Kellogg-Recanati executive management program. Age: 63 Education: Columbia University, MS (Electrical and Electronics Engineering) Technion – Israel Institute of Technology, BS (Electrical and Electronics Engineering)
Avshalom Patir	Board Member	Director/Board Member

Executives

Name	Title	Function
Ira Palti	President, Chief Executive Officer	Chief Executive Officer
Biography: Mr. Ira Palti is President, Chief Executive Officer of Ceragon Networks Ltd., since August 2005. From January 2003 to August 2005, Mr. Palti was Chief Executive Officer of Seabridge Ltd., a Siemens company that is the area of broadband services and networks. Prior to joining Seabridge, he was the Chief Operating Officer of VocalTec Communications Ltd., responsible for sales, marketing, customer support and product development. Among the positions he held before joining VocalTec was founder of Rosh Intelligent Systems, a company providing software maintenance and AI diagnostic solutions and one of the first startups in Israel. Mr. Palti received a B.Sc. in mathematics and computer science (magna cum laude) from Tel Aviv University. Age: 54 Education: Tel Aviv University, BS (Math and Computer Science)
Billy Cain	President Latin America	President
Biography: Mr Cain brings over 30 years of experience in Telecommunications with him to Ceragon. Prior to joining Ceragon Mr Cain was Chief Sales Officer for the Americas Sales Region of Nera Networks and President of Nera Inc in the USA. Previously Mr Cain was Managing Director of Nera Ltd in the UK having started with them in 1996. Before joining Nera Mr Cain worked for 10 years with Marconi and he started his career in telecommunications with 10 years in the Royal Corps of Signals in the British Army. Mr Cain graduated in Telecommunications Engineering through the UK Military and the University of Northumbria in the UK. He also holds a Masters degree in Business Administration from Southern Methodist University in Dallas Texas.
John Earley	President Africa	President
Biography: John Earley joins Ceragon as President Middle East & Africa. Mr Earley has 33 years of extensive experience going through full life cycle from startup to operations and business transformation within the telecommunication industry across 90 different countries with specific emphasis on wireless networks with both vendors and operators. Prior to joining Ceragon Networks Mr Earley was Head of Services for Africa for Nokia Siemens Networks he worked in leadership roles as a CTO with Zain Nigeria and Bahrain Wataniya Telecom in Maldives Alan Dick in Cameroon just to name a few.
Trevor Gordon	President-Key Accounts & Strategic Partners	President
Thomas Knudsson	President-Europe	President
Biography: Thomas Knudsson has joined Ceragon as President Europe. Previously Mr. Knudsson was a Senior Vice President at Nera Networks. Mr. Knudsson has many years of experience within the telecommunications industries. Before joining Nera Networks he spent seven years at Xponcard AB (a publicly listed company) as an Executive Vice President and member of the Executive Board. Mr. Knudsson holds a Masters Degree in Social Science from Roskilde University Center Denmark.
Eyal Assa	Executive Vice President, General Manager - Long-Haul Solutions Group	Division Head Executive
Biography: Mr. Eyal Assa is Executive Vice President, General Manager - Long-Haul Solutions Group of Ceragon Networks Ltd., since March, 2011. Prior thereto, Mr. Assa served in various positions at Ceragon including as our Chief Operating Officer, Sales since 2008 and prior thereto as VP Business Development and OEM Relations. From August 1998, Mr. Assa held several senior R&D positions at Seabridge Ltd., a Siemens company, the last one being Vice President of Research and Development. Mr. Assa holds a B.Sc. in Mathematics and Statistics (cum laude) and M.Sc. in Computer Science (summa cum laude), both from Tel-Aviv University. Age: 40 Education: Tel-Aviv University, MS (Computer Science) Tel-Aviv University, BS (Mathematics)
Hagai Zyss	Executive Vice President, General Manager - Short-Haul Solutions Group	Division Head Executive
Biography: Mr. Hagai Zyss is Executive Vice President, General Manager - Short-Haul Solutions Group of Ceragon Networks Ltd., since March, 2011. Prior thereto, Mr. Zyss served as Vice President, Research and Development since October 2008. Previously, Mr. Zyss served in research and development from June 2000, his most recent position being Vice President Next Generation Networks. Mr. Zyss received B.Sc. and M.Sc. degrees (cum laude) in electrical engineering and electronics from Tel-Aviv University. Age: 40 Education: Tel-Aviv University, MS (Electrical and Electronics Engineering) Tel-Aviv University, BS (Electrical and Electronics Engineering)
Ram Prakash Tripathi	Managing Director Ceragon India	Managing Director
Biography: Ram joined Ceragon in September 2002 and currently serves as President & Managing Director Ceragon India. Ram has over 20 years of experience in the telecommunications industry. Prior to Ceragon he held managerial positions at several companies such as Stratex and Reliance.
Juan Calle	Vice President Caribbean Operations	Operations Executive
Biography: Mr. Calle has held technical and sales positions in the telecommunications industry for more than 15 years. He began his career as a Naval officer with the Ecuadorian Navy and later joined Harris Microwave Communications Division. While at Harris he held positions of increased responsibility in Customer Service and Sales. Mr. Calle has a solid reputation of delivering exceptional service to customers. Mr. Calle graduated with honors from the Ecuadorian Naval Academy and holds a M.S. in Electrical Engineering from the United States Naval Postgraduate School.
Varda Lubling	Vice President Operations	Operations Executive
Biography: Ms Varda Lubling brings to Ceragon over 20 years of extensive experience in Operations/logistics and management in a variety of Hi-Tech companies. Prior to joining Ceragon Ms. Lubling served as the director of Operations at Vocaltec Inc. in charge of sales operations productions and office daily operations. Between 1995 and 1998 Ms Lubling was the president of Radlinx Inc a Rad group company responsible for sales and marketing of 2 lines of IP products. Among other positions Ms Lubling held before was president of Radbit a company that was a conduit between us technology companies and the Israeli mission to US.
Gil Solovey	Executive Vice President - Global Operations	Operations Executive
Biography: Mr. Gil Solovey is Executive Vice President - Global Operations of Ceragon Networks Ltd., since May 2010. In his last position, Mr. Solovey served as VP Operations and a member of the management at Orbit Technology Group, an Israeli company that develops, manufactures and supplies communication equipment solutions. Prior to joining Orbit, Mr. Solovey served various position in HP Scitex, a pioneer and a worldwide developer of format printing equipment, including as VP Operations and managed the global supply chain group in HP Scitex. Before joining HP Scitex in 2004, Mr. Solovey managed the purchasing, Logistics and planning division at Applied Materials Israel. Mr. Solovey holds a B.Sc. in Mechanical Engineering from the Technion, and an M.B.A. in marketing from Herriot Watt University in Scotland (Israel branch). Age: 43 Education: Herriot-Watt University, MBA (Marketing) Technion, BS (Mechanical Engineering)
Donna Gershowitz	Vice President, General Counsel, Corporate Secretary	Company Secretary
Biography: Ms. Donna Gershowitz is Vice President, General Counsel, Corporate Secretary of Ceragon Networks Ltd., since June 2009. Prior to joining Ceragon, Ms. Gershowitz served as the General Counsel of Elron Electronic Industries Ltd. from March 2008 through April 2009, as the Regional General Counsel of SanDisk Corporation from November 2006 through March 2008 and as the Vice President and General Counsel of msystems Ltd. (prior to its acquisition by SanDisk Corporation) from June 2004 through November 2006. Ms. Gershowitz has also held positions as legal counsel in other Israeli high tech companies. Ms. Gershowitz holds a B.A. in Politics from Brandeis University and a J.D. from Boalt Hall School of Law, University of California, at Berkeley. Ms. Gershowitz is a member of the Israeli Bar and the California Bar. Age: 48 Education: University of California, Berkeley, JD Brandeis University, BA (Politics)
Uzi Sharabi	Vice President Finance	Finance Executive
Biography: Uzi Sharabi joined Ceragon in April 2007 as Vice President of Finance. Prior to joining Ceragon Mr Sharabi served at Aladdin Knowledge Systems Ltd. (NASDAQ: ALDN) as Director of Finance and Corporate Controller from 2002 to 2007. He has also he held several accounting positions at Ernst Young and PriceWaterhouseCoopers in Tel Aviv. Mr Sharabi holds an MBA inFinancial Engineering and Banking(cum laude)from the Hebrew University in Jerusalem and is a certified public accountant in Israel.
Aviram Steinhart	Chief Financial Officer, Executive Vice President	Finance Executive
Biography: Mr. Aviram Steinhart serves as Chief Financial Officer, Executive Vice President of Ceragon Networks Ltd., since December 1, 2011. Mr. Steinhart joined Ceragon in December 2011 from Lumenis Ltd., where he was the Chief Financial Officer and Senior Vice President from 2007. Prior to that, he served as the Corporate Vice President of Finance at Alvarion Ltd., as well as in a variety of senior financial positions at Siemens/UGS PLM solutions, Tecnomatix, and NetReality Communications. Mr. Steinhart holds a B.A. from Haifa University, and an M.B.A. from Tel Aviv University and is a qualified CPA. Age: 41 Education: Tel Aviv University, MBA Haifa University, BA
Janetta Pascaru	Controller	Controller
Biography: Ms. Pascaru began her career in public accounting with Deloitte and Touche. She served many major clients including Merrill Lynch Elizabeth Arden Sterling Optical and Farberware. She continued her distinguished career with Ebasco Services Inc. serving on their internal audit team. She returned to public accounting as an Audit Manager with the firm of Citrin Cooperman LLC where her major clients were Gordon and Breach Publishing Inc. and Telstar International Inc. Prior to joining Ceragon in 2009 Ms. Pascaru was the Financial Controller for Olam Americas Inc. She has over 20 years of corporate and public accounting and finance experience. Ms. Pascaru graduated Magna Cum Laude from Bernard M. Baruch College of The City University of New York earning a BA in Accountancy. She has been a Certified Public Accountant since 1990.
Sharon Ganot	Executive Vice President - Human Resources	Human Resources Executive
Biography: Ms. Sharon Ganot is Executive Vice President - Human Resources of Ceragon Networks Ltd., since March 2000. From December 1999 until March 2000, Ms. Ganot was the manager of human resources department. From April 1994 until December 1999, she was a personnel recruiter and training manager with RAD Data Communications Ltd. Ms. Ganot received a B.A. in psychology and an M.A. in industrial studies from Tel Aviv University. Age: 43 Education: Tel Aviv University, MA Tel Aviv University, BA (Psychology)
Bruce Mackintosh	Vice President Sales US & Canada	Sales Executive
Biography: Mr. Mackintosh has over 30 years of experience in the telecommunications industry. He started his career at NYNEX where he held various technical sales and management positions. Following this he held sales management positions at Siemens Stratex Networks and Nera Inc. He was also one of the principles in several pre-IPO ventures in the wireless industry. Prior to joining Ceragon he was Vice President of North American Sales for Nera Inc where he grew North American business from primarily an OEM manufacturer to an independent provider of microwave equipment with an emphasis on turnkey services. He holds a Bachelors degree in Economics from Albright College.
Ole Lars Oye	Vice President - Global Projects & Services	International Executive
Biography: Mr. Ole Lars Oye is Vice President - Global Projects & Services of Ceragon Networks Ltd., since January 2011. Prior to the Nera Acquisition, Mr. Oye has served as Senior Vice President, Global Projects, of Nera since September 2009. Previously, Mr. Oye served in various positions at Nera, which he joined in 1987, including as VP Sales North Europe of Nera Networks, General Director of Nera Networks s.r.o. in Slovakia, VP Supply and Technical Director Americas. Mr. Oye holds a B.Sc degree in Electronics/Telecommunication from Gjovik ingeniorhogskole in Norway. Age: 50 Education: Hogskolen i Gjovik, BS (Electronics)
Eran Westman	Executive Vice President - Global Business	International Executive
Biography: Mr. Eran Westman is Executive Vice President - Global Business of Ceragon Networks Ltd., since October 2008. From January 2004 to September 2008, Mr. Westman served as President Asia Pacific, and from July 2001 to December 2003, he was Vice President Sales for Europe, the Middle East and Africa. Mr. Westman holds a LL.B degree from the Herzog Faculty of Law at Bar Ilan University. Age: 41 Education: Bar Ilan University, LLB
Udi Gordon	Executive Vice President - Corporate Marketing & Business Development	Marketing Executive
Biography: Mr. Udi Gordon is Executive Vice President - Corporate Marketing & Business Development of Ceragon Networks Ltd., since June 2009. From October 2008 through May 2009, Mr. Gordon served as Vice President, Business Development. From 2003 to 2008, Mr. Gordon headed research and development department, his most recent position being Executive Vice President R&D. From 1997 until June 2003, he served as a senior manager in our research and development department. Mr. Gordon received a B.Sc. in electrical engineering from the Technion (cum laude) and an M.B.A. from Bar-Ilan University. Age: 45 Education: Bar-Ilan University, MBA Technion – Israel Institute of Technology, BS (Electrical Engineering)
Ben Tsadik	Vice President Of Technical Services	Engineering/Technical Executive
Biography: Mr. Ben Tsadik joined Ceragon in January 2004 and currently serves as Vice President of Technical Services for Ceragon North America. Mr. Ben Tsadik brings tremendous technical depth and a drive for excellence. Before moving into his current position he served as APAC Projects Director responsible for establishing and developing Ceragons support and services capabilities in the APAC region. Prior to joining Ceragon Mr. Ben Tsadik spent 6 years with the Israeli Aerospace Industry (IAI) managing various nationwide deployments of microwave transmission networks.
Eirik Nesse	Vice President Product Strategy	Product Management Executive
Biography: Eirik Nesse is responsible for the global strategy for Ceragons microwave product portfolio and associated products. Formerly he was the Chief Technical Architect at Nera Networks where he worked in various positions and has more than 27 years of industry experience. Mr Nesse holds a BSc degree in Electronic Engineering from University of Stavanger. Mr Nesse resides in Bergen Norway
Mark Blondina	Vice President North American Services	Other
Biography: Mr. Blondina has held positions in the microwave communications industry for over 30 years with companies that include Harris MCD and Microwave Networks Inc. Starting his career as a system test technician he progressed through positions of increasing responsibility including field installation project engineering program management proposal management and Director of Services. Prior to his time at Harris Mr. Blondina served four years in the United States Air Force where he was trained in Electronics Technology.
Yoel Knoll	IR Contact	Other

Significant Developments

Ceragon Networks Ltd Receives Multi Million Dollar Contract from Navajo Tribal Utility Authority

May 22, 2012

Ceragon Networks Ltd announced that it has received orders of approximately $4 million to supply microwave backhaul solutions and turnkey services including installation, project management and commissioning to the Navajo Tribal Utility Authority (NTUA). The systems are part of an over 530 mile network which is made up of microwave towers and fiber optics. The contract to Ceragon is partially funded by the federal grant and is meant to ensure that broadband Internet access and adoption is expanded to all areas across America.

Ceragon Networks Ltd. Issues Q2 2012 Revenue Guidance In Line With Analysts' Estimates-Conference Call

May 07, 2012

Ceragon Networks Ltd. announced that for second quarter of 2012, it expects revenue to be in the range of $116-$123 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $121 million for second quarter of 2012.

Ceragon Networks Ltd. Secures Orders For High-Capacity Point-To-Point And Point-To-Multipoint Backhaul Solutions From Florida Rural Broadband Alliance

May 02, 2012

Ceragon Networks Ltd. announced that it has won orders for high-capacity wireless backhaul point-to-point and point-to-multipoint solutions and last mile equipment from the Florida Rural Broadband Alliance (FRBA) . The FRBA chose Ceragon's FibeAir« IP-10G and FibeAir 2500 wireless backhaul solutions for its new all-IP network. The deployment, which is funded by federal broadband stimulus funds, is part of a network that will bring high-speed broadband service to un-served and underserved communities in 15 rural counties in Florida, providing much-needed connectivity to subscribers and expanding business opportunities in the area.

Ceragon Networks Ltd. Receives $6 Million Globacom Contract For Wireless Backhaul Deployment In Nigeria

Mar 12, 2012

Ceragon Networks Ltd. announced a new USD6 million contract with Globacom Nigeria (Glo) for Ceragon's high-capacity wireless backhaul solutions and professional services in Nigeria. Ceragon will manage the end to end deployment of its field-proven FibeAir IP-10 and Evolution IP Long-Haul systems throughout Nigeria, expanding upon the original network Ceragon developed for Glo in 2010. As part of the Glo deployment, Ceragon will provide backhaul for Glo's 2G/3G infrastructure network in Lagos.

Ceragon Networks Ltd. Issues Q1 2012 Revenue Guidance

Feb 28, 2012

Ceragon Networks Ltd. announced that for the first quarter of 2012, it expects revenues to be similar to the fourth quarter of 2011. The Company reported revenues of $118.5 million for the fourth quarter of 2011. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $117.5 million for the first quarter of 2012.

Telef=nica Selects Ceragon Networks Ltd. As Strategic Global Microwave Partner

Feb 21, 2012

Ceragon Networks Ltd. announced that Telef=nica has selected Ceragon as one of its global microwave backhaul vendors. Telef=nica is initially expected to order systems from Ceragon for Chile, Panama and Venezuela, where the Group services approximately 25 million subscribers.

Ceragon Networks Ltd. Secures Further Orders from Tele2 Russia

Feb 13, 2012

Ceragon Networks Ltd. announced that it has received orders for additional high-capacity microwave systems and services from Tele2 Russia , one of Europe's leading telecommunications companies. Tele2 is Russia's fourth largest mobile operator with over 20 million subscribers. Ceragon is providing high-capacity wireless backhaul to Tele2 in 15 of the 37 regions in Russia covered by the operator.

Ceragon Networks Ltd. Receives Orders From Latin America Mobile Operator To Provide High-Capacity Backhaul

Dec 14, 2011

Ceragon Networks Ltd. announced that a mobile operator in the southern cone region of Latin America has selected Ceragon to provide long-haul connectivity for new 3G sites and increased capacity for its enterprise users. Ceragon is currently serving as the sole supplier for these sites. Ceragon's Evolution IP Long-Haul will enable a higher level capacity for Ethernet bandwidth and 2G/3G voice and data implementations across the network, allowing for increased accessibility for the insatiable bandwidth growth within Latin America. The network rollout will commence in Q1 2012 and continue to run throughout the year.

Ceragon Networks Ltd. Appoints Aviram Steinhart As Chief Financial Officer

Nov 15, 2011

Ceragon Networks Ltd. announced the appointment of Aviram Steinhart as Executive Vice President and Chief Financial Officer, replacing Tsipi Kagan, who is leaving the company to pursue other interests. He will join Ceragon on December 1, 2011, and Ms. Kagan will remain through the end of 2011 to assist with the transition.

Ceragon Networks Ltd. Issues Q4 2011 Revenue Guidance Below Analysts' Estimates-Conference Call

Nov 07, 2011

Ceragon Networks Ltd. announced that for fourth quarter of 2011, it expects revenue to be in the range of $116-$121 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $122 million for fourth quarter of 2011.

Ceragon Networks Ltd. Secures Follow-On Orders with Brazilian Operator

Sep 12, 2011

Ceragon Networks Ltd. announced today that it has received two large follow-on orders from an operator in Brazil. The new orders, valued at several millions of dollars, follow Ceragon's selection for the next phase of a wide deployment project that consists of handling all microwave transmission for the Rio de Janeiro (RJ), Espfrito Santo (ES) and Spo Paulo (SP) states.

Ceragon Networks Ltd. Issues Q3 2011 Revenue Guidance In Line With Analysts' Estimates-Conference Call

Aug 08, 2011

Ceragon Networks Ltd. announced that for the third quarter of 2011, it expects revenue to be in the range of $110-$117 million. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenues of $114 million for the second quarter of 2011.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	445.3	249.9	184.2	217.3	161.9
Revenue	445.3	249.9	184.2	217.3	161.9
Total Revenue	445.3	249.9	184.2	217.3	161.9
Cost of Revenue	323.2	160.5	122.7	144.0	103.4
Cost of Revenue, Total	323.2	160.5	122.7	144.0	103.4
Gross Profit	122.1	89.4	61.6	73.2	58.5
Selling/General/Administrative Expense	108.2	49.5	40.0	40.9	30.6
Total Selling/General/Administrative Expenses	108.2	49.5	40.0	40.9	30.6
Research & Development	50.5	25.1	19.0	19.4	15.5
Restructuring Charge	7.8	-	-	-	-
Litigation	-	-	-	-	0.5
Other Unusual Expense (Income)	4.9	0.8	0.0	0.0	-
Unusual Expense (Income)	12.8	0.8	0.0	0.0	0.5
Total Operating Expense	494.6	235.9	181.6	204.3	149.9
Operating Income	-49.4	14.0	2.6	13.0	12.0
Interest Expense - Non-Operating	-3.4	-0.5	-0.3	-0.5	-0.8
Interest Expense, Net Non-Operating	-3.4	-0.5	-0.3	-0.5	-0.8
Interest Income - Non-Operating	2.6	1.7	2.0	3.8	1.7
Investment Income - Non-Operating	-0.9	0.3	-0.1	-0.8	0.3
Interest/Investment Income - Non-Operating	1.8	2.0	1.9	2.9	1.9
Interest Income (Expense) - Net Non-Operating Total	-1.7	1.5	1.6	2.4	1.2
Other Non-Operating Income (Expense)	-0.3	-0.3	-0.1	-0.2	-
Other, Net	-0.3	-0.3	-0.1	-0.2	-
Income Before Tax	-51.4	15.2	4.1	15.1	13.1
Total Income Tax	2.3	1.2	0.5	-10.8	0.0
Income After Tax	-53.7	14.1	3.7	26.0	13.1
Net Income Before Extraord Items	-53.7	14.1	3.7	26.0	13.1
Net Income	-53.7	14.1	3.7	26.0	13.1
Income Available to Common Excl Extraord Items	-53.7	14.1	3.7	26.0	13.1
Income Available to Common Incl Extraord Items	-53.7	14.1	3.7	26.0	13.1
Basic/Primary Weighted Average Shares	36.0	34.9	34.4	36.9	29.7
Basic EPS Excl Extraord Items	-1.49	0.40	0.11	0.70	0.44
Basic/Primary EPS Incl Extraord Items	-1.49	0.40	0.11	0.70	0.44
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-53.7	14.1	3.7	26.0	13.1
Diluted Weighted Average Shares	36.0	36.6	35.8	38.3	32.1
Diluted EPS Excl Extraord Items	-1.49	0.38	0.10	0.68	0.41
Diluted EPS Incl Extraord Items	-1.49	0.38	0.10	0.68	0.41
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	3.4	0.5	0.3	0.3	0.8
Depreciation, Supplemental	10.2	4.7	3.3	2.1	1.3
Total Special Items	29.6	2.3	1.3	1.8	1.6
Normalized Income Before Tax	-21.8	17.5	5.5	16.9	14.8
Effect of Special Items on Income Taxes	10.4	0.2	0.2	0.6	0.0
Inc Tax Ex Impact of Sp Items	12.6	1.4	0.6	-10.2	0.0
Normalized Income After Tax	-34.4	16.2	4.8	27.1	14.8
Normalized Inc. Avail to Com.	-34.4	16.2	4.8	27.1	14.8
Basic Normalized EPS	-0.96	0.46	0.14	0.74	0.50
Diluted Normalized EPS	-0.96	0.44	0.13	0.71	0.46
Amort of Intangibles, Supplemental	4.2	-	-	-	-
Rental Expenses	11.8	3.7	3.2	3.0	2.1
Research & Development Exp, Supplemental	50.5	25.1	19.0	19.4	15.5
Reported Gross Profit	122.1	89.4	61.6	73.2	58.5
Reported Operating Profit	-	-	-	-	12.0
Normalized EBIT	-19.7	16.3	4.0	14.7	13.6
Normalized EBITDA	-5.3	21.0	7.3	16.8	14.9
Current Tax - Total	3.1	1.6	0.8	0.5	0.0
Current Tax - Total	3.1	1.6	0.8	0.5	0.0
Deferred Tax - Total	-0.8	-0.5	-0.3	-11.4	0.0
Deferred Tax - Total	-0.8	-0.5	-0.3	-11.4	0.0
Income Tax - Total	2.3	1.2	0.5	-10.8	0.0
Domestic Tax	2.3	-0.2	1.3	-11.2	0.0
Foreign Tax	-0.1	1.4	-0.8	0.4	0.0
Income Tax by Region - Total	2.3	1.2	0.5	-10.8	0.0
Interest Cost - Domestic	0.3	-	-	-	-
Service Cost - Domestic	0.1	-	-	-	-
Expected Return on Assets - Domestic	-0.3	-	-	-	-
Domestic Pension Plan Expense	0.1	-	-	-	-
Total Pension Expense	0.1	-	-	-	-
Total Plan Interest Cost	0.3	-	-	-	-
Total Plan Service Cost	0.1	-	-	-	-
Total Plan Expected Return	-0.3	-	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	29.0	37.7	38.3	28.2	58.7
Short Term Investments	16.8	30.7	46.9	37.2	32.4
Cash and Short Term Investments	45.8	68.4	85.2	65.5	91.0
Accounts Receivable - Trade, Gross	146.8	91.5	71.3	73.3	41.8
Provision for Doubtful Accounts	-3.6	-3.4	-2.9	-2.5	-1.3
Trade Accounts Receivable - Net	150.4	94.2	69.0	70.8	40.5
Other Receivables	17.8	3.5	2.3	4.0	6.4
Total Receivables, Net	168.2	97.8	71.3	74.8	47.0
Inventories - Finished Goods	77.3	58.3	61.1	32.8	28.2
Inventories - Work In Progress	1.7	0.2	0.7	1.3	4.7
Inventories - Raw Materials	14.4	7.4	4.2	6.5	3.9
Total Inventory	93.5	65.9	65.9	40.5	36.8
Prepaid Expenses	12.4	5.7	4.7	6.1	4.4
Deferred Income Tax - Current Asset	8.6	4.1	3.5	4.1	0.0
Other Current Assets, Total	8.6	4.1	3.5	4.1	0.0
Total Current Assets	328.4	241.9	230.6	191.0	179.2
Buildings	1.8	1.0	0.9	0.8	0.7
Machinery/Equipment	82.8	35.2	26.2	20.2	13.9
Property/Plant/Equipment - Gross	84.6	36.2	27.1	21.0	14.5
Accumulated Depreciation	-54.1	-20.0	-15.3	-12.1	-10.1
Property/Plant/Equipment - Net	30.5	16.2	11.8	8.9	4.4
Goodwill, Net	14.6	1.1	0.0	-	-
Intangibles - Gross	17.6	-	-	-	-
Accumulated Intangible Amortization	-4.2	-	-	-	-
Intangibles, Net	13.4	-	-	-	-
LT Investments - Other	10.1	19.1	18.0	36.4	34.0
Long Term Investments	10.1	19.1	18.0	36.4	34.0
Note Receivable - Long Term	5.3	0.0	-	-	-
Deferred Income Tax - Long Term Asset	8.9	8.8	8.9	8.0	0.0
Other Long Term Assets, Total	8.9	8.8	8.9	8.0	0.0
Total Assets	411.2	287.2	269.4	244.2	217.6
Accounts Payable	77.4	40.5	52.9	40.7	26.3
Accrued Expenses	31.7	9.2	7.5	0.5	0.6
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	8.2	0.0	-	-	-
Customer Advances	38.3	20.7	18.5	5.9	6.7
Other Payables	17.8	4.0	2.4	7.6	13.2
Other Current liabilities, Total	56.1	24.7	20.9	13.5	19.9
Total Current Liabilities	173.4	74.4	81.3	54.7	46.8
Long Term Debt	26.8	0.0	-	-	-
Total Long Term Debt	26.8	0.0	0.0	0.0	0.0
Total Debt	35.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	49.9	8.6	7.2	6.6	9.9
Other Liabilities, Total	49.9	8.6	7.2	6.6	9.9
Total Liabilities	250.1	83.0	88.5	61.3	56.7
Common Stock	0.1	0.1	0.1	0.1	0.1
Common Stock	0.1	0.1	0.1	0.1	0.1
Additional Paid-In Capital	311.9	300.9	291.7	285.1	281.1
Retained Earnings (Accumulated Deficit)	-130.5	-76.9	-90.9	-94.6	-120.6
Treasury Stock - Common	-20.1	-20.1	-20.1	-7.9	0.0
Other Comprehensive Income	-0.3	0.2	0.1	0.2	0.3
Other Equity, Total	-0.3	0.2	0.1	0.2	0.3
Total Equity	161.1	204.2	180.9	182.9	160.9
Total Liabilities & Shareholders’ Equity	411.2	287.2	269.4	244.2	217.6
Shares Outstanding - Common Stock Primary Issue	36.3	35.3	34.3	35.6	36.9
Total Common Shares Outstanding	36.3	35.3	34.3	35.6	36.9
Treasury Shares - Common Stock Primary Issue	3.5	3.5	3.5	1.5	-
Employees	1,167	580	508	444	334
Number of Common Shareholders	34	39	38	33	39
Accumulated Intangible Amort, Suppl.	4.2	-	-	-	-
Deferred Revenue - Current	38.3	20.7	18.5	5.9	6.7
Total Long Term Debt, Supplemental	35.0	-	-	-	-
Long Term Debt Maturing within 1 Year	8.2	-	-	-	-
Long Term Debt Maturing in Year 2	8.2	-	-	-	-
Long Term Debt Maturing in Year 3	8.2	-	-	-	-
Long Term Debt Maturing in Year 4	8.2	-	-	-	-
Long Term Debt Maturing in Year 5	2.1	-	-	-	-
Long Term Debt Maturing in 2-3 Years	16.5	-	-	-	-
Long Term Debt Maturing in 4-5 Years	10.3	-	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	-	-	-	-
Total Operating Leases, Supplemental	12.9	7.1	7.2	7.9	6.1
Operating Lease Payments Due in Year 1	7.8	3.4	3.3	2.8	2.1
Operating Lease Payments Due in Year 2	3.9	2.6	1.8	2.5	1.6
Operating Lease Payments Due in Year 3	0.8	0.8	1.4	1.2	1.4
Operating Lease Payments Due in Year 4	0.2	0.2	0.5	0.8	1.0
Operating Lease Payments Due in Year 5	-	0.1	0.1	0.2	-
Operating Lease Pymts. Due in 2-3 Years	4.8	3.4	3.2	3.7	3.0
Operating Lease Pymts. Due in 4-5 Years	0.2	0.3	0.6	1.0	1.0
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.1	0.3	0.0
Pension Obligation - Domestic	10.0	-	-	-	-
Plan Assets - Domestic	7.1	-	-	-	-
Funded Status - Domestic	-2.9	-	-	-	-
Total Funded Status	-2.9	-	-	-	-
Equity % - Domestic	18.00%	-	-	-	-
Debt Securities % - Domestic	49.00%	-	-	-	-
Real Estate % - Domestic	16.00%	-	-	-	-
Other Investments % - Domestic	17.00%	-	-	-	-
Total Plan Obligations	10.0	-	-	-	-
Total Plan Assets	7.1	-	-	-	-

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	-53.7	14.1	3.7	26.0	13.1
Depreciation	14.4	4.7	3.3	2.1	1.3
Depreciation/Depletion	14.4	4.7	3.3	2.1	1.3
Deferred Taxes	-1.2	-0.5	-0.3	-11.4	0.0
Unusual Items	-1.1	0.4	-0.4	0.6	0.2
Other Non-Cash Items	6.9	4.1	3.9	2.4	1.0
Non-Cash Items	5.8	4.4	3.6	2.9	1.2
Accounts Receivable	3.4	-27.2	4.7	-33.4	-16.8
Inventories	40.6	0.0	-25.4	-0.4	-9.5
Accounts Payable	-3.8	-11.7	12.8	13.5	3.0
Payable/Accrued	-13.8	3.3	1.8	-5.3	3.6
Other Liabilities	-11.9	2.1	12.7	-5.5	-0.3
Changes in Working Capital	14.6	-33.4	6.6	-31.2	-20.0
Cash from Operating Activities	-20.1	-10.7	16.8	-11.5	-4.3
Purchase of Fixed Assets	-14.4	-9.8	-6.7	-5.0	-2.9
Capital Expenditures	-14.4	-9.8	-6.7	-5.0	-2.9
Acquisition of Business	-42.4	-1.2	0.0	0.0	-
Sale of Fixed Assets	-	-	0.0	-	0.0
Sale/Maturity of Investment	36.1	48.3	57.9	74.9	14.8
Purchase of Investments	-7.3	-32.1	-48.7	-81.1	-57.8
Other Investing Cash Flow Items, Total	-13.6	14.9	9.2	-6.2	-43.0
Cash from Investing Activities	-28.0	5.1	2.5	-11.3	-45.9
Other Financing Cash Flow	-	0.0	0.0	-0.4	0.0
Financing Cash Flow Items	-	0.0	0.0	-0.4	0.0
Sale/Issuance of Common	-	-	0.0	-	88.7
Common Stock, Net	-	-	0.0	-	88.7
Options Exercised	4.5	4.9	3.0	0.7	10.0
Treasury Stock	0.0	0.0	-12.2	-7.9	0.0
Issuance (Retirement) of Stock, Net	4.5	4.9	-9.2	-7.2	98.7
Long Term Debt Issued	35.0	0.0	-	-	-
Long Term Debt, Net	35.0	0.0	-	-	-
Issuance (Retirement) of Debt, Net	35.0	0.0	-	-	-
Cash from Financing Activities	39.5	4.9	-9.2	-7.6	98.7
Foreign Exchange Effects	-0.1	0.0	0.0	-	-
Net Change in Cash	-8.7	-0.6	10.1	-30.4	48.5
Net Cash - Beginning Balance	37.7	38.3	28.2	58.7	10.2
Net Cash - Ending Balance	29.0	37.7	38.3	28.2	58.7
Cash Interest Paid	1.0	0.0	0.0	0.3	0.5
Cash Taxes Paid	3.8	0.9	0.4	0.5	0.3

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Revenues	445.3	249.9	184.2	217.3	161.9
Total Revenue	445.3	249.9	184.2	217.3	161.9
Cost of Revenues	323.2	160.5	122.7	144.0	103.4
Research & Development	50.5	25.1	19.0	19.4	15.5
Less grants and participations	-	-	-	-	0.0
Marketing & Selling	81.7	37.2	29.3	31.7	25.3
Expense in respect of settlement reserve	-	-	-	-	0.5
General & Administrative	26.5	12.3	10.7	9.2	5.3
Restructuring costs	7.8	-	-	-	-
Acquisition related costs	4.9	0.8	0.0	0.0	-
Total Operating Expense	494.6	235.9	181.6	204.3	149.9
Other Expenses	-0.3	-0.3	-0.1	-0.2	-
Interest Expenses	-3.4	-0.5	-0.3	-0.2	-0.2
Interest in respect of OCS	-	0.0	0.0	-0.3	-0.5
Interest Income	2.6	1.7	2.0	3.8	1.7
Foreign Currency Transalation	2.6	0.4	0.2	0.0	0.3
Foreign Currency Transalation	-3.4	-0.1	-0.3	-0.9	0.0
Other Financial Expenses	-	-	-	-	0.0
Net Income Before Taxes	-51.4	15.2	4.1	15.1	13.1
Provision for Income Taxes	2.3	1.2	0.5	-10.8	0.0
Net Income After Taxes	-53.7	14.1	3.7	26.0	13.1
Net Income Before Extra. Items	-53.7	14.1	3.7	26.0	13.1
Net Income	-53.7	14.1	3.7	26.0	13.1
Income Available to Com Excl ExtraOrd	-53.7	14.1	3.7	26.0	13.1
Income Available to Com Incl ExtraOrd	-53.7	14.1	3.7	26.0	13.1
Basic Weighted Average Shares	36.0	34.9	34.4	36.9	29.7
Basic EPS Excluding ExtraOrdinary Items	-1.49	0.40	0.11	0.70	0.44
Basic EPS Including ExtraOrdinary Item	-1.49	0.40	0.11	0.70	0.44
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-53.7	14.1	3.7	26.0	13.1
Diluted Weighted Average Shares	36.0	36.6	35.8	38.3	32.1
Diluted EPS Excluding ExtraOrd Items	-1.49	0.38	0.10	0.68	0.41
Diluted EPS Including ExtraOrd Items	-1.49	0.38	0.10	0.68	0.41
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-21.8	17.5	5.5	16.9	14.8
Inc Tax Ex Impact of Sp Items	12.6	1.4	0.6	-10.2	0.0
Normalized Income After Taxes	-34.4	16.2	4.8	27.1	14.8
Normalized Inc. Avail to Com.	-34.4	16.2	4.8	27.1	14.8
Basic Normalized EPS	-0.96	0.46	0.14	0.74	0.50
Diluted Normalized EPS	-0.96	0.44	0.13	0.71	0.46
Research & Development Exp	50.5	25.1	19.0	19.4	15.5
Interest Expense	3.4	0.5	0.3	0.3	0.8
Rental Expense	11.8	3.7	3.2	3.0	2.1
Depreciation	10.2	4.7	3.3	2.1	1.3
Amort of Intangibles, Supplemental	4.2	-	-	-	-
Current tax	3.1	1.6	0.8	0.5	0.0
Current Tax - Total	3.1	1.6	0.8	0.5	0.0
Deferred tax	-0.8	-0.5	-0.3	-11.4	0.0
Deferred Tax - Total	-0.8	-0.5	-0.3	-11.4	0.0
Income Tax - Total	2.3	1.2	0.5	-10.8	0.0
Domestic	2.3	-0.2	1.3	-11.2	0.0
Foreign	-0.1	1.4	-0.8	0.4	0.0
Income Tax by Region - Total	2.3	1.2	0.5	-10.8	0.0
Operating income (loss)	-	-	-	-	12.0
Gross profit	122.1	89.4	61.6	73.2	58.5
Service Cost - Domestic	0.1	-	-	-	-
Interest Cost - Domestic	0.3	-	-	-	-
Expected Return on Assets - Domestic	-0.3	-	-	-	-
Domestic Pension Plan Expense	0.1	-	-	-	-
Total Pension Expense	0.1	-	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	29.0	37.7	38.3	28.2	58.7
Short Term Deposits	7.2	23.4	30.2	35.0	26.0
Treasury Bonds	9.7	7.4	16.7	2.2	6.4
Gross Receivable	146.8	91.5	71.3	73.3	41.8
Doubtful Account	-3.6	-3.4	-2.9	-2.5	-1.3
Other accounts receivable	4.0	0.6	0.3	0.9	0.8
Government authorities	13.8	2.9	2.0	3.1	2.3
Receivables related to unrecognized sold	-	-	-	-	3.4
Advances to suppliers	7.1	6.2	0.5	-	-
Prepaid expenses	12.4	5.7	4.7	6.1	4.4
Raw Materials	14.4	7.4	4.2	6.5	3.9
Work In Progress	1.7	0.2	0.7	1.3	4.7
Finished Goods	77.3	58.3	61.1	32.8	28.2
Deferred Taxes	8.6	4.1	3.5	4.1	0.0
Total Current Assets	328.4	241.9	230.6	191.0	179.2
Computers & Manufacturing Equipment	78.4	33.2	24.6	18.8	12.5
Office Furniture / Equipment	4.4	2.0	1.5	1.4	1.3
Leasehold Improvements	1.8	1.0	0.9	0.8	0.7
Depreciation	-54.1	-20.0	-15.3	-12.1	-10.1
Treasury Bonds	3.7	13.1	2.3	24.1	18.7
Long Term Deposits	-	0.0	10.8	8.2	12.0
Severance Pay	6.4	6.0	5.0	4.1	3.3
Long-term receivables	5.3	0.0	-	-	-
Deferred Taxes	8.9	8.8	8.9	8.0	0.0
Intangible Gross	17.6	-	-	-	-
Accumulated Amortization	-4.2	-	-	-	-
Goodwill	14.6	1.1	0.0	-	-
Total Assets	411.2	287.2	269.4	244.2	217.6
Current maturities of long term loan	8.2	0.0	-	-	-
Trade payables	77.4	40.5	52.9	40.7	26.3
Deferred Revenues	38.3	20.7	18.5	5.9	6.7
Accrued Expenses	18.1	0.9	0.3	0.5	0.6
Employees and payroll accruals	13.7	8.4	7.2	-	-
Other Payables / Accrued	15.6	4.0	2.4	7.6	13.2
Adjustment - Other Acct. Pay. & Accrued	2.2	-	-	-	-
Total Current Liabilities	173.4	74.4	81.3	54.7	46.8
Long term bank loan, net of current matu	26.8	0.0	-	-	-
Total Long Term Debt	26.8	0.0	-	-	-
Other long term payables SHAREHOLDERS'	37.9	-	-	-	4.7
Accrued Severance	12.0	8.6	7.2	6.6	5.3
Total Liabilities	250.1	83.0	88.5	61.3	56.7
Common Stock	0.1	0.1	0.1	0.1	0.1
Additional paid in capital	311.9	300.9	291.7	285.1	281.1
Treasury shares at Cost	-20.1	-20.1	-20.1	-7.9	0.0
Accumulated Other Comphrensive Income	-0.3	0.2	0.1	0.2	0.3
Accumulated deficit	-130.5	-76.9	-90.9	-94.6	-120.6
Total Equity	161.1	204.2	180.9	182.9	160.9
Total Liabilities & Shareholders' Equity	411.2	287.2	269.4	244.2	217.6
S/O-Common Stock	36.3	35.3	34.3	35.6	36.9
Total Common Shares Outstanding	36.3	35.3	34.3	35.6	36.9
T/S-Common Stock	3.5	3.5	3.5	1.5	-
Accumulated Intangible Amort, Suppl.	4.2	-	-	-	-
Deferred Revenue - Current	38.3	20.7	18.5	5.9	6.7
Full-Time Employees	1,167	580	508	444	334
Number of Common Shareholders	34	39	38	33	39
Long Term Debt Maturing within 1 Year	8.2	-	-	-	-
Long Term Debt Maturing in Year 2	8.2	-	-	-	-
Long Term Debt Maturing in Year 3	8.2	-	-	-	-
Long Term Debt Maturing in Year 4	8.2	-	-	-	-
Long Term Debt Maturing in Year 5	2.1	-	-	-	-
Total Long Term Debt, Supplemental	35.0	-	-	-	-
Lease Maturing within 1 Year	7.8	3.4	3.3	2.8	2.1
Lease Maturing within 2 Years	3.9	2.6	1.8	2.5	1.6
Lease Maturing within 3 Years	0.8	0.8	1.4	1.2	1.4
Lease Maturing within 4 Years	0.2	0.2	0.5	0.8	1.0
Lease Maturing within 5 Years	-	0.1	0.1	0.2	-
Lease Maturing after 5 Years	0.0	-	0.1	0.3	-
Total Operating Leases	12.9	7.1	7.2	7.9	6.1
Pension Obligation - Domestic	10.0	-	-	-	-
Plan Assets - Domestic	7.1	-	-	-	-
Funded Status - Domestic	-2.9	-	-	-	-
Total Funded Status	-2.9	-	-	-	-
Real Estate % - Domestic	16.00%	-	-	-	-
Debt Securities % - Domestic	49.00%	-	-	-	-
Equity % - Domestic	18.00%	-	-	-	-
Other Investments % - Domestic	17.00%	-	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	-53.7	14.1	3.7	26.0	13.1
Depreciation	14.4	4.7	3.3	2.1	1.3
Stock based compensation expense	6.6	4.2	3.6	2.6	1.8
Dispose Assets	-	-	0.0	-	0.0
Accrued severance pay, net	-1.1	0.4	-0.4	0.6	0.2
Decrease (increase) in accrued interest	-0.3	-0.3	0.1	-0.3	-0.3
Accrued interest and amortization of pre	0.6	0.1	0.3	0.1	-0.4
receivables, net Decrease (Increase) in	-3.3	-19.6	2.4	-30.3	-13.1
Decrease (increase) in other accounts re	6.8	-7.6	2.4	-3.1	-3.7
Decrease in long term receivables	-	-	-	-	0.0
Decrease (increase) in inventory	40.6	0.0	-25.4	-0.4	-9.5
Increase in trade payables	-3.8	-11.7	12.8	13.5	3.0
Deferred Revenues	-11.9	2.1	12.7	-0.8	3.0
Decrease in other long-term payables	-	0.0	0.0	-4.7	-3.3
Increase (decrease) in trade payables an	-13.8	3.3	1.8	-5.3	3.6
Deferred Tax Assets	-1.2	-0.5	-0.3	-11.4	0.0
Cash from Operating Activities	-20.1	-10.7	16.8	-11.5	-4.3
Purchase of property and equipment	-14.4	-9.8	-6.7	-5.0	-2.9
Payment of business acquired	-42.4	-1.2	0.0	0.0	-
Proceeds from maturities of short and lo	25.7	31.7	46.2	61.4	6.2
Proceeds from sale of property and equip	-	-	0.0	-	0.0
Investment in short and long term bank d	-7.3	-13.8	-44.0	-66.3	-35.7
Investment in marketable securities	0.0	-18.3	-4.7	-14.9	-22.2
Proceeds from realized callable held-to-	0.0	0.0	10.0	0.0	0.0
Proceeds from sale of marketable securit	6.2	0.0	0.0	-	-
Proceeds from maturities of held-to-matu	4.3	16.6	1.8	13.5	8.6
Cash from Investing Activities	-28.0	5.1	2.5	-11.3	-45.9
Long term bank loan raised in connection	35.0	0.0	-	-	-
Proceeds from issuance of shares, net of	-	-	0.0	-	88.7
Proceeds from exercise of options Long	4.5	4.9	3.0	0.7	10.0
Payment of issuance costs	-	0.0	0.0	-0.4	0.0
Purchase of Treasury Stock	0.0	0.0	-12.2	-7.9	0.0
Cash from Financing Activities	39.5	4.9	-9.2	-7.6	98.7
Foreign Exchange Effects	-0.1	0.0	0.0	-	-
Net Change in Cash	-8.7	-0.6	10.1	-30.4	48.5
Net Cash - Beginning Balance	37.7	38.3	28.2	58.7	10.2
Net Cash - Ending Balance	29.0	37.7	38.3	28.2	58.7
Cash Interest Paid	1.0	0.0	0.0	0.3	0.5
Cash Taxes Paid	3.8	0.9	0.4	0.5	0.3

 Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue	117.8	17.42%	445.3	78.21%	27.02%	32.65%
Research & Development	12.1	-2.75%	50.5	100.90%	37.49%	33.74%
Operating Income	-2.3	-	-49.4	-	-	-
Income Available to Common Excl Extraord Items	-3.5	-	-53.7	-	-	-
Basic EPS Excl Extraord Items	-0.10	-	-1.49	-	-	-
Capital Expenditures	3.3	18.43%	14.4	47.45%	42.16%	59.65%
Cash from Operating Activities	5.0	-	-20.1	-	-	-
Free Cash Flow	1.7	-	-34.6	-	-	-
Total Assets	402.7	-10.61%	411.2	43.17%	18.96%	33.67%
Total Liabilities	241.7	-10.86%	250.1	201.29%	59.79%	38.66%
Total Long Term Debt	24.7	-24.99%	26.8	-	-	-
Employees	-	-	1167	101.21%	38.01%	30.87%
Total Common Shares Outstanding	36.3	3.00%	36.3	3.00%	0.69%	5.77%
Market Cap	344.7	-19.09%	279.7	-39.83%	15.89%	13.26%

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	27.42%	35.77%	33.42%	33.71%	36.13%
Operating Margin	-11.09%	5.60%	1.44%	5.96%	7.38%
Pretax Margin	-11.54%	6.10%	2.25%	6.97%	8.11%
Net Profit Margin	-12.05%	5.63%	1.98%	11.96%	8.11%
Financial Strength
Current Ratio	1.89	3.25	2.84	3.49	3.83
Long Term Debt/Equity	0.17	0.00	0.00	0.00	0.00
Total Debt/Equity	0.22	0.00	0.00	0.00	0.00
Management Effectiveness
Return on Assets	-15.37%	5.05%	1.42%	11.25%	8.37%
Return on Equity	-29.38%	7.30%	2.01%	15.11%	12.60%
Efficiency
Receivables Turnover	3.35	2.96	2.52	3.57	4.04
Inventory Turnover	4.06	2.43	2.30	3.73	3.23
Asset Turnover	1.28	0.90	0.72	0.94	1.03

Market Valuation USD (mil)
Enterprise Value	297.1	.	Price/Sales (TTM)	0.67
Enterprise Value/Revenue (TTM)	0.64	.	Price/Book (MRQ)	1.93
Market Cap as of 29-Jun-2012	309.8	.

Ratio Comparisons

Traded: NASDAQ: CRNT	Financials in: USD (actual units)
Industry: Communications Equipment	As of 29-Jun-2012
Sector: Technology

	Company	Industry	Sector	S&P 500
Valuation Ratios
P/E Excluding Extraordinary (TTM)	-	26.36	22.09	19.68
P/E High Excluding Extraordinary - Last 5 Yrs	114.99	34.57	42.91	32.79
P/E Low Excluding Extraordinary - Last 5 Yrs	7.45	10.71	12.36	10.71
Beta	1.23	1.27	1.19	1.00
Price/Revenue (TTM)	0.67	4.52	4.07	2.57
Price/Book (MRQ)	1.93	3.64	4.73	3.67
Price to Tangible Book (MRQ)	2.32	6.07	6.85	5.21
Price to Cash Flow Per Share (TTM)	-	18.57	17.48	14.22
Price to Free Cash Flow Per Share (TTM)	-	34.55	23.00	26.26
Dividends
Dividend Yield	-	1.43%	1.65%	2.26%
Dividend Per Share - 5 Yr Avg	0.00	0.61	0.71	1.99
Dividend 5 Yr Growth	-	4.63%	7.13%	0.08%
Payout Ratio (TTM)	-	11.53%	10.38%	25.98%
Growth Rates (%)
Revenue (MRQ) vs Qtr 1 Yr Ago	17.42%	23.53%	28.50%	15.58%
Revenue (TTM) vs TTM 1 Yr Ago	59.30%	5.65%	18.25%	17.69%
Revenue 5 Yr Growth	32.65%	14.13%	16.94%	8.97%
EPS (MRQ) vs Qtr 1 Yr Ago	84.08%	32.01%	41.24%	19.49%
EPS (TTM) vs TTM 1 Yr Ago	-232.33%	45.40%	49.53%	32.55%
EPS 5 Yr Growth	-	6.47%	20.44%	9.86%
Capital Spending 5 Yr Growth	59.65%	5.94%	9.78%	-2.04%
Financial Strength
Quick Ratio (MRQ)	1.48	2.60	1.98	1.24
Current Ratio (MRQ)	1.93	3.07	2.38	1.79
LT Debt/Equity (MRQ)	0.15	0.23	0.31	0.64
Total Debt/Equity (MRQ)	0.20	0.27	0.36	0.73
Interest Coverage (TTM)	-12.61	23.01	11.30	13.80
Profitability Ratios (%)
Gross Margin (TTM)	28.01%	47.86%	55.32%	45.21%
Gross Margin - 5 Yr Avg	32.16%	54.42%	53.24%	44.91%
EBITD Margin (TTM)	-3.53%	23.07%	25.78%	24.43%
EBITD Margin - 5 Yr Avg	1.43%	19.52%	21.39%	22.84%
Operating Margin (TTM)	-6.77%	20.05%	22.29%	20.63%
Operating Margin - 5 Yr Avg	-0.62%	16.52%	17.62%	18.28%
Pretax Margin (TTM)	-7.30%	22.01%	22.54%	17.95%
Pretax Margin - 5 Yr Avg	-0.30%	19.67%	18.75%	17.10%
Net Profit Margin (TTM)	-7.73%	17.97%	17.35%	13.65%
Net Profit Margin - 5 Yr Avg	0.25%	15.71%	12.72%	12.10%
Effective Tax Rate (TTM)	-	21.11%	23.73%	28.45%
Effective Tax rate - 5 Yr Avg	-	23.84%	24.82%	29.92%
Management Effectiveness (%)
Return on Assets (TTM)	-8.38%	7.97%	12.89%	8.54%
Return on Assets - 5 Yr Avg	0.25%	9.21%	10.70%	8.40%
Return on Investment (TTM)	-14.40%	7.18%	13.09%	7.90%
Return on Investment - 5 Yr Avg	0.35%	8.30%	11.50%	8.27%
Return on Equity (TTM)	-21.02%	14.12%	25.23%	19.72%
Return on Equity - 5 Yr Avg	0.38%	14.59%	21.05%	20.06%
Efficiency
Revenue/Employee (TTM)	396,521.00	495,361.28	617,868.03	927,613.77
Net Income/Employee (TTM)	-30,635.82	108,785.47	132,630.14	116,121.92
Receivables Turnover (TTM)	3.39	10.35	8.08	13.25
Inventory Turnover (TTM)	3.53	12.91	19.61	14.53
Asset Turnover (TTM)	1.08	0.59	0.75	0.93

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	1.89	3.25	2.84	3.49	3.83
Quick/Acid Test Ratio	1.23	2.23	1.93	2.57	2.95
Working Capital	155.0	167.5	149.3	136.3	132.4
Long Term Debt/Equity	0.17	0.00	0.00	0.00	0.00
Total Debt/Equity	0.22	0.00	0.00	0.00	0.00
Long Term Debt/Total Capital	0.14	0.00	0.00	0.00	0.00
Total Debt/Total Capital	0.18	0.00	0.00	0.00	0.00
Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate	-	7.73%	11.80%	-71.54%	0.00%
Total Capital	196.1	204.2	180.9	182.9	160.9
Efficiency
Asset Turnover	1.28	0.90	0.72	0.94	1.03
Inventory Turnover	4.06	2.43	2.30	3.73	3.23
Days In Inventory	90.00	149.95	158.36	97.91	113.08
Receivables Turnover	3.35	2.96	2.52	3.57	4.04
Days Receivables Outstanding	108.99	123.46	144.68	102.26	90.32
Revenue/Employee	381,550	430,779	362,638	489,365	484,695
Operating Income/Employee	-42,306	24,112	5,213	29,187	35,790
EBITDA/Employee	-29,973	32,236	11,675	33,849	39,808
Profitability
Gross Margin	27.42%	35.77%	33.42%	33.71%	36.13%
Operating Margin	-11.09%	5.60%	1.44%	5.96%	7.38%
EBITDA Margin	-7.86%	7.48%	3.22%	6.92%	8.21%
EBIT Margin	-11.09%	5.60%	1.44%	5.96%	7.38%
Pretax Margin	-11.54%	6.10%	2.25%	6.97%	8.11%
Net Profit Margin	-12.05%	5.63%	1.98%	11.96%	8.11%
R&D Expense/Revenue	11.33%	10.05%	10.29%	8.93%	9.55%
COGS/Revenue	72.58%	64.23%	66.58%	66.29%	63.88%
SG&A Expense/Revenue	24.31%	19.81%	21.69%	18.81%	18.91%
Management Effectiveness
Return on Assets	-15.37%	5.05%	1.42%	11.25%	8.37%
Return on Equity	-29.38%	7.30%	2.01%	15.11%	12.60%
Valuation
Free Cash Flow/Share	-0.95	-0.58	0.29	-0.47	-0.19
Operating Cash Flow/Share	-0.55	-0.30	0.49	-0.32	-0.12

Current Market Multiples
Market Cap/Earnings (TTM)	-8.61
Market Cap/Equity (MRQ)	1.92
Market Cap/Revenue (TTM)	0.67
Market Cap/EBIT (TTM)	-9.89
Market Cap/EBITDA (TTM)	-18.94
Enterprise Value/Earnings (TTM)	-8.26
Enterprise Value/Equity (MRQ)	1.85
Enterprise Value/Revenue (TTM)	0.64
Enterprise Value/EBIT (TTM)	-9.49
Enterprise Value/EBITDA (TTM)	-18.17

Stock Report

Stock Snapshot

Traded: NASDAQ: CRNT

As of 29-Jun-2012    US Dollars

Recent Price	$8.57	EPS	$-0.96
52 Week High	$13.76	Price/Sales	0.70
52 Week Low	$7.25	Price/Book	1.93
Avg. Volume (mil)	0.07	Beta	1.23
Market Value (mil)	$309.78

	Price % Change	Rel S&P 500%
4 Week	3.75%	-2.66%
13 Week	-9.69%	-6.62%
52 Week	-27.92%	-30.11%
Year to Date	11.30%	2.76%

2 Year Weekly End Price & Volume

Stock History

Market Cap History
	31-Mar-12	% Chg	31-Dec-11	% Chg	30-Sep-11	% Chg	30-Jun-11	% Chg	31-Mar-11	% Chg
Total Common Shares Outstanding	36	0.0	36	3.0	35	0.0	35	0.0	35	0.0
Market Cap	344.7	23.2	279.7	-17.0	336.8	-19.7	419.3	-1.6	426.0	-8.3

Yearly Price History
	2012	% Chg	2011	% Chg	2010	% Chg	2009	% Chg	2008	% Chg
High Price	9.76	-31.9	14.34	6.9	13.42	14.0	11.77	1.6	11.59	-47.1
Low Price	7.68	5.9	7.25	5.4	6.88	76.4	3.90	-9.3	4.30	-15.9
Year End Price	8.57	11.3	7.70	-41.6	13.18	12.3	11.74	132.5	5.05	-48.9

Monthly Price History
Price Ending Date	Open	High	Low	Close	Volume
29-Jun-12	8.25	9.07	8.14	8.57	1,958,537
31-May-12	9.33	9.71	8.20	8.38	1,267,840
30-Apr-12	9.48	9.76	8.72	9.25	1,004,940
30-Mar-12	9.02	9.69	8.57	9.49	2,079,926
29-Feb-12	8.30	9.42	8.14	9.16	2,275,025
31-Jan-12	7.83	8.89	7.68	8.29	1,720,180
30-Dec-11	8.00	8.52	7.55	7.70	2,528,319
30-Nov-11	9.65	10.83	7.25	8.00	5,523,247
31-Oct-11	9.40	10.65	9.18	10.09	2,950,158
30-Sep-11	9.76	10.54	9.31	9.55	3,489,558
31-Aug-11	12.65	12.65	9.07	9.75	5,832,058
29-Jul-11	11.89	13.76	11.65	12.47	3,631,260
30-Jun-11	10.98	12.00	10.12	11.89	3,020,522

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	445.3	249.9	184.2	217.3	161.9
Revenue	445.3	249.9	184.2	217.3	161.9
Total Revenue	445.3	249.9	184.2	217.3	161.9
Cost of Revenue	323.2	160.5	122.7	144.0	103.4
Cost of Revenue, Total	323.2	160.5	122.7	144.0	103.4
Gross Profit	122.1	89.4	61.6	73.2	58.5
Selling/General/Administrative Expense	108.2	49.5	40.0	40.9	30.6
Total Selling/General/Administrative Expenses	108.2	49.5	40.0	40.9	30.6
Research & Development	50.5	25.1	19.0	19.4	15.5
Restructuring Charge	7.8	-	-	-	-
Litigation	-	-	-	-	0.5
Other Unusual Expense (Income)	4.9	0.8	0.0	0.0	-
Unusual Expense (Income)	12.8	0.8	0.0	0.0	0.5
Total Operating Expense	494.6	235.9	181.6	204.3	149.9
Operating Income	-49.4	14.0	2.6	13.0	12.0
Interest Expense - Non-Operating	-3.4	-0.5	-0.3	-0.5	-0.8
Interest Expense, Net Non-Operating	-3.4	-0.5	-0.3	-0.5	-0.8
Interest Income - Non-Operating	2.6	1.7	2.0	3.8	1.7
Investment Income - Non-Operating	-0.9	0.3	-0.1	-0.8	0.3
Interest/Investment Income - Non-Operating	1.8	2.0	1.9	2.9	1.9
Interest Income (Expense) - Net Non-Operating Total	-1.7	1.5	1.6	2.4	1.2
Other Non-Operating Income (Expense)	-0.3	-0.3	-0.1	-0.2	-
Other, Net	-0.3	-0.3	-0.1	-0.2	-
Income Before Tax	-51.4	15.2	4.1	15.1	13.1
Total Income Tax	2.3	1.2	0.5	-10.8	0.0
Income After Tax	-53.7	14.1	3.7	26.0	13.1
Net Income Before Extraord Items	-53.7	14.1	3.7	26.0	13.1
Net Income	-53.7	14.1	3.7	26.0	13.1
Income Available to Common Excl Extraord Items	-53.7	14.1	3.7	26.0	13.1
Income Available to Common Incl Extraord Items	-53.7	14.1	3.7	26.0	13.1
Basic/Primary Weighted Average Shares	36.0	34.9	34.4	36.9	29.7
Basic EPS Excl Extraord Items	-1.49	0.40	0.11	0.70	0.44
Basic/Primary EPS Incl Extraord Items	-1.49	0.40	0.11	0.70	0.44
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-53.7	14.1	3.7	26.0	13.1
Diluted Weighted Average Shares	36.0	36.6	35.8	38.3	32.1
Diluted EPS Excl Extraord Items	-1.49	0.38	0.10	0.68	0.41
Diluted EPS Incl Extraord Items	-1.49	0.38	0.10	0.68	0.41
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	3.4	0.5	0.3	0.3	0.8
Depreciation, Supplemental	10.2	4.7	3.3	2.1	1.3
Total Special Items	29.6	2.3	1.3	1.8	1.6
Normalized Income Before Tax	-21.8	17.5	5.5	16.9	14.8
Effect of Special Items on Income Taxes	10.4	0.2	0.2	0.6	0.0
Inc Tax Ex Impact of Sp Items	12.6	1.4	0.6	-10.2	0.0
Normalized Income After Tax	-34.4	16.2	4.8	27.1	14.8
Normalized Inc. Avail to Com.	-34.4	16.2	4.8	27.1	14.8
Basic Normalized EPS	-0.96	0.46	0.14	0.74	0.50
Diluted Normalized EPS	-0.96	0.44	0.13	0.71	0.46
Amort of Intangibles, Supplemental	4.2	-	-	-	-
Rental Expenses	11.8	3.7	3.2	3.0	2.1
Research & Development Exp, Supplemental	50.5	25.1	19.0	19.4	15.5
Reported Gross Profit	122.1	89.4	61.6	73.2	58.5
Reported Operating Profit	-	-	-	-	12.0
Normalized EBIT	-19.7	16.3	4.0	14.7	13.6
Normalized EBITDA	-5.3	21.0	7.3	16.8	14.9
Current Tax - Total	3.1	1.6	0.8	0.5	0.0
Current Tax - Total	3.1	1.6	0.8	0.5	0.0
Deferred Tax - Total	-0.8	-0.5	-0.3	-11.4	0.0
Deferred Tax - Total	-0.8	-0.5	-0.3	-11.4	0.0
Income Tax - Total	2.3	1.2	0.5	-10.8	0.0
Domestic Tax	2.3	-0.2	1.3	-11.2	0.0
Foreign Tax	-0.1	1.4	-0.8	0.4	0.0
Income Tax by Region - Total	2.3	1.2	0.5	-10.8	0.0
Interest Cost - Domestic	0.3	-	-	-	-
Service Cost - Domestic	0.1	-	-	-	-
Expected Return on Assets - Domestic	-0.3	-	-	-	-
Domestic Pension Plan Expense	0.1	-	-	-	-
Total Pension Expense	0.1	-	-	-	-
Total Plan Interest Cost	0.3	-	-	-	-
Total Plan Service Cost	0.1	-	-	-	-
Total Plan Expected Return	-0.3	-	-	-	-

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Net Sales	117.8	118.5	116.1	110.4	100.3
Revenue	117.8	118.5	116.1	110.4	100.3
Total Revenue	117.8	118.5	116.1	110.4	100.3
Cost of Revenue	80.6	84.1	81.7	86.7	70.7
Cost of Revenue, Total	80.6	84.1	81.7	86.7	70.7
Gross Profit	37.1	34.4	34.5	23.6	29.6
Selling/General/Administrative Expense	25.8	28.9	27.4	27.2	24.7
Total Selling/General/Administrative Expenses	25.8	28.9	27.4	27.2	24.7
Research & Development	12.1	12.5	12.8	12.7	12.5
Amortization of Intangibles	0.6	-	-	-	-
Depreciation/Amortization	0.6	-	-	-	-
Restructuring Charge	0.0	0.0	0.0	0.0	7.8
Other Unusual Expense (Income)	0.9	0.0	0.0	0.0	4.9
Unusual Expense (Income)	0.9	0.0	0.0	0.0	12.8
Total Operating Expense	120.1	125.5	121.9	126.6	120.6
Operating Income	-2.3	-7.0	-5.8	-16.2	-20.3
Interest Income (Expense) - Net Non-Operating	-0.9	-1.0	-0.2	-0.3	-0.4
Interest Income (Expense) - Net Non-Operating Total	-0.9	-1.0	-0.2	-0.3	-0.4
Income Before Tax	-3.2	-8.0	-6.0	-16.6	-20.8
Total Income Tax	0.3	0.1	0.7	0.8	0.6
Income After Tax	-3.5	-8.2	-6.7	-17.4	-21.4
Net Income Before Extraord Items	-3.5	-8.2	-6.7	-17.4	-21.4
Net Income	-3.5	-8.2	-6.7	-17.4	-21.4
Income Available to Common Excl Extraord Items	-3.5	-8.2	-6.7	-17.4	-21.4
Income Available to Common Incl Extraord Items	-3.5	-8.2	-6.7	-17.4	-21.4
Basic/Primary Weighted Average Shares	36.3	36.2	36.1	36.0	35.6
Basic EPS Excl Extraord Items	-0.10	-0.23	-0.19	-0.48	-0.60
Basic/Primary EPS Incl Extraord Items	-0.10	-0.23	-0.19	-0.48	-0.60
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-3.5	-8.2	-6.7	-17.4	-21.4
Diluted Weighted Average Shares	36.3	36.2	36.1	36.0	35.6
Diluted EPS Excl Extraord Items	-0.10	-0.23	-0.19	-0.48	-0.60
Diluted EPS Incl Extraord Items	-0.10	-0.23	-0.19	-0.48	-0.60
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Depreciation, Supplemental	2.9	3.0	2.3	2.2	2.6
Total Special Items	1.0	4.1	2.9	3.8	17.1
Normalized Income Before Tax	-2.2	-3.9	-3.1	-12.8	-3.7
Effect of Special Items on Income Taxes	0.3	1.4	1.0	1.3	6.0
Inc Tax Ex Impact of Sp Items	0.6	1.6	1.7	2.1	6.6
Normalized Income After Tax	-2.9	-5.5	-4.9	-14.9	-10.3
Normalized Inc. Avail to Com.	-2.9	-5.5	-4.9	-14.9	-10.3
Basic Normalized EPS	-0.08	-0.15	-0.14	-0.41	-0.29
Diluted Normalized EPS	-0.08	-0.15	-0.14	-0.41	-0.29
Amort of Intangibles, Supplemental	0.9	1.5	1.4	0.7	0.6
Research & Development Exp, Supplemental	12.1	12.5	12.8	12.7	12.5
Reported Gross Profit	36.9	-	34.5	23.6	-
Reported Operating Profit	-	-	-5.8	-	-
Normalized EBIT	-1.3	-2.9	-2.9	-12.5	-3.2
Normalized EBITDA	2.4	1.6	0.8	-9.5	0.0

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	29.0	37.7	38.3	28.2	58.7
Short Term Investments	16.8	30.7	46.9	37.2	32.4
Cash and Short Term Investments	45.8	68.4	85.2	65.5	91.0
Accounts Receivable - Trade, Gross	146.8	91.5	71.3	73.3	41.8
Provision for Doubtful Accounts	-3.6	-3.4	-2.9	-2.5	-1.3
Trade Accounts Receivable - Net	150.4	94.2	69.0	70.8	40.5
Other Receivables	17.8	3.5	2.3	4.0	6.4
Total Receivables, Net	168.2	97.8	71.3	74.8	47.0
Inventories - Finished Goods	77.3	58.3	61.1	32.8	28.2
Inventories - Work In Progress	1.7	0.2	0.7	1.3	4.7
Inventories - Raw Materials	14.4	7.4	4.2	6.5	3.9
Total Inventory	93.5	65.9	65.9	40.5	36.8
Prepaid Expenses	12.4	5.7	4.7	6.1	4.4
Deferred Income Tax - Current Asset	8.6	4.1	3.5	4.1	0.0
Other Current Assets, Total	8.6	4.1	3.5	4.1	0.0
Total Current Assets	328.4	241.9	230.6	191.0	179.2
Buildings	1.8	1.0	0.9	0.8	0.7
Machinery/Equipment	82.8	35.2	26.2	20.2	13.9
Property/Plant/Equipment - Gross	84.6	36.2	27.1	21.0	14.5
Accumulated Depreciation	-54.1	-20.0	-15.3	-12.1	-10.1
Property/Plant/Equipment - Net	30.5	16.2	11.8	8.9	4.4
Goodwill, Net	14.6	1.1	0.0	-	-
Intangibles - Gross	17.6	-	-	-	-
Accumulated Intangible Amortization	-4.2	-	-	-	-
Intangibles, Net	13.4	-	-	-	-
LT Investments - Other	10.1	19.1	18.0	36.4	34.0
Long Term Investments	10.1	19.1	18.0	36.4	34.0
Note Receivable - Long Term	5.3	0.0	-	-	-
Deferred Income Tax - Long Term Asset	8.9	8.8	8.9	8.0	0.0
Other Long Term Assets, Total	8.9	8.8	8.9	8.0	0.0
Total Assets	411.2	287.2	269.4	244.2	217.6
Accounts Payable	77.4	40.5	52.9	40.7	26.3
Accrued Expenses	31.7	9.2	7.5	0.5	0.6
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	8.2	0.0	-	-	-
Customer Advances	38.3	20.7	18.5	5.9	6.7
Other Payables	17.8	4.0	2.4	7.6	13.2
Other Current liabilities, Total	56.1	24.7	20.9	13.5	19.9
Total Current Liabilities	173.4	74.4	81.3	54.7	46.8
Long Term Debt	26.8	0.0	-	-	-
Total Long Term Debt	26.8	0.0	0.0	0.0	0.0
Total Debt	35.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	49.9	8.6	7.2	6.6	9.9
Other Liabilities, Total	49.9	8.6	7.2	6.6	9.9
Total Liabilities	250.1	83.0	88.5	61.3	56.7
Common Stock	0.1	0.1	0.1	0.1	0.1
Common Stock	0.1	0.1	0.1	0.1	0.1
Additional Paid-In Capital	311.9	300.9	291.7	285.1	281.1
Retained Earnings (Accumulated Deficit)	-130.5	-76.9	-90.9	-94.6	-120.6
Treasury Stock - Common	-20.1	-20.1	-20.1	-7.9	0.0
Other Comprehensive Income	-0.3	0.2	0.1	0.2	0.3
Other Equity, Total	-0.3	0.2	0.1	0.2	0.3
Total Equity	161.1	204.2	180.9	182.9	160.9
Total Liabilities & Shareholders’ Equity	411.2	287.2	269.4	244.2	217.6
Shares Outstanding - Common Stock Primary Issue	36.3	35.3	34.3	35.6	36.9
Total Common Shares Outstanding	36.3	35.3	34.3	35.6	36.9
Treasury Shares - Common Stock Primary Issue	3.5	3.5	3.5	1.5	-
Employees	1,167	580	508	444	334
Number of Common Shareholders	34	39	38	33	39
Accumulated Intangible Amort, Suppl.	4.2	-	-	-	-
Deferred Revenue - Current	38.3	20.7	18.5	5.9	6.7
Total Long Term Debt, Supplemental	35.0	-	-	-	-
Long Term Debt Maturing within 1 Year	8.2	-	-	-	-
Long Term Debt Maturing in Year 2	8.2	-	-	-	-
Long Term Debt Maturing in Year 3	8.2	-	-	-	-
Long Term Debt Maturing in Year 4	8.2	-	-	-	-
Long Term Debt Maturing in Year 5	2.1	-	-	-	-
Long Term Debt Maturing in 2-3 Years	16.5	-	-	-	-
Long Term Debt Maturing in 4-5 Years	10.3	-	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	-	-	-	-
Total Operating Leases, Supplemental	12.9	7.1	7.2	7.9	6.1
Operating Lease Payments Due in Year 1	7.8	3.4	3.3	2.8	2.1
Operating Lease Payments Due in Year 2	3.9	2.6	1.8	2.5	1.6
Operating Lease Payments Due in Year 3	0.8	0.8	1.4	1.2	1.4
Operating Lease Payments Due in Year 4	0.2	0.2	0.5	0.8	1.0
Operating Lease Payments Due in Year 5	-	0.1	0.1	0.2	-
Operating Lease Pymts. Due in 2-3 Years	4.8	3.4	3.2	3.7	3.0
Operating Lease Pymts. Due in 4-5 Years	0.2	0.3	0.6	1.0	1.0
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.1	0.3	0.0
Pension Obligation - Domestic	10.0	-	-	-	-
Plan Assets - Domestic	7.1	-	-	-	-
Funded Status - Domestic	-2.9	-	-	-	-
Total Funded Status	-2.9	-	-	-	-
Equity % - Domestic	18.00%	-	-	-	-
Debt Securities % - Domestic	49.00%	-	-	-	-
Real Estate % - Domestic	16.00%	-	-	-	-
Other Investments % - Domestic	17.00%	-	-	-	-
Total Plan Obligations	10.0	-	-	-	-
Total Plan Assets	7.1	-	-	-	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Cash & Equivalents	39.4	29.0	22.9	33.5	45.6
Short Term Investments	6.2	16.8	18.4	26.2	25.8
Cash and Short Term Investments	45.6	45.8	41.3	59.7	71.3
Trade Accounts Receivable - Net	147.1	143.2	135.8	114.0	125.8
Other Receivables	41.6	37.3	38.4	37.3	29.2
Total Receivables, Net	188.7	180.5	174.2	151.3	155.0
Total Inventory	74.2	93.5	95.9	103.0	114.8
Deferred Income Tax - Current Asset	8.6	8.6	4.4	4.4	4.4
Other Current Assets, Total	8.6	8.6	4.4	4.4	4.4
Total Current Assets	317.1	328.4	315.9	318.5	345.5
Property/Plant/Equipment - Net	31.0	30.5	29.2	27.4	26.6
Goodwill, Net	27.2	14.6	44.6	48.3	51.7
Intangibles, Net	-	13.4	-	-	-
LT Investments - Other	10.5	10.1	10.2	10.8	12.9
Long Term Investments	10.5	10.1	10.2	10.8	12.9
Note Receivable - Long Term	8.0	5.3	4.8	5.4	5.2
Deferred Income Tax - Long Term Asset	8.9	8.9	8.4	8.4	8.5
Other Long Term Assets, Total	8.9	8.9	8.4	8.4	8.5
Total Assets	402.7	411.2	413.2	418.7	450.5
Accounts Payable	82.8	77.4	71.6	64.1	72.5
Payable/Accrued	44.2	49.5	62.1	61.9	66.3
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	8.2	8.2	6.2	4.1	2.1
Customer Advances	29.1	38.3	37.6	36.2	51.1
Other Current liabilities, Total	29.1	38.3	37.6	36.2	51.1
Total Current Liabilities	164.4	173.4	177.5	166.3	192.0
Long Term Debt	24.7	26.8	26.1	30.9	32.9
Total Long Term Debt	24.7	26.8	26.1	30.9	32.9
Total Debt	32.9	35.0	32.3	35.0	35.0
Other Long Term Liabilities	52.6	49.9	47.6	51.5	46.3
Other Liabilities, Total	52.6	49.9	47.6	51.5	46.3
Total Liabilities	241.7	250.1	251.2	248.7	271.2
Common Stock	0.1	0.1	0.1	0.1	0.1
Common Stock	0.1	0.1	0.1	0.1	0.1
Additional Paid-In Capital	313.7	311.9	309.4	307.3	305.6
Retained Earnings (Accumulated Deficit)	-134.0	-130.5	-122.4	-115.6	-98.2
Treasury Stock - Common	-20.1	-20.1	-20.1	-20.1	-20.1
Other Comprehensive Income	1.2	-0.3	-5.0	-1.7	-8.1
Other Equity, Total	1.2	-0.3	-5.0	-1.7	-8.1
Total Equity	160.9	161.1	162.0	170.0	179.3
Total Liabilities & Shareholders’ Equity	402.7	411.2	413.2	418.7	450.5
Shares Outstanding - Common Stock Primary Issue	36.3	36.3	35.3	35.3	35.3
Total Common Shares Outstanding	36.3	36.3	35.3	35.3	35.3
Treasury Shares - Common Stock Primary Issue	3.5	3.5	3.5	3.5	3.5
Deferred Revenue - Current	29.1	38.3	37.6	36.2	51.1
Total Long Term Debt, Supplemental	-	-	6.2	4.1	2.1
Long Term Debt Maturing within 1 Year	-	-	6.2	4.1	2.1
Long Term Debt Matur. in Year 6 & Beyond	-	-	0.0	0.0	0.0

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	-53.7	14.1	3.7	26.0	13.1
Depreciation	14.4	4.7	3.3	2.1	1.3
Depreciation/Depletion	14.4	4.7	3.3	2.1	1.3
Deferred Taxes	-1.2	-0.5	-0.3	-11.4	0.0
Unusual Items	-1.1	0.4	-0.4	0.6	0.2
Other Non-Cash Items	6.9	4.1	3.9	2.4	1.0
Non-Cash Items	5.8	4.4	3.6	2.9	1.2
Accounts Receivable	3.4	-27.2	4.7	-33.4	-16.8
Inventories	40.6	0.0	-25.4	-0.4	-9.5
Accounts Payable	-3.8	-11.7	12.8	13.5	3.0
Payable/Accrued	-13.8	3.3	1.8	-5.3	3.6
Other Liabilities	-11.9	2.1	12.7	-5.5	-0.3
Changes in Working Capital	14.6	-33.4	6.6	-31.2	-20.0
Cash from Operating Activities	-20.1	-10.7	16.8	-11.5	-4.3
Purchase of Fixed Assets	-14.4	-9.8	-6.7	-5.0	-2.9
Capital Expenditures	-14.4	-9.8	-6.7	-5.0	-2.9
Acquisition of Business	-42.4	-1.2	0.0	0.0	-
Sale of Fixed Assets	-	-	0.0	-	0.0
Sale/Maturity of Investment	36.1	48.3	57.9	74.9	14.8
Purchase of Investments	-7.3	-32.1	-48.7	-81.1	-57.8
Other Investing Cash Flow Items, Total	-13.6	14.9	9.2	-6.2	-43.0
Cash from Investing Activities	-28.0	5.1	2.5	-11.3	-45.9
Other Financing Cash Flow	-	0.0	0.0	-0.4	0.0
Financing Cash Flow Items	-	0.0	0.0	-0.4	0.0
Sale/Issuance of Common	-	-	0.0	-	88.7
Common Stock, Net	-	-	0.0	-	88.7
Options Exercised	4.5	4.9	3.0	0.7	10.0
Treasury Stock	0.0	0.0	-12.2	-7.9	0.0
Issuance (Retirement) of Stock, Net	4.5	4.9	-9.2	-7.2	98.7
Long Term Debt Issued	35.0	0.0	-	-	-
Long Term Debt, Net	35.0	0.0	-	-	-
Issuance (Retirement) of Debt, Net	35.0	0.0	-	-	-
Cash from Financing Activities	39.5	4.9	-9.2	-7.6	98.7
Foreign Exchange Effects	-0.1	0.0	0.0	-	-
Net Change in Cash	-8.7	-0.6	10.1	-30.4	48.5
Net Cash - Beginning Balance	37.7	38.3	28.2	58.7	10.2
Net Cash - Ending Balance	29.0	37.7	38.3	28.2	58.7
Cash Interest Paid	1.0	0.0	0.0	0.3	0.5
Cash Taxes Paid	3.8	0.9	0.4	0.5	0.3

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Net Income/Starting Line	-3.5	-53.7	-45.5	-38.7	-21.4
Depreciation	3.8	14.4	9.9	6.2	3.2
Depreciation/Depletion	3.8	14.4	9.9	6.2	3.2
Deferred Taxes	-	-1.2	-	-	-
Unusual Items	-	-1.1	-	-	-
Other Non-Cash Items	1.5	6.9	6.3	4.5	1.4
Non-Cash Items	1.5	5.8	6.3	4.5	1.4
Accounts Receivable	-8.7	3.4	-3.5	29.1	22.5
Inventories	19.5	40.6	33.0	24.0	9.8
Accounts Payable	-	-3.8	-	-	-
Payable/Accrued	2.0	-13.8	-15.9	-24.7	-16.9
Other Liabilities	-0.4	-11.9	-11.9	-12.8	0.0
Other Assets & Liabilities, Net	-9.2	-	-	-	-
Changes in Working Capital	3.2	14.6	1.8	15.7	15.4
Cash from Operating Activities	5.0	-20.1	-27.6	-12.4	-1.4
Purchase of Fixed Assets	-3.3	-14.4	-9.8	-6.0	-2.8
Capital Expenditures	-3.3	-14.4	-9.8	-6.0	-2.8
Acquisition of Business	0.0	-42.4	-42.4	-42.4	-42.4
Sale/Maturity of Investment	9.7	36.1	10.3	4.3	4.2
Investment, Net	2.3	-	23.3	24.1	13.8
Purchase of Investments	-1.3	-7.3	-7.3	-9.8	-2.3
Other Investing Cash Flow Items, Total	10.7	-13.6	-16.2	-23.9	-26.6
Cash from Investing Activities	7.4	-28.0	-25.9	-30.0	-29.4
Sale/Issuance of Common	0.2	-	4.0	-	3.3
Common Stock, Net	0.2	-	4.0	-	3.3
Options Exercised	-	4.5	-	3.6	-
Treasury Stock	-	0.0	-	-	-
Issuance (Retirement) of Stock, Net	0.2	4.5	4.0	3.6	3.3
Long Term Debt Issued	0.0	35.0	35.0	35.0	35.0
Long Term Debt Reduction	-2.1	-	-	-	0.0
Long Term Debt, Net	-2.1	35.0	35.0	35.0	35.0
Issuance (Retirement) of Debt, Net	-2.1	35.0	35.0	35.0	35.0
Cash from Financing Activities	-1.8	39.5	39.0	38.6	38.3
Foreign Exchange Effects	-0.2	-0.1	-0.3	-0.4	0.4
Net Change in Cash	10.4	-8.7	-14.8	-4.2	7.9
Net Cash - Beginning Balance	29.0	37.7	37.7	37.7	37.7
Net Cash - Ending Balance	39.4	29.0	22.9	33.5	45.6
Cash Interest Paid	-	1.0	-	-	-
Cash Taxes Paid	-	3.8	-	-	-

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Revenues	445.3	249.9	184.2	217.3	161.9
Total Revenue	445.3	249.9	184.2	217.3	161.9
Cost of Revenues	323.2	160.5	122.7	144.0	103.4
Research & Development	50.5	25.1	19.0	19.4	15.5
Less grants and participations	-	-	-	-	0.0
Marketing & Selling	81.7	37.2	29.3	31.7	25.3
Expense in respect of settlement reserve	-	-	-	-	0.5
General & Administrative	26.5	12.3	10.7	9.2	5.3
Restructuring costs	7.8	-	-	-	-
Acquisition related costs	4.9	0.8	0.0	0.0	-
Total Operating Expense	494.6	235.9	181.6	204.3	149.9
Other Expenses	-0.3	-0.3	-0.1	-0.2	-
Interest Expenses	-3.4	-0.5	-0.3	-0.2	-0.2
Interest in respect of OCS	-	0.0	0.0	-0.3	-0.5
Interest Income	2.6	1.7	2.0	3.8	1.7
Foreign Currency Transalation	2.6	0.4	0.2	0.0	0.3
Foreign Currency Transalation	-3.4	-0.1	-0.3	-0.9	0.0
Other Financial Expenses	-	-	-	-	0.0
Net Income Before Taxes	-51.4	15.2	4.1	15.1	13.1
Provision for Income Taxes	2.3	1.2	0.5	-10.8	0.0
Net Income After Taxes	-53.7	14.1	3.7	26.0	13.1
Net Income Before Extra. Items	-53.7	14.1	3.7	26.0	13.1
Net Income	-53.7	14.1	3.7	26.0	13.1
Income Available to Com Excl ExtraOrd	-53.7	14.1	3.7	26.0	13.1
Income Available to Com Incl ExtraOrd	-53.7	14.1	3.7	26.0	13.1
Basic Weighted Average Shares	36.0	34.9	34.4	36.9	29.7
Basic EPS Excluding ExtraOrdinary Items	-1.49	0.40	0.11	0.70	0.44
Basic EPS Including ExtraOrdinary Item	-1.49	0.40	0.11	0.70	0.44
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-53.7	14.1	3.7	26.0	13.1
Diluted Weighted Average Shares	36.0	36.6	35.8	38.3	32.1
Diluted EPS Excluding ExtraOrd Items	-1.49	0.38	0.10	0.68	0.41
Diluted EPS Including ExtraOrd Items	-1.49	0.38	0.10	0.68	0.41
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-21.8	17.5	5.5	16.9	14.8
Inc Tax Ex Impact of Sp Items	12.6	1.4	0.6	-10.2	0.0
Normalized Income After Taxes	-34.4	16.2	4.8	27.1	14.8
Normalized Inc. Avail to Com.	-34.4	16.2	4.8	27.1	14.8
Basic Normalized EPS	-0.96	0.46	0.14	0.74	0.50
Diluted Normalized EPS	-0.96	0.44	0.13	0.71	0.46
Research & Development Exp	50.5	25.1	19.0	19.4	15.5
Interest Expense	3.4	0.5	0.3	0.3	0.8
Rental Expense	11.8	3.7	3.2	3.0	2.1
Depreciation	10.2	4.7	3.3	2.1	1.3
Amort of Intangibles, Supplemental	4.2	-	-	-	-
Current tax	3.1	1.6	0.8	0.5	0.0
Current Tax - Total	3.1	1.6	0.8	0.5	0.0
Deferred tax	-0.8	-0.5	-0.3	-11.4	0.0
Deferred Tax - Total	-0.8	-0.5	-0.3	-11.4	0.0
Income Tax - Total	2.3	1.2	0.5	-10.8	0.0
Domestic	2.3	-0.2	1.3	-11.2	0.0
Foreign	-0.1	1.4	-0.8	0.4	0.0
Income Tax by Region - Total	2.3	1.2	0.5	-10.8	0.0
Operating income (loss)	-	-	-	-	12.0
Gross profit	122.1	89.4	61.6	73.2	58.5
Service Cost - Domestic	0.1	-	-	-	-
Interest Cost - Domestic	0.3	-	-	-	-
Expected Return on Assets - Domestic	-0.3	-	-	-	-
Domestic Pension Plan Expense	0.1	-	-	-	-
Total Pension Expense	0.1	-	-	-	-

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Revenues	117.8	118.5	116.1	110.4	100.3
Total Revenue	117.8	118.5	116.1	110.4	100.3
Cost of Revenues	80.6	84.1	81.7	86.7	70.7
Integration Plan Related Costs-COGS	0.2	-	-	-	-
Research and development	12.1	12.5	12.8	12.7	12.5
Integration Plan Related Costs-R&D	0.0	-	-	-	-
Selling and marketing	18.8	20.5	21.0	21.0	19.2
Amortization of Intangible Assets-S&M	0.6	-	-	-	-
Integration Plan Related Costs-S&M	0.4	-	-	-	-
General & Administrative	6.9	8.3	6.5	6.2	5.5
Integration Plan Related Costs-G&A	0.3	-	-	-	-
Restructuring costs	0.0	0.0	0.0	0.0	7.8
Acquisition related costs	0.0	0.0	0.0	0.0	4.9
Total Operating Expense	120.1	125.5	121.9	126.6	120.6
Financial income, net	-0.9	-1.0	-0.2	-0.3	-0.4
Net Income Before Taxes	-3.2	-8.0	-6.0	-16.6	-20.8
Provision for Income Taxes	0.3	0.1	0.7	0.8	0.6
Net Income After Taxes	-3.5	-8.2	-6.7	-17.4	-21.4
Net Income Before Extra. Items	-3.5	-8.2	-6.7	-17.4	-21.4
Net Income	-3.5	-8.2	-6.7	-17.4	-21.4
Income Available to Com Excl ExtraOrd	-3.5	-8.2	-6.7	-17.4	-21.4
Income Available to Com Incl ExtraOrd	-3.5	-8.2	-6.7	-17.4	-21.4
Basic Weighted Average Shares	36.3	36.2	36.1	36.0	35.6
Basic EPS Excluding ExtraOrdinary Items	-0.10	-0.23	-0.19	-0.48	-0.60
Basic EPS Including ExtraOrdinary Item	-0.10	-0.23	-0.19	-0.48	-0.60
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-3.5	-8.2	-6.7	-17.4	-21.4
Diluted Weighted Average Shares	36.3	36.2	36.1	36.0	35.6
Diluted EPS Excluding ExtraOrd Items	-0.10	-0.23	-0.19	-0.48	-0.60
Diluted EPS Including ExtraOrd Items	-0.10	-0.23	-0.19	-0.48	-0.60
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-2.2	-3.9	-3.1	-12.8	-3.7
Inc Tax Ex Impact of Sp Items	0.6	1.6	1.7	2.1	6.6
Normalized Income After Taxes	-2.9	-5.5	-4.9	-14.9	-10.3
Normalized Inc. Avail to Com.	-2.9	-5.5	-4.9	-14.9	-10.3
Basic Normalized EPS	-0.08	-0.15	-0.13	-0.41	-0.29
Diluted Normalized EPS	-0.08	-0.15	-0.13	-0.41	-0.29
Depreciation	2.9	3.0	2.3	2.2	2.6
Amortization of purchased intangible ass	0.9	1.5	1.4	0.7	0.6
Research & Development Exp	12.1	12.5	12.8	12.7	12.5
Operating profit	-	-	-5.8	-	-
Gross profit	36.9	-	34.5	23.6	-

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	29.0	37.7	38.3	28.2	58.7
Short Term Deposits	7.2	23.4	30.2	35.0	26.0
Treasury Bonds	9.7	7.4	16.7	2.2	6.4
Gross Receivable	146.8	91.5	71.3	73.3	41.8
Doubtful Account	-3.6	-3.4	-2.9	-2.5	-1.3
Other accounts receivable	4.0	0.6	0.3	0.9	0.8
Government authorities	13.8	2.9	2.0	3.1	2.3
Receivables related to unrecognized sold	-	-	-	-	3.4
Advances to suppliers	7.1	6.2	0.5	-	-
Prepaid expenses	12.4	5.7	4.7	6.1	4.4
Raw Materials	14.4	7.4	4.2	6.5	3.9
Work In Progress	1.7	0.2	0.7	1.3	4.7
Finished Goods	77.3	58.3	61.1	32.8	28.2
Deferred Taxes	8.6	4.1	3.5	4.1	0.0
Total Current Assets	328.4	241.9	230.6	191.0	179.2
Computers & Manufacturing Equipment	78.4	33.2	24.6	18.8	12.5
Office Furniture / Equipment	4.4	2.0	1.5	1.4	1.3
Leasehold Improvements	1.8	1.0	0.9	0.8	0.7
Depreciation	-54.1	-20.0	-15.3	-12.1	-10.1
Treasury Bonds	3.7	13.1	2.3	24.1	18.7
Long Term Deposits	-	0.0	10.8	8.2	12.0
Severance Pay	6.4	6.0	5.0	4.1	3.3
Long-term receivables	5.3	0.0	-	-	-
Deferred Taxes	8.9	8.8	8.9	8.0	0.0
Intangible Gross	17.6	-	-	-	-
Accumulated Amortization	-4.2	-	-	-	-
Goodwill	14.6	1.1	0.0	-	-
Total Assets	411.2	287.2	269.4	244.2	217.6
Current maturities of long term loan	8.2	0.0	-	-	-
Trade payables	77.4	40.5	52.9	40.7	26.3
Deferred Revenues	38.3	20.7	18.5	5.9	6.7
Accrued Expenses	18.1	0.9	0.3	0.5	0.6
Employees and payroll accruals	13.7	8.4	7.2	-	-
Other Payables / Accrued	15.6	4.0	2.4	7.6	13.2
Adjustment - Other Acct. Pay. & Accrued	2.2	-	-	-	-
Total Current Liabilities	173.4	74.4	81.3	54.7	46.8
Long term bank loan, net of current matu	26.8	0.0	-	-	-
Total Long Term Debt	26.8	0.0	-	-	-
Other long term payables SHAREHOLDERS'	37.9	-	-	-	4.7
Accrued Severance	12.0	8.6	7.2	6.6	5.3
Total Liabilities	250.1	83.0	88.5	61.3	56.7
Common Stock	0.1	0.1	0.1	0.1	0.1
Additional paid in capital	311.9	300.9	291.7	285.1	281.1
Treasury shares at Cost	-20.1	-20.1	-20.1	-7.9	0.0
Accumulated Other Comphrensive Income	-0.3	0.2	0.1	0.2	0.3
Accumulated deficit	-130.5	-76.9	-90.9	-94.6	-120.6
Total Equity	161.1	204.2	180.9	182.9	160.9
Total Liabilities & Shareholders' Equity	411.2	287.2	269.4	244.2	217.6
S/O-Common Stock	36.3	35.3	34.3	35.6	36.9
Total Common Shares Outstanding	36.3	35.3	34.3	35.6	36.9
T/S-Common Stock	3.5	3.5	3.5	1.5	-
Accumulated Intangible Amort, Suppl.	4.2	-	-	-	-
Deferred Revenue - Current	38.3	20.7	18.5	5.9	6.7
Full-Time Employees	1,167	580	508	444	334
Number of Common Shareholders	34	39	38	33	39
Long Term Debt Maturing within 1 Year	8.2	-	-	-	-
Long Term Debt Maturing in Year 2	8.2	-	-	-	-
Long Term Debt Maturing in Year 3	8.2	-	-	-	-
Long Term Debt Maturing in Year 4	8.2	-	-	-	-
Long Term Debt Maturing in Year 5	2.1	-	-	-	-
Total Long Term Debt, Supplemental	35.0	-	-	-	-
Lease Maturing within 1 Year	7.8	3.4	3.3	2.8	2.1
Lease Maturing within 2 Years	3.9	2.6	1.8	2.5	1.6
Lease Maturing within 3 Years	0.8	0.8	1.4	1.2	1.4
Lease Maturing within 4 Years	0.2	0.2	0.5	0.8	1.0
Lease Maturing within 5 Years	-	0.1	0.1	0.2	-
Lease Maturing after 5 Years	0.0	-	0.1	0.3	-
Total Operating Leases	12.9	7.1	7.2	7.9	6.1
Pension Obligation - Domestic	10.0	-	-	-	-
Plan Assets - Domestic	7.1	-	-	-	-
Funded Status - Domestic	-2.9	-	-	-	-
Total Funded Status	-2.9	-	-	-	-
Real Estate % - Domestic	16.00%	-	-	-	-
Debt Securities % - Domestic	49.00%	-	-	-	-
Equity % - Domestic	18.00%	-	-	-	-
Other Investments % - Domestic	17.00%	-	-	-	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Cash & Cash Equivalents	39.4	29.0	22.9	33.5	45.6
Short Term Deposits	6.2	7.2	9.6	11.0	13.8
Marketable securities	0.0	9.7	8.8	15.2	11.9
Deferred taxes	8.6	8.6	4.4	4.4	4.4
Trade Receivables	147.1	143.2	135.8	114.0	125.8
Other accounts receivable and prepaid	41.6	37.3	38.4	37.3	29.2
Inventories	74.2	93.5	95.9	103.0	114.8
Total Current Assets	317.1	328.4	315.9	318.5	345.5
Long-term marketable securities	3.9	3.7	4.6	4.7	6.8
Property & Equipment, Net	31.0	30.5	29.2	27.4	26.6
Long term receivables	8.0	5.3	4.8	5.4	5.2
INTANGIBLE ASSETS, NET	-	13.4	-	-	-
Deferred taxes	8.9	8.9	8.4	8.4	8.5
Goodwill and Intangible assets, net	27.2	14.6	44.6	48.3	51.7
Severence Pay Funds	6.7	6.4	5.6	6.1	6.1
Total Assets	402.7	411.2	413.2	418.7	450.5
Current maturities of long term loan	8.2	8.2	6.2	4.1	2.1
Trade payables	82.8	77.4	71.6	64.1	72.5
Deferred Revenues	29.1	38.3	37.6	36.2	51.1
Other accounts payable and accrued expen	44.2	49.5	62.1	61.9	66.3
Total Current Liabilities	164.4	173.4	177.5	166.3	192.0
Loan from Related	24.7	26.8	26.1	30.9	32.9
Total Long Term Debt	24.7	26.8	26.1	30.9	32.9
Accrued severance pay	12.5	12.0	10.7	14.5	13.0
Other long term payables SHAREHOLDERS'	40.0	37.9	36.9	36.9	33.3
Total Liabilities	241.7	250.1	251.2	248.7	271.2
Common Stock	0.1	0.1	0.1	0.1	0.1
Additional paid in capital	313.7	311.9	309.4	307.3	305.6
Treasury Stock	-20.1	-20.1	-20.1	-20.1	-20.1
Accumulated Other Comprehensive Income	1.2	-0.3	-5.0	-1.7	-8.1
Accumulated deficit	-134.0	-130.5	-122.4	-115.6	-98.2
Total Equity	160.9	161.1	162.0	170.0	179.3
Total Liabilities & Shareholders' Equity	402.7	411.2	413.2	418.7	450.5
S/O-Common Stock	36.3	36.3	35.3	35.3	35.3
Total Common Shares Outstanding	36.3	36.3	35.3	35.3	35.3
T/S-Common Stock	3.5	3.5	3.5	3.5	3.5
Deferred Revenue - Current	29.1	38.3	37.6	36.2	51.1
Current maturities	-	-	6.2	4.1	2.1
Total Long Term Debt, Supplemental	-	-	6.2	4.1	2.1

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer	Kost, Forer, Gabbay & Kasierer
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	-53.7	14.1	3.7	26.0	13.1
Depreciation	14.4	4.7	3.3	2.1	1.3
Stock based compensation expense	6.6	4.2	3.6	2.6	1.8
Dispose Assets	-	-	0.0	-	0.0
Accrued severance pay, net	-1.1	0.4	-0.4	0.6	0.2
Decrease (increase) in accrued interest	-0.3	-0.3	0.1	-0.3	-0.3
Accrued interest and amortization of pre	0.6	0.1	0.3	0.1	-0.4
receivables, net Decrease (Increase) in	-3.3	-19.6	2.4	-30.3	-13.1
Decrease (increase) in other accounts re	6.8	-7.6	2.4	-3.1	-3.7
Decrease in long term receivables	-	-	-	-	0.0
Decrease (increase) in inventory	40.6	0.0	-25.4	-0.4	-9.5
Increase in trade payables	-3.8	-11.7	12.8	13.5	3.0
Deferred Revenues	-11.9	2.1	12.7	-0.8	3.0
Decrease in other long-term payables	-	0.0	0.0	-4.7	-3.3
Increase (decrease) in trade payables an	-13.8	3.3	1.8	-5.3	3.6
Deferred Tax Assets	-1.2	-0.5	-0.3	-11.4	0.0
Cash from Operating Activities	-20.1	-10.7	16.8	-11.5	-4.3
Purchase of property and equipment	-14.4	-9.8	-6.7	-5.0	-2.9
Payment of business acquired	-42.4	-1.2	0.0	0.0	-
Proceeds from maturities of short and lo	25.7	31.7	46.2	61.4	6.2
Proceeds from sale of property and equip	-	-	0.0	-	0.0
Investment in short and long term bank d	-7.3	-13.8	-44.0	-66.3	-35.7
Investment in marketable securities	0.0	-18.3	-4.7	-14.9	-22.2
Proceeds from realized callable held-to-	0.0	0.0	10.0	0.0	0.0
Proceeds from sale of marketable securit	6.2	0.0	0.0	-	-
Proceeds from maturities of held-to-matu	4.3	16.6	1.8	13.5	8.6
Cash from Investing Activities	-28.0	5.1	2.5	-11.3	-45.9
Long term bank loan raised in connection	35.0	0.0	-	-	-
Proceeds from issuance of shares, net of	-	-	0.0	-	88.7
Proceeds from exercise of options Long	4.5	4.9	3.0	0.7	10.0
Payment of issuance costs	-	0.0	0.0	-0.4	0.0
Purchase of Treasury Stock	0.0	0.0	-12.2	-7.9	0.0
Cash from Financing Activities	39.5	4.9	-9.2	-7.6	98.7
Foreign Exchange Effects	-0.1	0.0	0.0	-	-
Net Change in Cash	-8.7	-0.6	10.1	-30.4	48.5
Net Cash - Beginning Balance	37.7	38.3	28.2	58.7	10.2
Net Cash - Ending Balance	29.0	37.7	38.3	28.2	58.7
Cash Interest Paid	1.0	0.0	0.0	0.3	0.5
Cash Taxes Paid	3.8	0.9	0.4	0.5	0.3

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Net Income	-3.5	-53.7	-45.5	-38.7	-21.4
Depreciation	3.8	14.4	9.9	6.2	3.2
Stock-based compensation expense	1.6	6.6	4.5	2.9	1.4
Accrued severance pay, net	-	-1.1	-	-	-
Decrease (increase) in accrued interest	-	-0.3	-	-	-
Accrued interest and amortization of pre	-	0.6	-	-	-
receivables, net Decrease (Increase) in	-8.7	-3.3	-3.5	29.1	22.5
Decrease (increase) in other accounts re	-	6.8	-	-	-
Decrease (increase) in inventory	19.5	40.6	33.0	24.0	9.8
Increase in trade payables	-	-3.8	-	-	-
Decrease (increase) in deferred tax asse	-	-1.2	-	-	-
Decrease (increase) in deferred tax asse	-0.4	-11.9	-11.9	-12.8	0.0
Increase (decrease) in trade payables an	2.0	-13.8	-15.9	-24.7	-16.9
Decrease in deferred revenues	-9.2	-	-	-	-
Other adjustments	-0.1	-	1.7	1.7	0.0
Cash from Operating Activities	5.0	-20.1	-27.6	-12.4	-1.4
Capital Expenditure	-3.3	-14.4	-9.8	-6.0	-2.8
Payment for acquisition	0.0	-42.4	-42.4	-42.4	-42.4
Investment in short and long-term bank d	-1.3	-7.3	-7.3	-9.8	-2.3
Short Term Deposit	2.3	-	23.3	24.1	13.8
Investment in held-to-maturity marketabl	-	0.0	0.0	0.0	0.0
Proceeds from maturities of held-to-matu	9.7	4.3	10.3	4.3	4.2
Proceeds from short and long term bank d	-	25.7	-	-	-
Proceeds from maturities of short and lo	-	6.2	-	-	-
maturity marketable security	-	0.0	-	-	-
Cash from Investing Activities	7.4	-28.0	-25.9	-30.0	-29.4
Proceeds from exercise of options Long	-	4.5	-	3.6	-
Issue of Common Stock	0.2	-	4.0	-	3.3
Repayment of long-term bank loan	-2.1	-	-	-	0.0
Long term bank loan raised in connection	0.0	35.0	35.0	35.0	35.0
Purchase of treasury shares at cost	-	0.0	-	-	-
Cash from Financing Activities	-1.8	39.5	39.0	38.6	38.3
Foreign Exchange Effects	-0.2	-0.1	-0.3	-0.4	0.4
Net Change in Cash	10.4	-8.7	-14.8	-4.2	7.9
Net Cash - Beginning Balance	29.0	37.7	37.7	37.7	37.7
Net Cash - Ending Balance	39.4	29.0	22.9	33.5	45.6
Cash Interest Paid	-	1.0	-	-	-
Cash Taxes Paid	-	3.8	-	-	-

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Asia-Pacific	119.6	26.9 %	123.8	49.5 %	67.7	36.8 %	113.0	52 %	68.4	42.2 %
Europe, Middle East and Africa	174.5	39.2 %	66.9	26.8 %	70.5	38.3 %	67.9	31.3 %	52.1	32.2 %
North America	46.4	10.4 %	41.5	16.6 %	29.0	15.8 %	18.8	8.6 %	34.4	21.3 %
Latin America	104.7	23.5 %	17.7	7.1 %	16.9	9.2 %	17.6	8.1 %	6.9	4.3 %
Segment Total	445.3	100 %	249.9	100 %	184.2	100 %	217.3	100 %	161.9	100 %
Consolidated Total	445.3	100 %	249.9	100 %	184.2	100 %	217.3	100 %	161.9	100 %
Total Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Asia-Pacific	119.6	26.9 %	123.8	49.5 %	67.7	36.8 %	113.0	52 %	68.4	42.2 %
Europe, Middle East and Africa	174.5	39.2 %	66.9	26.8 %	70.5	38.3 %	67.9	31.3 %	52.1	32.2 %
North America	46.4	10.4 %	41.5	16.6 %	29.0	15.8 %	18.8	8.6 %	34.4	21.3 %
Latin America	104.7	23.5 %	17.7	7.1 %	16.9	9.2 %	17.6	8.1 %	6.9	4.3 %
Segment Total	445.3	100 %	249.9	100 %	184.2	100 %	217.3	100 %	161.9	100 %
Consolidated Total	445.3	100 %	249.9	100 %	184.2	100 %	217.3	100 %	161.9	100 %

Long Lived Assets   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Israel	22.5	73.6 %	15.3	94.5 %	11.0	93.2 %	8.2	91.7 %	4.1	92.1 %
Others	8.1	26.4 %	0.9	5.5 %	0.8	6.8 %	0.7	8.3 %	0.4	7.9 %
Segment Total	30.6	100 %	16.2	100 %	11.8	100 %	8.9	100 %	4.4	100 %
Consolidated Total	30.6	100 %	16.2	100 %	11.8	100 %	8.9	100 %	4.4	100 %

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Mar-12		31-Dec-10		30-Sep-10		30-Jun-10		31-Mar-10
Europe	22.4	19 %	23.6	35.3 %	14.3	23 %	15.2	25 %	13.7	23 %
Africa	31.8	27 %	-	-	-	-	-	-	-	-
North America	14.1	12 %	9.8	14.7 %	9.3	15 %	9.7	16 %	12.5	21 %
Latin America	30.6	26 %	5.4	8.1 %	6.9	11 %	3.7	6 %	1.8	3 %
India	10.6	9 %	-	-	-	-	-	-	-	-
ACAC	8.2	7 %	28.1	42 %	31.8	51 %	32.3	53 %	31.6	53 %
Segment Total	117.8	100 %	67.0	100 %	62.3	100 %	60.9	100 %	59.7	100 %
Consolidated Total	117.8	100 %	67.0	100 %	62.3	100 %	60.9	100 %	59.7	100 %
Total Revenue   USD (mil)
	31-Mar-12		31-Dec-10		30-Sep-10		30-Jun-10		31-Mar-10
Europe	22.4	19 %	23.6	35.3 %	14.3	23 %	15.2	25 %	13.7	23 %
Africa	31.8	27 %	-	-	-	-	-	-	-	-
North America	14.1	12 %	9.8	14.7 %	9.3	15 %	9.7	16 %	12.5	21 %
Latin America	30.6	26 %	5.4	8.1 %	6.9	11 %	3.7	6 %	1.8	3 %
India	10.6	9 %	-	-	-	-	-	-	-	-
ACAC	8.2	7 %	28.1	42 %	31.8	51 %	32.3	53 %	31.6	53 %
Segment Total	117.8	100 %	67.0	100 %	62.3	100 %	60.9	100 %	59.7	100 %
Consolidated Total	117.8	100 %	67.0	100 %	62.3	100 %	60.9	100 %	59.7	100 %

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.36
UK Pound	1	Rs.85.95
Euro	1	Rs.67.87

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.