The 4thQ results were good, but the stock is down, apparently because of management's "guidance".<g>
bigcharts.marketwatch.com
On the other hand, AIRN is up for 3rd day on a roll.<g>
bigcharts.marketwatch.com
TEL AVIV, Israel – February 6, 2008 - Alvarion Ltd. (NASDAQ: ALVR), the leading provider of WiMAX™ and wireless broadband solutions, today announced financial results for the fourth quarter and year ended December 31, 2007.
Q4 Highlights:
Record revenues of $66.3 million, up 32% from Q4 2006.
Record WiMAX revenues of $36.3 million; WiMAX shipments of $37.2 million.
Non-GAAP EPS of $0.05; GAAP EPS of $0.06.
2007 Highlights:
Record revenues of $236.6 million, up 30% from 2006.
WiMAX revenues increased 74% to $124 million.
WiMAX shipments increased 84% to $138 million.
Non-GAAP EPS of $0.14 compared to $0.07 in 2006.
GAAP EPS of $0.06 compared to a loss per share of ($0.67) in 2006.
In the fourth quarter of 2007, revenues reached a new record of $66.3 million, an increase of 9% from $60.6 million in the third quarter of 2007, and 32% from $50.3 million in the fourth quarter of 2006.
GAAP net income in the fourth quarter of 2007 was $4.1 million, or $0.06 per share, which included income from discontinued operations of $3.6 million.
Net income from continuing operations was $ 532,000 or $0.01 per share, compared to a loss from continuing operations of ($129,000), or ($0.00) per share in Q3. Loss from continuing operations in the fourth quarter of 2006 was ($282,000), or ($0.00) per share.
Excluding the results of the discontinued operations, amortization of acquired intangibles and stock based compensation expenses, on a non-GAAP basis, the company reported a net profit of approximately $3.1 million, or $0.05 per diluted share, compared with a non-GAAP net profit of approximately $2.4 million, or $0.04 per diluted share in the third quarter of 2007, and a non-GAAP net profit of approximately $2.1 million, or $0.03 per diluted share in Q4 2006.
The company generated positive cash flow from continuing operating activities of approximately $3.1 million during Q4 2007. Total cash flow in Q4 also included $4.4 million, representing the final payment from a customer of the former cellular mobile unit and $7.3 million in proceeds from the acquisition of LGC Wireless Inc. by ADC Telecommunication Inc. in a cash transaction during Q4. Alvarion’s LGC holding resulted from the conversion of a note which was part of the payment received in connection with the sale of the former cellular mobile unit to LGC in 2006. Cash reserves as of December 31, 2007 totaled approximately $139 million, an increase of about $20 million during 2007.
For the full year 2007, revenues totaled $236.6 million, an increase of 30% over $181.6 million in 2006. WiMAX revenues totaled approximately $124 million, about 52% of total revenue in 2007, compared with approximately $72 million, representing about 40% of total revenue, in 2006.
For 2007, net income was $4.3 million, or $0.07 per share. Net loss from continuing operations was $(1.1) million or ($0.02) per share, compared with a net loss from continuing operations of $(4.6) million, ($0.08) per share in 2006.
Excluding discontinued operations, amortization of acquired intangibles and stock based compensation expenses; non-GAAP net income for 2007 was $8.8 million, or $0.14 per diluted share, compared with non-GAAP net income of $4.5 million, or $0.07 per diluted share in 2006.
For supplemental information to facilitate evaluation of the impact of non-cash charges and comparisons with historical results of continuing and discontinued operations, see the attached table showing the detailed reconciliation of GAAP to non-GAAP results for Q4 2007, the full year 2007 and the comparative periods.
Comments from Management:
“Our team continued to execute extremely well during the fourth quarter,” said Tzvika Friedman, President and CEO of Alvarion. “Revenues exceeded our guidance for the fourth quarter and enabled us to reach the upper end of our target range for revenue growth in 2007.
WiMAX revenues increased about 74% in 2007, significantly above our target of at least 50% growth. Our strategy of engaging with operators for both primary and Personal Broadband early on and growing with our satisfied customers is clearly paying off. We are the market leader in WiMAX with cumulative shipments of about $260 million.
“2008 promises to be another year of expansion and adoption of WiMAX, and we continue to target revenue of $275 million to $300 million for 2008. Our guidance for Q1 puts us on pace to achieve this revenue target.”
Q1 2008 Guidance:
The company’s revenue guidance for Q1 2008 is $63 to $67 million. The company is exposed to fluctuations in the U.S. dollar exchange rate. In addition, the company’s financial income is adversely affected by the decrease in interest rates. Therefore, based on the indicated revenue range, Q1 non-GAAP per share results are expected to range between $0.00 and $0.03. GAAP loss per share is expected to range between ($0.04) and ($0.01).
Alvarion’s management will host a conference call today, February 6, at 9:00 a.m. Eastern time to discuss the quarter. To participate in the call, please dial one of the following numbers approximately five minutes prior to the scheduled start time:
USA: (800)-954-1051; International: +1-(415)-226-5355.
The public is invited to listen to the live webcast of the conference call.
For details please visit Alvarion’s website at www.alvarion.com.
An archive of the online broadcast will be available on the website.
A replay of the call will be available from 11:00 a.m. ET on February 6th, 2008 through 11:59 a.m. ET on March 7th, 2008.
To access the replay, please call:
USA: (USA) (800) 633-8284;
International: +1(402)-977-9140.
To access the replay, users will need to enter the following code: 21370806.
Bernard |
