(NASDAQ:ALVR) a global provider of optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of public and private networks, today announced its financial results for the second quarter of 2012.
Second Quarter Highlights
- Revenues of $33.8 million, a 1.5% sequential increase
- GAAP net loss of ($0.17) per share; non-GAAP net loss of ($0.09) per share
“Our second quarter results are in line with our guidance, with products from Carrier unlicensed solutions and Carrier licensed solutions performing as projected. We are particularly pleased with our book-to-bill which was above one as of the end of June,” said Hezi Lapid, President and Chief Executive Officer of Alvarion.
“We believe that we are on track with the turnaround plan we put in place during the second quarter. In addition to the restructuring measures to reduce operating expenses already announced, we have taken additional steps, primarily the establishment of an independent division dedicated to our Carrier licensed solutions. We believe that this new structure will improve our focus across the board in all our different target markets and will help us reach profitability.”
“We are moving in the right direction and believe that we will report improved results in the third quarter. We expect the full impact of our restructuring initiatives to appear in our fourth quarter results, and we continue to aim for at least breakeven operating cash flow and modest profitability by yearend,” concluded Mr. Lapid.
Second Quarter 2012 Results
In the second quarter of 2012, revenues were $33.8 million, an increase of 1.5% from $33.3 million in the first quarter of 2012, and a decrease of 39% from $55.4 million in the second quarter of 2011.
GAAP net loss in the second quarter of 2012 was ($10.7) million, or ($0.17) per share, including restructuring and other charges of approximately $3.2 million related mainly to employee termination expenses and vacating office space. This compares to a GAAP net loss of ($6.9) million, or ($0.11) per share in the first quarter of 2012. GAAP net income in the second quarter of 2011 was $0.3 million, or $0.01 per share.