Alvarion® Ltd. (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 third quarter of 2012.
Third Quarter Highlights
- Revenues of $27.1 million, a 19.9% sequential decrease
- GAAP net loss of ($0.33) per share; non-GAAP net loss of ($0.12) per share
- Other income of $9.4 million recorded in connection with the sale an IP portfolio and a claim right
“During the third quarter we continued with the execution of the turnaround plan we initiated in mid-2012. We made important progress in recent weeks with the sale of certain assets which brought over $20 million into the company without diluting our shareholders,” said Hezi Lapid, President and Chief Executive Officer of Alvarion. “At the same time, we are continuing our in depth review of our product roadmap and strategy which will help us focus on the right growth markets for Alvarion. Overall, I believe that we are making progress in order to reach sustainable growth and profitability”.Third Quarter 2012 Results In the third quarter of 2012, revenues were $27.1 million, a decrease of 19.9% from $33.8 million in the second quarter of 2012, and a decrease of 42.4% from $47.0 million in the third quarter of 2011. GAAP net loss in the third quarter of 2012 was ($20.6) million, or ($0.33) per share, including inventory write-off of approximately $20.8 million, offset by income from the sale of a patent portfolio and a claim right for approximately $9.4 million. This compares to a net loss of ($10.7) million, or ($0.17) per share in the second quarter of 2012, including restructuring and other charges of approximately $3.2 million. GAAP net loss in the third quarter of 2011 was ($7.5) million, or ($0.12) per share, including other loss of approximately $7.1 million.