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TEL AVIV, Israel, March 4, 2013 (GLOBE NEWSWIRE) --
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 fourth quarter and year ended December 31, 2012. All results in this release reflect continuing operations unless otherwise noted.
Fourth Quarter Highlights
Revenues of $8.2 million, a 25.4% sequential decrease
GAAP net loss from continuing operations of ($0.08) per share; non-GAAP net loss of ($0.07) per share
Revenues of $50.0 million, a 30.9% decrease compared to 2011
GAAP net loss from continuing operations of ($0.37) per share; non-GAAP net loss of ($0.23) per share
Debt reduced from $30 million to $11 million over the 12 month period ending December 31, 2012
"The announcement regarding the definitive agreement to sell our carrier licensed business marks a new strategic direction at Alvarion, one that we believe will deliver shareholder value in the long run. Once the sale is complete, Alvarion will transform into a 'pure play' in the wireless broadband market in the unlicensed frequencies, where we target two market segments: private and public networks in vertical markets and the carrier Wi-Fi market," said
Hezi Lapid, President and Chief Executive Officer of Alvarion. "We believe that these two markets hold significant growth potential for us and that we have the right product offering to successfully compete."
Lapid added, "2012 was a challenging year for Alvarion. Nonetheless, the agreement to sell our carrier licensed business marks a significant step forward in executing our new strategic plan for the company. Together with other actions taken over the past several months, we believe that we have made significant progress and expect to complete our turnaround successfully."