Alvarion just released its financial report for the fourth quarter of 2009 along with its yearly report. In the last part of 09, WiMax revenue went up five percent to $42.7 million.
Total revenue for the WiMax company increased by 3.1 percent from the third quarter to the fourth quarter of last year from $58.4 million to $60.2 million. Alvarion saw its revenue from WiMax products increase in 2009 to $179 million while its WiMax shipments decreased 20 percent from 2008 to 2009.
“We are pleased with the increase in WiMAX revenues in 2009 and our ability to deliver a non-GAAP profit in the face of business challenges arising from the worst global economic crisis in a generation,” said Eran Gorev, president and CEO of Alvarion. “Throughout the year, operators’ interest in deploying WiMAX networks remained robust and the WiMAX ecosystem continued to expand.”
Gorev added “By Q4, there were over 120 WiMAX Forum-certified subscriber devices available. As additional devices are introduced, more spectrum is allocated, new vertical market applications are launched and additional funds are made available to help conquer the digital divide, we believe the future of WiMAX is bright.”
Q4 Highlights:
- GAAP operating loss of ($1.3) million; non-GAAP operating profit of $0.6 million
- GAAP net loss of ($0.02) per share; non-GAAP net income of $0.01 per share
- WiMAX revenues up 5% sequentially to $42.7 million
-WiMAX shipments down 9% sequentially to $34.2 million
2009 Highlights (compared to 2008):
- Reduced GAAP operating expenses by 16%; reduced non-GAAP operating expenses by 14%
- GAAP operating loss of ($8.0) million; non-GAAP operating loss of ($0.6) million
- GAAP net loss of ($0.12) per share; non-GAAP net income of $0.01 per share
In the fourth quarter of 2009, total revenues were $60.2 million, an increase of 3.1% from $58.4 million in the third quarter of 2009, and a decrease of 14% from $70.1 million in the fourth quarter of 2008.
GAAP net loss in the fourth quarter of 2009 was ($1.3) million, or ($0.02) per share, compared to a net loss of ($1.0) million, or ($0.02) per share in Q3 2009. GAAP net loss in the fourth quarter of 2008 was ($4.8) million, or ($0.08) per share.
Excluding the amortization of intangibles, stock based compensation, restructuring and other charges, on a non-GAAP basis the company reported net income of $0.7 million in the fourth quarter of 2009, or $0.01 per diluted share, compared with non-GAAP net income of $0.2 million, or $0.00 per diluted share in the third quarter of 2009, and non-GAAP net loss of ($0.4) million, or ($0.01) per diluted share in the fourth quarter of 2008.
Cash used in operations was ($5.8) million. As of December 31, 2009, cash, cash equivalents and investments totaled $118 million.
Comments from Management:
“Several important business catalysts expected in Q4, such as the awarding of broadband stimulus funds in the U.S. and the auction of WiMAX spectrum in India, have been delayed and are now expected to materialize during 2010.
“During 2009, we acted decisively to streamline the organization, improve efficiency and lower our breakeven point to position the company to deliver operating leverage as revenues improve. As a result, we achieved a non-GAAP operating profit in Q4.
“Looking ahead, we expect gradual improvement during the second half of 2010 as the tight credit environment starts to ease and some of the business catalysts materialize.”
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