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Alvarion® Reports Third Quarter 2012 Results

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

Management Comments

“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.

On a non-GAAP basis, excluding stock-based compensation, inventory write-off, income from the sale of a patent portfolio and a claims right and other charges, the Company reported a net loss of ($7.7) million, or ($0.12) per share, compared with a non-GAAP net loss of ($5.8) million, or ($0.09) per share, in the second quarter of 2012, and a non-GAAP net income of $0.3 million, or $0.01 per share, in the third quarter of 2011.

Please refer to the accompanying financial table for reconciliation of GAAP financial information to non-GAAP for the third quarter of 2012 and the comparative periods.

Cash used in operations in the third quarter of 2012 was $6.4 million. As of September 30, 2012, cash, cash equivalents and investments, including restricted cash, totaled $15.2 million, after a $10 million principal loan repayment. Total debt as of September 30, 2012, was $12 million.

Conference Call

Alvarion management will host a conference call today, November 14, 2012, at 9:00 a.m. EST to discuss third quarter 2012 results and other matters.

Please call the following dial in number to participate:

USA: +1 800-230-1074; International: +1 612-288-0329

The public is invited to listen to the live webcast of the conference call. For details please visit Alvarion’s Investor Relations website at www.alvarion.com/investors/webcasts.

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. EST on November 14, 2012 through 11:59 a.m. EST on November 21, 2012.

To access the replay, please call:

USA: +1 800-475-6701; International: +1 320-365-3844

To access the replay, users will need to enter the following code: 269194

About Alvarion

Alvarion Ltd. (NASDAQ:ALVR) provides optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of telecom operators, smart cities, security, and enterprise customers. Our innovative solutions are based on multiple technologies across licensed and unlicensed spectrums. (www.alvarion.com)

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Alvarion’s management and are subject to various factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: our failure to fully implement our 2012 turnaround plan, our inability to reallocate our resources and rationalize our business in a more efficient manner, potential impact on our business of the current global macro-economic uncertainties, the inability of our customers to obtain credit to purchase our products as a result of global credit market conditions, the failure to fund projects under the U.S. broadband stimulus program, continued delays in 4G license allocation in certain countries; the failure of the products for the 4G market to develop as anticipated; our inability to capture market share in the expected growth of the 4G market as anticipated, due to, among other things, competitive reasons or failure to execute in our sales, marketing or manufacturing objectives; the failure of our strategic initiatives to enable us to more effectively capitalize on market opportunities as anticipated; delays in the receipt of orders from customers and in the delivery by us of such orders; our failure to fully and effectively integrate the business and technology of Wavion Inc., acquired by us in November 2011, into our products and realize the expected synergies from the acquisition; the failure of the markets for our (including Wavion's) products to grow as anticipated; our inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; our inability to establish and maintain relationships with commerce, advertising, marketing, and technology providers; our inability to comply with covenants included in our financing agreements; our inability to raise sufficient funds to continue our operations, either through equity issuances or asset sales; and other risks detailed from time to time in the Company’s annual reports on Form 20-F as well as in other filings with the U.S. Securities and Exchange Commission.

Information set forth in this press release pertaining to third parties has not been independently verified by Alvarion and is based solely on publicly available information or on information provided to Alvarion by such third parties for inclusion in this press release. The web sites appearing in this press release are not and will not be included or incorporated by reference in any filing made by Alvarion with the U.S. Securities and Exchange Commission, which this press release will be a part of.

To receive Alvarion's press releases please contact Sivan Farfuri, [email protected] or +972.3.767.4333. Please see the Investor section of the Alvarion website for more information: http://www.alvarion.com/investors.

Alvarion®, its logo and certain names, product and service names referenced herein are either registered trademarks, trademarks, trade names or service marks of Alvarion Ltd. in certain jurisdictions. All other names are or may be the trademarks of their respective owners.

 
 
 
ALVARION LTD. & ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except per share data)
         
Nine
Months Ended
Sept 30,
Nine
Months Ended
Sept 30,
Three
Months Ended
Sept 30,
Three
Months Ended
Sept 30,
Three
Months Ended
June 30,
  2012     2011     2012     2011     2012  
 
Sales $ 94,185 $ 148,818 $ 27,065 $ 46,956 $ 33,810
 
Cost of sales 58,166 96,016 16,915 27,957 21,329
Inventory write-off   20,836     -     20,836     -     -  
 
Gross profit 15,183 52,802 (10,686 ) 18,999 12,481
 
Operating expenses:
Research and development, net 20,256 20,611 5,854 6,393 7,527
Selling and marketing 23,091 28,376 6,343 8,940 8,074
General and administrative 10,714 10,668 4,692 3,431 2,762
Amortization of intangible assets 1,676 - 558 - 559
Other charges (*) 3,519 7,128 358 - 3,161
Acquisition related expenses (**) 861 - 287 - 285
Other income from sale of patents (4,200 ) - (4,200 ) - -
Sale of claim right (5,170 ) - (5,170 ) - -
 
         
Total Operating expenses 50,747 66,783 8,722 18,764 22,368
         
Operating income (loss) (35,564 ) (13,981 ) (19,408 ) 235 (9,887 )
 
Other loss - (7,144 ) - (7,144 ) -
 
Financial expenses, net (2,624 ) (469 ) (1,178 ) (552 ) (849 )
         
Net loss before Tax (38,188 ) (21,594 ) (20,586 ) (7,461 ) (10,736 )
 
Income Tax - - - - -
         
Net loss   (38,188 )   (21,594 )   (20,586 )   (7,461 )   (10,736 )
 
Basic net loss per share:
  (0.61 )   (0.35 )   (0.33 )   (0.12 )   (0.17 )
Weighted average number of shares used in computing basic net loss per share   62,451     62,291     62,520     62,307     62,442  
 
Diluted net loss per share:
  (0.61 )   (0.35 )   (0.33 )   (0.12 )   (0.17 )
 
Weighted average number of shares used in computing diluted net loss per share   62,451     62,291     62,520     62,307     62,442  
 
(*) Results of organizational change and other.
(**) Charges related to the acquisition of Wavion in November 2011.
               
 
 
ALVARION LTD. & ITS SUBSIDIARIES
RECONCILIATION BETWEEN GAAP TO NON-GAAP STATEMENT OF INCOME
U.S. dollars in thousands (except per share data)
 
Three
Months Ended
Sept 30,
2012
Three
Months Ended
June 30,
2012
Non-GAAP
GAAP Adjustments Non-GAAP
 
Sales $ 27,065 $ - $ 27,065 $ 33,810
 
Cost of sales 16,915 (21 ) (a) 16,894 21,174
Inventory write-off 20,836 (20,836 ) - -
       
Gross profit   (10,686 )   20,857     10,171     12,636  
 
Operating expenses:
Research and development, net 5,854 (69 ) (a) 5,785 7,269
Selling and marketing 6,343 (65 ) (a) 6,278 7,806
General and administrative 4,692 (34 ) (a) 4,658 2,500
Amortization of intangible assets 558 (558 ) (b) - -
Other charges 358 (358 ) (c) - -
Acquisition related expenses 287 (287 ) (d) - -
Other income from sale of patents (4,200 ) 4,200 - -
Sale of claim right (5,170 ) 5,170 - -
 
       
Total Operating expenses 8,722 7,999 16,721 17,575
       
Operating loss (19,408 ) 12,858 (6,550 ) (4,939 )
 
Financial expenses, net (1,178 ) - (1,178 ) (849 )
       
Net loss before Tax (20,586 ) 12,858 (7,728 ) (5,788 )
 
Income Tax - - - -
       
Net loss   (20,586 )   12,858     (7,728 )   (5,788 )
 
Basic net loss per share $ (0.33 ) $ (0.12 ) $ (0.09 )
 
Weighted average number of shares used in computing basic net loss per share   62,520     62,520     62,442  
 
Diluted net loss per share $ (0.33 ) $ (0.12 ) $ (0.09 )
 
Weighted average number of shares used in computing diluted net loss per share   62,520     62,520     62,442  
 
(a) The effect of stock-based compensation.
 
(b) The effect of amortization of purchased intangibles.
 
(c) Results of organizational change and other.
 
(d) Charges related to the acquisition of Wavion in November 2011.
         
 
 
ALVARION LTD. & ITS SUBSIDIARIES
DISCLOSURE OF NON-US GAAP NET INCOME
 
FOR COMPARATIVE PURPOSES NET INCOME AND EARNINGS PER SHARE FROM CONTINUING OPERATIONS EXCLUDING AMORTIZATION OF ACQUIRED INTANGIBLES, STOCK BASED COMPENSATION EXPENSES, RESTUCTURING EXPENSES AND OTHER CHARGES
 
U.S. dollars in thousands (except per share data)
 
Nine
Months Ended
Sept 30,
Nine
Months Ended
Sept 30,
Three
Months Ended
Sept 30,
Three
Months Ended
Sept 30,
Three
Months Ended
June 30,
  2012     2011     2012     2011     2012  
 
Net income (loss) according to US GAAP $ (38,188 ) $ (21,594 ) $ (20,586 ) $ (7,461 ) $ (10,736 )
 
Amortization of intangible assets 1,676 - 558 - 559
 
Stock based compensation expenses related to ASC 718 1,757 2,656 189 642 943
 
Other charges (*) 3,519 7,128 358 - 3,161
 
Acquisition related expenses (**) 861 287 - 285
 
Inventory write-off 20,836 20,836 - -
 
Sale of Claim Rights (5,170 ) (5,170 ) - -
 
Other (income) loss (***)   (4,200 )   7,144     (4,200 )   7,144     -  
Net Income (loss) excluding amortization of acquired intangibles, stock based compensation and other expenses $ (18,909 ) $ (4,666 ) $ (7,728 ) $ 325   $ (5,788 )
 
Basic net earnings (loss) per share excluding amortization of acquired intangibles, stock based compensation and restructuring expenses $ (0.30 ) $ (0.07 ) $ (0.12 ) $ 0.01   $ (0.09 )
 
Weighted average number of shares used in computing basic net earnings (loss) per share   62,451     62,291     62,520     62,307     62,442  
 
Diluted net earnings (loss) per share excluding amortization of acquired intangibles, stock based compensation and other expenses $ (0.30 ) $ (0.07 ) $ (0.12 ) $ 0.01   $ (0.09 )
 
Weighted average number of shares used in computing diluted net earnings (loss) per share   62,451     62,291     62,520     63,872     62,442  
 
(*) Results of organizational change and other.
(**) Charges related to the acquisition of Wavion in November 2011.
(***) Results of one time charges related to customer and income from the sale of patent.
 
 
 
ALVARION LTD. & ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
         
Sept 30,
2012
June 30,
2012
ASSETS
Cash, cash equivalents, short-term and long-term investments $

13,748

 

$

31,968

 

Restricted cash 1,500 -
Trade receivables 37,984 41,477
Other accounts receivable 15,876 9,657
Inventories 18,621 37,579
 
LONG TERM Trade receivables 5,561 5,470
 
PROPERTY AND EQUIPMENT, NET 7,916 8,763
 
GOODWILL AND INTANGIBLE ASSETS, NET   31,657     32,214  
 

TOTAL ASSETS

$ 132,863   $ 167,128  
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
CURRENT LIABILITIES
 
Current maturities of long term loan $ 12,032 $ 7,545
Trade payables 18,782 29,685
Other accounts payable and accrued expenses   44,165     37,792  
 

Total current liabilities

74,979 75,022
 
 
Long term accrued expenses 17 74
Long term employees liabilities 560 618
Long term others liabilities 6,232 6,661
Long term loan   -     14,677  
 

Total long term liabilities

6,809 22,030
 

TOTAL LIABILITIES

81,788 97,052
 
SHAREHOLDERS' EQUITY   51,075     70,076  
 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$ 132,863   $ 167,128  
 
 
 
ALVARION LTD.& ITS SUBSIDIARIES
Consolidated Statement of Cash Flows
U.S. dollars in thousands
       
Three
Months ended
September 30, 2012
 
Cash flows from operating activities:
Net loss $ (20,586 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation 979
Amortization of intangibles assets 557
Stock based compensation expenses ASC 718 191
Decrease in trade receivables 3,493
Increase in other accounts receivable and prepaid expenses (6,110 )
Decrease in inventories 18,958
Increase in long term trade receivable (91 )
Decrease in trade payables (10,903 )
Increase in other accounts payables and accrued expenses 7,658
Decrease in long term accrued expenses (57 )
Decrease in long term employees liabilities (58 )
Decrease in long term liabilities   (429 )
Net cash used in operating activities   (6,398 )
 
 
Cash flows from investing activities:
Purchase of fixed assets (132 )
Investment in restricted cash   (1,500 )
Net cash used in investing activities   (1,632 )
 
Cash flows from financing activities:
Proceeds from exercise of employees' stock options -
Repayment of long term loan   (10,190 )
Net cash Used in financing activities   (10,190 )
 
Decrease in cash, cash equivalents, short-term and long-term investments   (18,220 )
 
Cash, cash equivalents, short-term and long-term investments at the beginning of the period   31,968  
Cash, cash equivalents, short-term and long-term investments at the end of the period $ 13,748  

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