Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) reported another bad quarter, with a double-digit drop in revenue for the first quarter of 2012, although it narrowed its net loss, but expects little change for the second quarter.
Revenue fell 28% to $33.3 million for the first quarter from $46.5 million for the corresponding quarter of 2011. GAAP-based loss narrowed to $6.9 million ($0.11 per share) for the first quarter from $14.5 million for the corresponding quarter, and the non-GAAP net loss narrowed to $5.4 million ($0.09 per share) from $6.5 million.
Alvarion used $11.2 million in cash in operations during the first quarter, reducing its cash, cash equivalents and investments to $51.6 million at the end of March from $64.4 million at the end of 2012.
In its guidance for the second quarter, Alvarion expects a loss per share of $0.06-0.13 on $31-38 million revenue, depending on the mix of products shipped.
Alvarion president and CEO Hezi Lapid said that the company was seeing revenue growth from products for license-exempt frequencies acquired in the Wavion transaction, adding, "Demand from both carrier and private network customers remains strong and, after only one full quarter of contribution, these products are on track to exceed our expectations this year." He noted, however, that sales of older products were lower than expected.
Alvarion's share price fell 1.9% in morning trading on the TASE today to NIS 2.27, after falling 4% on Nasdaq yesterday to $0.60, giving a market cap of $37 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2012
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