Wednesday, Alvarion Ltd. (ALVR), a provider of WiMAX and non-WiMAX wireless broadband systems, reported a loss in its third quarter, as sales declined from last year. However, on a non-GAAP basis, the profit was significantly lower year-on-year.
Third-quarter GAAP net loss was US$1.0 million or US$0.02 per share compared with a profit of US$0.8 million or US$0.01 per share in the prior year period.
Excluding the amortization of intangibles, stock based compensation expenses and other charges, net, on a non-GAAP basis, net income plunged to US$0.2 million from US$3.0 million in the year-ago period. On the same basis, the company reported a break even per share for the recent quarter, compared with a profit of US$0.05 per share in the last year. On average, 10 analysts polled by Thomson Reuters expected the company to report a loss of US$0.02 per share for the quarter.
Sales for the quarter declined to US$58.38 million from US$74.27 million in the comparable period. Seven analysts estimated revenues of US$57.87 million for the quarter.
During the quarter, WiMAX shipments were down 4% sequentially to $37.5 million, reflecting project delays, and WiMAX revenues declined 10% sequentially to $40.5 million.
Net loss for the nine months ended September 30, 2009, widened to US$5.88 million or US$0.09 per share from US$0.60 million or US$0.01 per share last year. Sales for the period slipped to US$184.99 million from US$211.18 million in the same period in 2008.
Net profit, excluding amortization of acquired intangibles, stock based compensation and restructuring expenses, for the nine-month period fell to US$0.32 million or US$0.01 per share from US$6.75 million or US$0.10 per share a year ago.
Looking ahead to the fourth quarter, non-GAAP per share results are expected to range between a loss of US$0.04 and profit of US$0.02, and GAAP per share results are anticipated to range between a loss of US$0.07 and US$0.01. Fourth-quarter revenue is projected to be in the range of US$55 million - US$63 million.
While ten analysts estimate earnings of US$0.01 per share for the fourth quarter, seven analysts expect revenues of US$64.41 million.
ALVR closed Tuesday's trading session at $4.13.
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