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Favorable Impact of Recent
Settlement Results in Changes to Alvarion Q4 and Full Year 2005
Financial Results
Alvarion Ltd
March 27, 2006
Recent settlement of lawsuit
with former interWAVE customer to be reflected in the 2005 financials
Tel Aviv, Israel -- Alvarion Ltd., (NASDAQ: ALVR), the world’s
leading provider of wireless broadband solutions and specialized mobile
networks, today announced that the recent settlement of a lawsuit with a
former customer of interWAVE Communications International Ltd. (acquired
by Alvarion in December 2004), will result in favorable changes to
Alvarion’s results of operations for the fourth quarter and full year
2005 (as disclosed on February 8, 2006), to reflect the impact of
settling the lawsuit for less than the amount of the Company’s reserve. |
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The effects on 2005 financial statements are as follows: general and
administrative expenses in Q4 2005 and full year 2005 are decreased by
$987,000 to $1.96 million and $10.93 million, respectively, and the
balance sheet for December 31, 2005 shows a decrease of $987,000 in
Other Payables and a corresponding increase in Shareholder’ Equity from
the amounts previously disclosed.
As a result of these adjustments, on a GAAP basis, the net loss for Q4
2005 is ($3.9 million), or ($0.07) per share and the net loss for all of
2005 is ($12.6 million), or ($0.22) per share.
These adjusted figures will appear in the Company’s Form 20-F for 2005
that will be filed with the SEC within a few weeks.
About Alvarion
With more than 2 million units deployed in 150 countries, Alvarion is
the worldwide leader in wireless broadband, providing systems to
carriers, ISPs and private network operators, and also in extending
coverage of GSM and CDMA mobile networks to developing countries and
other hard to serve areas.
Leading the WiMAX revolution, Alvarion has the most extensive
deployments and proven product portfolio in the industry covering the
full range of frequency bands with both fixed and mobile solutions.
Alvarion’s products enable the delivery of business and residential
broadband access, corporate VPNs, toll quality telephony, mobile base
station feeding, hotspot coverage extension, community interconnection,
public safety communications, and mobile voice and data. Alvarion works
with several global OEM providers and more than 200 local partners to
support its diverse global customer base in solving their last-mile
challenges.
As a wireless broadband pioneer, Alvarion has been driving and
delivering innovations for more than 10 years from core technology
developments to creating and promoting industry standards. Leveraging
its key roles in the IEEE and HiperMAN standards committees and
experience in deploying OFDM-based systems, the Company's prominent work
in the WiMAX Forum™ is focused on increasing the widespread adoption of
standards-based products in the wireless broadband market and leading
the entire industry to mobile WiMAX solutions.
For more information, visit Alvarion’s World Wide Web site at
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 a
number of 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: 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;
as well as the in ability to establish and maintain relationships with
commerce, advertising, marketing, and technology providers and other
risks detailed from time to time in filings with the 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
Securities and Exchange Commission, which this press release will be a
part of. |
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