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Alvarion Dips Back into Quarterly Financial Loss
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Israel based broadband wireless vendor, Alvarion has reported that its second-quarter revenues declined by 39% to US$33.8 million, which was at the lower end of earlier management predictions.
The net loss deepened to US$10.7 million, compared to a slight profit a year ago. The company took a US$3.2 million charge in the quarter, which is likely to be due to previously announce, but unspecified levels of redundancies.
Management believes revenues in the third quarter of 2012 will be in the range of $31 million to $39 million.
"We believe that we are on track with the turnaround plan we put in place during the second quarter. In addition to the restructuring measures to reduce operating expenses already announced, we have taken additional steps, primarily the establishment of an independent division dedicated to our Carrier licensed solutions. We believe that this new structure will improve our focus across the board in all our different target markets and will help us reach profitability" said Hezi Lapid, President and Chief Executive Officer of Alvarion.
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