[November 14, 2012] |
|
Alvarion® Reports Third Quarter 2012 Results
TEL AVIV, Israel --(Business Wire)--
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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|