Income rises by 9% in comparison with previous quarter to $48.8 million; net profit rises by 74%
Alvarion reported Q2 2004 results, including a record income of $48.8 million, a 9% rise in comparison with the $44.7 million in Q1 2004 and a 57% rise in comparison with the $31 million dollars in Q2 2003.
Net profits totaled $2.5 million, or $0.04 per share in full dilution in comparison with the $1.4 million profit, or $0.02 per share in full dilution in Q1 2004.
Pro forma net profit (Non-GAAP) totaled $3.2 million or $0.05 per share in full dilution. Pro forma net profit for Q1 2004 totaled $2.1 million and for Q2 2003 a pro forma loss of $2.9 million.
Gross profit rate continued to rise in the first quarter, reaching 43.2%, in comparison with the 42.6% in Q1 2004 and 40.1% in Q2 2003.
“During the quarter, we met and even passed all of the strategic and operational goals while continuing to lead the BWA market as well as the WiMAX revolution, said Alvarion CEO, Zvi Slonimsky. “ Our performance reinforces our belief that the combination of our proven technological capacity, product range, and global support facilitates our continued growth in this competitive and dynamic world. We continue to apply an internal and external growth strategy while simultaneously focusing on excellence and profits. This profit was another one of broad growth in income, resulting in a continued increase in global demand for wireless broadband solutions and exceptional performances in all senses by our staff at Alvarion. During this quarter, we progressed in every area that we focused on”.
Slonimsky added, “Last week, we announced an agreement to acquire interWAVE Communications International Ltd., a leading supplier of equipment and services to GSM- and CDMA2000-based compact cellular networks, which are primarily designed for sparsely populated regions in developing markets. We believe that this acquisition will provide us with an extraordinary cost/benefit solution in mobile cellular systems and satisfy the sound and information needs in regions that require a communication infrastructure”.
The company expects third-quarter income in 2004 to range between $51-
Third quarter instructions do not include any influence on operational results or any expenses related to the acquisition of interWAVE, a transaction the company expects to complete by the end of the third quarter.