WiMAX systems developer Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) reported better than expected results for the second quarter today as CEO Tzvika Friedman announced his resignation.
On a non-GAAP basis, Tel Aviv-based Alvarion's net loss was $605,000, or a loss per share of $0.01. Analysts had forecast a per share loss of $0.05.
Total revenue fell, while Alvarion's WiMAX revenue rose. Total revenue was $58.7 million, 16% lower than the $69.7 million recorded in the corresponding quarter of 2008, and 13% below the $67.9 million recorded in the first quarter of this year.
WiMAX revenue rose 18% compared with the second quarter to $44.9 million.
The average analyst estimate for revenue was $58.23 million, lower than Alvarion's reported figure.
CEO Tzvika Friedman said that with Alvarion's leadership in the WiMAX industry, "I believe it is an appropriate time to introduce new leadership to take the company to the next level. For me, it’s time to take a break, reconnect with my family, and pursue other business and personal interests. I have the greatest confidence in Alvarion’s future and look forward to supporting the new CEO and the rest of the team in any way I can.
Alvarion shares closed yesterday at $4.74, giving a market cap of $293.6 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 29, 2009
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