Exhibit 99.1
(AIRVANA LOGO)
Airvana Reports Second Quarter 2009 Financial Results
Growth in Mobile Data Traffic Drives 44 Percent Increase in Billings
CHELMSFORD, Mass., July 30, 2009
— Airvana, Inc. (NASDAQ: AIRV), a leading provider of mobile broadband network infrastructure products, today reported financial results for the quarter ended June 28, 2009. Airvana presents both GAAP and non-GAAP financial metrics below because management believes that the combination provides a more complete understanding of the company’s operating performance.
GAAP Financial Highlights
  Revenue: Total revenue for the second quarter of 2009 was $4.9 million, compared with $59.0 million for the second quarter of 2008. For the first six months of 2009, revenue was $14.1 million, compared with $66.7 million for the first six months of 2008.
  Net Loss/Income: Net loss for the second quarter of 2009 was $14.0 million, compared with net income of $20.6 million for the second quarter of 2008. For the first six months of 2009, net loss was $21.2 million, compared with net income of $8.9 million for the first six months of 2008.
Non-GAAP Financial Highlights
  Product and Service Billings (“Billings”): Billings for the second quarter of 2009 were $37.9 million, compared with $26.3 million for the second quarter of 2008. For the first six months of 2009, including $14.6 million of pre-bankruptcy filing outstanding invoices to Nortel Networks Inc. (“Nortel”), Billings were $72.1 million, compared with Billings of $64.1 million for the first six months of 2008. As previously reported, Airvana recorded Billings of $34.2 million for the first quarter of 2009, which included $14.6 million in invoices for sales to Nortel prior to Nortel’s Chapter 11 bankruptcy protection filing on January 14, 2009. Collection of a total of $36.4 million of pre-bankruptcy filing outstanding invoices is subject to Nortel’s bankruptcy proceedings. As a result, Airvana has excluded this amount from its deferred revenue and Billings for the fourth quarter of 2008 and the first quarter of 2009. Airvana will continue to account for Nortel receivables as of the date of Nortel’s bankruptcy filing on a cash basis, if and when collected.
  Operating Profit (Loss) on Billings: Operating profit on Billings for the second quarter of 2009 was $8.0 million, compared with operating loss on Billings of $1.0 million for the second quarter of 2008. For the first six months of 2009, including the $14.6 million of pre-bankruptcy filing outstanding invoices to Nortel, Airvana’s operating profit on Billings would have been $14.1 million, compared with operating profit of $9.4 million for the first six months of 2008.

 

 


The following information was filed by Airvana Inc on Thursday, July 30, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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