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Airvana Reports Third Quarter 2009 Financial Results
Demand for Mobile Broadband Services Drives Outlook for Growth in Fourth Quarter
CHELMSFORD, Mass., October 29, 2009 Airvana, Inc. (NASDAQ: AIRV), a leading provider of mobile broadband network infrastructure products, today reported financial results for the quarter ended September 27, 2009. Airvana presents both GAAP and non-GAAP financial metrics below because management believes that the combination provides a more complete understanding of the companys operating performance.
GAAP Financial Highlights
|||Revenue: Total revenue for the third quarter of 2009 was $2.7 million, compared with $8.2 million for the third quarter of 2008. For the first nine months of 2009, total revenue was $16.9 million, compared with $74.9 million for the first nine months of 2008.|
|||Net Loss/Income: Net loss for the third quarter of 2009 was $16.9 million, compared with a net loss of $12.4 million for the third quarter of 2008. For the first nine months of 2009, net loss was $38.1 million, compared with a net loss of $3.6 million for the first nine months of 2008.|
Non-GAAP Financial Highlights
|||Product and Service Billings (Billings): Billings for the third quarter of 2009 were $31.2 million, compared with $43.0 million for the third quarter of 2008. For the first nine months of 2009, Billings would have been $103.3 million, if the Company had included $14.6 million of pre-bankruptcy filing outstanding invoices to Nortel Networks Inc. (Nortel) for sales to Nortel prior to Nortels Chapter 11 bankruptcy protection filing on January 14, 2009, compared with $107.1 million for the comparable period of 2008.|
Airvana has excluded from deferred revenue and Billings a total of $36.4 million of outstanding invoices related to royalties earned prior to Nortels bankruptcy filing. Airvanas collection of these invoices is subject to the consummation of Telefon AB L.M. Ericssons acquisition of Nortels CDMA business and the assignment of the Airvana contract to Ericsson. Airvana expects the transaction to close in the fourth quarter of 2009. Airvana will continue to account for Nortel receivables as of the date of Nortels bankruptcy filing on a cash basis, if and when collected.
The following information was filed by Airvana Inc on Thursday, October 29, 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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