Airvana, Inc. (NASDAQ: AIRV), a leading provider of mobile
broadband network infrastructure products, today announced
preliminary financial results for the first quarter ending April 4,
2010.
Airvana expects that GAAP Revenue for the first quarter will be
in a range of $2.5 million to $3.0 million, compared with $9
million for the first quarter of 2009. In addition, the Company
expects first quarter 2010 Deferred Revenue to increase by $57
million to $60 million to $233 million to $236 million, from $176
million as of January 3, 2010.
Non-GAAP Product and Service Billings (“Billings”) are expected
to be in the range of $60 million to $63 million, compared with Pro
Forma Billings of $34 million in the first quarter of 2009. During
the first quarter of 2010, Airvana has experienced stronger than
anticipated demand for its EV-DO products, while shipments of its
femtocell products have been slower than expected.
As previously disclosed, the Company’s principal EV-DO customer,
Nortel Networks, Inc., entered bankruptcy proceedings in January
2009 as a result of which Telefon AB L.M. Ericsson acquired
Nortel’s CDMA business in November 2009. The Company expects that
approximately half of its Billings for the first quarter of 2010
will be attributable to shipments made by Ericsson to its customers
in December 2009, following the acquisition from Nortel. Airvana
has not changed its projection of $200 million in total Billings
for full-year 2010, as set forth in its Proxy Statement dated March
11, 2010. Higher sales of EV-DO products are expected to be offset
by continued weakness in sales of femtocell products, resulting in
EV-DO sales accounting for a larger proportion of total Billings in
2010 than previously anticipated.
Separately, Airvana announced today that the Special Committee
of the Board of Directors has determined not to modify in any
respect or to withdraw its recommendation that the proposed merger
with 72 Mobile Holdings, LLC, is fair to, advisable and in the best
interest of the Company and its unaffiliated stockholders.
The preliminary financial information presented in this news
release reflects the extent of Airvana’s most current understanding
of its financial results. This information is subject to change and
is based on management’s estimates derived from information
available at this time. In addition, the financial information
presented in this news release has not yet been reviewed by
Airvana’s independent registered public accounting firm.
A description of Airvana’s revenue recognition policy is
contained in its annual report on Form 10-K, and definitive proxy
statement filed on March 11, 2010, each filed with the Securities
and Exchange Commission.
Non-GAAP Financial Measures
To supplement Airvana’s condensed consolidated financial
statements presented on a GAAP basis, Airvana uses the non-GAAP
measures Product and Service Billings (“Billings”) and Pro Forma
Billings as a supplement to GAAP revenue and cash flow from
operations in evaluating Airvana’s performance. Billings reflects
the amount invoiced for products and services in a period and
equals GAAP revenue plus the change in deferred revenue in the
period. At the time of Nortel’s bankruptcy filing in January 2009,
Airvana had total pre-bankruptcy filing outstanding invoices to
Nortel of $21.8 million for the quarter ended December 28, 2008 and
$14.6 million for the quarter ended March 29, 2009. The collection
of the total amount of $36.4 million was subject to Nortel’s
bankruptcy process. As a result, Airvana excluded these amounts
from Billings as of December 28, 2008 and March 29, 2009. This
$36.4 million was accounted for on a cash basis when collected and
included in Billings for the three months ended January 3, 2010.
Pro Forma Billings amounts reflect the pre-bankruptcy invoices in
the periods originally invoiced.
The financial measures Billings and Pro Forma Billings are
presented with the intent of providing both management and
investors with a more complete understanding of Airvana’s
underlying operating performance and trends. Airvana believes that
these non-GAAP financial measures enhance the overall understanding
of its past financial performance and also its prospects for the
future. These non-GAAP measures provide an indication of Airvana’s
financial results based upon sales activity in the period and are
considered by management for the purpose of making operational
decisions. In addition, these non-GAAP measures are indicators that
management uses as a basis for Airvana’s planning and forecasting
of future periods.
Management believes investors may find the non-GAAP measures
Billings and Pro Forma Billings useful for understanding Airvana’s
operations, but cautions that they should not be considered a
substitute for disclosure in accordance with GAAP.
About Airvana, Inc.
Airvana helps operators transform the mobile experience for
users worldwide. The company's high-performance technology and
products, from comprehensive femtocell solutions to core mobile
network infrastructure, enable operators to deliver compelling and
consistent broadband services to mobile subscribers, wherever they
are. Airvana's products are deployed in 70 commercial networks on
six continents. The company is headquartered in Chelmsford, Mass.,
USA, with offices worldwide. For more information, please visit
www.airvana.com.
Safe Harbor Statement
Any statements in this press release that are not historical
facts constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements typically contain words such as “believes,”
“anticipates,” “plans,” “expects,” “will,” “continue,” “outlook”
and similar terms, and include, without limitation, statements
regarding anticipated Billings, statements regarding the expected
timing of the merger of Airvana, statements regarding the ability
to complete the merger and statements underlying any of the
foregoing. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including without limitation uncertainties as to
the timing of the merger of Airvana, Airvana’s ability to maintain
its relationship with Ericsson, the timing and rate of femtocell
market acceptance and growth, operator femtocell deployment plans,
the highly competitive and rapidly evolving market in which Airvana
competes, Airvana’s limited operating history, the fluctuation of
its past operating results and its reliance on sales through
Ericsson for a significant portion of its revenues and product and
service Billings and other factors discussed in Airvana’s filings
with the Securities and Exchange Commission. In addition, the
forward-looking statements included in this press release represent
Airvana’s views as of the date of this press release. Airvana
anticipates that subsequent events and developments may cause its
views to change. While Airvana may elect to update these
forward-looking statements at some point in the future, it
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Airvana’s views as of any date subsequent to the date
of this press release.
IMPORTANT ADDITIONAL INFORMATION HAS BEEN FILED WITH THE
SEC
This news release is for informational purposes only. It is not
a solicitation of a proxy. On March 11, 2010 Airvana, Inc. filed
with the SEC and subsequently mailed to its stockholders a
definitive proxy statement containing important information about
Airvana, Inc., 72 Mobile Holdings, LLC, the proposed merger and
related matters. Investors and security holders are urged to read
the proxy statement carefully.
Investors and security holders may obtain free copies of the
proxy statement and other documents filed with the SEC by 72 Mobile
Holdings, LLC and Airvana, Inc. through the web site maintained by
the SEC at www.sec.gov. In addition, investors and security holders
may obtain free copies of the proxy statement from Airvana, Inc. by
contacting Investor Relations at (978) 250-3000.
Airvana, Inc., its directors and executive officers may be
deemed to be participants in the solicitation of proxies from
Airvana, Inc.’s stockholders with respect to the transactions
contemplated by the merger agreement. Information regarding
Airvana, Inc.’s directors and executive officers is contained in
Airvana, Inc.’s Annual Report on Form 10-K for the year ended
January 3, 2010 and definitive proxy statement dated March 11,
2010, which are filed with the SEC.
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