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In a release, the company stated:
- Third quarter 2008 total revenues amounted to $17.8 million, and included WiMAX revenues of $12.1 million. The third quarter gross margin was 31 percent, and total operating expenses were reduced from the second quarter 2008 by 14 percent to $13.5 million. Net loss attributable to common stockholders was $7.8 million or $0.13 per share for the third quarter of 2008.
Eric Stonestrom, Airspan's President and Chief Executive Officer, said, "We have focused our efforts on achieving our planned cost reductions and we will continue to extend our efforts in the light of the current economic environment. Our goal is to accelerate our efforts to achieve profitability while maintaining critical R&D activity and serving our customer base.
"Targeted operating cost savings have been achieved. However, we are continuing to reduce our operating costs to reflect the challenging economic environment. We have seen the worldwide credit crisis impacting some of our customers' availability of funds, which has contributed to a reduction of our reported revenue for the quarter. We also expect continued short term challenges on the demand side as capital expenditure budgets of our customers face further reductions. However, we remain confident in Airspan's technology and the viability of WiMAX as an alternative to traditional broadband access. Our top priority is the creation of a profitable business from product lines that we have developed.
"Commercial activity in the quarter included new contracts and expansion orders with telecom service providers, significant growth in the 3.65 GHz product deployments, and new distribution agreements with vertical segment systems integration partners in defense and the oil and gas sectors. Working together with our partner Nortel, we were also awarded a significant U.S. WiMAX project by FairPoint, a large U.S. telephone operator. This deployment will provide high speed internet service throughout the North-eastern U.S. in a more cost competitive mode than the wireline alternatives and it underscores the potential for WiMAX in providing broadband connectivity on a mass scale."
- Total third quarter revenues decreased year over year by 21 percent to $17.8 million compared with $22.5 million in the third quarter of 2007. Compared to revenues in the second quarter 2008 of $21.4 million, third quarter revenues decreased by 17 percent, due primarily to a decrease in non-WiMAX revenues, which amounted to $5.9 million in the third quarter. WiMAX revenues were down by 5 percent to $12.1 million in the third quarter of 2008, compared to $12.7 million in the second quarter 2008 and by 25 percent compared to the $16.1 million of WiMAX revenue recorded in the third quarter of 2007. The sequential quarter decrease in WiMAX revenues resulted primarily from several shipments on hold pending receipt of letters of credit. The year over year decrease in WiMAX revenues results primarily from shipments on hold and lower average value shipments to larger customers in the 2008 period.
- Gross margin at 31 percent was slightly lower than the 32 percent recorded in the second quarter 2008. Gross margin was at 35 percent in the third quarter of 2007. Total operating expenses for the third quarter of 2008 were $13.5 million, a 14 percent decrease over the second quarter of 2008, and a 3 percent decrease compared to the third quarter 2007.
- Net loss attributable to common stockholders was $7.8 million or $0.13 per share for the third quarter of 2008, compared with a loss of $8.8 million or $0.15 per share in the second quarter of 2008, and $9.9 million or $0.24 per share in the third quarter of 2007.
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