Alvarion (ALVR) Lowers Q1 Outlook; In Default of Covenant
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Alvarion Ltd. (NASDAQ: ALVR) sees Q1 sales of $33-$33.5 million, below prior guidance. Now sees a non-GAAP loss of 9-10 cents per share, below prior outlook for a 1-6 cent loss.
The company said the reduction was primarily a result of lower than expected sales of an older product line which the company currently intends to replace later this year, as well as a large order which has been delayed from Q1 until Q2.
As a result of the foregoing, the company will be in default of a financial covenant under certain loan and credit facility agreements, including a $30 million loan obtained by the company for the acquisition of Wavion Inc. The company has initiated discussions with the respective banks.
The company said the reduction was primarily a result of lower than expected sales of an older product line which the company currently intends to replace later this year, as well as a large order which has been delayed from Q1 until Q2.
As a result of the foregoing, the company will be in default of a financial covenant under certain loan and credit facility agreements, including a $30 million loan obtained by the company for the acquisition of Wavion Inc. The company has initiated discussions with the respective banks.
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