(RTTNews) - Alvarion Ltd.
(ALVR), a Tel Aviv, Israel-based manufacturer of wireless broadband access systems, on Thursday said its GAAP profit for the fourth quarter and full year 2007 would increase from the previously reported figures, as a result of an agreement between the company and ADC Telecommunications Inc. finalized on March 26.
The agreement related primarily to payment of notes from LGC Wireless Inc. after LGC was acquired by ADC in November 2007. The adjusted results reflect other income of about $8.3 million, which represents the gain from the sale of Alvarion's equity investment in LGC, as well as the net income derived from the promissory notes that became due as a result of the acquisition by ADC.
The revised GAAP net income for the fourth quarter is $12.4 million or $0.19 per share, compared to previously announced GAAP net income of $4.1 million or $0.06 per share. For the full year 2007, revised GAAP net income is $12.5 million or $0.19 per share, compared to $4.2 million or $0.06 per share announced earlier.
Specific adjustments made to the 2007 financial statements include recording other income of $8.27 million and adjusting the balance sheet for December 31, 2007 to increase Other Accounts Receivable and Shareholders' Equity by $8.27 million.
ALVR is currently trading at $6.90, down $0.06 or 0.86%, on 406,090 shares.
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