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Airspan Networks Inc. Announces Record Fourth Quarter Results

Business Wire - January 31, 2001 16:17

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SUNRISE, Fla.--(BUSINESS WIRE)--Jan. 31, 2001--Airspan Networks Inc. (Nasdaq:AIRN), a leading worldwide provider of fixed
wireless DSL equipment, today reported results for its fourth quarter ended Dec. 31, 2000.

Revenue totaled $9.0 million, a 61 percent increase from fourth quarter 1999. Gross profit was $3.7 million, or 42 percent of revenue, while
net loss decreased to $5.6 million from $8.8 million in the fourth quarter 1999 and from $5.9 million in the third quarter 2000.

Airspan recorded its fifth consecutive quarter with record revenue that was derived from a total of 26 customers.

"High speed data connectivity demands in the final mile are driving our business," said Eric Stonestrom, Airspan`s president and CEO. "In
the fourth quarter 2000 we delivered products and services to customers on five continents and we received further orders and had requests
for trial systems from seven customers. We are extremely pleased with the market reaction to PacketDrive which provides DSL-rate IP
speeds. Demand also remained strong for our synchronous data products and we received significant infrastructure orders throughout the
quarter."

In the fourth quarter 2000, Airspan delivered significant infrastructure that should position the company well for future growth. During the
quarter, however, Airspan`s delivery of subscriber terminals was somewhat hampered due to logistical bottlenecks at a major
subcontractor. This subcontractor was transitioning between two factory locations in order to increase support and capacity requirements for
Airspan product deliveries. "We expect to complete this transition in the first quarter, allowing us to meet our shipping schedules," said
Stonestrom.

For the year ended Dec. 31, 2000, revenue totaled $30.3 million; up over 140 percent on 1999 revenue of $12.5 million. Gross profit was
38 percent of revenue compared with 35 percent in 1999, while net loss aggregated $25.6 million compared to $29.4 million for the year
ended Dec. 31, 1999.

Details

For the three months ended Dec. 31, 2000, revenue derived from U.S. customers was $1.6 million, up 877 percent from fourth quarter
1999. European sales were $ 2.5 million, up 43 percent from fourth quarter 1999, sales to customers in Asia totaled $ 4.3 million, a 37
percent increase from fourth quarter 1999, while revenue from Africa / Middle East and South American customers was $0.4 million and
$0.2 million respectively. Gross profit totaled 42 percent of revenue up 11.1 points from the fourth quarter 1999 and up 4.5 points from the
third quarter 2000 primarily due to favorable product mix and lower product costs.

During the quarter, operating expenses aggregated $11.2 million, compared to $10.5 million during fourth quarter 1999. Increased
expenditures mainly occurred in sales and marketing, up $0.5 million, mainly attributable to additional trade show and user conference
activity and customer trial costs; and general and administrative costs, up $0.5 million mainly growth related. These increases were offset by
a decrease in the amortization of intangible assets of $0.5 million.

Net interest and other income totaled $1.8 million for the quarter, up $1.8 million from the fourth quarter 1999. Net loss was $5.6 million or
$0.16 per share compared to a pro-forma net loss per share of $0.35 for the prior year quarter, assuming conversion of convertible
preferred shares into common stock that occurred in conjunction with the company`s initial public offering during July 2000.

Revenue for the year ended Dec. 31, 2000, aggregated $30.3 million, a 143 percent increase from 1999 while gross margin was 38 percent
of revenue, compared to 35 percent during 1999. The increase in gross margin was driven by product cost reductions and a favorable
product mix toward the end of the year offset by planned increased, lower margin subscriber terminal shipments year on year, as service
providers rolled out new subscribers in their networks.

Year 2000 operating expenses aggregated $41.1 million up $7.2 million compared to 1999. Increases occurred in sales and marketing, up
$4.5 million mainly due to additional sales personnel costs, additional commissions and higher exhibition and product demonstration costs,
and research and development, up $2.9 million, mainly due to new product development programs and cost reduction projects.

Net interest and other income for the year 2000 totaled $3.9 million, up $3.8 million from 1999, and reflected increased interest income on
greater cash balances on deposit with financial institutions. Net loss was $25.6 million or $0.82 on a pro-forma per share basis compared to
$29.4 million for 1999, or $1.37 per share pro-forma.

"Our year 2000 revenue increase on 1999 shows a significant increase in demand for our wireless DSL products," said David Brant,
Airspan`s acting CFO. "With year over year revenue growth in excess of 140 percent and expense levels and cash usage on track, we have
demonstrated our ability to grow and manage the business. As we continue to grow, we intend to carefully monitor our expense levels and
cash usage."

"Looking forward, we are comfortable with financial analysts` existing projections of our revenue growth for 2001 in the range of
approximately 100 percent of 2000 revenues and expect the first quarter 2001 revenue to be in the range of $9.0-$11.0 million. With the
progress on margins and continued expense control, we believe we can achieve profitability by mid 2002, a slight acceleration from previous
projections. We will be spending more time on cost structure and on conservation of cash, but at our current cash utilization rate, we expect
to be funded to the point of profitability. At the beginning 2001 we had approximately $122 million of cash on our balance sheet," adds
Stonestrom.

Airspan will host a conference call Wednesday, Jan. 31, 2001, at 5 p.m. EDT to discuss its fourth quarter and fiscal 2000 results. The
call-in number within the U.S. is 800/482-2239. For access internationally, dial 303/267-1007. Callers should reference the Airspan
Networks conference. Replay of the conference can be accessed by dialing 800/625-5288 from the U.S. and 303/804-1855 internationally.
Callers for the replay should reference the quarterly results call, the pass code is 916009. The replay will be available for 48 hours after the
live conference.

For further information contact:

Airspan Networks Inc David Brant Acting Chief Financial Officer Tel: [phone] Fax: [phone] Email:
[e-mail]

Forward-Looking Statements

Certain statements in this press release contain "forward-looking statements" within the meaning of the Securities Act of 1933, as amended.
Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to
certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. The
words "believe", "expect", "intend", "anticipate", variations of such words and similar expressions identify forward-looking statements but
their absence does not mean that the statement is not forward looking. Forward-looking statements in this press release include, without
limitation, the company`s guidance and expectations concerning its financial performance in fiscal year 2001, the dates at which it expects to
become profitable or cash flow positive, and statements regarding planned cash management and any cost savings expected therefrom.
These statements are not guaranties of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to
predict. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this
announcement. Factors that could affect Airspan`s actual results include, among others:

-- a decrease in the demand for fixed wireless DSL products

-- additional unanticipated delays by any of our major
subcontractors

-- the factors described in Airspan`s filings with the Securities
and Exchange Commission, including its Prospectus dated
July 19, 2000, and Quarterly Report on Form 10-Q for the
quarter ended Sept. 30, 2000.

Airspan undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances
after the date of this release or to reflect the occurrence of unanticipated events.

Airspan Networks Inc
Consolidated Statements of Income
(in thousands except for share and per share data)

Three months ended Year ended
Dec 31, Dec 31, Dec 31, Dec 31,
2000 1999 2000 1999

Revenue $8,955 $5,576 $30,279 $12,480
Cost of revenue (5,237) (3,879) (18,782) (8,086)
----------- ---------- ----------- ----------
Gross Profit 3,718 1,697 11,497 4,394
----------- ---------- ----------- ----------
Operating expenses:
Research and development 3,998 3,840 16,746 13,845
Sales and marketing 4,385 3,857 14,358 9,883
General and
administration 2,690 2,204 9,368 7,686
Amortisation of
intangibles 106 619 595 2,476
----------- ---------- ----------- ----------
Total operating expenses 11,179 10,520 41,067 33,890
----------- ---------- ----------- ----------

Loss from operations (7,461) (8,823) (29,570) (29,496)
Net interest and
other income 1,838 12 3,928 147
----------- ---------- ----------- ----------
Loss before income taxes (5,623) (8,811) (25,642) (29,349)
Income taxes 5 (32) 5 (100)
----------- ---------- ----------- ----------
Net loss $(5,618) $(8,843) $(25,637) $(29,449)
=========== ========== =========== ==========

Net loss per share
- basic and diluted $(0.16) $(8.69) $(1.44) $(33.84)
Weighted average shares
outstanding
- basic and diluted 34,514,566 1,017,431 17,797,899 870,328
Pro forma net loss
per share
- basic and diluted $(0.16) $(0.82)
Pro forma weighted
average shares
outstanding - basic
and diluted 34,514,566 31,163,574


Airspan Networks Inc
Consolidated Balance Sheets
(in thousands)
Dec. 31, Dec. 31,
ASSETS 2000 1999

Current Assets
Cash and cash equivalents $115,340 $58,828
Restricted cash 7,207 4,068
Accounts receivable 14,482 6,091
Unbilled accounts receivable 349 1,581
Inventory 8,166 7,127
Prepaid expenses and other current assets 3,481 1,970
--------- --------
Total Current Assest 149,025 79,665

Property, plant and equipment, net 6,800 6,751
Intangible assets, net 1,209 1,804
Other non-current assets 300 -
--------- --------
Total Assets $157,334 $88,220
========= ========

LIABILITIES AND STOCKHOLDERS` EQUITY

Current Liabilities
Accounts payable $6,038 $5,334
Short term debt 849 -
Accrued taxes 351 874
Other accrued expenses 4,930 2,866
Current portion of capital lease obligations 34 53
Current portion of long-term debt 5,723 1,743
--------- --------
Total Current Liabilities 17,925 10,870
--------- --------

Non current liabilities
Note payable to DSC Telcom L.P. 12,983 16,904
Other long-term debt 2,500 2,947
Accrued interest on long-term debt 271 253
Capital lease obligations - 34
--------- --------
Total Non Current Liabilities 15,754 20,138
--------- --------
Stockholders` Equity
Preferred Stock - 785
Common Stock 51 40
Note receivable - stockholder (180) (130)
Aditional Paid in Capital and Other
Comprehensive Income 214,466 121,562
Accumulated Deficit (90,682) (65,045)
--------- --------
Total Stockholders` Equity 123,655 57,212
--------- --------
Total Liabilities and Stockholders` Equity $157,334 $88,220
========= ========

CONTACT: Airspan Networks Inc
David Brant, [phone]
Fax [phone]
[e-mail]

[SparDeinGeldBua]

Doch, kenne ich und habe ich sogar und warte geduldig auf den Ausbruch. Ich rechne dann schnell wieder mit Kursen so um die 8 Dollar. Schauen wir mal, was dieses jahr so bringt.