EXHIBIT 99.1
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COMMUNICATIONS CORPORATION
Press Contact:
Jim Burke
Edelman Worldwide
+1 321-722-9788
[email protected]
Company Contact:
Gary Pacilio
+1 321-953-6609
[email protected]
FOR IMMEDIATE RELEASE
January 17, 2001
AirNet Announces Revised Fourth Quarter Estimates;
Expects Revenues To Continue to Double In 2001 and 2002
MELBOURNE, Florida - AirNet Communications Corporation (NASDAQ: ANCC)
today released revised estimates for the fourth quarter 2000, and announced it
expects revenues to continue to double in FY 2001 and 2002.
The company expects fourth quarter 2000 revenues to be approximately
$5.3 million, which is lower than previously expected. The change is due to the
company's decision to defer revenue recognition on contracts where the company
provides extended financing terms. Without the deferral, revenues for the
quarter would have exceeded expectations. However, even with this deferral,
year-end revenue results should still be double that of 1999.
As a result of this conservative approach to revenue recognition and
the more difficult capital markets that small and medium size operators now
face, the company has revised its 2001 outlook. For the first quarter of FY2001
AirNet expects revenues to be approximately $6 million.
Importantly, revenues are expected to continue to grow more than 100
percent in FY2001 and 2002 as the company continues its successful penetration
of the international and larger operator segments of the market. AirNet expects
revenues to reach between $71 to $74 million in FY2001.
"AirNet's strategy continues to win in the marketplace," said Lee
Hamilton, president and CEO of AirNet. "We continue to target and win with the
international and larger operators where we are positioned for strong growth.
Larger operators are not as affected by the tighter capital markets, and
represent a major opportunity for the company going forward. We now have trials
with five large operators, four of which are international, and three of which
are under way."
In conjunction with the release, AirNet's management will host a
conference call today at 5:30 p.m. EST to discuss the company's preliminary
fourth quarter earnings. Those interested in participating in the conference
call should dial (719) 457-2605. The replay of the call will be available from
8:30 PM EST on January 17, 2001 until midnight EST on January 24, 2001. The
replay can be accessed by dialing the following number and providing the pass
code: (719) 457-0820, pass code: 545289
The company intends to release its FY2000 results after the market
closes on Tuesday, February 13, 2001.
About AirNet
AirNet Communications Corporation is a leader in wireless base stations
and other telecommunications equipment that allows service operators to
cost-effectively and simultaneously offer high-speed wireless Internet and voice
services to mobile subscribers. AirNet's patented broadband, software-defined
AdaptaCell(TM) base station solution provides a high-capacity base station with
a software upgrade path to the wireless Internet. The Company's AirSite(R)
Backhaul Free Base Station(TM) carries wireless voice and data signals back to
the wireline network without a physical communications link. AirNet has 69
patents issued or filed and, in 1998, received the coveted World Award for Best
Technical Innovation from the GSM Association, representing over 400 operators
around the world. More information about AirNet may be obtained by calling
321.984.1990, or by visiting the AirNet Web site at www.airnetcom.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
The statements contained in this press release that are not historical
information are forward-looking statements that relate to future events or our
future financial performance, including statements regarding our expectations,
beliefs, plans, estimates, intentions or strategies for the future. Forward
looking statements include statements regarding the transition and evolution to
high-speed data and wireless Internet services, future sales to customers and
customer deployment plans. All forward-looking statements included in this
release are based upon information available to AirNet Communications
Corporation as of the date hereof and we assume no obligation to update any such
forward-looking statements. Forward-looking statements involve risks and
uncertainties, which could cause our actual results to differ materially from
those projected. Potential risks and uncertainties include, but are not limited
to, our limited customer base, competitive pressures may reduce gross margins,
expansion into international markets, and credit risks from financed customers.
These and other risks are discussed in Company filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the year ended
December 31, 1999.
AirNet(R) and AirSite(R) are registered trademarks with the U.S. Patent and
Trademark Office. AdaptaCell(TM), Backhaul Free Base Station(TM), and We're
Ready for Anything(TM) are trademarks of AirNet Communications Corporation.
Other names are registered trademarks or trademarks of their respective
companies or organizations.
