Connecting the World



Connecting the World
Annual Report 2004
Connecting the World
Airspan Annual Report 2004: Contents
Worldwide Headquarters
Airspan Networks, Inc
777 Yamato Road, Suite 105
Boca Raton, Florida 33431, USA
tel: 561 893 8670
fax: 561 893 8671
Main Operations
Airspan Communications Ltd
Cambridge House, Oxford Road
Uxbridge, Middlesex UB8 1UN
United Kingdom
tel: +44 1895 467 100
fax: +44 1895 467 101
To Our Shareholders
Review of 2004 Highlights
Deployment Milestone - Axtel
Directions for 2005 - WiMAX
Selected Five-Year Financial Data
Consolidated Balance Sheet
Directions for 2005 - Voice Over WiMAX
Auditor’s Report
Unaudited Quarterly Financial Data
Directions for 2005 - Dedicated Employees
Strong Governance and Balance Sheet
Leading Technology
Product Summary
Worldwide Offices and Subsidiaries
Corporate Information
Cover Pictures: (left to right)
Florida Headquarters,
Customer service team,
WipLL Base station radio,
Meeting, Jakarta office,
Proximity residential subscriber stations.
Airspan Networks, Inc
Airspan is a leading worldwide provider of broadband wireless access and IPbased networks including WiMAX standard systems. Based in Boca Raton,
Florida, with our main operations in Uxbridge, UK, we serve more than 300
operators in more than 90 countries. As a founding member of the WiMAX
Forum and member of its board, we had an early start in building products
that meet the WiMAX standard. Our high-capacity wireless systems deliver
excellent area coverage, high security and resistance to fading. What’s more,
they can be deployed rapidly and cost-effectively, providing an attractive
alternative to traditional wired networks.
Airspan Annual Report 2004: To Our Shareholders
To Our Shareholders
2004 Was a Great Year for Airspan
Eric Stonestrom,
President & CEO
2004 was the strongest year in the company’s seven-year operating
history. This performance was reflected in the stock price, which
had risen by more than 60% by year’s end. The company also
reported its first operating profit for a quarter and trimmed
full-year losses and cash utilization to the lowest levels ever.
Furthermore, through diligent work by our sales and engineering
teams on expanding the customer base and product portfolio, the
significant expansion of our product distribution capabilities and
the ongoing development of our new WiMAX product line, the
company’s market position and product portfolio has never been
stronger. Airspan enters 2005 on very firm footing to take advantage of the exciting growth opportunities presented by the expanding applications for broadband wireless networks and services.
The universe of broadband wireless is expanding, and I am pleased
to report on our progress as a leader of that expansion in 2004.
We achieved the goals we promised to our shareholders for the
year: increasing the size of our business substantially, reporting
our first quarterly operational profit and, more importantly,
establishing Airspan as a true leader in the WiMAX evolution one of the most promising areas for growth in the network technology landscape today.
Airspan Annual Report 2004: To Our Shareholders
Airspan 2004
Connecting the World
Full-Year Sales Increased by More Than 200%
In my 2003 letter to shareholders, I foresaw a substantial increase
in revenue growth and an improvement in our profitability. Starting
with top-line growth, we met this goal. Our revenues in 2004 grew
to $94.6 million for the full year, an increase of more than 200%
over the previous year. We reported $37.5 million of revenue in
the fourth quarter alone - the highest level of quarterly sales in the
company’s history. We witnessed stronger-than-expected demand
for all of our product lines and delivered equipment to more than
200 customers in close to 80 countries over the year.
Our 2004 sales growth was driven by several factors.
• Most significantly, the increase in demand for broadband
access around the world, as the Internet became the most
essential communication tool in history. By the end of 2004,
there were 151 million broadband connections globally - an
increase of 50 million in the year.
• Advances in wireless broadband technology and the increased
availability of operating wireless spectrum, which led to a rise
in the percentage of high-speed connections provided by
broadband wireless.
• The improving features and capabilities of our products,
which allowed us to capture a larger part of the expanding
wireless broadband market.
Base station radio
In 2004, we also witnessed a continuation in the growing migration
of telecommunications networks from traditional circuit-switched
voice networks to networks running on the Internet protocol, in
particular those providing Voice over Internet Protocol (VoIP),
a method of transporting voice traffic using the Internet. This trend
is expected to continue to gain momentum throughout the next
decade. Having generated more than 70% of our historical revenue
from operators using our products for voice services, we already
have a unique position in the wireless marketplace with regard to
voice traffic. This experience, combined with the industry-leading
VoIP capabilities of our current and next-generation WiMAX
products, means we’re poised to capture a large share of the
expected growth in VoIP.
We also met our profitability goals in 2004. In each of the first
three quarters, we reported declining operating losses; and in the
fourth quarter, we achieved the company’s first profitable operating
quarter in its history. We met the goals by successfully balancing
the need to spend heavily on research and development for
WiMAX with maintaining our current products and also
complying with the requirements of the Sarbanes-Oxley Act,
which we accomplished by the statutory deadline.
Airspan Annual Report 2004: To Our Shareholders
WiMAX Product Development
We owe our past successes in the broadband wireless market to
the considerable skills of our product development teams in the
UK and Israel. They worked very hard to create new additions
to our line for 2005 and 2006. These new products are based on
WiMAX - the Institute of Electrical and Electronic Engineers
Standards Association (IEEE-SA) IEEE Standard 802.16™
(“Air Interface for Fixed Broadband Wireless Access Systems”),
and they will be sold as part of our AS.MAX family.
WiMAX promises several important changes in the way that
Airspan does business. First, it will allow us to provide more
sophisticated products at lower prices both to our core customers,
the three hundred or so operators who currently buy from us, and
to new ones as well, who have only wanted to buy products based
on open standards.
Second, it will enlarge the potential number of new customers
by offering customer premises equipment (CPE) that is “selfinstallable.” Our current technology requires telephone company
technicians to physically install the CPE residing in the subscriber’s
home or office. Our new WiMAX products will allow the subscriber to do that unassisted. Just as Digital Subscriber Lines
(DSL), cable modem technologies and cell phones have evolved
from specialist equipment to mass market technologies that
permit subscribers to install and manage devices themselves,
so will Airspan’s new WiMAX CPE products.
Finally, we’ll be able to offer a product line that will allow our
customers to offer nomadic and mobile services to their subscribers
for the first time. In recent years, telecommunications services have
become more “untethered” or unwired, allowing subscribers to
communicate wherever they may be. WiMAX will bring the same
freedom as our fixed broadband technology evolves into personal
nomadic and, eventually, mobile broadband systems. With
Airspan’s WiMAX systems, end users will be able to enjoy the same
VoIP and high-speed data connections at home and on the road.
New Distribution Channels and
More Effective Direct Sales Force
During the year, we increased the number of channels to market
for our products to record levels. We were able to expand our
reach substantially without significantly increasing our headcount.
As a result, we delivered products to customers in an ever-expanding universe of businesses and applications. For example, businesses
ranging from oil and gas refining, homeland security, ship to shore
communication to lottery and point-of-sale networks used our
Wireless Local Loop over Internet Protocol (“WipLL”) products.
In 2004, we also invested in developing effective new WiMAX
distribution partnerships with large Original Equipment
Manufacturers (OEM) partners in order to service large telecom
operator accounts. That investment initially bore fruit early
in 2005, when we announced contracts with some of these
OEMs. We are now busy working with the OEMs on WiMAX
proposal bids to major operators around the world, and we expect
success when these operators make their WiMAX vendor and
integrator selections.
Within this report you will find more detail on our market,
financial and technological developments in 2004. As always,
we appreciate your continued interest in the company.
Yours sincerely,
Eric D. Stonestrom
President and Chief Executive Officer
Airspan Networks, Inc
In summary, WiMAX opens up many new possibilities for Airspan.
Our WiMAX products will use the industry standard silicon from
Intel Corp, known as the “Rosedale” or “PRO/Wireless 5116
Broadband Interface” chip, as well as the latest technologies
from other silicon companies. As Scott Richardson, general
manager of Intel’s Broadband Wireless Division, recently stated,
“Rosedale starts the WiMAX clock… in terms of building market
momentum.” Airspan is helping to set the WiMAX market direction through its AS.MAX product development. What’s more, our
investments in WiMAX in 2004 will lead to a rich product pipeline
over the next few years.
Airspan Annual Report 2004: Review of 2004 Highlights
Review of 2004
2004 was a record year for Airspan. We reported revenues of $94.6
million for the year, an increase of more than 200% over 2003 and
the highest ever in our history. Much of the growth resulted from
the substantial deliveries of Proximity products to Axtel in Mexico.
Sales of the WipLL product line also grew steadily, reaching their
highest-ever quarterly level in the fourth quarter. We received
increased orders for all of our products from customers in all
geographic regions. We have grown the WipLL customer base
from an initial five customers in 2002 to more than 200 direct and
indirect customers, including over 65 in North America. U.S. and
Canadian growth reflects the considerable success we have had in
recruiting highly-qualified WipLL resellers, who have considerably
expanded the reach of our direct sales force. Significant sales were
also made in the year in Europe, Asia and Latin America, where for
example we announced the signing of new contracts with SES,
Impsat and Newcom in the fourth quarter.
Percentage of Revenues
Geographic Revenues
Year ended December 31
North America
Asia Pacific
Middle East and Africa
Caribbean and Latin America
Costs and Expenses
Jakarta Indonesia
office building
Airspan’s net loss attributable to common stockholders decreased
31% from 2003 to $20.4 million in 2004. Cutting the loss was the
result of several successful initiatives. First, we were able to
improve the gross margin by 19 percentage points. Much of this
came about through better inventory management. Higher sales
also allowed us to achieve better economies of scale. Secondly,
in 2004, we kept the annual rate of growth in our operating
expenses to just 20%, well below the revenue growth rate.
Most of the increase in expense resulted from the acquisition of
the Proximity engineering team from Nortel late in 2003. We also
spent heavily on compliance with the Sarbanes-Oxley Act in the
year. Otherwise, most of our expenses remained relatively flat.
Thirdly, we were able to generate the same interest income and
gains on foreign currency cash balances and foreign exchange
hedging contracts in 2004 as in 2003, despite the fact that our
cash balance fell. Finally, we received an income tax credit of
$1.9 million in December from the U.K. tax authorities in lieu
of carrying forward tax losses related to research and development
costs from earlier years. The combination of record revenues
and slowly rising expenses produced our first-ever operating
profit in the fourth quarter of 2004.
Airspan Annual Report 2004: Review of 2004 Highlights
New Financing
Antenna structure
In September 2004 we took advantage of the rise in our stock price
and the interest generated by WiMAX in the broadband wireless
market segment to raise $29.2 million of new equity through the
sale of 73,000 shares of Series A Preferred Stock. The shares were
purchased by Oak Investment Partners XI, Limited Partnership,
affiliates of which were among our largest sources of pre-public
venture capital. In addition to strengthening our balance sheet with
higher cash reserves, the added liquidity improved our competitive
position in a number of respects. It gave us a more solid platform
on which to develop our next-generation WiMAX products, it
allowed us to more aggressively pursue the acquisition of technologies we need to enhance our WiMAX products and it will increase
our value proposition to customers who select suppliers and
partners based on organizational depth, financial strength and
quality of service.
The shares are convertible into 7,300,000 shares of common stock,
for $4 per share of common stock equivalent. We established the
price at a discount of approximately 10% off the trailing 10-day
volume weighted average closing price for the common stock on
September 9, 2004. The sale of the stock was not registered under
the Securities Act of 1933. Holders may convert their stock
into Airspan’s common shares at any time. After 24 months, the
stock will automatically convert into Airspan’s common shares if
it trades above $12.00 per share for 30 consecutive days. We also
have the right, after 5 years, to buy back the stock at $5.00 per
common share equivalent.
ArelNet Acquisition - iTone Product
Field force
providing service
We ended 2004 by signing a memorandum of understanding in
December to acquire ArelNet Ltd. The deal, which closed in
June 2005, represents a major milestone for the growth of Airspan.
We became interested in the company when it became apparent
to us that many of our customers, to make their wireless business
cases work, would still need to offer their subscribers traditional
voice services if they adopted WiMAX technologies. ArelNet,
whose operations are in Israel, is a pioneer in VoIP network
infrastructure equipment and solutions, including soft switches
and gateways supporting all major VoIP standards. It has extensive
experience worldwide, having installed network equipment with
a capacity exceeding two billion minutes per year. By adding the
iTone product line to our portfolio, our leadership position in
wireless VoIP and WiMAX will be considerably strengthened.
iTone switching and gateway technologies will allow us to develop
carrier-grade voice telephony solutions for WiMAX and WipLL
systems. Our customers who use WiMAX will require voice
services as a very important feature of their service offerings and,
with iTone products integrated with our solutions, we will now be
able to offer them an end-to-end solution with quality of service at
a level consistent with that provided by traditional telephone
company voice services.
Airspan Annual Report 2004: Deployment Milestone
Axtel, the Largest Fixed Wireless Access
Network Deployment in the World,
Uses Airspan Equipment to Reach
500,000 Subscribers
Two years after its incorporation in 1994, Axtel was awarded
a concession by the Mexican government to install and operate
a public telecommunications network offering local and long
distance telephony services. In the next three years, it acquired
the radio spectrum needed to operate a Fixed Wireless Access
(FWA) network across the country. In 1999, after lengthy trials
with a number of competing systems, Axtel chose the Proximity
product line as its “last mile” access solution and launched commercial operations in the city of Monterrey. Today, the Axtel network
covers 14 major Mexican cities and owes a good part of its success
to the more than 250 Proximity base stations that support over half
a million customers.
How, exactly, did Airspan technology contribute to that success?
Axtel Headquarters
Monterrey, Mexico
• The Proximity network platform allowed Axtel to be first
successful competitive local access service provider in
Mexico. Of the total addressable market in the cities where it
offers services, Axtel has captured approximately 10% market
share. In Monterrey and Guadalajara, its initial two markets in
1999, the company has acquired 13%.
• Airspan’s voice and data access equipment lets Axtel
provide its customers with one-stop shopping.
With Proximity at the core of its access network, Axtel can
approach customers - business and residential alike - with
bundled local calling, long distance voice and data and internet
services. Not only does this bundling permit Axtel to meet
pent-up demand for an alternative full-service provider in
Mexico, but it allows the company to establish brand awareness and customer relationships before any of its competitors.
Proximity manufacture
at Solectron Plant,
Guadalajara, Mexico
• Airspan helps Axtel maximize customer revenues.
By using Proximity as its wireless network access technology,
Axtel can offer its customers value-added services such as callwaiting, call-forwarding, three-way calling, call barring and
multi-line hunting (centrex). Subscribers can receive internet
services in dial-up, dedicated and on-demand fashion.
Proximity allows Axtel to derive revenues from each of these
services. With Proximity FWA as its core technology, Axtel
has integrated other access technologies that permit the
Internet access required by most types of customer, such as
dial-up connections, Internet FWA (like DSL, an always-on
data channel that allows for the continuous use of the voice
line while navigating on the Internet) and dedicated private
lines of all speeds. Axtel now also offers its business customers
dedicated private lines for both local and domestic long
distance calling. Its comprehensive service portfolio enables
Axtel to build strong, long-term relationships with customers,
thereby reducing churn and increasing its return on investment in its network infrastructure.
Airspan Annual Report 2004: Deployment Milestone
• Network Scalability. Proximity has allowed Axtel to deploy
its network in phases, allowing the company to conserve
capital for other parts of its operations. Thus, Axtel is able
to quickly cover a substantial geographic area with small
initial capital outlays, incurring incremental capital expenditures for last-mile connectivity only as new subscribers acquire
their service.
• Network Reliability. A key element of Axtel’s competitive
strategy is to consistently provide reliable, responsive customer service – thereby capturing and retaining customers
who are dissatisfied with other Mexican operators. Part of this
reliability comes from Airspan’s Proximity system, which has
proven itself to be very stable, easy to install and maintain and
highly reliable.
Thanks to a stable and expanding economy, explosive growth of
computer usage, a supportive regulatory environment and significant
market growth potential, the Mexican telecommunications market is
the second largest in Latin America and is growing at a rapid rate.
To grow ahead of the market, Axtel has had to stay at the top of the
technological curve by providing advanced voice and data services
through the Airspan Proximity product - yet another way for Axtel
to distinguish itself from the competition.
As data traffic volumes and the need for advanced telephony features
grow in Mexico, Axtel will grow along with them, offering additional
features and services. Judging from its success with Proximity FWA,
we’re very hopeful that Axtel’s evolution will be based on other
Airspan technologies such as the AS.MAX family of products which are being tested in the Axtel network in 2005. When Axtel
chooses to deploy AS.MAX alongside Proximity, it will continue
to have the most technologically advanced and flexible wireless
network architecture in Mexico.
Proximity high-capacity
base station
Wireless technology is changing the way people communicate
Airspan Annual Report 2004: WiMAX – Next Generation Wireless
for 2005
WiMAX – Next Generation Wireless
Airspan Networks believes that WiMAX is a potentially disruptive
technology that will change the future landscape of broadband
connectivity. In simple terms, WiMAX brings a set of high-performance and low-cost enhancements to the current product lines,
allowing two key expansions in application for our products:
• End users can achieve much higher broadband data connections in both fixed applications and mobile applications.
• Operators can rely on an industry standard to ensure mass
production economics and capital investment protection.
The above corresponds to a much broader addressable market for
Airspan’s products and services. The company is a founding member
of the WiMAX Forum™ to promote interoperability of wireless
products and to meet the growing demand for affordable broadband
equipment. The Forum expanded exponentially in 2004, with membership increasing to more than 250 members, including worldrenowned major service providers, major telecom system integrators
and producers and numerous component and silicon companies such
as Intel. Airspan maintained a leadership role in the Forum as a board
member and contributor to the various working groups.
Airspan Invests Substantial R&D Capital in 2004
Differentiated service
and support worldwide
The market feedback on WiMAX from major carriers was so substantial that Airspan initiated a major new product development initiative
in 2003. Throughout 2004, we designed a series of products and
developed hardware and software for these products. We also continued our partnership with Intel and incorporated the first silicon
produced commercially into our customer premise equipment product
line. Furthermore, we identified strong silicon partners for the base
station market where we envisage the most differentiation. About
seventy percent of the company’s engineering and product management resources were engaged in the WiMAX product line throughout
the year.
The net result of this investment was the strong AS.MAX product line,
which was introduced to the public in early 2005. This product line
will begin shipping to numerous customers in 2005, one of the earliest
arrivals in the market. The breadth of the product line is unrivaled in
the industry and the company lead in time to market will be coupled
with sustained differentiation.
Airspan Leads with Self-Installable
Customer Premise Equipment
One of the most exciting aspects of the product line is the “self installable” terminal, dubbed the “EasyST.” This approach allows end
customers to install their own equipment, eliminating an expensive and
logistically challenging part of the deployment process for the phone
companies as they dispatch technicians to install the current generation
of equipment at each home or business premise.
Airspan Annual Report 2004: WiMAX – Next Generation Wireless
The EasyST also provides a variety of related services including highspeed Internet access for computers, support of conventional voice phones
and VoIP phones and a self-contained WiFi access point so that end users
can enjoy broadband wireless within the house as well.
The Industry Rises to the Challenge
During the year, many traditional equipment suppliers and cell phone
handset suppliers developed strong interest in WiMAX. This in turn led
to many potential Original Equipment Manufacturer (OEM) and private
label relationship opportunities for Airspan. In these relationships, the
larger suppliers of major telecom operators leverage their extensive
network knowledge and sales platforms to position the Airspan product
line within their total offering to their customers. In some cases, the
larger companies brand the products as their own while licensing the
technology from the technologically more advanced and nimble partner.
The net effect is a large increase in the addressable market for Airspan.
The company aims to lead the field in supplying OEM partners in
addition to direct sales.
Another important development in 2004 was the increased interest of
handset manufacturers in WiMAX. One of the key success factors in
the mobile telephone market is the wide range of products available at
different price points and appealing to different consumer tastes. In fact
the handset market developed in a related but independent path from
the network infrastructure part of the business, relying on international
standards to coordinate interoperability.
WiMax will improve
communications in
both established and
developing networks
If handset manufacturers follow suit in the WiMAX arena, there will be
tremendous improvement in the overall deployment economics and an
explosive increase in demand for base stations and network infrastructure,
where Airspan has a strongly differentiated position.
Airspan Annual Report 2004: Selected Five-Year Financial Statement
Selected Five-Year Financial Data*
Airspan Networks, Inc and subsidiaries
Years ended December 31,
(in thousands, except for share data)
2002 (1)
2003 (2)
( 29,570)
( 25,637)
( 31,059)
( 25,315)
( 33,208)
( 28,138)
( 32,433)
( 29,455)
$( 25,637)
$( 18,844)
$( 28,138)
$( 29,455)
$( 1.44)
$( 0.54)
$( 0.80)
$( 0.82)
$( 0.54)
$( 0.80)
$( 0.84)
Consolidated Balance Sheet Data:
Cash, cash equivalents and short-term investments $115,340
Working capital
Total assets
Long-term debt
Stockholders’ equity
Consolidated Statement of Operations Data:
Cost of revenue including inventory provision
Gross profit
Research and development
Sales and marketing including bad debts
General and administrative
Amortization of intangibles
Restructuring provisions
Total operating expenses
Loss from operations
Interest and other income, net
Income taxes (charge) / credit
Loss before extraordinary items
Extraordinary item
Gain on extinguishment of debt
Income tax charge on gain
Net loss
Deemed dividend associated with beneficial
Conversion of preferred stock (3)
Net loss attributable to common stockholders
Net loss per share-basic and diluted
Shares used to compute net loss per
share-basic and diluted
Pro forma net loss per share-basic and diluted
Shares used to compute pro forma net loss per
share-basic and diluted
(1) On October 4, 2002 we acquired Airspan Israel and, accordingly, the Consolidated Statement of Operations for the year ended December 31, 2002 includes the results of operations
of Airspan Israel from that date up to December 31, 2004 and the Consolidated Balance Sheets of December 31, 2002, 2003 and 2004 include the consolidated accounts of Airspan Israel.
(2) On December 23, 2003 we acquired the fixed wireless access business of Nortel Networks (“Proximity”) and, accordingly, the Consolidated Statement of Operations for the year
ended December 31, 2003 and 2004 includes the results of operations of Proximity from that date up to December 31, 2004 and the Consolidated Balance Sheets of December 31, 2003
and 2004 include the assets and liabilities related to Proximity.
(3) Reflects a $10.4 million, non cash, embedded beneficial conversion feature relating to the Series A Preferred Stock.
Airspan Annual Report 2004: Consolidated Balance Sheet
Consolidated Balance Sheet*
Airspan Networks, Inc and subsidiaries
* Reprinted from Airspan’s Form 10-K/A
filed with the Securities and Exchange
Commission on April 27, 2005
Years ended December 31,
(in thousands, except for share data)
Current assets
Cash and cash equivalents
Restricted cash
Accounts receivable, less allowance for doubtful accounts of $5,207
in 2003 and $2,814 in 2004
Unbilled accounts receivable
Prepaid expenses and other current assets
Total current assets
Property, plant and equipment, net
Goodwill, net
Intangible assets, net
Long-term accounts receivable
Other non-current assets
Total assets
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
Accrued taxes
Deferred revenue
Customer advances
Other accrued expenses
Total current liabilities
Stockholders’ equity
Preferred stock, $0.0001 par value; nil shares authorized at December 31, 2003 and 74,200 authorized at
December 31, 2004: nil issued at December 31, 2003 and 73,000 issued at December 31, 2004
Common stock, $0.0003 par value; 50,000,000 shares authorized in 2003 and 100,000,000 authorized at
December 31, 2004: 36,314,410 issued at December 31, 2003 and 37,644,327 issued at
December 31, 2004
Note receivable — stockholder
Additional paid in capital
Treasury Stock; 834,560 shares held at December 31, 2003
Accumulated other comprehensive income
Accumulated deficit
Total stockholders’ equity
Total liabilities and stockholders’ equity
Airspan Annual Report 2004: Voice Over WiMAX
for 2005
24x7 technical support
ensures network reliability
Voice Over WiMAX
We have historically differentiated our offerings from those of our
competition by combining high-capacity data and carrier quality
voice in the same radio networks and systems. This voice and data
capability has enabled our customers to achieve much higher
revenue per user and revenue per Megahertz of spectrum than
offerings providing only data services. About 80% of Airspan’s
current customers offer some type of voice service to their end users.
As voice networks have migrated from Time Division Multiplex
(TDM) to new IP-centric backbones, new opportunities have arisen
for Airspan. With WiMAX, we will be able to help existing customers leverage the improved economics of Voice Over IP. We will
also be able to offer strong VoIP capabilities to next-generation fixed
and cellular carriers. The acquisition in June 2005 of ArelNet,
a leading provider of VoIP-based solutions, adds to Airspan a
development team that is an undisputed leader in VoIP technologies.
The new team will allow us to create a new wireless product offering
- VoiceMAX - to specifically address the Voice-Over-WiMAX
requirements of traditional fixed, cellular and next-generation
network providers.
Deregulation in telecommunications will provide new players with
exciting new opportunities to use VoIP technology to offer Voice
and advanced IN services. Traditional cellular and fixed carriers are
also rapidly changing their backbone networks to support VoIP to
realize significant cost reduction in their core network architectures.
In 2004, Infonetics Research Inc. reported that:
“Major service providers are set to splash some serious cash on
VoIP equipment in the next few years, with capex rising from
$1.2 billion last year to $4.8 billion in 2007,”
and that
“ gateways and softswitches, the core building blocks,
will attract the lion's share of the operators’ expenditure.”
Airspan, with its highly skilled team of IP engineers and VoIP
capabilities, is well poised to take advantage of these expected
trends spending and technology. In making VoIP an important
aspect of its intellectual property portfolio strategy and fundamental
system design, Airspan is leading the market in the ability to
effectively manage voice services over both TDM and IP type
network implementations.
Airspan Annual Report 2004: Voice Over WiMAX
We foresee a number of situations where our skills in WiMAX and
VoIP technologies will create substantial revenue opportunities for
our company and our clients.
Fixed-Mobile Convergence – Single, Integrated
Voice Platform using VoIP and WiMAX
A potentially large market for VoIP networks is the emerging
market for Fixed-Mobile Convergence Solutions. Airspan’s WiMAX
products will introduce mobile and nomadic capabilities, blurring
the technical distinction between fixed and mobile networks.
VoIP Connects
seamlessly worldwide
In addition, as new regulations are introduced to permit mobile
carriers to provide fixed telephony and vice versa, commercial
development of integrated fixed-mobile service platforms will
eliminate the historically false distinctions between fixed voice and
mobile voice. Airspan’s new VoIP products introduce a unique stateof-the-art solution that will enable transparent integration of VoIP
subscribers with mobile systems and networks, creating a unified
service platform for VoIP and mobile subscribers. This can be
important as mobile carriers expand into WiMAX, and as they
extend coverage beyond their traditional territories.
Improving the Effectiveness of Worldwide
Satellite Communication
Yet another important area where Airspan solutions today add value
to telecommunications operators is in satellite-based systems used to
reach remote areas where traditional network architectures are not
cost-effective. The VoIP capabilities of the iTone product line
allows these operators to provide voice services at low cost. The use
of our WipLL products to provide last-mile connectivity on the
satellite-based systems allows the network operators and vendors of
satellite network equipment to improve the capacity and voice
quality of their systems dramatically. A single WipLL base station
can effectively serve hundreds of end users in remote locations,
giving them both broadband Internet connectivity and VoIP via
satellite. These combinations and applications give us the ability to
differentiate the capabilities of our products, and we expect them to
create substantial revenue opportunities as satellite technologies
expand the reach of broadband communications globally.
Customers are
planning wireless
networks worldwide
Airspan Annual Report 2004: Auditor’s Report
Report of Independent Registered
Public Accounting firm*
To the Stockholders and Board of Directors
of Airspan Networks Inc.
We have audited the accompanying consolidated balance sheets
of Airspan Networks Inc. and its subsidiaries as of December 31,
2004 and 2003, and the related consolidated statements of operations, changes in stockholders’ equity and cash flows for each of the
three years in the period ended December 31, 2004. Our audits also
included the financial statement schedule listed in the Index at Item
15(a). These consolidated financial statements and schedule are the
responsibility of the Company’s management. Our responsibility is
to express an opinion on these consolidated financial statements and
schedule based on our audits.
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements
are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the consolidated financial statements referred to
above present fairly in all material respects, the consolidated financial position of Airspan Networks Inc. and its subsidiaries as of
December 31, 2004 and 2003 and the consolidated results of their
operations and their consolidated cash flows for each of the three
years in the period ended December 31, 2004, in conformity with
U.S. generally accepted accounting principles. Also, in our opinion,
the related financial statement schedule, when considered in relation
to the basic financial statements taken as a whole, presents fairly
in all material respects the information set forth therein.
* Reprinted from Airspan’s Form 10-K/A
filed with the Securities and Exchange
Commission on April 27, 2005.
Notes to financial statement and preferences
can be found in the Form 10K.
As discussed in Note 17, the accompanying 2004 consolidated
financial statements have been restated.
We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the effectiveness of the Company’s internal control over financial reporting
as of December 31, 2004, based on criteria established in Internal
Control - Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission and our
report dated April 27, 2005 expressed an unqualified opinion on
management’s assessment and an adverse opinion on the effectiveness of internal control over financial reporting.
/s/ Ernst & Young LLP
Ernst & Young LLP
London, England
April 27, 2005
Airspan Annual Report 2004: Quarterly Financial Data (Unaudited)
2004 Quarterly Financial Data (Unaudited)*
Airspan Networks, Inc and subsidiaries
Quarter ended
(in thousands, except for share data)
Cost of revenue
Inventory provision
Gross profit/(loss)
Operating expenses:
Research and development
Sales and marketing
Bad debt reserve
General and administration
Amortization of intangibles
Restructuring provision
Total operating expense
(Loss)/profit from operations
Other income/(expense):
Interest expense
Interest and other income
(Loss)/profit before income taxes
Income tax (charge)/credit
Net (loss)/profit
Deemed dividend associated with
beneficial conversion of preferred stock
Net (loss)/profit attributable
to common stockholders
Net (loss)/profit per share - basic (1)
Net (loss)/profit per share - diluted
Mar 30
June 29
Sept 28
Dec 31
(1) The Series “A” Preferred Stock have been included
in the computation of basic earnings per share for the
fourth quarter 2004.
* Reprinted from Airspan’s Form 10-K/A
filed with the Securities and Exchange
Commission on April 27, 2005.
The above table represents the Company’s consolidated results for the four quarters ending
December 31, 2004. The information for each of these quarters is unaudited and has been
prepared on the same basis as our audited consolidated financial statements. In the opinion
of management, all necessary material adjustments have been included to present fairly the
unaudited quarterly results when read in conjunction with the Company’s audited financial
statements and related notes.
Airspan Annual Report 2004: Dedicated Employees
for 2005
R.K. Harsiki, Managing Director
of Airspan Indonesia, with
Mr. Brata T. Hardjosubroto,
President of INDOSAT Mega Media
Dedicated Employees
The key to Airspan’s success has always been the dedication and
talent of its employees. At the end of 2004, there were 218 of
them in 19 countries. Most have been involved with radio systems
and broadband wireless access networks for more than a decade.
Employee turnover is low and commitment to face new challenges
is high. As a result, our 2004 revenue per employee exceeded
$400,000, which is higher than most of our competitors.
Airspan’s marketing and sales team have successfully positioned
the company as a leader in the emerging WiMAX arena. The most
visible example of this leadership is the WiMAX Forum, which was
founded in 2001 and now boasts over 300 member companies,
including 100 network operators around the world. Airspan’s
participation in the Forum and related IEEE groups have given us
a technological and marketing advantage since the very inception
of WiMAX. Airspan has also been very active in the Wireless
Communications Association (WCA), a worldwide industry
association, on whose board our CEO serves as a director.
Our research and development team is unmatched at combining
hardware, software, radio frequency engineering and Internet
Protocol (IP) as well as Time Division Multiplex (TDM) techniques to produce high-quality systems for both voice and
data transmission.
Our manufacturing team showed tremendous strength in 2004
as we increased our production over 200% from the previous year
while the size of the team grew by less than half. While we rely
on outsourced manufacturing of our end products from large
Contract Equipment Manufacturers (CEMs) such as Solectron, the
intricate planning and management involved is provided by
our seasoned experts in production and test engineering, procurement and logistics.
Customer support has always been a priority at Airspan and our
team has the collective knowledge of over one million end customer subscribers on 5 continents. Network operators rely on
our help in critical areas like radio and network planning, traffic
engineering and installation supervision as well as trouble-shooting
and maintenance. Working long hours, often under adverse
conditions, to ensure network reliability for our customers distinguishes Airspan’s customer service group in the marketplace.
Mr. Yoyo W. Basuki,
President Director,
Aplikanusa Lintasarta
Our human resources department handles the diverse needs of
a global workforce. Compliance with local labor practices and
government regulations in numerous countries is a key part of its
task. What’s more, it must maintain and recruit the best talent in
an industry made increasingly competitive by WiMAX.
Airspan Annual Report 2004: Dedicated Employees
In today’s complex accounting world, a strong finance department
is a must for any publicly traded company. In 2004, the normal
workload for our team was augmented by having to satisfy federally
mandated Sarbanes-Oxley financial controls. Our team worked
through the lengthy control process together with our auditing
firm. In addition, they handled more than 2,400 separate revenue
transactions, a dramatic increase from the previous year, while
maintaining a strong grip on the company’s balance sheet and
completing a secondary share offering in the fall.
Global sales support
Planning network expansion jointly with customers in Airspan Indonesia
Airspan Annual Report 2004: Strong Governance and Balance Sheet
Strong Governance
and Balance Sheet
Corporate Governance
In accordance with U.S. securities laws and Airspan’s articles of association, the control and management of the company is divided among
the shareholders in a general meeting, the Board of Directors and
senior management
The Board decides on significant matters such as the confirmation of the
strategic guidelines, approval of the periodic plans and decisions on major
investments and divestments. Acquisitions like ArelNet must first pass the
close scrutiny of the Board. In addition to appointing the President and
CEO and the members of Airspan’s senior management team, the Board
annually confirms the remuneration of the President.
Board of Directors meeting 2005
Directors Tom Huseby
and David Twyver
The roles and responsibilities of the Board and its committees are
defined in our corporate governance guidelines and the committee
charters. The Board’s committees consist of the Audit Committee,
the Compensation Committee, the Litigation Committee and the
Governance and Nomination Committee. The Board regularly reviews
these guidelines and charters to ensure that they appropriately comply
with the best practices of corporate governance. In 2004, the Board
specifically added a new member – Randall Curran – to the Audit
Committee, because his prior experience as an audit partner in a major
auditing firm met the requirements of NASDAQ rules that the Audit
Committee have as one of its members an “audit expert”.
In 2004, we made much progress in areas of corporate responsibility.
Our Code of Conduct, which governs the manner in which the Board,
management and employees carry out their duties, was amended to bring
it up to date with requirements of the law and our NASDAQ listing.
Airspan has always recognized that its own long-term interests and
those of its various stakeholders depend on compliance with the highest
standards of ethical conduct and applicable law. The Code of Conduct
is introduced and reinforced to Airspan employees through induction,
training and internal communications. Airspan’s values are embedded in
this Code, and every Airspan employee and Board member is expected to
conduct himself or herself and his or her business in line with this Code
without exception.
As of this year, our shareholders have the ability to communicate their
concerns directly to members of the Board. We also implemented a
whistleblower program, which allows anyone – employees, managers,
shareholders and customers – to notify the company of any alleged
wrongdoing. We are pleased to advise that in 2004 there were no breaches
of the Code of Conduct or instances where the whistleblower process
was used.
Airspan Annual Report 2004: Strong Governance and Balance Sheet
Cash and Improved Working Capital
Peter Aronstam
Senior Vice President and
Chief Financial Officer
At the end of 2004, our cash (including restricted cash) stood at $68.0
million. That level compares with $35.5 million at the beginning of the
year. Cash spent on the business for the full year was approximately $1.0
million, down from $19.9 million in 2003. The growth in the year of our
cash balances was due primarily to the sale of 73,000 shares of Series A
preferred stock for $29.2 million in the third quarter and the sale of
834,560 shares of treasury stock for $4.4 million in the fourth quarter.
We are proud to have operated the company for a full year while spending
almost no cash. This was the result of our constant attention to the key
components of our working capital – inventory, receivables and payables.
In the course of the year, we made significant improvements in inventory
turns and receivable collection times. We also benefited significantly from
the low price we paid in 2003 for the inventory obtained in the acquisition
of the Proximity business.
Compliance with the Sarbanes-Oxley Act
Our financial reporting for 2004 focused heavily on compliance with
the Sarbanes-Oxley Act, an influential piece of legislation relating to
corporate governance, financial disclosure and public accounting.
We invested close to $1 million to meet the requirements of the Act.
We believe that the increased attention to internal controls through
Sarbanes-Oxley will benefit us and our shareholders. It requires us
to review and document our existing good practices, confirming roles,
responsibilities and internal accountability. It will also reduce the risk
of error while shining more light on our Code of Conduct.
Board members and key executives 2005
(left to right) Jonathan Paget,
Berry Cash, Michael Flynn,
Matt Desch, Eric Stonestrom,
Guillermo Heredia, Peter Aronstam,
David Twyver, David Brant,
Randall Curran and Tom Huseby
Airspan Annual Report 2004: Leading Technology
Leveraging Technology to
Maintain Market Leadership
Airspan has grown from a single product start-up to a full system
supplier by using a combination of basic research and product
development together with selective acquisitions to produce
leading-edge telecom products.
A good example of this has been the acquisition and development
of our WipLL (Wireless Internet Protocol over Local Loop)
system, which today is our fastest-growing product line.
We acquired this product from Marconi plc in October 2002.
At that time, the product had been sold to five customers and
was available in only two operating frequency bands.
Base station radio
Base station
Since 2002, Airspan engineers have expanded the reach of the
product line considerably. Significantly, they added North
American frequencies of 700 MHz and 900 MHz. As a result we
captured significant market share and we now have more than 65
networks running on WipLL in the region. In addition, our
engineers added frequencies used in the Indian subcontinent,
resulting in India and Sri Lanka becoming major markets for the
product. A full list of the frequencies available can be found on page
25 of this Report.
We also developed a wide variety of indoor and outdoor configurations to fit specific customer applications. As a result, the system
is used not only by traditional phone companies, but also by
enterprises and government agencies. Homeland security applications are an example: by developing a low-cost point-to-point
variant to backhaul traffic generated off the basic configuration or
as a stand-alone system, we were also able to capture market share
from expensive traditional backhaul microwave radio systems.
Voice over IP capabilities in WipLL further enhanced the appeal
of the system in the market.
The graph below shows the rapid growth in WipLL customers per quarter
Airspan Annual Report 2004: Leading Technology
Airspan’s new WiMAX products, introduced commercially in 2005,
are another example of where technology will create market leadership. Before the advent of WiMAX, several companies had introduced self-installable proprietary customer premises equipment
(CPE) devices into the market to large hype and fanfare. Even if
the actual deployments of these first-generation devices did not
succeed due to their technical limitations, their market reception
was significant because they promised telephone operators substantial reductions in CPE installation costs.
Airspan tracked these market developments closely and in 2004
incorporated the best practices of the “self install” paradigm into
the design of its new WiMAX self-installable CPE - the “EasyST.”
Launched commercially in June 2005, EasyST is the first CPE
product to combine the technical and standards-based benefits of
WiMAX with the compelling economics of this deployment model.
By coupling the strong market knowledge and installation software
design capabilities of our seasoned product design team with the
breakthrough engineering alternatives provided by WiMAX, we
have led the advance into the next-generation WiMAX products.
EasyST is an attention grabber at any trade show. Look at its
picture on page 11 and you will understand why.
AS4020 - Integrated
subscriber terminal
Airspan Annual Report 2004: Product Summary
Airspan provides the most comprehensive portfolio of voice and data
connections in the broadband wireless industry, including Point-to-Point ,
Point to Multipoint and Voice Over IP products.
A large capacity base station that can be configured to support both traditional and IP-centric networks. The system initially supports the WiMAX
standard IEEE 802.16-2004 and is upgradable to 802.16e.
The same capabilities as MacroMAX, but in an all outdoor radio supporting
sophisticated smart antenna capability that provides the best network
coverage with the highest capacity and net throughput.
MicroMAX is designed to support lower density and rural applications,
enterprise applications and DSL fill-in scenarios in both licensed and
unlicensed bands.
A physically compact WiMAX CPE designed to be deployed alongside the
end user’s PC. It is a “self installable” product designed to be activated by the
end user.
A WiMAX terminal designed for rapid and simple external deployment.
ProST ensures high service availability at enhanced ranges, operating in both
Line-of-Sight and Non Line-of-Sight situations.
A combination of VoIP and softswitch features built into the WiMAX
base station architecture, so that carrier quality voice can be provided over
WiMAX networks.
The Netspan management system is software to manage the AS4000/AS4020
and WiMAX networks.
Base station
heart of the network
iTone Prime
High Density VoIP Gateway providing top quality and high reliability to IP
telephony networks.
iTone Prime
Powerful compact Gateway designed for smaller Enterprise and
VPN markets.
iTone Softswitch
Cornerstone of the VoIP network, enabling traffic management of multiple
gateways and providing class 4 and class 5 features over SIP/H323/MGCP.
iTone Subscriber
Web Self Care interface that enables operators and end users to define
user profiles.
iTone NMS
A management system supporting configuration, real-time billing and
call monitoring.
iTone Prepaid
Unique IP based system providing operators to offer IP telephony with a predefined budget.
iTone SS7 GW
SS7 Signaling Gateway proving ISUP/TUP interface.
iTone CSS
CDR Statistics Server proving analysis and traffic correlation to manage
Quality of Service.
iTone Cellprime
A network extension element for the mobile industry allowing IP-originated
calls to be processed from worldwide onto cellular network backbone.
An integrated platform customized to the unique needs of telecom
service providers.
Airspan Annual Report 2004: Product Summary
Bands and Duplexing Methods
ASX Family
A leading-edge multi-service PMP platform supporting carrier-class voice, IP
data, leased line service and ISDN.
A high-performance PMP product for the transmission of data at speeds up
to 45 Mbps. It is used for backhaul of cellular and BWA base stations and
larger corporate customer premises.
A high-performance PTP broadband wireless system designed to provide a
reliable and economic solution for network carriers, ISPs and enterprises.
A carrier-grade PMP system providing voice and always on IP access in the
3.5 GHz band.
Product name
Bands and duplexing methods
WipLL 700
698-746 MHz TDD
WipLL 900
902-928 MHz TDD
WipLL 925
910-940 MHz TDD
WipLL 1.5
1427-1525 MHz FDD
AS 4000/4020
1850-1970 MHz FDD
AS 4000/4020
2000-2300 MHz FDD
WipLL 2.3
2300-2400 MHz TDD
WipLL 2.4
2400-2500 MHz TDD
2500-2686 MHz TDD
Provides low-cost, high-performance IP-based broadband wireless service
delivering high-speed Internet access and VoIP services. The ASWipLL
product is available in a broad range of both licensed and unlicensed
A low-cost, high-performance PTP system operating in both licensed and
unlicensed frequencies.
Permits local and remote management of the Wipll system.
WipLL 2.8
2800-2900 MHz TDD
WipLL 3.X variants
3300-3800 MHz FDD/TDD
3400-3600 MHz FDD
AS 4000/4020
3400-3600 MHz FDD
WipLL 5.8
5725-5875 MHz TDD
New AS.MAX Family of
Base Station Products
Product name
Bands and duplexing methods
2500-2700 MHz TDD
3400-3600 MHz* FDD/TDD
3600-3700 MHz TDD
4900-5000 MHz TDD
3400-3600 MHz* FDD
3400-3600 MHz* FDD/TDD
AS4000/4020 - ODU
Outdoor radio unit
AS4020 Modem shelf
Proximity - RPCU
Residential power
control unit
Proximity - RDA
Remote data adapter
3600-3700 MHz TDD
4900-5000 MHz TDD
5100-5300 MHz TDD
5400-5700 MHz TDD
5725-5825 MHz* TDD
3400-3600 MHz* FDD/TDD
3600-3700 MHz TDD
Proximity - RSS
Residential subscriber
system antenna
4900-5000 MHz TDD
3400-3600 MHz FDD/TDD
(point to point)
5725-5825 MHz TDD
* Initial frequency. New bands will
be added as they are adopted by
the WiMAX Forum
Base station radio
Indoor radio unit
Subscriber data adapter
multiple inputs
Airspan Annual Report 2004: Worldwide Offices and Subsidiaries
Worldwide Offices and Subsidiaries
Airspan Networks Pty Ltd
Suite 10-02, Level 10
“Qantas Building”
1 Chifley Square
Sydney NSW 2000
tel: +61 (2) 8258 8300
Airspan Communications
(Shanghai) Co. Ltd.
Suite 2001, New Shanghai Bund
International Tower
No. 99 Huang Pu Road
Shanghai P.O. 200080
tel: +86 21 63648733
Czech Republic
Airspan Communications Ltd
Krenova 7
Prague 6, 16200
Czech Republic
tel: + 4202 353 63919
P.T. Airspan Networks Indonesia
BRI II Bldg, #2904
JL. Jend. Sudirman Kav.44-46
Jakarta 12010
tel: +62 (21) 571 3514
Airspan Networks (Israel) Ltd
Unitronics Building
Harava St.
Airport City 70100
tel: +972 (3) 9777470
Airspan Communications Ltd
Al. Jerozolimskie 214
tel: +48 22 8739 805
Sri Lanka
Airspan Communications Ltd
1st Floor
176, Dutugemunu Street
tel: +94 (11) 4400077
Airspan Japan Corporation
IMC Bldg, Shinbashi 4F
5-5-1, Shinbashi, Minato-ku
tel: +81 (3) 5733 5449
Airspan Communications Ltd
27 Vyatskaya St. Building 11
Office 217
tel: +7 (095) 783 6567
United Kingdom - Main Operations
New Zealand
Airspan Networks Pty Ltd
108a Station Road
tel: +64 (9) 259 2656
8 Tverskaya St
St Petersburg
tel: +7 (812) 103 3559
Airspan Communications Ltd
88 Corporate Centre
29/F 141 Valero St.
Salcedo Village, Makati City
tel: + 632 889 6117
Airspan Communications Ltd
Cambridge House, Oxford Road
Uxbridge, Middlesex UB8 1UN
United Kingdom
tel: +44 1895 467 100
USA - Worldwide Headquarters
Airspan Networks, Inc
777 Yamato Road, Suite 105
Boca Raton, Florida 33431
South Africa
Airspan Networks South Africa (Pty) Ltd
Hazel Court Unit 6
160 Witch Hazel Street
Highveld Technopark - Centurion,
P.O. Box 7705 Centurion 0046
tel: +27 (12) 66 55 751
tel: 561 893 8670
For further information:
Airspan Annual Report 2004: Corporate Information
Board of Directors
Matthew J. Desch
Chairman, Board of Directors
Airspan Networks, Inc and
CEO, Telcordia Technologies
Eric Stonestrom
President & CEO
Airspan Networks, Inc
H. Berry Cash
General Partner
InterWest Partners
Randall E. Curran
Chief Executive Officer
ITC DeltaCom, Inc
Michael T. Flynn
Formerly Group President of Communications
ALLTEL Corporation
Guillermo Heredia
Managing Partner
Consultores y Inversiones
Thomas S. Huseby
Managing Partner
SeaPoint Ventures, LLC
David Twyver
Formerly Chairman of the Board
Ensemble Communications, Inc
Senior Management Team
Eric Stonestrom
President & CEO
Jeremy Rowe
Vice President, Engineering
Jonathan Paget
Executive Vice President and
Chief Operating Officer
Paul Senior
Vice President, Product Management
and Marketing
Peter Aronstam
Senior Vice President and
Chief Financial Officer
Uzi Shalev
Vice President and General Manager,
Airspan Israel
Henrik Smith-Petersen
President Asia Pacific
Legal Counsel
Hunton & Williams
David Wells
1111 Brickell Avenue
Barclays Financial Center
Suite 2500
Miami, Florida 33131-1802
tel: 305 810 2500
David Brant
Vice President, Finance and Controller
Amit Ancikovsky
Vice President, Latin American Sales
Dick Lee
General Manager Regional
Vice President, North America and
Caribbean Sales
Anders Rendahl
Vice President and General Manager,
Europe, Middle East and Africa
Independent Auditors
Ernst & Young LLP
Alan Millings
1 More London Place
London SE1 2AF
United Kingdom
tel: +44 (0) 20 7951 0469
Common Stock Trading
The Company’s Common Stock
is traded on the NASDAQ under the
symbol AIRN.
Legal Credits
No part of this document can be
duplicated or used without the written
permission of Airspan Networks, Inc.
All rights reserved.
Transfer Agent
American Stock Transfer
& Trust Company
Shareholders Relations
59 Maiden Lane - Plaza Level
New York, NY 10038
tel: 800 937 5449
Annual Report Production
Albemarle Associates, LLC,
New York, NY. All rights reserved.
Creative Direction: Rufus Albemarle
Graphic Design: Hadas Merimah
Location Photography: Jean Miele
Product Photography: Mariano Pastor
Copywriting: Alan Levine
Printing Agents: Kinetic Graphic Services
Airspan Annual Report 2004:
Worldwide Headquarters
Airspan Networks, Inc
777 Yamato Road, Suite 105
Boca Raton, Florida 33431, USA
tel: 561.893.8670
fax: 561.893.8671
Main Operations
Airspan Communications Ltd
Cambridge House, Oxford Road
Uxbridge, Middlesex UB8 1UN
United Kingdom
tel: +44 1895 467 100
fax: +44 1895 467 101

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