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First Qtr. 2005 - Airspan

Airspan Networks Announces Results for the

First Quarter of 2005 79% increase in revenue versus year ago, WiMAX portfolio unveiled and WiMAX partnerships announced BOCA RATON, Fla.—May 11, 2005 – Airspan Networks Inc. (Nasdaq: AIRN) today announced first quarter financial results for the period ending April 3, 2005. The Company reported revenues for the first quarter of $22.2 million, up 79% versus the first quarter of 2004. The net loss attributable to common stockholders for the first quarter was $(0.08) per share versus a loss of $(0.15) per share in the first quarter 2004.

Business Highlights
o The AS.MAX product family unveiled in March at CeBIT
o First live demonstration of self installable WiMAX customer premises equipment
o New OEM partnerships announced – with Marconi and Fujitsu
o Announced first commercial WiMAX contract to deploy Tokyo-wide network for Yozan, Inc
• VoIP over WiMAX Leadership
o Purchase agreement signed to acquire ArelNet, a pioneer in VoIP network infrastructure
equipment and solutions, including soft switches and gateways supporting all major VoIP
standards. Closing expected in the second quarter
• Proximity
o Continued growth of Axtel’s network in Mexico, as Axtel nears its 500,000th subscriber
• WipLL
o Sales, both direct and through our network of value-added resellers, continued to grow as
new deals were signed in all geographic regions. U.S., Latin America and Eastern Europe
markets very robust
o Added Dynavar, mmwave Technologies and CHR Solutions as system integrators in North
o WipLL at 700MHz became eligible for funding from the US Department of Agriculture,
opening a new market with operators funded by the US Government

Financial Results
First quarter revenue of $22.2 million was 79% higher than the $12.4 million in the first quarter of 2004, and in line with the guidance provided earlier in the year. The Company recorded a gross profit of $6.9 million in the quarter, and gross profit as a percentage of revenue (the “gross profit margin”) was 31%. This compared to a gross profit of $10.5 million and a gross profit margin 28%, for the fourth quarter of 2004, and a gross profit of $3.7 million, and a gross profit margin of 30% recorded for the first quarter of 2004.

The Company’s first quarter 2005 operating expenses of $10.4 million were up $0.5 million from the first quarter 2004 and unchanged from the prior quarter’s operating expenses. Net loss for the first quarter of 2005 was $(2.9) million, or $(0.08) per share, compared to a net loss of ($5.4) million, or $(0.15) per share, in the first quarter of 2004. The Company’s cash balance, including restricted cash, at the end of the first quarter stood at $53.3 million. Cash fell in the quarter from $68.0 million at the end of December 2004, due primarily to a reduction of the accounts payable associated with the very large volume of inventory shipments made in the fourth quarter of 2004.

“We are pleased to have exceeded our stated earnings objectives and forecasts,” said Eric Stonestrom, Airspan’s president and chief executive officer. “While one of our primary objectives at this time is to finalize the development and interoperability testing of our WiMAX products and to complete the infrastructure to support them, we continue to show good progress with sales of our existing product and services. Buying remains robust despite the impending arrival of our new 802.16-based technologies. The quarter’s results reflect a solid performance that provides a good base for the rest of the year.”

“The drop in revenue from the prior quarter was built into our guidance, reflecting the large volumes delivered at the end of last year to meet unusually high demand,” said Peter Aronstam, chief financial officer. “However, the revenues for the first quarter of 2005 are still significantly higher than the same period a year ago. Margin levels are holding up and the net loss was a little better than anticipated due to savings in operational costs and a continued focus on cost of goods sold. It should also be noted that our recent restatement of our 2004 results did not affect our cash position. We feel comfortable that our strong balance sheet and cash reserves are sufficient to fund our foreseeable operational expenditures.”

Mr. Stonestrom also re-iterated previous guidance that the Company expects revenues for the first half of 2005 to be approximately 50% higher than revenue from the similar period in 2004. “We now expect a smaller than anticipated contribution from the Arelnet product line in the second quarter due to a late closing date. However, an improved outlook in the other product lines should enable us to meet our goals, particularly as we are sitting today on a healthy order backlog for Proximity deliveries through the rest of 2005. Our operating loss for the second quarter of 2005 is expected to be similar to the one recorded in the first quarter of 2005. At this time, we are waiting until the second half of 2005 to see the full impact of WiMAX on our business, as we are working on several sales and partnership opportunities that need further development before we know their exact revenue timing. It is therefore still premature to give precise guidance for the full year, but we are encouraged by early WiMAX market acceptance.” Investor Conference

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