Airvana estimates 1st-quarter revenue plunged to $3 million or less; board still behind buyout

Airvana expects plunge in 1Q revenue

CHELMSFORD, Mass. — Airvana Inc., which makes mobile broadband network products, on Friday predicted fiscal first-quarter revenue of $2.5 million to $3 million, 67 percent to 72 percent below the same period last year.

Airvana also said its board still recommends the company be acquired by 72 Mobile Holdings LLC, which represents a group of private equity firms. 72 Mobile in December offered to buy Airvana for $530 million in cash.

The company said about half its billings in the first quarter can be attributed to shipments made by Ericsson, which bought the bankrupt Nortel Networks Inc.’s CDMA business in November 2009.

Shares of Airvana slipped 3 cents to close at $7.70.