Alvarion, maker of 4G WiMAX and wireless broadband equipment, today announced financial results for the first quarter of 2010, with revenue down 23.5 percent year-over-year, from $67.9 million to $51.9 million.

“Q1 results were within the range of our guidance and, as expected, reflect continued delays in several business catalysts,” said Eran Gorev, president and CEO of Alvarion.

The company said it plans to cut costs by more than $30 million on an annual basis, with the intention of selectively reallocating some resources over the next several quarters. Most of the savings will come from an immediate headcount reduction of about 20 percent, which will be completed during the second quarter, resulting in a restructuring charge during the quarter.

Gorev outlined a two-stage plan that he says should swing the company to profitability. The first stage involves taking the savings from cuts and investing them in the company's near-term goals.

"The second stage of our plan will focus on positioning Alvarion for profitable growth in the increasingly complex multi-technology environment that will evolve over the next couple of years. We intend to complete the process and begin to implement the next phase of our plan during the second half of the year,” Gorev said.

The company indicated that there may be another sequential decline in revenues in the second quarter, and it has decided not to give detailed guidance, primarily because the timing of revenue from several large projects cannot be predicted with accuracy.

Management continues to expect gradual improvement to begin during the second half of the year.