SWIR

Sierra Wireless, Inc. (SWIR)

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Sierra Wireless (SWIR)
Q4 2005 Earnings Conference Call
January 26th 2006, 4:30 PM.

Executives:

Jason Cohenour, President and CEO
David McLennan, CFO

Analysts:

Amit Kapur, Piper Jaffray
Andrew Lee, TD Newcrest
John Bucher, Harris Nesbitt
Dev Bhangui, Haywood Securities
Amy Mann, JP Morgan Chase
Glenn Tracey, Pacific International Securities
Nick Augustino
Deepak Chopra, National Bank Financial
Jeff Kaval, Lehman Brothers

Presentation

Operator

Thank you for holding for the Sierra Wireless Fourth Quarter Results Conference Call. During the presentation all participants will be in listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press the 1 followed by the 4 on your telephone. As a reminder, this conference is being recorded Thursday, January 26, 2006. I would like to introduce your speakers, Jason Cohenour and David McLennan, please go ahead.

Jason Cohenour, President and CEO

Thanks Vanessa. Good afternoon everyone and thanks for joining the call. I am Jason Cohenour, President and CEO of Sierra Wireless and with me is David McLennan, our CFO. Today, we are going to review our Q4 2005 results and provide guidance for Q1 2006. The agenda is as follows. Dave lost the coin toss and will read the forward-looking statements disclaimer. I will cover business highlights and our product update. Dave will cover Q4 financial performance and Q1 guidance. I will then sum up the call and open the line for questions. So on to Dave.

David McLennan, CFO

Thanks Jason and good afternoon everyone. This information contains forward-looking statements that are not promises or guarantees but are only predictions that relate to future events or our future performance or state other forward-looking information and are subject to substantial risks and uncertainties that could cause our actual results, performance, or achievements to differ materially from those expressed, anticipated, or implied by the forward-looking statements.

These forward-looking statements relates to among other things our revenue, earnings, and other financial guidance for the first quarter of fiscal 2006, plans, objective, and timing for the introductions or enhancements of our services and products. Statements concerning strategies, developments, statements about future market condition, supply conditions, channel, and then customer demand conditions projected or future revenues, gross margins, operating expenses, profits, and other statements of expectations, intentions, objectives and plan that are not statements of historical fact. When using this press release towards may, expect, believe, intend, anticipate, estimates, predicts, and similar expressions generally identify forward-looking statements. Forward-looking statements reflect our current expectations, the risks and uncertainties that may affect our actual results, performance or achievements on many and include among others our ability to develop, manufacture, supply, and market new products that we do not produce today and that may not gain commercial acceptance.

A reliance under deployment of next generation networks by major wireless operators and increased competition. These risks factors and others are discussed in our Annual Information Form, which maybe found on SEDAR and in other Regulatory Filings with the Security and Exchange Commission in the United States and the Provisional Securities Commissions in Canada. These factors should be reviewed carefully and you should not place undue reliance on any forward-looking statements, unless otherwise required by applicable securities loss, Sierra Wireless explains any intentional obligations, update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Over to you, Jason.

Jason Cohenour, President and CEO

Thanks Dave. The fourth quarter of 2005 represented our second consecutive quarter of strong business execution and improving financial metrics following the restructuring of our business in mid 2005. I believe we have a solid business recovery underway. During the fourth quarter we had three first-to-market product launches. Our HSDPA AirCard for the US, our AirCard 860 was the first of its kind launched in the US. Our second HSDPA card, our AirCard 850 was the first fully functional HSDPA PC card launched in Europe. We were also the first company to launch CDMA and EVDO, Mini Cards for laptop OEMs. We also grew sales by more than 37% over the third quarter; we had strong gross margins and achieved a modest profit and positive cash flow. Intense focus on our core PC card and embedded module businesses is driving this recovery and is strengthening our competitive position in both markets. Markets, which we believe had significant growth opportunities, and we are pleased with the progress we have made, we also recognized that a lot of hard work and continued strong execution is required before we achieve the goals we have set for ourselves in terms of product line strength, market position, and financial results.

Moving to business development, I will start with activities in our PC card and MC business. During Q4 we completed the development of our first HSDPA PC cards. The AirCard 860 for North America and the AirCard 850 for Europe and Asia. The AirCard 850 and 860 are fully functional HSDPA PC cards that are backward compatible with UMTS, EDGE, and GPRS out of the box. In Q4, we became the first company in the world to bring fully functional HSDPA PC cards to market. During Q4 we also had successful launches of our HSDPA PC cards in the US and Europe. We launched the AirCard 860 with Cingular Wireless in the US, while in Europe we launched the AirCard 850 with both Manx Telecom and O2 affiliate based in the UK and Sunrise in Switzerland. We are excited to have a substantially strengthened product lineup with which to compete effectively in Europe. We view our launch of the AirCard 850 as an important first step in what will be a long-term market share battle against established incumbents.

Read the rest of this transcript for free on seekingalpha.com