Wireless broadband equipment maker and Motley Fool Rule Breakers recommendation Alvarion (NASDAQ:ALVR) isn't exactly defying the market these days with abundant earnings and cash flow. But the small Israeli company continues to grow revenue at a healthy clip with expanded deployments of its WiMAX wireless network solutions around the world.

Showing once again that bad times can be good, Alvarion reported that revenue grew 21% to $69.7 million, near the top end of the company's guidance. The firm booked a small quarterly loss, though, showing $812,000 of red ink of the GAAP nature.

Constrained or delayed investment in new networks from Alvarion's diverse, global customer base -- which includes China Mobile (NYSE:CHL) and France Telecom (NYSE:FTE) -- is only one of the issues the company is dealing with in a less-than-peppy economy. The company has been squeezed hard by currency fluctuation, as the shekel has soared.

While top engineering talent at cut-rate wages in Israel used to attract big R&D dollars from multinationals like Intel (NASDAQ:INTC) and Microsoft (NASDAQ:MSFT), today things are much different. For its part, Alvarion is still growing the company, but opting to deal with soaring overhead costs by expanding teams in Romania to augment the headquarters in Tel Aviv.

Regardless of the currency hits on the bottom line, though, Alvarion sees continued growth into the next quarter. OEM partners like Nokia (NYSE:NOK) continue to contribute strongly to bookings, and a new pairing with Nortel Networks (NYSE:NT) will expand its offerings to telecom carriers. As such, the company sees next quarter's revenue between $73 million and $77 million, with GAAP results anywhere from a $0.02-per-share loss to a $0.02-per-share gain.

With the visibility of solid growth, the company has initiated efforts to put some of its $149 million in cash to work by applying for a $30 million share repurchase grant from the Israeli court. While following the cues of company buybacks and insiders doesn't guarantee success, this Fool agrees with management and sees Alvarion as a compelling investment at this level.

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