Press ReleaseSource: Powerwave Technologies, Inc.Powerwave Technologies Reports Third Quarter Results
Thursday October 30, 4:05 pm ETThird Quarter Fiscal 2008 Highlights
-- Revenue increased to $238.0 million, up 18.6 percent from $200.7 million in Q3 2007
-- Excluding intangible asset amortization and restructuring and impairment charges, pro forma gross margin was 24.5 percent
-- On a pro forma basis, excluding intangible asset amortization and restructuring and impairment charges, net income per share was 8 cents
SANTA ANA, Calif.--(BUSINESS WIRE)--Powerwave Technologies, Inc. (Nasdaq:PWAV - News), a global supplier of end-to-end wireless solutions for wireless communications networks, today reported preliminary results for its third quarter ended September 28, 2008.
Net sales in the third quarter were $238.0 million, an increase of 18.6 percent, compared with $200.7 million reported in the third quarter of fiscal 2007. Powerwave also reported a third quarter GAAP net loss of $1.8 million, which includes non-cash intangible asset amortization charges of $6.7 million and $6.1 million of restructuring and impairment charges. For the third quarter of 2008, the net loss equates to a basic loss per share of 1 cent. This compares with a net loss of $28.6 million, or a loss per share of 22 cents in the prior year period. For the third quarter of fiscal 2008, excluding the intangible asset amortization and restructuring and impairment charges, on a pro forma basis, Powerwave would have reported net income of $10.4 million, or fully diluted net income per share of 8 cents.
Total revenue for the first nine months of fiscal 2008 was $709.9 million, an increase of 29.1 percent, compared with $549.9 million reported for the first nine months of fiscal 2007. Powerwave reported a total net loss for the first nine months of 2008 of $26.3 million, or a basic net loss per share of 20 cents, compared with a net loss of $120.3 million, or a basic loss per share of 92 cents for the first nine months of fiscal 2007. The results for the first nine months of 2008 include a total of $42.0 million of restructuring and impairment charges and intangible asset amortization, while the results for the first nine months of 2007 included $53.5 million of such expenses.
“During the third quarter, we continued to execute on our restructuring activities and achieved our operating expense reduction targets ahead of schedule, which contributed to our strong pro forma income for the quarter,” said Ronald Buschur, president and chief executive officer of Powerwave Technologies.PRESS RELEASE