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Powerwave Technologies Reports Third Quarter Results

SANTA ANA, Calif. - Oct. 29, 2009 - Powerwave Technologies, Inc. (Nasdaq:PWAV), a global supplier of end-to-end wireless solutions for wireless communications networks, today reported preliminary results for its third quarter ended September 27, 2009.

Net sales in the third quarter of fiscal 2009 were $139.0 million, compared with $238.0 million in the third quarter of fiscal 2008. Powerwave also reported third quarter GAAP net income of $0.3 million, which includes non-cash intangible asset amortization charges of $0.8 million and $0.7 million of restructuring and impairment charges. For the third quarter of 2009, the net income equates to basic and diluted earnings per share of 0 cents. This compares with a net loss of $1.8 million, or a loss per share of 1 cent in the prior year period. For the third quarter of fiscal 2009, excluding the intangible asset amortization and restructuring and impairment charges, on a pro forma basis, Powerwave would have reported net income of $2.1 million, or diluted earnings per share of 2 cents.

For the first nine months of fiscal 2009, total revenue was $424.9 million compared with $709.9 million for the first nine months of fiscal 2008. Powerwave reported total net income for the first nine months of 2009 of $4.5 million, or basic and diluted earnings per share of 3 cents, compared with a net loss of $26.3 million, or a basic loss per share of 20 cents for the first nine months of fiscal 2008. The results for the first nine months of 2009 include a total of $6.3 million of restructuring and impairment charges and intangible asset amortization, and the results for the first nine months of 2008 included $42.0 million of such expenses.

“We continued to see the effects of the global economic recession during the third quarter,” stated Ronald Buschur, president and chief executive officer of Powerwave Technologies. “While our customers’ demand has been impacted by the global macro economic issues, we have remained focused on maintaining our cost reduction efforts, which showed continued progress during the quarter with strong gross margins and reduced operating expenses. As we look ahead to next year, we continue to believe that Powerwave is in a strong position to capture the long-term growth opportunities that we believe remain in the global wireless infrastructure marketplace,” he said.
Summary of Significant Items Impacting the Third Quarter

During the third quarter of 2009, we incurred total restructuring and impairment charges of $0.7 million, which primarily included severance charges related to personnel reductions as well as site closure expenses related to the closure of certain facilities. The Company also incurred approximately $0.8 million of intangible asset amortization from previous acquisitions.

To view the full news release, click here.

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