Powerwave Technologies Reports Fourth Quarter Results
SANTA ANA, Calif. - Feb. 04, 2010 -
Powerwave Technologies, Inc. (Nasdaq:PWAV), a global supplier of end-to-end wireless solutions for wireless communications networks, today reported preliminary results for its fourth quarter ended January 3, 2010.
Net sales in the fourth quarter of fiscal 2009 were $142.6 million, compared with $180.3 million in the fourth quarter of fiscal 2008. Powerwave also reported a fourth quarter GAAP net loss of $1.3 million, which includes non-cash intangible asset amortization charges of $0.8 million and $0.8 million of restructuring charges. For the fourth quarter of 2009, the GAAP net loss equates to basic loss per share of 1 cent. This compares with a net loss of $322.4 million, or a loss per share of $2.46 in the prior year period which included a non-cash goodwill impairment charge of $315.9 million. For the fourth 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 $1.4 million, or diluted earnings per share of 1 cent.
Total revenue for fiscal 2009 was $567.5 million, compared with $890.2 million for fiscal 2008. Powerwave reported total net income for fiscal year 2009 of $3.2 million, or basic and diluted earnings per share of 2 cents, compared with a net loss of $348.7 million, or a basic loss per share of $2.66 for fiscal 2008. The results for fiscal year 2009 include a total of $8.0 million of restructuring and impairment charges and intangible asset amortization, and the results for fiscal 2008 included a goodwill impairment charge of $315.9 million and $81.1 million of restructuring and impairment charges and intangible asset amortization.
We remained focused on our cost reduction efforts during the fourth quarter, stated Ronald Buschur, president and chief executive officer of Powerwave Technologies. We demonstrated additional progress during the quarter with a further improvement in gross margins, strong cost controls and improved cash flow. In addition, during the fourth quarter we opened our newest manufacturing facility located in Thailand. This new facility successfully ramped up to full production capability by the end of the quarter, and I want to personally thank all of our employees and supplier partners whose hard work made this new facility an immediate success.”
As we look ahead to 2010, 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.
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