Powerwave Reports Q4, Year-End Financial Results
Powerwave Technologies Inc. (Santa Ana, CA) provided preliminary financial results for its fourth quarter ended December 29, 2002, and fiscal 2002 year-end results. For the fourth quarter ended December 29, 2002, revenues are expected to be in the range of approximately $75 million to $76 million, which is within the company's previous guidance of $70 million to $90 million. As expected, the revenue level will result in a net loss, which is expected to be between $3.5 million to $4 million, or a basic loss per share of $0.05 to $0.06.
For all of fiscal year 2002, Powerwave expects total revenues to increase by 28 percent from fiscal year 2001 revenues of $300.3 million to between $384 million and $385 million. For fiscal year 2002, the company expects to report net income of approximately $4 million to $4.5 million, compared with fiscal year 2001 net loss of $20.5 million. For the fourth quarter ended December 29, 2002, Powerwave's cash and cash equivalents are expected to exceed $162 million, compared with $123 million at December 30, 2001.