Powerwave Reports Second-Quarter 2002 ResultsJuly 11, 2002 by Jeff Shepard
Powerwave Technologies Inc. (Santa Ana, CA) reported net sales of $113.4 million for its second quarter ended June 30, 2002, compared with second-quarter fiscal 2001 revenues of $78.2 million. Powerwave also reported second-quarter net income of $4.4 million, or diluted earnings per share of $0.07, for its fiscal second quarter, compared with a net loss of $2.4 million, or a basic loss per share of $0.04, for the prior-year period.
For the first six months of fiscal 2002, Powerwave reported total net sales of $217.5 million, compared with $151.2 million for the first six months of fiscal 2001. Powerwave also reported total net income for the first six months of fiscal 2002 of $7.1 million, or diluted earnings per share of $0.11, compared with a net loss of $11.9 million, or a basic loss per share of $0.19, for the first six months of fiscal 2001. The prior-year results included approximately $3.6 million in one-time expenses associated with the company's move and consolidation to a new headquarters facility in the first quarter of 2001.