Powerwave Technologies Reports First-Quarter Results
Powerwave Technologies Inc. (Santa Ana, CA) reported net sales of $104.1 million for its first quarter ended March 31, 2002, compared with first-quarter fiscal 2001 revenues of $73.0 million. Powerwave also reported first-quarter net income of $2.7 million, or diluted earnings per share of $0.04, for its fiscal first quarter, compared with a net loss of $9.5 million, or a basic loss per share of $0.15, for the prior-year period. 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.
"For the first quarter of 2002, our revenues increased over 40 percent from the prior year and over 20 percent sequentially, driven by Powerwave's diversified product portfolio and expanded customer base," stated President and CEO Bruce Edwards. "Continuing from the fourth quarter of 2001, we saw strength in demand for our high-powered, multi-carrier products for both 2G and 2.5G networks in both the cellular and PCS frequency bands. In addition, we experienced growth in the sales of our 3G-based products, which increased by almost 50 percent on a sequential basis."