News

Powerwave Technologies Reports Q4, Annual Results

January 27, 2003 by Jeff Shepard

Powerwave Technologies Inc. (Santa Ana, CA) reported net sales of $76.1 million for its fourth quarter ended December 29, 2002, compared with fourth-quarter fiscal 2001 revenues of$84.4 million. For the entire fiscal year 2002, Powerwave reported total revenues of $384.9 million, compared with total fiscal-year 2001 revenues of$300.3 million. Powerwave also reported a fourth-quarter net loss of $4 million, or a basic loss per share of$0.06, compared with a net loss of $3.6 million, or a basic loss per share of$0.06, for the prior year period.

For all of fiscal 2002, Powerwave reported total net income of $4.1 million, or diluted earnings per share of$0.06, compared with a net loss of $20.5 million, or a basic loss per share of$0.33, for fiscal-year 2001. Fiscal-2001 results included a one-time charge of approximately \$6.5 million related to the impairment of the intangible assets associated with the company's 1998 acquisition of the RF amplifier group of Hewlett-Packard Co.

"During the fourth quarter, we continued to aggressively pursue new sales opportunities and strengthen our position as a leading supplier of RF power amplifiers to the wireless infrastructure market," stated Bruce Edwards, president and chief executive officer. "We have also continued to take steps to streamline our production processes and leverage our evolving supplier base. During the fourth quarter of fiscal 2002, we achieved our first complete single-carrier product build utilizing Celestica's facility in mainland China."