News

Powerwave Technologies Reports Third-Quarter Results

October 14, 2003 by Jeff Shepard

Powerwave Technologies Inc. (Santa Ana, CA) reported net sales of $63.2 million for its third quarter ended September 28, 2003, compared to third-quarter fiscal 2002 revenues of $91.3 million. Powerwave also reported a third-quarter net loss of $5.7 million, or a basic loss per share of $0.09, for its fiscal third quarter, compared to net income of $1 million, or a diluted earnings per share of $0.02, for the prior year period.

The third-quarter 2003 loss includes a restructuring charge of approximately $0.9 million related to the restructuring of the company's manufacturing operations to reduce operating costs by outsourcing the majority of its production capability to contract manufacturers located primarily in Asia. Excluding this charge, Powerwave would have reported a net loss for the third quarter of 2003 of $5.2 million, or a basic loss per share of $0.08.

For the first nine months of fiscal 2003, Powerwave reported total net sales of $166.8 million compared with $308.8 million for the first nine months of fiscal 2002. Powerwave also reported a total net loss for the first nine months of fiscal 2003 of $31.5 million, or a basic loss per share of $0.48, compared to a net income of $8.1 million, or a diluted earnings per share of $0.12, for the first nine months of fiscal 2002. The results for the first nine months of fiscal year 2003 includes $15.7 million of restructuring and impairment charges.