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Powerwave Technologies Reports Third Quarter Results

Posted by Dana in October 30th 2009

Powerwave Technologies, Inc. (Nasdaq:PWAV), a global supplier of end-to-end wireless solutions for wireless communications networks, reported preliminary results for its third quarter ended September 27, 2009.

Net sales in the third quarter of fiscal 2009 were $139.0 million, compared with $238.0 million in the third quarter of fiscal 2008. Powerwave also reported third quarter GAAP net income of $0.3 million, which includes non-cash intangible asset amortization charges of $0.8 million and $0.7 million of restructuring and impairment charges. For the third quarter of 2009, the net income equates to basic and diluted earnings per share of 0 cents. This compares with a net loss of $1.8 million, or a loss per share of 1 cent in the prior year period. For the third quarter of fiscal 2009, excluding the intangible asset amortization and restructuring and impairment charges, on a pro forma basis, Powerwave would have reported net income of $2.1 million, or diluted earnings per share of 2 cents.

For the first nine months of fiscal 2009, total revenue was $424.9 million compared with $709.9 million for the first nine months of fiscal 2008. Powerwave reported total net income for the first nine months of 2009 of $4.5 million, or basic and diluted earnings per share of 3 cents, compared with a net loss of $26.3 million, or a basic loss per share of 20 cents for the first nine months of fiscal 2008. The results for the first nine months of 2009 include a total of $6.3 million of restructuring and impairment charges and intangible asset amortization, and the results for the first nine months of 2008 included $42.0 million of such expenses.