POWERWAVE Technologies Reports First Quarter Results
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IRVINE, Calif.--(BUSINESS WIRE)--April 13, 2000--Powerwave Technologies, Inc. (Nasdaq:PWAV - news) Thursday reported net sales of $103.9 million for its first quarter ended April 2, 2000, representing an increase of 85% from first quarter fiscal 1999 revenues of $56.0 million.
This represents the largest quarterly revenues in Powerwave's history. Powerwave also reported first quarter net income of $10.3 million, or diluted earnings per share of 48 cents for its fiscal first quarter, compared with net income of $2.1 million, or diluted earnings per share of 11 cents for the prior year period.
``We are very proud of our first quarter results and are pleased with the demand we continue to see for both our single carrier and multi-carrier products,' stated Bruce C. Edwards, president and chief executive officer. ``During the first quarter, Powerwave recorded record revenues of $103.9 million, which are almost double our first quarter 1999 revenues of $56 million.
``In addition, late in the first quarter Powerwave entered into a five-year exclusive agreement with Motorola, Inc. that designates Powerwave as the sole aftermarket supplier of high power, multi-carrier power amplifiers for certain Motorola cellular base stations.
``We believe that this agreement coupled with our existing key OEM and network operator customer relationships will further strengthen our leadership position in the radio frequency power amplifier market.'
For the first quarter of 2000, North American revenues were $81.7 million or approximately 79% of revenues as compared with $39.3 million or approximately 70% of revenues for the first quarter of 1999. Total sales to customers based in Asia accounted for approximately 8% of revenues or $7.8 million for the first quarter of 2000. This compares with 18% of revenues or $9.8 million for the first quarter of 1999.
Total European and other international revenues for the first quarter of 2000 were $14.3 million or approximately 14% of revenues as compared with $6.9 million or approximately 12% of revenues for the first quarter of 1999.
Powerwave's customer diversification efforts continued in the first quarter of 2000 with Ericsson Inc. accounting for more than 10% of revenues and Nortel Networks Corp. accounting for approximately 41% of revenues.
In addition, the company's total sales to network operators accounted for approximately 24% of revenues in the first quarter of 2000, as compared with approximately 6% of revenues in the first quarter of 1999.
Balance Sheet
At April 2, 2000, Powerwave had total cash and cash equivalents of approximately $83.8 million. Total assets were approximately $241.7 million with net inventories of $31.5 million and net accounts receivable of $59.9 million.
Company Background
Powerwave Technologies, an ISO 9001 quality certified company, is a leading supplier of high performance RF power amplifiers for use in wireless communications networks. Powerwave designs, manufactures and markets both single carrier and multi-carrier RF power amplifiers. Powerwave's products are utilized in both cellular and PCS base stations in both digital and analog networks.
Powerwave also produces RF power amplifiers for the wireless local loop market. Corporate headquarters are located at 2026 McGaw Avenue, Irvine, Calif. 92614. Telephone 949/757-0530 or 949/809-1100. For more information on Powerwave's high performance ultra-linear RF power amplifiers and amplifier systems, call 888/PWR-WAVE (797-9283) or visit the company's Web site at www.Powerwave.com.
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