MWAV just reported a blowout quarter, trading at this year's PE of 6-7.
Regards,
Tom
Tuesday July 25, 7:30 am Eastern Time
Company Press Release
SOURCE: M-Wave, Inc.
M~Wave Announces Record Second Quarter
Results
BENSENVILLE, Ill., July 25 /PRNewswire/ -- M~Wave, Inc. (Nasdaq: MWAV -
news), a manufacturer of high
performance printed circuit boards used in wireless communications, announced a net
income of $758,000 or $0.33 per
share, for the second quarter ended June 30, 2000, compared with a net loss of
($226,000) or ($0.10) per share a year
ago. Net sales for the second quarter of 2000 were $11,974,000 up 123% from the
first quarter of 2000.
For the six months ended June 30, 2000, the Company reported a net profit of
$926,000 or $0.41 per share compared
with a net loss of ($216,000) or ($0.10) per share for the first six months of 1999.
``We attribute our rapid growth this quarter to our patented bonding process, Flexlink
II(TM), and our concentration in
Virtual Manufacturing,'' said Joseph A. Turek, Chairman and Chief Executive Officer.
``We are increasing our annual sales
estimate to between $25 million to $35 million for the year.''
``The strategic plan that we have been implementing over the last five quarters gives us
the tools to achieve our goal of $100
million in annual sales within the next five years,'' explained Mr. Turek. ``And we will
continue to concentrate our sales
efforts in the wireless communications market which is expected to continue rapid
growth through 2005.''
The company plans on investing in 24-hour prototype capabilities and high layer count
multi-layer printed circuits as they
move into a larger facility in the near future. Capital expenditures were approximately
$272,000 for the first quarter of
2000. M~Wave expects to spend an additional $4 million to $6 million in the next
twelve months to meet its growth
requirements. The planned capital expenses will be funded by operations and additional
debt.
Cash levels decreased from $2,587,000 at December 31, 1999 to $1,962,000 at June
30, 2000. Accounts receivable and
inventories were up $8,243,000 from year-end, which was partially offset by an increase
in accounts payable of
$3,764,000. ``The increase in working capital was anticipated,'' said Paul Schmitt, Chief
Financial Officer. ``We expect our
investment in working capital to remain at these levels through the third quarter of 2000.''
Join M~Wave on its quarterly Conference call today at 10:00 am CST at
703-871-3619 at least five minutes before start
time or on www.vcall.com .
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