IRVINE, Calif.--(BUSINESS WIRE)--Jan. 14, 1998--Powerwave Technologies Inc. (Nasdaq: PWAV) Wednesday reported record annual net sales of $119.7 million for its fiscal year ended Dec. 28, 1997, representing an increase of 98% from fiscal year 1996 revenues of $60.3 million.
Powerwave also reported annual net income of $16.2 million, or earnings per share of 92 cents for its fiscal year 1997, representing a 112% increase from net income of $7.6 million, or earnings per share of 52 cents for fiscal year 1996.
Revenues for the fourth quarter ended Dec. 28, 1997 were $37.8 million, representing an increase of 126% when compared to $16.7 million for the fourth quarter of fiscal 1996. Powerwave also reported record quarterly net income of $5.3 million, or earnings per share of 29 cents for the fourth quarter of fiscal 1997 which represents an increase of 142% when compared to net income of $2.2 million, or earnings per share of 15 cents for the fourth quarter of fiscal year 1996.
"Powerwave's fourth quarter and fiscal 1997 performance represent significant milestones for Powerwave and demonstrate what we believe is the success of our strategy to be the leading independent supplier of high performance multi-carrier RF power amplifiers for use in wireless communications networks," stated Bruce C. Edwards, president and chief executive officer.
"During the fourth quarter of 1997, revenues related to our multi-carrier cellular products accounted for approximately 68% of revenues or $25.5 million, while PCS products accounted for approximately 28% of revenues or $10.6 million. Also during the fourth quarter, Powerwave continued to pursue our long-term strategy of customer diversification with sales of our multi-carrier cellular amplifiers to non-Korean customers accounting for approximately 16% of revenues or $6.2 million."
During the fourth quarter of 1997, total sales to customers in the South Korean market accounted for approximately 76% of revenues or $28.8 million. Subsequent to the end of the fourth quarter of 1997, economic and currency conditions in South Korea have continued to negatively impact overall market conditions within South Korea. Based on recent discussions with its South Korean customers, Powerwave now believes that a prolonged period of continued market uncertainty within South Korea will result in either postponed, rescheduled or possibly cancelled orders with the company's South Korean customers. Powerwave is continuing to closely monitor the situation in Korea and the Asian markets.
Powerwave completed fiscal 1997 by continuing its focus on asset management, generating annualized inventory turns of 10 based on net inventory of $8.8 million. At Dec. 28, 1997, Powerwave had total cash and cash equivalents of approximately $67.4 million, which represented over 65% of the company's total assets of approximately $101.7 million.
Also during the fourth quarter of fiscal 1997, Powerwave purchased over 500,000 shares of its Common Stock pursuant to the Common Stock repurchase plan authorized by its Board of Directors on Dec. 11, 1997. |
