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Non-Tech : EARNINGS REPORTING - surprises, misses & more -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (203)	7/25/2000 2:37:50 PM
From: Tom Hua	Read Replies (2) \| Respond to of 762

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 . Previous