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To: Paul Kern who wrote (8337)	4/12/2001 4:12:05 PM
From: Paul Kern	Read Replies (2) \| Respond to of 19633

This should put a damper on Monday. ================================== Powerwave Technologies Reports First Quarter Results SANTA ANA, Calif.--(BUSINESS WIRE)--April 12, 2001--Powerwave Technologies Inc. (Nasdaq:PWAV - news) today reported net sales of $73.0 million for its first quarter ended April 1, 2001, compared with first quarter fiscal 2000 revenues of $103.9 million. Powerwave also reported a first quarter net loss of $9.5 million, or a basic loss per share of 15 cents for its fiscal first quarter, compared with net income of $10.3 million, or diluted earnings per share of 16 cents for the prior year period. ``As we previously announced, during the first quarter we experienced significant order quantity reductions and delivery push-outs for the majority of our 2G single-carrier products,'' stated Bruce C. Edwards, president and chief executive officer. ``In addition, the sharp economic slowdown which is occurring in the United States coupled with the slowdown in the wireless communications sector caused us to see delays in purchasing decisions at the network operator level which also impacted our revenues for the first quarter. ``While we are clearly disappointed with the dramatic slowdown in the company's 2G single-carrier product lines and the impact that the current economic slowdown is having on our overall demand level, we have continued to pursue opportunities to expand our customer base and product lines. ``During the first quarter, we expanded our relationships with three of the top wireless infrastructure OEMs by entering into agreements covering multi-carrier products. We also began shipping production quantities of some of our new 3G WCDMA products, which accounted for approximately 20% of our first quarter revenues. ``In addition, during the first quarter we completed the move to our new Santa Ana headquarters and production facility which provides us with a consolidated Southern California operations headquarters as well as expanded production capacity.'' For the first quarter of 2001, North American revenues were $40.8 million or approximately 56% of revenues as compared with $81.7 million or approximately 79% of revenues for the first quarter of 2000. Total sales to customers based in Asia accounted for approximately 20% of revenues or $14.4 million for the first quarter of 2001. This compares with 8% of revenues or $7.8 million for the first quarter of 2000. Total European and other international revenues for the first quarter of 2001 were $17.8 million or approximately 24% of revenues as compared with $14.3 million or approximately 14% of revenues for the first quarter of 2000. Powerwave's customer diversification for the first quarter of 2001 includes Cingular Wireless, Verizon Wireless and Samsung Electronics, each accounting for at least 10% of revenues, and Nortel Networks Corp. accounting for approximately 37% of revenues. In addition, our total sales to network operators accounted for approximately 26% of revenues in the first quarter of 2001. Balance Sheet At April 1, 2001, Powerwave had total cash and cash equivalents of approximately $110.0 million. Total assets were approximately $381.4 million with net inventories of $69.9 million and net accounts receivable of $55.4 million. Company Background Powerwave Technologies, a TL 9000 and 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 for use in cellular, PCS and 3G base stations throughout the world. Corporate headquarters are located at 1801 E. St. Andrew Place, Santa Ana, Calif. 92705. Telephone: 714/466-1000. For more information on Powerwave's high performance ultra-linear RF power amplifiers and amplifier systems, 888/PWR-WAVE (797-9283) or visit the company's Web site at www.powerwave.com. Note to Editors: Powerwave and Powerwave Technologies are registered trademarks of Powerwave Technologies Inc. and the Powerwave logo is a trademark of Powerwave Technologies Inc.