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MWAV |
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MWAV (Nasdaq 2.50/2.750)...I like this company as an infrastructure play on the burgeoning wireless boom...52wh 3.94...2.2m outstanding so watch yourself:
M-Wave Announces Third Quarter Results, Board Changes And Improved Outlook
BENSENVILLE, Ill., Nov. 3 /PRNewswire/ -- M-Wave, Inc. (Nasdaq: MWAV - news), a manufacturer of microwave printed circuit boards used in wireless communications, announced a net loss of $495,000 or $0.22 per share, for the third quarter ended September 30, 1999, compared with a net income of $37,000 or $0.01 a year ago. The loss in the third quarter of 1999 relates to additional staffing, a slowdown in sales during the quarter, manufacturing inefficiencies caused by start-up orders with a major customer, and a return of products relating to the PC Dynamics divestiture.
Joseph A. Turek, Chairman and Chief Executive Officer said, ``We believe that the slowdown in sales is behind us. We expect to be profitable in the fourth quarter with sales ranging between $3,000,000 and $3,500,000. We also expect sales to increase to a range between $15,000,000 to $20,000,000 next year, compared with our estimated sales volume of approximately $11,000,000 expected in 1999.
``We are presently increasing our manufacturing capabilities by adding front-end management and a second shift at our Bensenville location, and investing in capital equipment based on our improved outlook for the year 2000.'
Cash levels increased from $3,713,000 at December 31, 1998 to $4,380,000 at September 30, 1999. The increase in cash relates to the sale of substantially all of the assets of PC Dynamics Corporation.
The Company also announced today that Michael Bayles, the former President of the Company, and Rick Mathes have resigned from the Board of Directors to concentrate on their principal occupations. Turek stated, ``On behalf of the Board of Directors, we want to thank Michael and Rick for their great contributions over the years. The Company plans to fill their vacancies as soon as possible.'
This news release contains predictions, estimates and other forward- looking statements that involve a number of risks and uncertainties. While this outlook represents our current judgment on the future direction of the business, such risks and uncertainties could cause actual results to differ materially from any future performance suggested above. Factors that could cause actual results to differ include the following: dependence on suppliers and subcontractors for circuit board components; successful award of contracts under bid; a highly competitive environment; design and production delays; cancellation or reductions of contract orders; effective utilization of existing and new manufacturing resources; pricing pressures by key customers; and other factors detailed in the Company's Securities and Exchange Commission filings.
Headquartered in the Chicago suburb of Bensenville, Ill., M-Wave is a manufacturer of microwave printed circuit boards worldwide through its wholly owned subsidiary Poly Circuits. M-Wave's products are used in a variety of industrial and military applications. The Company trades on the Nasdaq SmallCap market under the symbol ``MWAV.' Visit the Company on its web site at www.mwav.com .
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