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Santa Ana, Calif.-Based Wireless Equipment Maker Powerwave Tops Forecasts

Posted on: Monday, 26 July 2004, 06:00 CDT

Jul. 27--SANTA ANA, Calif. -- Powerwave Technologies Inc. shares climbed 8 percent Monday after the maker of equipment for mobile communications networks reported higher-than-expected second-quarter results.

The Santa Ana company's shares were quoted at $5.26 in after-hours trading, up from their close of $4.88.

Powerwave's second-quarter sales more than doubled to $116 million from $51.5 million, beating analysts' $111 million forecast.

The company posted a second-quarter loss of $30.2 million, about double its year-earlier loss. After excluding costs related to an acquisition, the company would have had a second-quarter loss of $1.5 million, which was in line with analysts' expectations.

Powerwave sells its products to telecommunications equipment makers such as Nortel, which was responsible for 57 percent of sales last year, as well wireless carriers such as Cingular, Sprint and Verizon.

Powerwave's sales are rising as wireless carriers upgrade their networks, introducing technologies that can deliver high-speed Internet services to mobile devices.

"We remain extremely positive with regards to our longer-term outlook," said Powerwave Chief Executive Bruce Edwards.

The company's stock fell 15 cents to $4.88 Monday, before the results were released. Over the past year, it's traded between $4.54 and $11.55.

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PWAV, NT, BLS, SBC, FON, VZ,

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