Powerwave Technologies Reports Fourth Quarter Results
Powerwave Technologies, Inc. (Nasdaq:PWAV), a global supplier of end-to-end wireless solutions for wireless communications networks, today reported preliminary results for its fourth quarter ended January 1, 2012.
Net sales in the fourth quarter of fiscal 2011 were $60.1 million, compared with $175.6 million in the fourth quarter of fiscal 2010. Powerwave also reported a fourth quarter GAAP net loss of $42.6 million, which includes $1.6 million of non-cash equity based compensation expense and $1.3 million of non-cash debt discount amortization and interest accretion, and $4.7 million of restructuring charges. For the fourth quarter of 2011, the net loss equates to a basic and diluted loss per share of $1.34. (Please note that the loss per share amount reflects the impact of the 1-for-5 reverse stock split of Powerwave’s outstanding common stock which was effective as of October 28, 2011.) This compares with net income of $6.4 million, or diluted earnings per share of 19 cents in the prior year period. For the fourth quarter of fiscal 2011, excluding the debt discount amortization, interest accretion, and the non-cash equity based compensation expenses and restructuring charges, on a pro forma basis, Powerwave would have reported a net loss of $30.0 million, or basic and diluted loss per share of 95 cents.
For fiscal 2011, total revenue was $444.4 million compared with $591.5 million for fiscal 2010. Powerwave reported a total net loss for the fiscal 2011 of $77.6 million, or a basic and diluted loss per share of $2.36, compared with net income of $3.7 million, or diluted earnings per share of 14 cents for fiscal 2010. The results for fiscal 2011 include a total of $7.4 million of non-cash equity based compensation expenses and $4.9 million of non-cash debt discount amortization, interest accretion and a net loss on the repurchase of outstanding debt and $4.9 million of restructuring charges, and the results for the fiscal 2010 included $3.8 million of restructuring and impairment charges, $3.3 million of non-cash equity based compensation expenses and $4.7 million of non-cash debt discount amortization net of a gain on the exchange of outstanding long-term debt.
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