Powerwave Technologies (
Q4 2011 Earnings Call
February 14, 2012 5:00 p.m. ET
Tom Spaeth – VP, Treasurer
Ron Buschur – President and CEO
Kevin Michaels – CFO and Secretary
Michael Walkley – Canaccord
Steve O'Brien – JPMorgan
Jason North - Jefferies
Arun Seshadri - Credit Suisse
Matt [Swope] - Gleacher
Good day, ladies and gentlemen, and welcome to the fourth quarter 2011 Powerwave Technologies earnings call. [Operator instructions.] I would now like to turn the call over to Mr. Tom Spaeth, Powerwave’s treasurer. Please proceed.
Thank you. Good afternoon and welcome to Powerwave Technologies’ fourth quarter 2011 financial results conference call. I am Tom Spaeth, Powerwave's treasurer. Joining us on today's call will be Ron Buschur, president and chief executive officer, and Kevin Michaels, chief financial officer.
Before starting, I would like to point out that various remarks we make about future expectations, plans, and prospects for Powerwave, including, but not limited to, anticipated revenues and revenue growth rates; the split between operator and OEM sales; operating margins; gross profit margins; earnings per share levels; operating expense targets; cash flow projections; revenue composition; supply chain constraints and shortages; manufacturing levels; improvements in cost structure; future cost savings related to our cost reduction activities; the timing of restructuring actions and associated cost savings; our ability to reduce our use of cash; demand levels for the company's product lines, including demand for the company’s advanced technology products in government markets; projected growth in various markets including government, public safety, and defense; trends in the wireless infrastructure market, including adoption of 4G capabilities and increases in spending by North American operators on their networks; the timing of product deliveries and future orders; the company's ability to grow its core wireless business and enter into, and compete in, vertical markets for its products such as government and defense markets, the energy sector, and health and medical fields; common stock prices; the company's ability to resolve new product production issues; debt purchases; the success of new products and market acceptance in new vertical markets; expense levels; capital expenditure rates; inventory turns; tax rates; and days sales outstanding are all forward-looking statements, which are intended to qualify for the Safe Harbor from liability established by the Private Securities Reform Act of 1995.