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Powerwave Technologies Reports Third 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 third quarter ended September 30, 2012.

Net sales in the third quarter of fiscal 2012 were $42.1 million, compared with $77.1 million in the third quarter of fiscal 2011. Powerwave also reported a third quarter GAAP net loss of $52.7 million, which includes $0.3 million of non-cash equity based compensation expense and $1.5 million of non-cash debt interest accretion and debt discount amortization, $0.5 million of a loss on early extinguishment of debt and $0.6 million loss related to a change in the fair value of derivatives related to warrants issued in conjunction with our new senior term loan agreement, and $2.9 million of restructuring and impairment charges. For the third quarter of 2012, the net loss equates to a basic loss per share of $1.66. This compares to a net loss of $35.1 million, or a loss per share of $1.09 for the third quarter of 2011. For the third quarter of fiscal 2012, excluding the debt interest accretion and debt discount amortization, the non-cash equity based compensation expenses, the loss on the early extinguishment of debt, the change in fair value of derivatives and restructuring charges, on a pro forma basis, Powerwave would have reported a net loss of $36.6 million, or a basic loss per share of $1.15.

For the first nine months of fiscal 2012, total revenue was $127.8 million compared with $384.3 million for the first nine months of fiscal 2011. Powerwave’s reported total net loss for the first nine months of 2012 was $153.1 million, or a basic loss per share of $4.82, compared with a net loss of $35.0 million, or a basic loss per share of $1.05 for the first nine months of fiscal 2011. The results for the first nine months of 2012 include a total of $1.8 million of non-cash equity based compensation expenses, $4.1 million of non-cash debt interest accretion and debt discount amortization, $0.5 million of a loss on early extinguishment of debt, $0.6 million loss related to a change in the fair value of derivatives related to warrants issued and $16.8 million of restructuring and impairment charges. The results for the first nine months of 2011 include a total of $5.8 million of non-cash equity based compensation expenses and $3.6 million of non-cash debt discount amortization, interest accretion and a net loss on the repurchase of outstanding debt and $0.2 million of restructuring charges.

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