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TheStreet Open House

Powerwave Technologies Reports Third Quarter Results

Stocks in this article: PWAV

During the third quarter of 2012, the Company continued to implement its ongoing restructuring plan, and initiated personnel reductions in both its domestic US and foreign locations across all functions. The Company’s operating expenses for the third quarter of 2012 decreased by $3.8 million, on a GAAP basis, when compared to the third quarter of 2011. On a pro forma basis, excluding equity based compensation expense and restructuring and impairment charges, pro forma operating expenses decreased by $4.4 million to $28.4 million for the third quarter of 2012 when compared with the third quarter of 2011 with similar pro forma adjustments.

Third Quarter 2012 Revenue Summary

In the third quarter of 2012, total Americas revenue was $22.0 million or approximately 52 percent of revenue, compared with $32.5 million or approximately 42 percent of revenue in the third quarter of 2011. Total sales to customers based in the Asia Pacific region accounted for approximately 12 percent of revenue or $4.8 million in the third quarter of 2012, compared with 19 percent of revenue or $14.6 million in the third quarter of 2011. Total Europe, Africa and Middle East revenue in the third quarter of 2012 was $15.3 million or approximately 36 percent of revenue, compared with $30.0 million or approximately 39 percent of revenue in the third quarter of 2011.

Sales of products within the antenna systems group totaled $29.5 million or 70 percent of total revenue, sales of products in the base station systems group totaled $7.7 million or 18 percent of revenue and revenue from the coverage solutions group totaled $4.9 million or 12 percent of revenue in the third quarter of 2012.

In the third quarter of 2012, Powerwave’s largest customer was Samsung, which accounted for approximately 11 percent of revenue. In terms of customer profile, total OEM sales accounted for approximately 31 percent of total revenue, and total direct and operator sales accounted for approximately 69 percent of revenue. For the third quarter of 2012, we recorded approximately $0.8 million of revenue in the government, military and homeland security market.

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