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Powerwave Technologies Reports Third Quarter Results

In terms of transmission standards, 2G and 2.5G standards accounted for approximately 34 percent of total revenue, 3G standards accounted for approximately 41 percent of total revenue and 4G standards accounted for approximately 25 percent of total revenue during the third quarter of 2012.

Balance Sheet

At September 30, 2012, Powerwave had total cash and cash equivalents of $22.3 million, which includes restricted cash of $6.0 million. Powerwave also had restricted deposits of $5.6 million. Total net inventories were $54.7 million, and net accounts receivable were $62.4 million.

Debt Financing

On September 11, 2012, Powerwave entered into a new senior secured credit agreement with P-Wave Holdings, LLC (an affiliate of The Gores Group, LLC), which replaced the Company’s revolving credit agreement. Under the credit agreement the lenders provided an initial $35 million senior secured term loan to the Company and agreed to loan to the Company additional secured term loans of up to $15 million, subject to satisfaction of certain conditions.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial information as defined by the U.S. Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, a reconciliation of this non-GAAP financial information to our financial statements as prepared under generally accepted accounting principles in the United States (GAAP) is included in this press release. Powerwave’s management believes that the presentation of this non-GAAP financial information is useful to our investors and the investment community since it excludes restructuring and impairment charges related to the consolidation of our manufacturing and engineering facilities as well as severance costs related to facility closures and personnel reductions. In addition, excluded is the non-cash amortization of the debt discount and interest accretion associated with certain of our debt. Also excluded are the non-cash equity compensation expenses related to ASC Topic 718 as well as gains on the exchange of a portion of the Company’s outstanding long-term debt and valuation adjustments on the fair value of warrants valued as derivatives. Management of Powerwave believes that these items should be excluded when comparing our current operating results with those of prior periods as the restructuring and impairment charges will not impact future operating results, and the amortization of the debt discount and interest accretion are non-cash expenses, the gain on the exchange of long-term debt will not impact future operating results and the equity compensation expenses and valuation adjustments are also non-cash expenses.

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