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Santa Ana's Powerwave Posts 2nd-Quarter Loss

July 13, 2001|Reuters

A drop in spending by wireless network operators is putting the squeeze on equipment makers, Powerwave Technologies Inc. said Thursday when it posted a second-quarter loss.

The Santa Ana supplier of power amplifiers for wireless communications networks said it lost $2.4 million, or 4 cents a share, for the three months, contrasted with a profit of $11.4 million, or 18 cents a share, for the second quarter last year. Sales declined 29% to $78.2 million.

Powerwave had warned in mid-June that quarterly results would be lower than expected, forecasting revenues of $70 million to $80 million due to weaker demand for its products.

Deutsche Banc Alex. Brown said Tuesday that it expects mobile and fixed wireless equipment companies to report dismal quarterly results because mobile telephone and infrastructure companies are spending less.

Powerwave shares closed at $15.22 Thursday, up $2.43, or 19%, but well below a year high of $75.38.

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