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Endwave to Cut 100 Jobs, Close L.A. Facility

IN BRIEF / Southern California

March 29, 2002|Bloomberg News

Endwave Corp., a maker of gear for wireless voice and data networks, said it will eliminate about 100 jobs, or 30% of its work force, and close its Los Angeles design facility to cut costs.

The reductions will cost $3 million to $5 million in the first quarter and save the company about $7 million a year, Endwave said.

Sunnyvale, Calif.-based Endwave expects a first-quarter loss, excluding restructuring costs, of 26 to 28 cents a share on revenue of $4 million to $5 million. The company expects revenue of $25 million to $28 million in 2002. Officials weren't available to comment.

Endwave shares fell 2 cents to 84 cents on Nasdaq. They have fallen 26% year to date.

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