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[Zephyr]

Very nice earnings out after the bell on PWAV. ))

First part of the PR release...

Powerwave Technologies Reports Second Quarter Results

July 28, 2005 16:01:03 (ET)

SANTA ANA, Calif., Jul 28, 2005 (BUSINESS WIRE) -- Powerwave Technologies Inc. (PWAV, Trade) today reported net sales of $186.3 million for its second quarter ended July 3, 2005, compared to second quarter fiscal 2004 revenues of $116.0 million. Powerwave also reported second quarter net income of $13.0 million, which includes a total of $3.7 million of acquisition-related intangible asset amortization. The net income equates to diluted earnings per share of 11 cents for the second quarter, and a basic earnings per share of 13 cents for the same period. This compares to a net loss of $30.2 million, or a basic and diluted loss per share of 33 cents for the prior year period. Powerwave completed the acquisition of LGP Allgon Holding AB during the second quarter of 2004 and, therefore, the results reported herein include the results of LGP Allgon Holding AB for the entire second quarter of fiscal year 2005, but only include the months of May and June 2004 in the second quarter of 2004. For the second quarter of fiscal 2005, excluding the acquisition-related intangible asset amortization, Powerwave would have reported operating income of $14.8 million, net income after taxes of $16.4 million and diluted earnings per share of 14 cents.

For the first six months of fiscal 2005, Powerwave reported total net sales of $348.5 million compared with $179.2 million for the first six months of fiscal 2004. The first six months of 2005 include the results of LGP Allgon for the entire period while the first six months of 2004 only include the results of LGP Allgon for May and June 2004. Powerwave also reported total net income for the first six months of fiscal 2005 of $18.4 million, or diluted earnings per share of 16 cents, compared to a net loss of $33.4 million or a basic and diluted loss per share of 43 cents for the first six months of fiscal 2004. The results for the first six months of 2005 include $8.0 million of acquisition-related charges and expenses, and the results for the first six months of 2004 include $29.7 million of acquisition- and restructuring-related charges and expenses.

"For our second quarter, we are proud to report sequential quarterly revenue and income growth and, once again, a record revenue quarter for Powerwave," stated Ronald Buschur, president and chief executive officer of Powerwave Technologies. "As we stated previously, we believe that we are off to a strong start for 2005 and we are very excited about the increased demand we are experiencing within the wireless communications infrastructure industry. While we continue to work to improve the synergies of our global organization, we are poised to build upon our market-leading position and product portfolio with the pending acquisition of the selected assets of REMEC's Wireless business. We believe that the addition of REMEC's wireless product portfolio to Powerwave's existing suite of global wireless infrastructure products and services will further enhance our leadership position in both the OEM and direct-to-operator markets."