November 24, 2010
Endwave Corp., a provider of high frequency RF solutions and semiconductor products for the telecommunications, satellite communications, electronic instruments and defense and security markets, recently reported financial results for its third quarter, which ended on September 30, 2010.
Revenues for the third quarter of 2010 were $4.1 M. This compares with revenues of $3.8 M in the prior quarter and $3.1 M in the third quarter of fiscal 2009. Net loss, calculated in accordance with accounting principles generally accepted in the United States (GAAP), for the third quarter of 2010 was $2.0 M, or $0.20 per share. This compares with a net loss of $2.8 M, or $0.29 per share in the prior quarter, and a net loss of $2.6 M or $0.27 per share in the third quarter of fiscal 2009.
Non-GAAP Results
Non-GAAP net loss in the third quarter of 2010 was $1.8 M, or $0.18 per share. This compares with non-GAAP net loss of $2.9 M, or $0.29 per share, in the prior quarter and non-GAAP net loss of $1.7 M, or $0.18 per share in the third quarter of fiscal 2009.
For the third quarter of 2010, non-GAAP net loss was calculated by excluding non-cash stock-based compensation expense of $140,000 and restructuring expense of $63,000. For the prior quarter, non-GAAP net loss was calculated by excluding a non-cash stock-based compensation benefit of $61,000. For the year ago period, non-GAAP net loss was calculated by excluding non-cash stock-based compensation expense of $939,000, income from discontinued operations, net of tax of $41,000 and the reversal of certain restructuring charges that resulted in a gain of $21,000.
Cash, cash equivalents and investments as of September 30, 2010 were $24.7 M, compared with $27.5 M as of June 30, 2010.
"We are pleased with the company's year-over-year and sequential revenue improvement. These gains were driven by increased demand for our new module designs supporting next generation, high capacity, IP-based radios for one of our key customers," said John Mikulsky, Endwave's President and Chief Executive Officer. "We remain positive on the growth potential of our new microwave and millimeter wave integrated circuit (MMIC) product line as internal milestones are met, market awareness is heightened, and we see early signs of customer acceptance."
