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SMT & Inspection | January 31, 2005

Revenues up for Powerwave

Powerwave reported net sales of $156.4 million for its fourth quarter ended January 2, compared to fourth quarter fiscal 2003 revenues of $72.2 million.
The acquisition of LGP Allgon Holding AB drove down the results to red digits. Powerwave reported a fourth quarter net loss of $41.5 million($1,388 million). Excluding the restructuring and acquisition related charges and intangible asset amortization as well as the valuation allowance on the US deferred tax assets, Powerwave would have reported operating income of $10.3 million, net income after taxes of $8.3 million.

“We are pleased to report solid sequential quarterly revenue growth of 13% for our fourth quarter financial results,” stated Bruce C. Edwards, Chief Executive Officer of Powerwave Technologies. “We believe that our portfolio of infrastructure products and services for the wireless communications industry is enabling us to enhance our leadership position in both the OEM and direct to operator channels. As we begin fiscal year 2005, we remain extremely positive with regards to our longer term outlook for increasing demand within the wireless communications infrastructure industry.”

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