Powerwave Technologies, a provider of end-to-end wireless solutions for wireless communications networks, has reported a net income of $292,000, or $0.00 per diluted share, for the third quarter ended September 27, 2009, compared to a net loss of $1.80 million, or $0.01 per diluted share, in the third quarter of 2008.
For the third quarter of fiscal 2009, net sales were $139 million, compared to $238 million in the third quarter of fiscal 2008.
For the first nine months of fiscal 2009, total sales were $424.9 million, compared with $709.9 million for the first nine months of fiscal 2008. Net income was $4.5 million, or $0.03 per diluted share, compared to a net loss of $26.3 million, or $0.20 per diluted share, for the first nine months of fiscal 2008.
Ronald Buschur, president and CEO of Powerwave Technologies, said: "We continued to see the effects of the global economic recession during the third quarter. While our customers' demand has been impacted by the global macro economic issues, we have remained focused on maintaining our cost reduction efforts, which showed continued progress during the quarter with strong gross margins and reduced operating expenses."