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Endwave revenues tumble by 74%

The firm has again reported income and operating losses which have tripled over the same quarter last year. It says the fall-off in legacy module product sales that began in 2010 continues to hamper its results.

Endwave Corporation, a provider of high-frequency RF solutions and semiconductor products for the telecommunications, satellite communications, electronic instruments and defence and security markets, has reported financial results for its first quarter, ended on March 31, 2011.

 



Revenues for the first quarter of 2011 were $1.2 million. This compares with revenues of $4.1 million in the prior quarter and $4.8 million in the first quarter of fiscal 2010.

GAAP net loss for Q1 2011 was $3.9 million, or $0.39 per share. This compares with a net loss of $2.0 million, or $0.20 per share, in the prior quarter, and a net loss of $1.3 million, or $0.13 per share, in the first quarter of fiscal 2010.

Cash, cash equivalents and investments as of March 31, 2011 were $21.2 million, compared with $23.5 million as of December 31, 2010.

"As anticipated, 2011 began as a challenging year for the company," said John Mikulsky, Endwave's President and Chief Executive Officer. "The fall-off in legacy module product sales that began in 2010 continues to hamper our results.”

"We believe, however, that 2011 will be a seminal year for our stockholders as a result of the pending merger transaction with GigOptix," continued Mikulsky. "The transaction remains on schedule to close in the second quarter of 2011.   Upon the close and in the years ahead, we look forward to working with the combined company as it pursues a leadership position as a high-speed, high-frequency supplier for optical and wireless communications."

On February 7, 2011, GigOptix, announced that it signed a definitive merger agreement to acquire Endwave.   The SEC has now declared effective the S-4 registration statement relating to the proposed merger transaction.    Endwave stockholders must now approve the transaction in a special shareholder meeting that is scheduled for June 17.   Details will be sent to those stockholders eligible to vote as of the May 12 record date.
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