SAN JOSE, Calif., Jul 7, 2010 (GlobeNewswire via COMTEX News Network) -- Endwave Corporation (Nasdaq:ENWV), a leading provider of high-frequency RF solutions for mobile communications networks, today provided an update on selected financial results for its second quarter of 2010. Management currently anticipates reporting second quarter revenues of approximately $3.7 million compared with its forecast of $5 million to $5.5 million provided on its conference call on April 27th. The shortfall in revenues is due to reduced demand of the company's key customer's legacy product line. This decline is expected to result in a write-down of associated inventory of approximately $1.4 million in the second quarter. Cash and cash investments at the end of the second quarter are anticipated to be approximately $27 million.
"Demand for our new module designs supporting next generation, high capacity, IP-based radios has continued to improve, and we see positive signs from our new microwave and millimeter wave integrated circuits (MMIC) product line. However, the fall-off in demand for a key legacy product was more abrupt than anticipated, and will continue to impact our revenues over the next few quarters," said John Mikulsky, Endwave's President and Chief Executive Officer.
The foregoing anticipated results are preliminary based on information currently available to management and subject to completion of the financial statements for the company's second quarter.
Conference Call on July 27th
Endwave Corporation will hold a conference call to discuss its financial results on Tuesday, July 27th at 1:30 p.m. Pacific Time. Investors are invited to participate in the conference call by dialing (480) 629-9770 (Conference ID: 4320727). Starting approximately one hour after the completion of the live call, a replay will also be available until August 3. To access the recording, dial (303) 590-3030 (Access Code: 4320727). Investors are also invited to listen to a live and/or archived webcast of Endwave's quarterly conference call on the investor relations section of the Company's website at www.endwave.com. The webcast replay will be available for 90 days.