updated 10/27/2010 5:45:30 AM ET 2010-10-27T09:45:30

SAN JOSE, Calif., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Endwave Corporation (Nasdaq:ENWV), a leading provider of high-frequency RF solutions and semiconductor products for the telecommunications, satellite communications, electronic instruments and defense and security markets, today reported financial results for its third quarter, which ended on September 30, 2010.

Revenues for the third quarter of 2010 were $4.1 million. This compares with revenues of $3.8 million in the prior quarter and $3.1 million 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 million, or $0.20 per share. This compares with a net loss of $2.8 million, or $0.29 per share in the prior quarter, and a net loss of $2.6 million 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 million, or $0.18 per share. This compares with non-GAAP net loss of $2.9 million, or $0.29 per share, in the prior quarter and non-GAAP net loss of $1.7 million, 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 million, compared with $27.5 million 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."

Conference Call

Endwave Corporation will hold a conference call to discuss its financial results today at 1:30 p.m. Pacific Time (PT). Investors are invited to participate in the conference call by dialing (480) 629-9678 (Conference ID: 4370639) by 1:20 p.m. PT. Starting approximately one hour after the completion of the live call, a replay will also be available until November 1.  To access the recording, dial (303) 590-3030 (Access Code: 4370639). 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. 

About Endwave

Endwave Corporation designs, manufactures and markets high frequency RF solutions and semiconductor products that enable the transmission, reception and processing of high-frequency signals in the telecommunications, satellite communications, electronic instruments and defense and security markets. Endwave has 42 issued patents covering its core technologies including semiconductor and proprietary circuit designs. Endwave Corporation is headquartered in San Jose, CA, with operations in Salem, NH and Chiang Mai, Thailand. Additional information about the Company can be accessed from the Company's web site at http://www.endwave.com .

The Endwave Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7711

Use of Non-GAAP Financial Information 

To supplement Endwave's condensed consolidated financial statements presented in accordance with GAAP, Endwave uses certain measures of financial performance that are non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. These non-GAAP measures include net income (loss) and net income (loss) per share data that are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-GAAP measures are provided to enhance investors' overall understanding of Endwave's current financial performance and Endwave's prospects for the future. Specifically, Endwave believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses that may not be indicative of its core operating results. These measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for, or superior to, GAAP results. These non-GAAP measures included in this press release have been reconciled to the GAAP results in the attached tables.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: 

This press release and the conference call referred to in this press release may contain forward-looking statements within the meaning of the Federal securities laws and is subject to the safe harbor created thereby. Any statements contained in this press release or on the conference call that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "plans," "intends," "expects," "believes" and similar expressions are intended to identify these forward-looking statements. Information contained in forward-looking statements is based on current expectations and is subject to change. Actual results could differ materially from the forward-looking statements due to many factors, including the following: global economic conditions and their impact on our customers; market acceptance and growth in revenues of our new semiconductor product line; our suppliers' abilities to deliver raw materials to our specifications and on time; our customer and market concentration; our ability to achieve revenue growth and maintain profitability; our successful implementation of next-generation programs, including inventory transitions; our ability to penetrate new markets; fluctuations in our operating results from quarter to quarter; our reliance on third-party manufacturers and semiconductor foundries; component, design or manufacturing defects in our products; our dependence on key personnel; our ability to develop new or improved semiconductor process technologies; and fluctuations in the price of our common stock. Forward-looking statements contained in this press release and on our conference call should be considered in light of these factors and those factors discussed from time to time in Endwave's public reports filed with the Securities and Exchange Commission, such as those discussed under "Risk Factors" in Endwave's most recent Annual Report on Form 10-K and subsequently-filed reports on Form 10-Q. Endwave does not undertake any obligation to update such forward-looking statements.

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