"We are honored to be a recipient of a Network Products Guide 2008 Product Innovation Award," said Khurram Sheikh, chief product and development officer, Powerwave Technologies. "This recognition validates Powerwave's keen understanding of the wireless infrastructure market, built upon decades of experience in the design and deployment of industry-leading wireless coverage and capacity solutions."

Designed for operation with next-generation base stations, Powerwave's universal WiMAX DRH is an IEEE 802.16e transceiver, featuring Common Public Radio Interface (CPRI) electrical or optical interfaces, which can be optimized for customer specific applications. The CPRI interface supports redundancy and carries bi-directional signal and control data, including alarms for antenna VSWR, LNA failure, digital input overdrive and erroneous configuration requests from the baseband unit.

Powerwave's universal WiMAX DRH offers up to 20 MHz of instantaneous, multi-carrier operation. The built-in flexibility of the WiMAX DRH allows key parameters, such as channel bandwidth, output power and Time Division Duplex (TDD) ratio to be changed in order to optimize coverage and capacity, without requiring firmware upgrades. Channel bandwidth configurations of 10 MHz and 10 MHz + 10 MHz are supported as standard, with 5 MHz + 5 MHz and 20 MHz available as firmware upgrades.

Featuring digital channel filtering, digital up and down conversion, RF up and down conversion, power amplification, low-noise receive amplification and TDD duplexing, the WiMAX digital radio head is a high-rejection sub-band RF filter, based on Powerwave's proprietary ceramic technology. It offers exceptional unwanted signal rejection with very low loss in the TX/RX paths (26 W per path transmit power, 2.5 dB typical receive noise figure), and enables the unit to meet stringent out of sub-band emissions requirements, including FCC 67+10log(P) without need for external filtering, which can increase insertion loss, power level errors and cost.

About Network Products Guide Awards

Network Products Guide published from Silicon Valley is a leading provider of products, technologies and vendor related research and analysis. You will discover a wealth of information in this guide including product innovations, roadmaps, industry directions, technology advancements and independent product evaluations that facilitate in making the most pertinent technology decisions impacting business and personal goals. The guide follows conscientious research methodologies developed and enhanced by industry experts. To learn more, visit www.networkproductsguide.com

About Powerwave Technologies

Powerwave Technologies is a global supplier of end-to-end solutions for wireless communications networks. Powerwave designs, manufactures and markets antennas, boosters, combiners, filters, repeaters, multi-carrier RF power amplifiers, tower-mounted amplifiers and advanced coverage solutions, all for use in cellular, PCS, 3G and WiMAX networks throughout the world. Corporate headquarters are located at 1801 E. St. Andrew Place, Santa Ana, Calif. 92705. Telephone (714) 466-1000. For more information on advanced wireless coverage and capacity solutions, call (888)-PWR-WAVE (797-9283) or visit www.powerwave.com. Powerwave, Powerwave Technologies and the Powerwave logo are registered trademarks of Powerwave Technologies, Inc.

SOURCE: Powerwave Technologies

Powerwave Technologies
Investor Inquiries:
Kevin Michaels, 714-466-1608
or
Media Inquiries:
Richard Round, 714-466-1242

Summary of Significant Items impacting the First Quarter

For the first quarter of 2008, we incurred total restructuring charges of $5.5 million. Restructuring activities during the first quarter primarily included charges related to the consolidation of our Chinese manufacturing locations as well as a charge related to the closure and sale of our Costa Rican manufacturing facility, which was completed in April 2008. In addition, for the first quarter of 2008, we incurred approximately $8.7 million of intangible asset amortization.

The following is a brief summary of the significant items impacting the comparability of per share amounts for the three months ended March 30, 2008. To calculate the per share impact of these significant items, an underlying effective tax rate of 0% was used for both periods and 130.9 million basic shares outstanding was used for the three month period.

                                                       Three Months
                                                           Ended
Summary of Significant Items Impacting Results        March. 30, 2008
                                                     -----------------
                                                        (unaudited)
Intangible asset amortization                             ($0.07)
Restructuring charges                                     ($0.04)
Non-cash SFAS 123R compensation charge                    ($0.01)
                                                     -----------------

Total                                                     ($0.12)
                                                     =================

In addition, below is a brief summary of significant items impacting the comparability of the gross margin percentage for the first quarter of 2008 on a GAAP and pro forma basis.

                                                    Three Months Ended
                                                      March 30, 2008
                                                    ------------------
                                                       (unaudited)
GAAP reported gross margin %                              18.6%
Add: Pro Forma adjustments
       Intangible asset amortization                       2.7%
       Restructuring charges                               2.4%
                                                    ------------------
Pro Forma gross margin %                                  23.7%
                                                    ==================

During the first quarter of 2008, our GAAP reported cost of goods sold includes a credit of approximately $1.1 million related to our sale during the first quarter of inventory which was previously determined to be excess and obsolete to our ongoing requirements. The result of these sales during the first quarter was a favorable impact on our cost of goods sold of $1.1 million. This favorable impact on our cost of goods sold increased the gross margin by approximately 0.5%.

First Quarter 2008 Revenue Summary

For the first quarter of 2008, total Americas' revenues were $86.1 million or approximately 38% of revenues, as compared to $48.1 million or approximately 29% of revenues for the first quarter of 2007. Total sales to customers based in Asia accounted for approximately 28% of revenues or $62.7 million for the first quarter of 2008, compared to 24% of revenues or $38.2 million for the first quarter of 2007. Total Europe, Africa and Middle East revenues for the first quarter of 2008 were $77.5 million or approximately 34% of revenues, as compared to $77.3 million or approximately 47% of revenues for the first quarter of 2007.

For the first quarter of 2008, sales of products within our antenna systems group totaled $51.9 million or 23% of total revenues, sales of products in our base station systems group totaled $152.5 million or 67% of revenues and our coverage systems group totaled $21.9 million or 10% of revenues.

For the first quarter of 2008, Powerwave's largest customers included Nokia Siemens Networks, which accounted for approximately 29% of revenues, and Alcatel-Lucent, which accounted for approximately 21% of revenues for the quarter. In terms of customer profile for the first quarter of 2008, our total OEM sales accounted for approximately 68% of total revenues and total direct and operator sales accounted for approximately 32% of revenues for the quarter.

In terms of transmission standards, for the first quarter of 2008, 2G and 2.5G standards accounted for approximately 57% of our total revenue, 3G standards accounted for approximately 40% of our total revenue and WiMAX accounted for approximately 3% of our total revenue. We have now included all 3G capable products within the 3G category for this transmission standards breakdown.

Equity Compensation Expense

Powerwave implemented SFAS 123R, share-based payment, effective for the first quarter of fiscal 2006. Accordingly, the results reported herein include approximately $1.3 million of pre-tax compensation expense for the first quarter of 2008, and $1.1 million for the first quarter of fiscal 2007, almost all of which is included in operating expenses. This had the effect of increasing the loss per share for the first quarter of 2008 by 1 cent and increasing the loss per share for the first quarter of fiscal 2007 by 1 cent.

Balance Sheet

At March 30, 2008, Powerwave had total cash and cash equivalents of $86.2 million, which includes restricted cash of $3.2 million. Total net inventories were $94.0 million and net accounts receivable were $255.5 million at March 30, 2008.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial information as defined by the U.S. Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, a reconciliation of this non-GAAP financial information to our financial statements as prepared under generally accepted accounting principles in the United States (GAAP) is included in this press release. Powerwave's management believes that the presentation of this non-GAAP financial information is useful to our investors and the investment community since it excludes certain non-cash charges and expenses arising from the acquisitions the company has made, including the amortization of certain intangible assets resulting from the purchase accounting valuation of these acquisitions. Also excluded are restructuring charges related to the consolidation of the Company's manufacturing and engineering facilities as well as the severance costs related to facility closures. Management of Powerwave believes that these items should be excluded when comparing our current operating results with those of prior periods as the restructuring and impairment charges are not indicative of future operating results, and the amortization of intangible assets are non-cash expenses.

Company Background

Powerwave Technologies, Inc., is a global supplier of end-to-end wireless solutions for wireless communications networks. Powerwave designs, manufactures and markets antennas, boosters, combiners, filters, repeaters, multi-carrier RF power amplifiers and tower-mounted amplifiers and advanced coverage solutions, all for use in cellular, PCS, 3G and WiMAX networks throughout the world. Corporate headquarters are located at 1801 E. St. Andrew Place, Santa Ana, Calif. 92705. For more information on Powerwave's advanced wireless coverage and capacity solutions, please call (888)-PWR-WAVE (797-9283) or visit our web site at www.powerwave.com. Powerwave, Powerwave Technologies and the Powerwave logo are registered trademarks of Powerwave Technologies, Inc.

Attached to this news release are preliminary unaudited consolidated financial statements for the first quarter ended March 30, 2008.

Conference Call

Powerwave is providing a simultaneous Webcast and live dial-in number of its first quarter fiscal 2008 financial results conference call on Monday, May 5, 2008 at 2:00 PM Pacific time. To access this audio Webcast, select the Investor Relations page at www.powerwave.com and select the Powerwave Technologies Q1 earnings conference call. The call will last for approximately 1 hour. To listen to the live call, please call (617) 224-4324 and enter reservation number 34625176. A replay of the Webcast will be available beginning approximately 2 hours after completion of the initial Webcast. Additionally, an audio playback of the conference call will be available at approximately 4:00 PM Pacific time on May 5, 2008 through May 12, 2008 by calling (617) 801-6888 and entering reservation number 76933221.

Forward-Looking Statements

The foregoing statements regarding growth opportunities within the wireless communications infrastructure industry, Powerwave's ability to capitalize on such opportunities as well as statements regarding increases in demand and our ability to make progress in our restructuring efforts to reduce our overall cost structure are all "forward-looking statements." These statements reflect Powerwave's current beliefs and are based on information currently available to Powerwave. All of the "forward-looking statements" are subject to risks and uncertainties which could cause our actual results to differ materially from those projected or implied. Such potential risks and uncertainties include, but are not limited to, in no particular order: our ability to successfully integrate recent acquisitions; delays or cancellations of wireless network capacity expansions and buildouts for both existing 2G and 2.5G networks, 3G and WiMAX networks; consolidation of our customers has reduced demand for our products; our ability to achieve manufacturing cost reductions and operating expense reductions; our ability to generate positive cash flow; the inability to realize anticipated costs savings and synergies from the acquisition of the Wireless Infrastructure Division of Filtronic plc; wireless network operators may decide to not continue to deploy infrastructure equipment in the quantities that we expect; we require continued success in the design of new wireless infrastructure products and such products must be manufacturable and of good quality and reliability; our dependence on single source suppliers for certain key components used in our products exposes us to potential material shortages; our business requires continued favorable business conditions and growth in the wireless communications market. Powerwave also notes that its reported financial performance and period to period comparisons are not necessarily indicative of the results that may be expected in the future and Powerwave believes that such comparisons cannot be relied upon as indicators of future performance. Powerwave also notes that the market price of its Common Stock has exhibited high levels of volatility and therefore may not be suitable for all investors. More detailed information on these and additional factors which could affect Powerwave's operating and financial results are described in the Company's Form 10-K for the fiscal year ended December 30, 2007, which is filed with the Securities and Exchange Commission, and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. Powerwave urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the Company faces. Additionally, Powerwave undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.

                       UNAUDITED - PRELIMINARY
                     POWERWAVE TECHNOLOGIES, INC.
                CONSOLIDATED STATEMENTS OF OPERATIONS
               (In thousands, except per share amounts)

                                                   Three Months Ended
                                                      (unaudited)
                                                  --------------------
                                                  March 30,  April 1,
                                                    2008       2007
                                                  ---------  ---------
Net sales                                         $226,302   $163,640
Cost of sales:
  Cost of goods                                    172,764    134,605
  Intangible asset amortization                      6,110      4,886
  Restructuring and impairment charges               5,372     10,521
                                                  ---------  ---------
Total cost of sales                                184,246    150,012
                                                  ---------  ---------

Gross profit                                        42,056     13,628

Operating expenses:
  Sales and marketing                               12,546     13,597
  Research and development                          19,672     25,628
  General and administrative                        15,097     19,309
  Intangible asset amortization                      2,597      2,920
  Restructuring and impairment charges                 113        491
                                                  ---------  ---------
Total operating expenses                            50,025     61,945
                                                  ---------  ---------

Operating loss                                      (7,969)   (48,317)

Other income (expense), net                         (5,310)       952
                                                  ---------  ---------

Loss before income taxes                           (13,279)   (47,365)
Provision for (benefit from) income taxes              968       (235)
                                                  ---------  ---------
Net loss                                          $(14,247)  $(47,130)
                                                  =========  =========
Net loss per share: - basic:                      $  (0.11)  $  (0.36)
                    - diluted: (1)                $  (0.11)  $  (0.36)
Weighted average common shares used in
computing per share amounts: - basic:              130,927    130,162
                    - diluted:                     130,927    130,162

(1) The first quarter 2008 and 2007 loss per share does not include an add back of interest expense costs associated with the assumed conversion of the Company's outstanding convertible subordinated notes as the effect would be anti-dilutive.

                     POWERWAVE TECHNOLOGIES, INC.
                       PERCENTAGE OF NET SALES

                                                       Three Months
                                                            Ended
                                                        (unaudited)
                                                      ----------------
                                                      March    April
                                                        30,       1,
                                                       2008     2007
                                                      -------  -------
Net sales                                             100.0%   100.0%
Cost of sales:
  Cost of goods                                        76.3     82.3
  Intangible asset amortization                         2.7      3.0
  Restructuring and impairment charges                  2.4      6.4
                                                      -------  -------
Total cost of sales                                    81.4     91.7
                                                      -------  -------

Gross profit                                           18.6      8.3

Operating expenses:
  Sales and marketing                                   5.5      8.3
  Research and development                              8.7     15.6
  General and administrative                            6.7     11.8
  Intangible asset amortization                         1.1      1.8
  Restructuring and impairment charges                  0.1      0.3
                                                      -------  -------
Total operating expenses                               22.1     37.8
                                                      -------  -------

Operating loss                                         (3.5)   (29.5)

Other income (expense), net                            (2.3)     0.6
                                                      -------  -------

Loss before income taxes                               (5.8)   (28.9)
Provision for (benefit from) income taxes               0.5     (0.1)
                                                      -------  -------
Net loss                                               (6.3)%  (28.8)%
                                                      =======  =======

                     POWERWAVE TECHNOLOGIES, INC.
                CONSOLIDATED STATEMENTS OF OPERATIONS
                 RECONCILIATION OF PRO FORMA RESULTS
               (In thousands, except per share amounts)

                                            Three Months Ended
                                               (Unaudited)
                                    ----------------------------------
                                                             Pro Forma
                                    March 30,                March 30,
                                      2008     Adjustments     2008
                                    --------- -------------- ---------
Net sales                           $226,302           -     $226,302
Cost of sales:
  Cost of goods                      172,764           -      172,764
  Intangible asset amortization        6,110      (6,110)(1)        -
  Restructuring and impairment
   charges                             5,372      (5,372)(2)        -
                                    --------- -------------- ---------
Total cost of sales                  184,246     (11,482)     172,764
                                    --------- -------------- ---------
Gross profit                          42,056      11,482       53,538
Operating expenses:
  Sales and marketing                 12,546           -       12,546
  Research and development            19,672           -       19,672
  General and administrative          15,097           -       15,097
  Intangible asset amortization        2,597      (2,597)(1)        -
  Restructuring and impairment
   charges                               113        (113)(2)        -
                                    --------- -------------- ---------
Total operating expenses              50,025      (2,710)      47,315
                                    --------- -------------- ---------
Operating income (loss)               (7,969)     14,192        6,223
Other income (expense), net           (5,310)          -       (5,310)
                                    --------- -------------- ---------
Income (Loss) before income taxes    (13,279)     14,192          913
Provision for (benefit from) income
 taxes                                   968        (877)(3)       91
                                    --------- -------------- ---------
Net Income (Loss)                   $(14,247)     15,069     $    822
                                    --------- -------------- ---------
Earnings (loss) per share:
  - basic:                          $  (0.11)                $   0.01
  - diluted:(4)                     $  (0.11)                $   0.01
Weighted average common shares used
 in computing per share amounts:
  - basic:                           130,927                  130,927
  - diluted:                         130,927                  131,230

(1) These costs include the amortization of acquired technology and other identified intangible assets included in cost of goods sold and operating expenses, respectively.

(2) These costs include restructuring and impairment charges related to the current restructuring plans included in cost of goods sold and operating expenses, respectively

(3) This represents the change in the provision for income taxes related to the preceding pro forma adjustments to arrive at an assumed effective income tax benefit rate of 10% for the 2008 period.

(4) Diluted earnings per share do not include the add back of interest expense costs as the effect would be anti-dilutive.

                       UNAUDITED - PRELIMINARY

                     POWERWAVE TECHNOLOGIES, INC.
                CONDENSED CONSOLIDATED BALANCE SHEETS
                            (In thousands)

                                                             December
                                               March 30,        30,
                                                  2008         2007
                                             --------------  ---------
                                                               (see
                                             (unaudited)(1)   note)(2)
ASSETS:
--------------------------------------------

Cash and cash equivalents                        $   83,035   $ 58,151
Restricted cash                                       3,189      7,366
Accounts receivable, net                            255,544    237,657
Inventories, net                                     94,014     94,310
Property, plant and equipment, net                  113,551    113,027
Other assets                                        482,057    470,583
                                             --------------  ---------
Total assets                                     $1,031,390   $981,094
                                             --------------  ---------


LIABILITIES AND SHAREHOLDERS' EQUITY:
--------------------------------------------

Accounts payable                                 $  162,524   $128,088
Short-term debt                                      13,617     13,617
Long-term debt                                      350,000    350,000
Accrued expenses and other liabilities               99,104    106,905
Total shareholders' equity                          406,145    382,484
                                             --------------  ---------
Total liabilities and shareholders' equity       $1,031,390   $981,094
                                             --------------  ---------

(1) March 30, 2008 balances are preliminary and subject to reclassification adjustments.

(2) December 30, 2007 balances were derived from the audited consolidated financial statements.

SOURCE: Powerwave Technologies, Inc.

Powerwave Technologies, Inc.
Kevin Michaels, 714-466-1608

Powerwave's Same Band Combiner allows two sector antennas to operate like multiple antennas through an integrated, compact filter sub-system that provides operators with the ability to use both antennas as primary and diversity receive (uplink) antennas for both GSM and UMTS systems, while each antenna acts separately to transmit (downlink) signals for each system.

In addition, Powerwave's Same Band Combiners can be used by competing carriers who desire to use common sector antennas for tower/site sharing operations with the same, or even different (2G+2G, 3G+3G, 2G+3G) system protocols. This lowers overall capital and operating expenditures for network operators, and reduces the network footprint by eliminating the need to build additional cell sites or towers within a specific geographic region.

"Through the development of class-leading products and solutions such as our new Same Band Combiner, Powerwave is addressing the needs of network operators around the globe, and providing solutions for the real-world challenges they face today and in the future," said Nik Hatzis, vice president, Base Station Systems, Powerwave Technologies. "The same band combiner leverages existing network resources to lower costs and improve time to market, and further extend those resources as real estate becomes more of a premium commodity."

Powerwave's 850 MHz and 900 MHz GSM-UMTS Same Band Combiners, designated part numbers 3A0-18707 and 3A0-18708, respectively, come standard with Antenna Interface Standards Group (AISG(R)) and DC Transparency for Antenna/TMA throughput control and functionality. Both Same Band Combiners are lightweight at just 8.15 kg (18 lbs), and because the Same Band Combiner eliminates the need for separate filters and splitters for each band, it offers a small footprint measuring 437.8mm x 228mm x 61.4mm (17.24" x 9.08" by 2.24"). Powerwave's Same Band Combiners can be rack mounted, tower mounted or wall mounted. An IP67 and ETS 300 019 environmentally rated enclosure protects the Same Band Combiners from dust, water and other natural elements.

About Powerwave Technologies

Powerwave Technologies is a global supplier of end-to-end solutions for wireless communications networks. Powerwave designs, manufactures and markets antennas, boosters, combiners, filters, repeaters, multi-carrier RF power amplifiers, tower-mounted amplifiers and advanced coverage solutions, all for use in cellular, PCS, 3G and WiMAX networks throughout the world. Corporate headquarters are located at 1801 E. St. Andrew Place, Santa Ana, Calif. 92705. Telephone (714) 466-1000. For more information on advanced wireless coverage and capacity solutions, call (888)-PWR-WAVE (797-9283) or visit www.powerwave.com. Powerwave, Powerwave Technologies and the Powerwave logo are registered trademarks of Powerwave Technologies, Inc.

SOURCE: Powerwave Technologies, Inc.

Powerwave Technologies
Investor Inquiries:
Kevin Michaels, 714-466-1608
or
Media Inquiries:
Richard Round, 714-466-1779

New information shows that following a change in ownership in October 2006, Filtronic Comtek, Inc. is currently known as Powerwave Technologies, Inc. Workers separated from employment at the subject firm had their wages reported under a separate unemployment insurance (UI) tax account for Powerwave Technologies, Inc.

Accordingly, the Department is amending this certification to show that Filtronic Comtek, Inc. is currently known as Powerwave Technologies, Inc.

The intent of the Department's certification is to include all workers of Filtronic Comtek, Inc., currently known as Powerwave Technologies, Inc., who were adversely affected by a shift in production to China.

The amended notice applicable to TA-W-60,699 is hereby issued as follows:

All workers of Filtronic Comtek, Inc., currently known as Powerwave Technologies, Inc., including on-site leased workers from Quality Staffing Services, Salisbury, Maryland, who became totally or partially separated from employment on or after January 3, 2006, through February 13, 2009, are eligible to apply for adjustment assistance under Section 223 of the Trade Act of 1974, and are also eligible to apply for alternative trade adjustment assistance under Section 246 of the Trade Act of 1974.

Signed at Washington, DC this 27th day of June 2008.

Linda G. Poole,

Certifying Officer, Division of Trade Adjustment Assistance.

[FR Doc. E8-15858 Filed 7-11-08; 8:45 am]

BILLING CODE 4510-FN-P

Vol. 73, No. 135

[TA-W-60,699]

Notices