ORANGE COUNTY EARNINGS

Powerwave Technologies Inc.: The Irvine manufacturer of power amplifiers posted first quarter net income of $2.2 million, or 13 cents a share, down 21% from the $2.8 million, or 17 cents a share, reported for the same period a year ago. Sales for the quarter ended March 29 rose 12% to $22.7 million from $20.2 million. The company said results were affected by deteriorating economic and currency conditions throughout Asia, but particularly in South Korea.