Powerwave Blames South Korean Slump for 44% Drop in Net

Powerwave Technologies Inc., Irvine-based manufacturer of amplifiers for wireless communications networks, reported that net income for the second quarter declined 44% to $1.9 million, or 11 cents a share, from $3.4 million, or 20 cents a share, for the like period last year. Sales were down 23% to $21.1 million from $27.4 million.

The company said it has experienced a slump in South Korea, with sales to customers in that country declining to $6.7 million from $24.1 million a year ago.

For the first half, Powerwave reported that net income dropped 34% to $4.1 million, or 24 cents a share, from $6.2 million, or 37 cents a share, for the first six months of the prior year. Sales fell 8% to $43.7 million from $46.6 million.