Powerwave Turns Year Around, Posting Net Income of $20 Million

Irvine-based Powerwave Technologies Inc., which makes amplifiers for wireless communications networks, posted a fourth-quarter profit on record sales.

The company said it earned $8.4 million, or 40 cents a share, for the three months, compared with a net loss of $7.2 million, or 42 cents a share, a year ago. The loss included a one-time charge of $12.4 million related to an acquisition in October 1998. Sales for the quarter ended Jan. 2 more than doubled to $91.1 million from $40 million.

Net income for the year totaled $20.3 million, or 98 cents a share, contrasted with a net loss of $3 million, or 17 cents a share, for the prior fiscal year. Revenue rose to $292.5 million from $100.2 million.

The company announced the financial results after the stock market closed. The shares moved up $15.28, or 22%, to $83.75 a share.