ENWV

[setravis]

Briefing.com comments - With Nokia (NOK 20.51 +0.08) breaking out this month (+10% so far) to a 2-yr high, it made us think of Endwave, a one-time high flyer with heavy exposure to Nokia as it's ENWV's largest customer at 47% of sales in 2005. Endwave makes RF modules primarily for telecom networks, defense electronics and homeland security systems. These RF modules include transceivers, amplifiers, synthesizers, oscillators, converters etc... It's worth noting that Wood River Capital Mgmt holds 36.7% of the stock as of Dec 2005. Last Oct, the SEC ordered all assets of Wood River, including Endwave shares, into receivership. The receiver will be required to liquidate the assets or distribute them to Wood River's investors... The stock has since taken a beating, but last month, the co hired a new CFO, Brett Wallace. He has an investment banking background with Piper and Raymond James, which should help alleviate concerns about the Wood River overhang and help restore the co's image among sell-siders... Recent results have been decent with Q4 revs of $13.1 mln, up 15% yoy, and a non-GAAP profit. With the stock challenging its March highs above what had been a solid base in the $10-14 range, the recent success of Nokia, a new CFO, and an 18% short interest, investors may want to take a look at this beaten down name. Mkt cap $153 mln, float 10.6 mln, avg vol 275K.


Technicals
Close Above the 13-day EMA
Percentage Gainer

Last Price Quote is:
13.40%above 13-day EMA
20.79%above 50-day EMA
RS Rating: 75 

Fundamentals
Key Data:
Market Cap (M): $143.79 
P/E Ratio: NA 
PEG Ratio: N/A 
Next Earnings: 04/25/2006
Last Analyst Rating: Hold

[setravis]

Confirming Moneystream........

Technicals
Last Price Quote is:
12.34%above 13-day EMA
23.45%above 50-day EMA
RS Rating: 84 

Fundamentals
Key Data:
Market Cap (M): $165.40 
P/E Ratio: NA 
PEG Ratio: N/A 
Next Earnings: 04/25/2006
Last Analyst Rating: Hold

[la-onda]

you are still holding or back invested?

http://www.stockta.com/cgi-bin/analysis.pl?symb=ENWV&num1=9&cobrand=windchart&mode=stock


cheers
O.

[la-onda]

 ENWV: Jumps +2.07%; Vol +116%; Last 90 Min of Trading
Monday , March 27, 2006 16:22 ET

During the last 90 minutes of today's session, shares of EndWave Corporation (NasdaqNM: ENWV) demonstrated a strong UPWARD close relative to its 13:30 ET statistics. "Strong Closers" are determined by proprietary Knobias calculations performed during the last segment of each trading day.

sym: ENWV      @13:30 ET        @CLOSE      % CHANGE
----------   -----------   -----------  ------------
PRICE             $14.94        $15.25        +2.07%
VOLUME           170,500       368,400      +116.07%
#TRADES              250           460       +84.00%
DAY-HI            $15.07        $15.30       LATE-HI
DAY-LO            $14.53        $14.53           N/A

[setravis]

I think we are headed higher.....JMHO....

Support @ $14.26...14.05...13.85
Resistance @ $14.54

MACD is Bullish
Stochastic is Bullish

Technicals
Last Price Quote is:
7.38%above 13-day EMA
19.89%above 50-day EMA
RS Rating: 83 

Fundamentals
Key Data:
Market Cap (M): $165.40 
P/E Ratio: NA 
PEG Ratio: N/A 
Next Earnings: 04/25/2006
Last Analyst Rating: Hold

[la-onda]

update:

ENWV: Discloses Extension of Supply Agreement w/NGST
Thursday , April 13, 2006 12:08 ET

On March 31, 2006, Endwave Corporation (ENWV) executed an agreement with Northrop Grumman Space & Mission Systems Corp. ("NGST") extending the existing supply agreement between Endwave and NGST until December 31, 2006. During this contract extension, Endwave and NGST will continue to negotiate a new supply agreement. No other contract terms and conditions were affected by the extension agreement.

&

Endwave Announces Conference Call for Q1 2006 Financial Results
Tuesday , April 11, 2006 10:00 ET

SUNNYVALE, Calif., April 11, 2006 /PRNewswire-FirstCall via COMTEX/ -- Endwave Corporation (Nasdaq: ENWV), a leading provider of high frequency RF modules for telecommunications networks, defense electronics and homeland security systems, will report financial results for the first quarter ended March 31, 2006, on Tuesday, April 25, 2006 at 1:30 p.m. Pacific Time (PT).

Endwave will release the company's financial results at approximately 1 p.m. PT on the same day. To listen to the live conference call, please dial (913) 981-5550 (Pass code: Endwave) by 1:20 p.m. PT on April 25. Starting approximately one hour after the completion of the live call, a replay will also be available until April 28. To access the recording, dial (719) 457-0820 (Passcode: 1428473).

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 Web site at http://www.endwave.com/investors . The webcast replay will be available for 90 days.

[la-onda]

nice news, nice chart:
ENWV: Raises $45M from PIPE: Conv Preferred Stock + Warrants
Tuesday , April 25, 2006 10:12 ET

Endwave Corporation (Nasdaq: ENWV) announced that it has entered into a Preferred Stock and Warrant Purchase Agreement, effective April 24, 2006, with Oak Investment Partners XI, LP. Pursuant to the purchase agreement, Oak has purchased 300,000 shares of Series B Convertible Preferred Stock for $150 per preferred share for gross proceeds of $45 million. The preferred shares are convertible into 3,000,000 shares of common stock, for an effective purchase price of $15 per common share (Last Trade @ $13.94/Share) equivalent and an approximate 12% premium to the closing price of the Company's common stock on April 24, 2006. As part of the transaction, the Company issued a 3-year warrant granting Oak the right to purchase an additional 90,000 preferred shares at an exercise price of $150 per preferred share, which are convertible into 900,000 shares of common stock at $15 per share.

[la-onda]

Endwave Reports First Quarter 2006 Financial Results
Tuesday April 25, 4:05 pm ET
Q1 Revenues Increase More Than 50% Year-Over-Year

SUNNYVALE, Calif., April 25 /PRNewswire-FirstCall/ -- Endwave Corporation (Nasdaq: ENWV - News), a leading provider of high frequency RF modules for telecommunications networks, defense electronics and homeland security systems, today reported financial results for its quarter ended March 31, 2006.

Revenues were $13.7 million for the first quarter of 2006, compared with $9.1 million for the first quarter of 2005 and $13.1 million for the fourth quarter of 2005. In accordance with accounting principles generally accepted in the United States (GAAP), net loss for the first quarter of 2006 was $1.2 million, or $0.10 per share, compared with net loss for the first quarter of 2005 of $847,000, or $0.08 per share, and net loss for the fourth quarter of 2005 of $152,000, or $0.01 per share.

Non-GAAP net loss for the first quarter of 2006 was $312,000, or $0.03 per share, compared with non-GAAP net loss for the first quarter of 2005 of $672,000, or $0.06 per share, and non-GAAP net income for the fourth quarter of 2005 of $78,000, or $0.01 per diluted share.

For the first quarter of 2006, non-GAAP net loss was calculated by excluding amortization of intangible assets of $152,000 and non-cash stock compensation expense of $714,000 related to the adoption of SFAS 123®. For the first quarter of 2005, non-GAAP net income was calculated by excluding the amortization of intangible assets of $175,000. For the fourth quarter of 2005, non-GAAP net income was calculated by excluding transaction costs of $78,000 for a suspended secondary offering and amortization of intangible assets of $152,000.

Cash and cash equivalents, restricted cash and short-term investments as of March 31, 2006 were approximately $22.0 million, compared with $22.4 million at December 31, 2005.

"We are pleased to have delivered over 50% year-over-year revenue growth in the first quarter of 2006, making this the highest Q1 revenue in our history, in spite of what is typically a slower quarter due to seasonal factors," said Ed Keible, Endwave's Chief Executive Officer and President. "Sales growth was led by strong demand from Siemens and Nera, and was driven primarily by 3G network expansion in Europe."

"In addition, our quarterly revenues in defense and homeland security markets were up more than 70% year-over-year as we continued to execute on our strategy to extend our reach into new growth markets," added Mr. Keible.

    First Quarter Financial Highlights:
    -- Revenues were $13.7 million, up 51% compared with the year ago period,
       and up 5% compared with the fourth quarter of 2005.
    -- The largest customers in the first quarter were Nera, Nokia and
       Siemens.
    -- Revenues attributable to customers in defense electronics, homeland
       security and other non-telecom markets grew to 23% of total revenues.
    -- GAAP gross margin was 26%, and non-GAAP gross margin was 28%.  Non-GAAP
       gross margin is adjusted for amortization of intangible assets and
       non-cash stock compensation expense.

    Strategic Highlights:
    -- Entered into a multi-year agreement with Siemens for microwave radio
       modules.
    -- Renewed a long-term supply agreement with Nokia that includes
       next-generation products.
    -- Received customer qualification of the first products based on
       Endwave's Epsilon® Packaging technology.
    -- Secured production orders from L-3 Communications SafeView for
       next-generation Phase II switch arrays.
    -- Delivered its first RoHS-compliant transceiver for the wireless
       industry in anticipation of the upcoming European Union deadlines.
    -- On April 24, 2006, Endwave sold preferred stock and warrants to Oak
       Investment Partners XI, Limited Partnership for gross proceeds of
       $45 million to fund future growth and acquisitions.

&

afterhours down:
ENDWAVE CORP (RT-ECN)    
Symbol:    ENWV
Last Trade:    14.19 Apr 25
After Hours Change:    Down 1.24 (8.04%)
Today's Change:    Up 0.84 (6.29%)
Bid:    14.00
Ask:    14.80

please also read carefully the yahoo board quotation:
In many ways, Endwave's first quarter report was an absolute monster. First quarter revenues were record for the seasonally smallest quarter. What was even more impressive is that the $13.7 revenue number was held back by a lower revenue contribution from top customer Nokia. Nokia, which seasonally provides Endwave with an average of $5-6 million a quarter, accounted for just over $3 million for this quarter based on what was effectively described as a one-time ordering hold back during the quarter (the company stated that Nokia's normal ordering was back on track in the second quarter, and that their full year internal budgeting remained strong.

Even adding just $1 million back to the quarter to normalize what the quarter would have looked like had Endwave had a normal contribution from Nokia, revenues would have surged 60% year over year, and 12% sequentially. Revenues for this quarter historically have been down. Up double digits normalized is gigantic.

Less contribution from Nokia in revenues from Nokia was more than made up by Siemens AG (the largest customer during the quarter with 30% of the total), and Nera (15% of the total). The shift in the revenue mix toward Siemens and Nera meant lower margins, as both companies are in early stages of production and have not been through the manufacturing and design modifications that Nokia has. As volumes pick up for both customers, and Nokia has returned to the fold, margins are expected to rise for the remainder of the year.

ENWV shares traded off in the after hours, which I believe was a result of a knee jerk response before fully understanding the composition of the quarter, and the outlook for the rest of the year. Consider that Nokia was a blip during the slowest quarter of the year. The outgoing CFO told investors that Endwave typically has very good visibility 90 days forward, and that Nokia's ordering patterns were back to normal. I really didn't view Nokia's ordering as a disappointment - the reality is that Nokia is white hot right now, and Endwave is an important provider of product for them.

I was also pleasantly surprise that the weakness at Powerwave during the quarter (and oh, boy, there was weakness) wasn't even felt by Endwave. Stradex, another top 5 customer last year, wasn't a 10% customer during the first quarter, but that didn't hurt the performance. In short, Endwave has over 100 customers, and that number is likely to rocket with acquistions (more on that lower).

Who did surprise on the upside? Both Siemens AG and Nera had big quarters? They more than made up for any of the normal Q1 seasonal slowness.
Upside and Opportunities:
I think there was some disappointment that Endwave did not raise the high end of its $65 million full year forecast. If that was disappointing, consider that this was Brett Wallace's first quarter at the helm (and a partial quarter, at that). I don't care if you are bringing in a new CEO or CFO, guidance will be cautious, even in the seemingly solid environment that Endwave is operating in. Keible was more willing to speaks about margins rising, revenue opportunities that weren't in their projections, and such, while Wallace spoke thoughtfully, yet carefully. Hey, that's a good thing. For all of those concerned pre-numbers about disappointments, Endwave is doing everything it can to promise less, and overdeliver. For example, even with the strong first quarter revenue growth, Endwave expects revenues to advance again sequentially in the second quarter. If the company nears $30 million by the end of the first half this year, I think it would be unrealistic to expect $65 million this year.

Also, consider what is not presently in the full year projections. Endwave numbers do not include -
1. A greater contribution this year from Nokia, which the company stated accounts for over half of the WCDMA networks around the world.
2. No new orders from L3, which has purchased Safeview. Endwave is currently working off its existing purchase order from Safeview. L3, already an existing customer of Endwave's, should significantly add to the global demand of Safeview portals. Safeview was less than a 10% customer during the quarter. One has to imagine that new production orders ready for delivery in Q4 could be on the horizon.
3. Keible mentioned that there are several "non-portal" homeland security opportunities away from Safeview that Endwave expects to win mandates from.
4. The company will deliver its first MLMS products this quarter.

One of the other things that I thought was interesting was the company's acquistion criteria. While it focuses on several different factors, the two at the top of the list are first to make deals that are immediately accretive to the existing numbers, an second is to purchase companies like JCA, which also broadens the overall customer base (Endwave is buying the business, and businesses' customers).

Endwave has always had an acquistions strategy. It hasn't had $67 million in cash on the balance sheet. The company has a knack for making attractive, smaller deals. While I think it is likely that some one off deals get announced this year, the company specifically said that having this amount of cash expands the size of their acquisition universe. Accretive + more customers + $67 million equals some activity this year.

http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=1601151187&tid=enwv&sid=1601151187&mid=17578

[la-onda]

ENWV: Matrix Ups to Buy from Hold; Analyst Notes
Thursday , June 08, 2006 08:19 ET

Issuer: EndWave Corporation (NasdaqNM: ENWV)
Analyst Firm:  Matrix
Ratings Action: UPGRADE
Current Rating: Buy (from Hold)
Analyst Comments: Valuation and increasing demand for the company's RF equipment are catalysts for the firm's upgrade.

[la-onda]

Endwave Announces Preliminary Fourth Quarter 2006 Results
Thursday January 4, 6:00 pm ET

SAN JOSE, Calif., Jan. 4 /PRNewswire-FirstCall/ -- Endwave Corporation (Nasdaq: ENWV - News) today announced that it expects to report fourth quarter 2006 revenues of approximately $13.3 million, which is above the revenue outlook of $10 million to $12 million provided by the company on December 11, 2006. Revenues for 2006 are expected to be approximately $62 million, an increase of more than 25% from $48.7 million in 2005. In addition, Endwave Corporation's cash and cash equivalent balance increased by approximately $900,000 during the fourth quarter of 2006.

"As described in our update on December 11, we experienced a slowdown in revenues during the fourth quarter due to the impending merger of the network businesses of Nokia and Siemens and resulting inventory reductions by the companies. However, given the unexpected delay of the closing of the merger, we had increased demand later in December resulting in higher revenues," said Ed Keible, Endwave's CEO and President. "We are pleased to report that despite a challenging fourth quarter, we experienced substantial revenue growth during 2006, making progress in both our telecom and non-telecom businesses."

Endwave Corporation cautions that its anticipated results are preliminary based on the best information currently available and subject to completion of preparation of the financial statements and the audit of its year-end financial results.