Santa Ana-based Powerwave Technologies Inc., a maker of wireless network gear beset by slowing sales and shareholder lawsuits, swung to a loss in the fourth quarter on a big drop in revenue.
The company said Tuesday it lost $115 million in the quarter. A year earlier, Powerwave earned $19 million.
The loss includes nearly $85 million in acquisition, restructuring and other charges.
Last year, Powerwave bought Britain’s Filtronic PLC for about $185 million.
Sales for the maker of amplifiers and other wireless gear fell 32%, or by nearly $80 million, to $169.7 million.
The company saw fewer sales amid industry consolidation, Chief Executive Ronald Buschur said.
“We continue to believe that while our industry is going through a significant consolidation period, there continues to be long-term growth opportunities within our industry,” he said.
Dozens of lawsuits have been filed on behalf of shareholders in recent weeks after earnings late last year that came in significantly lower than expectations.
Powerwave has lost more than half its market value in the past year and was at $750 million at recent check.
