Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Endwave Corporation (NASDAQ:ENWV)

Q3 2008 Earnings Call

October 21, 2008 4:30 pm ET

Executives

Curt Sacks – Vice President of Finance, Corporate Comptroller

Edward Keible – President, Chief Executive Officer

John Mikulsky – Chief Operating Officer, Executive Vice President

Brett Wallace – Executive Vice President, Chief Financial Officer

Analysts

[Bill Frerichs – Radnorwood Capital Group]

Kevin Dede – Morgan Joseph & Co., Inc.

Richard Valera – Needham & Company

Chris Ryder – Lucrum Capital

Operator

Good day everyone and welcome to Endwave Corporation’s third quarter conference call held October 21, 2008. (Operator Instructions) For opening remarks and introductions, I would like to turn the call over to Mr. Curt Sacks, Endwave’s Vice President of Finance and Corporate Comptroller. Please go ahead, sir.

Curt Sacks

Thank you, operator. Good afternoon everyone and welcome to Endwave Corporation’s third quarter 2008 financial conference call. Leading today’s call is Ed Keible, Chief Executive Officer of Endwave. Joining Ed will be Brett Wallace, our Chief Financial Officer and John Mikulsky, our Chief Operating Officer.

Before beginning, I will make a brief statement regarding forward-looking remarks that you may hear on the call. On today’s call, the company may make projections or forward-looking comments regarding future events or future financial performance. We wish to caution you that such statements are predictions and actual results may differ materially. We refer you to the documents the company files with the SEC as well as the Safe Harbor included in today’s press release.

Finally, to supplement the company’s financial statements presented in accordance with generally accepted accounting principles or GAAP, Endwave will discuss certain results that are non-GAAP. A reconciliation from the GAAP results is included in the tables of our press release and on the Investor Relations section of our website at www.endwave.com.

These non-GAAP results are adjusted from GAAP to exclude certain expenses, gains and losses and are provided to enhance investors’ overall understanding of the company’s financial performance. These non-GAAP results should be considered in addition to those prepared in accordance with GAAP, but should not be considered as a substitute for or superior to GAAP results.

Now, we would like to begin our call. For opening remarks I would like to introduce Ed Keible, Chief Executive Officer and President of Endwave. Ed?

Edward Keible

Thank you, Curt, and good afternoon everyone. Today, I'm pleased to report that our third quarter earnings or revenues were $17 million, up 23% year-over-year and in line with our earlier guidance. Telecom revenues increased slightly year-over-year while our non-telecom revenues generated a sizeable increase. This continued improvement in our defense electronics and securities business which now accounts for more than one-third of our revenues further validates our investment in these areas over the past few years.

Now, I’d like to turn the call over to our CFO, Brett Wallace, who will provide you with the financial details for the quarter. Later I will provide further comment regarding markets, products and technology. Brett?

Brett Wallace

Thanks, Ed. Good afternoon everyone. On today’s call, I will review our results for the third quarter of 2008 and provide forecast information for the balance of the year. The third quarter of 2008 was a good quarter for Endwave. We reported revenues of $17 million, consistent with the guidance we provided during our last conference call.

Our revenues of $17 million represent a 23% increase over the third quarter of 2007. Included in total revenues is $42,000 of development fees. Our telecom revenues for the third quarter were $10.9 million. This reflects a 3% increase over the third quarter of 2007.

During the quarter Nokia Seimens Networks contributed 56% of total revenues. We had no other customer greater than 10% of our revenues during the quarter. Our non-telecom revenues during the third quarter were $6.1 million which represents the highest quarterly revenue from these markets in Endwave’s history.

During the September quarter, revenues derived from non-telecom customers increased 91% compared to the third quarter of 2007. These revenues reflect our progress in diversifying our business.

In Q3, non-telecom customers represented 36% of our total revenues, the highest percentage in our history, up from 23% in the third quarter of 2007.

Our non-GAAP gross margin for this quarter was 32% up from 29% in the third quarter of 2007 and down slightly from 33% last quarter.

During the third quarter our non-GAAP operating expenses were $5.3 million, down slightly from $5.4 million last quarter.

Non-GAAP net income for the third quarter was $334,000 or $0.03 per diluted share as compared to a net loss of $215,000 for the third quarter of 2007.

Turning to the balance sheet, we ended the quarter with cash, cash equivalents and investments totaling approximately $44 million, basically flat with last quarter. We continue to take a conservative approach to cash management and to hold the majority of our funds in treasury-backed money market funds and highly-rated short-term investments. We do not have any exposure to Fannie Mae, Freddie Mac or auction rate securities in our portfolio.

DSO’s for the September quarter were 55 days, down from 56 days last quarter and below our typical range of 60 to 70 days. Our outstanding receivables are primarily current and within terms and given the current credit environment, we continue to scrutinize our accounts receivable very closely. Net inventory increased to $15.7 million, up from $15.1 million at the end of the June quarter. Inventory turns stayed consistent at 3 turns during the September quarter.

Our fully diluted share count for the September quarter was 12.3 million shares, which includes 3 million common shares underlying the convertible preferred stock held by old (ph 00:07:33) investment partners.

While we are pleased with our performance in the third quarter, we recognize that neither we nor our customers are immune from the challenging economic environment and difficult credit markets that exist today. These conditions have caused some of our telecom customers to decrease their forecasted volumes while other customers have expressed uncertainty in their projected demand. As a result, we are forecasting a decrease in revenue particularly in our telecom business during the December quarter. Specifically, we expect Q4 revenues will be in the range of $12 million to $13 million. We expect this drop in revenue will cause our gross margin for the fourth quarter to decrease into the high 20s.

With regard to operating expenses, we continue to focus on operating as efficiently as possible and we'll look at all facets of our business for opportunities to decrease expenses while still investing in the long-term success of our company.

Looking at 2009, we have not yet completed our budgeting process and are not yet ready to speak specifically about revenue and income targets. However, we expect that the difficult conditions currently impacting our business will persist into next year. Based on this belief, we anticipate that our revenue levels in 2009 will be generally flat with 2008.

In conclusion, while we have strong performance in the third quarter, we anticipate the fourth quarter and the first half of 2009 to be very challenging. There's tremendous market and financial uncertainty particularly with our telecom customers. However, we believe we have the financial stability and balance sheet strength to weather the storm. We intend to invest prudently in building our business and we'll continue to look for opportunities to use our capital to acquire companies that contribute to our technical and financial strength.

That concludes my summary. Now I’d like to turn the call back to Ed for additional comments on other developments with the business. Ed?

Edward Keible

Thanks, Brett. First, let me comment on our telecom business which represented 64% of our revenues in the third quarter. In the quarter, for our largest customer, Nokia Seimens Networks or NSN, we generated a 5% year-on-year growth in revenues. However, demand began to slow during the quarter and we expect that we'll remain soft through the fourth quarter. We believe this downward shift of NSN's revenues is a result both of the timing of network deployments and of the current global economic crisis. On the other hand, sales to Nara (ph 00:10:10) continue to improve as Nara gains more market traction for their next generation products.

Despite the slowdown with NFN (ph 00:10:21), we are seeing emerging opportunities from new telecom customers who are looking to improve their technological and cost advantage using our semiconductor packaging and high-frequency module technologies. In other telecom developments, we continue to see increasing demand for our E-band transmit receive modules as this new 70-80 GHz ultra broadband market evolves. In this arena we believe that our collaboration with E-band communications and other radio OEMs will enable us to benefit from the acceleration of domestic wireless backhaul radio deployments for the emerging 4G networks, including WiMax and LTD.

Now, turning to our non-telecom customers, sales increased as Brett said more than 90% over the same quarter last year. This growth came from multiple customers in defense electronics, homeland security, and test equipment markets.

On the defense electronics front, we announced in July a production contract from Boeing to supply broadband frequency converters used in the 3035 program for the U.S. Air Force’s AWACS aircraft. We continue to make good progress with this program and are seeing revenues ramp as production deliveries increase. Such deliveries are expected to extend out into late 2009 with potential for follow on orders.

We have invested aggressively in our defense business for several years and are pleased to see that investment payoff in the form of large long-term production contracts such as this one. We are currently competing for similar business with other major defense contractors.

Also, in the defense electronics market we continue to see strong demand across our amplifier product offerings and expect this demand to continue into 2009.

In the security market, during the quarter we continued to supply L-3 SafeView with scanner chassis for the deployment of their provision portals in various airports worldwide.

In the test and measurement arena, as you may recall Teradyne is using our advanced microwave subsystems to form the front end of their new UltraWave RF semiconductor test system. UltraWave provides greater test efficiency and therefore lower costs when testing RF semiconductor devices. As test frequencies continue to increase with next generation equipment we believe there will be an increased number of opportunities for Endwave’s technology.

Now I would like to address what we believe are the avenues for long-term growth in our markets. As to the overall state of the wireless business, we believe the backhaul requirements for global telecom networks continues to increase. However, current economic conditions are hindering growth at many levels and they’re impairing our customers and Endwave’s ability to forecast with confidence.

Despite the softness in the telecom market we expect to see continued strength in our non-telecom business albeit at a reduced pace given the current economic malaise. For example, in consumer media end-use market we recently announced the completion of a new 60 GHz transceiver module that is generating substantial interest for application in the wireless multimedia distribution equipment market.

While still only an emerging application at this time, we believe this product offering could become an exciting opportunity.

In the defense electronics market, our team continues to work on several new development programs that take advantage of our high-frequency engineering and manufacturing expertise. As we have noted in the past, these programs have long sales cycles and system development periods, but typically result in long-term revenues once the design is completed and production commences. Ongoing programs for our customers like Lockheed, Raytheon, BAE, and Boeing are typical of such efforts.

In the security market, in addition to L-3 SafeView we are working with several other OEMs who are using high-frequency RF technology to develop various types of security systems. These include personnel screening at military checkpoints, perimeter surveillance radar for protecting military compounds, and employee screening for loss prevention. And, while this market is not maturing as quickly as we had hoped we believe that we are partnered with the right OEMs to grow as the market matures.

Now, let me turn to technologic technology developments. An important area of development for Endwave is continuing to build our library of unique RF semiconductor devices. Over the past decade, Endwave has delivered over a half a million modules to the industries we serve and this large module business is a major consumer of semiconductor devices. Unlike our competition, a large portion of the semiconductor content of our modules is custom designed as opposed to off the shelf devices.

Our IZ design team provides our module engineering group with customized application specific integrated circuits simultaneously reducing our cost and improving technical performance of our products.

Now, before going to question and answer I would like to remind investors that despite the financial issues facing the worldwide economy we believe Endwave has the resources to endure and to prosper. We have a strong cash position that covers our working capital needs, our outsourced manufacturing strategy, allows us to adjust to varying production levels, and we have maintained prudent operating expense levels. We also have a differentiating technology that meets our customers' needs as well as a growing customer base in the important defense electronics and homeland security markets.

This concludes our formal remarks. Now, I would like to ask the operator to open the call for questions. Operator.

Question-and-Answer Session

Operator

Thank you, sir. Ladies and gentlemen we will now begin the question and answer session. (Operator instructions). And, our first question comes from Bill Frerichs with Radnorwood Capital (ph 00:17:40). Go ahead please.

[Bill Frerichs – Radnorwood Capital Group]

Hi, good afternoon. I was wondering if you could give us a sense of headcount now versus last quarter and last year’s third quarter as well?

Edward Keible

Headcount currently, I believe, is at 218, right now it is 228, it is up a few from the prior quarter. Last quarter we were at about 220. We added a couple of direct labor headcount, substituted out some temporary hires for some permanent hires on the direct labor side with the increase that we saw in the defense and security business.

[Bill Frerichs – Radnorwood Capital Group]

And last year?

Edward Keible

Last year it is 205 I believe, but I will have to give you that. I’ll look at that and get back with you on that one Bill later in the call.

[Bill Frerichs – Radnorwood Capital Group]

And, how much cash do ya’ll think you might burn this quarter?

Edward Keible

I’m sorry.

[Bill Frerichs – Radnorwood Capital Group]

How much cash do you think you’ll burn this quarter?

Edward Keible

In Q4, we would expect to generate cash.

[Bill Frerichs – Radnorwood Capital Group]

That’s good.

Edward Keible

Bill, last year’s headcount was 214.

[Bill Frerichs – Radnorwood Capital Group]

Okay. So, you’re holding headcount pretty steady. And, you’re going to generate cash this quarter because you’re not going to invest in receivables so much or?

Edward Keible

We would see the working capital needs going down during the quarter.

[Bill Frerichs – Radnorwood Capital Group]

Right, okay, high class, well not a high class problem, but─

Edward Keible

And, on the headcount side the increases that we do see, the incremental increases that we do see are directly related to the increase on the defense and security side of the business.

[Bill Frerichs – Radnorwood Capital Group]

Okay, very good. Thank you.

Edward Keible

Thanks Bill.

Operator

Okay, thank you and our next question comes from Richard Valera with Needham & Company. Go ahead please.

Richard Valera – Needham & Company

Thanks, good afternoon. The graphs on the strength of the non-telecom business I’m just wondering how you see the trajectory of that business. First into the fourth quarter, do you see that sort of remaining at that roughly $6 million level and then secondly you gave a sort of flattish outlook for all of `09. I’m just wondering what’s embedded in that with respect to the non-telecom business?

Edward Keible

Oh, Rich in general I think we feel good about the non-telecom business. We would expect in Q4 that we’ll see a little bit of a downtrend, not so much from anything we’re seeing in the market, but we will be consolidating our two domestic facilities into one facility during the quarter so we will lose some production time. But I would expect in ’09 that we would see relative strength in the growth of that business relative to the telecom business.

Richard Valera – Needham & Company

So you would essentially expect growth there and maybe expect some decline in telecom?

Brett Wallace

Yes, I think that given what you’ve been hearing from Ed and I, I think that’s a reasonable expectation.

Edward Keible

This is Ed. But I think it’s pretty early in this game for us to really make assumptions about how carriers may or may not spend their capital next year, Rich. And so it’s–

Richard Valera – Needham & Company

Fair enough, I was really more looking for your expectations on the non-telecom. I understand on the telecom side that’s sort of roll the dice somewhat at this point.

Edward Keible

Yes.

Richard Valera – Needham & Company

And just the percentage from NSN, did you give that? I think you typically give that on your calls.

Brett Wallace

Fifty-six percent.

Richard Valera – Needham & Company

Great, and then in your prepared remarks, you ascribed the weakness to a combination of timing of deployments and general weakness, specifically on the timing of deployments. Is there any more color you could have there? I know historically a sort of lumpiness in India has been a huge swing-factor for you. Is it more of that or are there other regions where you’re seeing pauses in deployments?

Edward Keible

Well, as much as we know through our customers, it’s largely India. It’s largely voter phone (ph 00:21:44).

Richard Valera – Needham & Company

Okay, So, from what you can gather the rest of the business is I guess maybe a little bit softer, but not dramatically changed.

Edward Keible

That’s correct.

Richard Valera – Needham & Company

Got you, and then Brett, with respect to gross margins, you had flattish revenue quarter-over-quarter and I would have thought maybe a bit of a mixed improvement moving to more non-telecom business but the gross margin was down about 100 bits (ph 00:22:18). What was going on there?

Brett Wallace

The biggest issue there was last quarter we had almost 250,000 dollars of NREs (ph 00:22:31) or development fee revenues. This quarter we had less than 50,000. So we recognized 100% margin on that revenue, so that basically accounts for the difference that you see there.

Richard Valera – Needham & Company

Got you, that makes sense. And then just overall pricing environment, I guess particularly in telecom really, have you seen any changes in pricing over the last quarter relative to the last year I would say?

Edward Keible

You mean for ourselves?

Richard Valera – Needham & Company

For yourselves, yes.

Edward Keible

Yes, so, we’re continually under pricing pressure largely because NSN competes with NEC and others in the market. And since our component is over 50% of the building materials of the radio itself, it behooves us to help NSN beat NEC any place we can, I guess, until of course we get business with NEC.

Richard Valera – Needham & Company

Sure, so would you say there’s been any accelerated pricing pressure or is it sort of the same trajectory you’ve been on for a while?

Edward Keible

We’ve been on a trajectory of down 10% for at least the last five years year-on-year.

Richard Valera – Needham & Company

Got you, and you think it’s pretty similar to that right now?

Edward Keible

Yes, and we think it will continue. We expend our engineering resources to try to stay ahead of that curve.

Richard Valera – Needham & Company

Got you, and with respect to potential new customers on the telecom side, I know you can’t sort of preannounce any, but can you give us any since of the pipeline there, sort of the opportunities for new telecom customers?

Edward Keible

John you want to?

John Mikulsky

Rich, this is John. While we’re always continually on the hunt either to get bigger footprints at existing customers or see if we can pick up a socket at new customers. So we’re always on the hunt and are always hopeful that we can have something nice to talk about.

Richard Valera – Needham & Company

Fair enough, well those are my questions. Good luck gentlemen.

Edward Keible

Thanks, Rich.

Operator

Thank you. And our next question comes from Kevin Dede with Morgan Joseph. Go ahead please.

Kevin Dede – Morgan Joseph & Co., Inc.

Hi guys. I sort of missed your response to Rich’s question regarding the fourth quarter. Are you assuming, if I understood correctly, it’s 12 to 13 on the top line and you’re assuming a flattish side on the defense?

Brett Wallace

Yes.

Kevin Dede – Morgan Joseph & Co., Inc.

Sequentially, yes, okay, great, alright, then–

Brett Wallace

Flattish to down slightly in the defense side.

Kevin Dede – Morgan Joseph & Co., Inc.

Okay, can you give us a little more insight on the margin profile given that, as Rich pointed out, the discrepancy between 2Q and 3Q and what we could expect going forward given an increased mix in defense?

Edward Keible

What I said was–

Kevin Dede – Morgan Joseph & Co., Inc.

Yes, you have got NRE at 250,000, which bolstered your gross margin, but I guess what I’m wondering is how should we expect that margin to change as the mix of non-telecom increases?

Brett Wallace

I mean in terms of what I said in Q4─

Kevin Dede – Morgan Joseph & Co., Inc.

Yes, you said high 20s.

Brett Wallace

High 20s.

Kevin Dede – Morgan Joseph & Co., Inc.

Right.

Brett Wallace

In general what we’ve said is the direct margins on the non-telecom business are typically higher than telecom, so over time as that becomes a bigger proportion of our revenue, our expectation would we be able to drive improved gross margins in the business.

Kevin Dede – Morgan Joseph & Co., Inc.

Okay, would you expect to see that, Brett, next year?

Brett Wallace

I think it’s as I’ve said, we’re still going through the budgeting process. It’s too early to say because we don’t know exactly what the mix is going to be. So I’ll be in a better position to talk about that on the next call.

Kevin Dede – Morgan Joseph & Co., Inc.

Okay.

Edward Keible

But if revenues from the defense business carry higher margins than telecom, the thing that could impact our overall margins for next year of course is if telecom is very soft. We’re still investigating where telecom might be for next year.

Kevin Dede – Morgan Joseph & Co., Inc.

Understood.

Edward Keible

If we reduce revenues and just make up the revenues in defense, it’s hard to push your margins up.

Kevin Dede – Morgan Joseph & Co., Inc.

Right, so you mentioned that things sort of weakened as the quarter went on. Was it sort of later in the quarter on the telecom side? Could you be more specific and–

Edward Keible

Yes, it was later in the quarter.

Kevin Dede – Morgan Joseph & Co., Inc.

Okay, and could you─

Edward Keible

We get weekly forecasts from our customers so we see these things falling off relative real-time.

Kevin Dede – Morgan Joseph & Co., Inc.

Right, because it’s pretty much a just-in-time situation for you guys.

Edward Keible

Yes.

Kevin Dede – Morgan Joseph & Co., Inc.

Okay, so can you give us more detail on where L3 SafeView spends in their airport deployment? I know you had a pretty nice second run order from them and I’m just kind of wondering how that’s going.

John Mikulsky

Right, high Kevin, this is John again. Let’s see, we have shipped a good bit of product to them and they’re working that into terminals exactly the schedule that they’ll have with the TSA is not something we have that much look through on the channel. They’re working that deployment and I think are expecting firm orders from TSA shortly.

Kevin Dede – Morgan Joseph & Co., Inc.

John, in your mind does that indicate that there’s going to be a far more reaching deployment or is this still sort of a beta test run? I guess that’s kind of where I’m trying to go.

John Mikulsky

Right, well they’re still working some phase II (ph 00:28:45) trials. Everything that we’ve ever heard about any of these trials is that they’ve always gone well. People are continually very complimentary of the equipment and its performance. But we would hope that just as they march through the steps that that is a precursor of them really getting on a step ramp.

Kevin Dede – Morgan Joseph & Co., Inc.

Okay, so given sort of the change in the overall telecom environment, John, do you think you’re going to sort of revisit your M&A strategy and maybe hunker down a little bit more? Do you think you might be able to find some opportunities as valuations decline?

John Mikulsky

Well, I mean certainly valuation in some of our discussions has been a barrier in the past, my hope is that the current economic environment and lack of capital out there will be a slap in the face that some of these people need to get a little more realistic on valuation. So given that we have the cash to do deals, I would hope that it presents more opportunity in Q4 and into ’09.

Kevin Dede – Morgan Joseph & Co., Inc.

Okay, so I guess I take from that the door is open?

John Mikulsky

Absolutely.

Kevin Dede – Morgan Joseph & Co., Inc.

Very good then, I know it’s unclear where your mix is but if you were to assume sort of a flattish gross margin next year and flattish revenues, it seems to me you’d burn cash. Am I looking at things fairly or is it too hard to say because you can’t determine─

Brett Wallace

Again, I think anything in terms of what’s going to happen with cash into next year is too hard to say. Like I say, we’re going through the budgeting process right now and we look at everything in terms of our spending resources, our staffing, et cetera. And that’s a process we’re going through right now, but it’s too early to say.

Kevin Dede – Morgan Joseph & Co., Inc.

Will you have your facilities consolidated by the end of the year?

Brett Wallace

We will be in the process of consolidating at the end of the year.

Kevin Dede – Morgan Joseph & Co., Inc.

In the process of, okay, very good.

Edward Keible

Well, we were targeted to finish by the end of the year, but you know how getting permits and this is. So it’s got to be right around then.

John Mikulsky

This is John. We’ll be moved in either sometime between the end of December, end of January.

Kevin Dede – Morgan Joseph & Co., Inc.

So is everything going into Diamond Springs? Is that the target?

John Mikulsky

No, actually we’re moving to a new facility in Folsom.

Kevin Dede – Morgan Joseph & Co., Inc.

Well, congrats on that and I hope it goes well.

Edward Keible

Thanks.

Operator

(Operator Instructions) And our next question comes from Chris Ryder with Lucrum Capital. Go ahead please.

Chris Ryder – Lucrum Capital

Good afternoon. Most of my questions have been answered. Thanks a lot.

Operator

And gentlemen, we have no further audio questions at this time. I’d like to turn the conference back over to Mr. Ed Keible for any closing statements.

Edward Keible

Yes, thank you operator. And I just want to thank everyone on the line and the webcast, for your continued interest in Endwave. That concludes our call for today. Thank you.

Operator

Ladies and gentlemen, this concludes the Endwave Corporation’s Third Quarter Conference Call. You may now disconnect and thank you for using ACT conferencing.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Endwave Corporation, Q3 2008 Earnings Call Transcript
This Transcript
All Transcripts