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Endwave Corp. (NASDAQ:ENWV)

Q2 2008 Earnings Call

July 24, 2008 1:30 pm ET

Executives

Curt Sacks – Vice President of Finance, Corporate Comptroller

Edward Keible, Jr. – Chief Executive Officer, President

John Mikulsky – Chief Operating Officer, Executive Vice President

Brett Wallace – Chief Financial Officer, Executive Vice President

Analysts

[Unidentified Analyst – RAS Norwood Capital]

Chris Ryder – Lucrum Capital

[James Sappor] – Eagle Rock Capital

Kevin Dede – Morgan Joseph and Company

Operator

Welcome to the Endwave Corporation’s second quarter conference call held July 24, 2008. (Operator Instructions) For opening remarks and introductions I would like to turn the call over to Curt Sacks, Endwave’s Vice President of Finance and Corporate Comptroller.

Curt Sacks

With me on 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 we begin I will make a brief statement regarding the forward-looking remarks 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 (GAAP), Endwave will discuss certain results that are non-GAAP. A reconciliation from the GAAP results is included in the 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 a substitute for, or superior to GAAP results.

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

Edward Keible

Today I am pleased to report that our second quarter earnings or revenues were $17.3 million, up 28% year-over-year which led to an operating profitability on a non-GAAP basis. This performance was the result of both continued strength in our telecom business and greatly increased momentum in our non-telecom markets. We are pleased that our second quarter achievements continue to confirm our expectation of strong financial performance for Endwave throughout 2008.

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 our markets, products and technology.

Brett Wallace

On today’s call I will be reviewing our results for the second quarter 2008 and providing forecast information for the third quarter and the balance of the year. The second quarter 2008 was a very strong quarter for Endwave. We reported revenues of $17.3 million, significantly above our earlier expectations of $15-$15.5 million.

Our revenues of $17.3 million represent a 28% increase over the second quarter of 2007 and a 22% sequential increase. Included in total revenues is $247,000 of development fees. Our telecom revenues for the second quarter were $12.1 million. This reflects a 14% increase over the second quarter of 2007 and a 16% increase over last quarter.

During the quarter Nokia Seimens networks contributed 62% of total revenues. We had no other customer greater than 10% of our revenue during the quarter. Our non-telecom revenues during the second quarter were $5.2 million which represents the highest quarterly revenue from these markets in Endwave’s history.

During the June quarter revenues derived from non-telecom customers increased 78% compared to the second quarter of 2007 and increased 39% compared to last quarter. Our revenues continue to reflect our progress in diversifying our business.

In Q2, non-telecom customers represented 30% of our customers, the highest percentage in our history. 70% of our total revenue during the quarter was derived from telecom customers. As anticipated in our April conference call, we experienced gross margin improvement during the second quarter due to our increased revenue base and favorable product mix.

Our non-GAAP gross margin for this quarter was 33% up from 26% in the second quarter of 2007 and up from 30% last quarter. Including amortization of intangible assets and non-cash stock compensation expense, our GAAP gross margin for the second quarter was 31%, up from 24% in the second quarter of 2007 and up from 28% last quarter.

As expected, our operating expenses during the quarter were relatively flat. During the second quarter our non-GAAP operating expenses were $5.4 million consistent with last quarter. Including amortization of intangible assets and non-cash stock compensation expense our GAAP operating expenses for the second quarter were $6.5 million.

Non-GAAP net income for the second quarter was $648,000 or $0.05 per diluted share as compared to a non-GAAP net loss of $489,000 for the second quarter of 2007 and a non-GAAP net loss of $603,000 last quarter.

Turning to the balance sheet we ended the quarter with cash, cash equivalents and investments totaling approximately $44 million. This represents a decrease of about $3 million from the prior quarter. During the quarter we paid out approximately $1 million as the final payment for the ALC acquisition. Also, net inventory increased to $15.1 million up from $12.5 million at the end of the March quarter. This increase was primarily attributable to increased raw materials inventory purchased to meet increased demand for the remainder of the year.

Inventory turns declined slightly in Q2 to three turns as compared to 3.2 turns in the March quarter. DSO’s were 56 days, down from 71 days last quarter and below our typical range of 60-70 days. Our outstanding receivables are primarily current and within terms.

Our fully diluted share count for the June quarter was 12.3 million shares which includes 3 million common shares underlying the convertible preferred stock held by old investment partners.

Looking forward we are excited about our progress during the second quarter and our outlook for the balance of 2008 continues to be positive. During the June quarter demand for Nokia Seimens networks, our largest customer, was higher than anticipated. This increased demand enabled us to substantially surpass our revenue guidance and we continue to see significant near-term opportunity with this key customer.

On the non-telecom side we generated record revenues from this customer base during the second quarter and continue to be optimistic about our prospect for revenue growth with these customers.

Based on our expectation of continued strong demand from both telecom and non-telecom customers, we are increasing our annual revenue growth target for 2008 to 15% up from our previous expectation of 10% annual growth. While we continue to be cautious given this difficult economic environment and uncertain business conditions we have just completed our strongest first half in company history from a revenue perspective and we anticipate continued growth in the second half of 2008.

With regard to our outlook for the third quarter we currently expect future revenues to be in line with Q2. That level of revenue for the third quarter would represent approximately 25% revenue growth over the third quarter of 2007. Based on these revenue expectations we currently anticipate our gross margin in the third quarter will be similar to the second quarter. We believe our quarterly operating expenses are relatively stable at current levels.

In conclusion, we are pleased with our performance for the quarter. Despite a challenging environment we were able to significantly exceed our revenue expectations. We continue to focus on growing our business while maintaining control on costs. We expect our substantial investment in technology will help us grow in future periods.

Finally, while the MNA market remains difficult we will continue to look for opportunities to complement our organic growth through acquisitions.

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

Edward Keible

First let me comment on our telecom business which as Brett has stated represented 70% of our revenues during this quarter. As we noted in our last earnings call, towards the latter part of the first quarter we saw the demand for Nokia Seimens networks increase. We were pleased to have that increased demand continue into our second quarter. Based in large part on strong shipments of products being deployed in India, our revenues from Nokia Seimens networks in the first half were up 22% over last year.

In other telecom developments we saw increased demand for our e-band transmit receive modules this past quarter as we fulfilled the initial production order from San Diego based E-Band Communications Corporation, a leader in ultra high capacity wireless communication systems with a 70 and 80 Ghz e-band spectrum.

We were recently awarded a follow-on contract from E-Band Communications and expect to show continued revenue growth from this customer in the quarters to come. We believe our collaboration with E-Band Communications provides a path to benefit from the acceleration of domestic wireless backhaul radio deployments for emerging 4g networks including WiMax and LTE.

In our non-telecom business as Brett has reviewed, we generated a growth of 78% on the year-over-year basis. This growth came from multiple customers in test and measurement, fence electronics and the Homeland Security markets. In the test and measurement arena I am proud to announce our collaboration with Paradigm, a leading provider of automatic test equipment for the semiconductor industry for their new ultra-wave test instrument.

Ultra-wave offers the producers of integrated circuits for wireless applications, greater test efficiency thus lowering the cost of RF semi-conductor devices. Paradigm has announced orders from multiple customers for ultra-wave including Broadcom who uses equipment for testing on ship devices for blue tooth, wireless LAN and cellular applications.

During the first quarter we completed the design of our [hoodop] systems and this quarter we began volume production. We expect to generate continued growth from these products as Paradigm gains traction with ultra-wave and we anticipate working with them on future equipment.

Our strong capabilities in high frequency RF front-ends matches nicely with the needs of this market space as test frequencies continue to increase with next generation equipment.

On the defense electronics front we recently announced an 18-month production contract with Boeing to supply broadband frequency converters used in the 3035 upgrade program for the Air Force’s AWACS aircraft. Production deliveries began during the second quarter and are expected to extend out over 18 months with the potential for follow-on orders. We have invested aggressively in our defense business for several years and are pleased to see the investment pay off in the form of large, long-term production contracts such as this one.

Also on the defense electronics market we experienced strong demand across our amplifier product offerings. This business strength was led by the ALC microwave long video amplifier product line but also included ALC’s driver and power amplifier products. We are pleased to see that together the JCA and ALC acquisitions are providing us with the revenues, products and customer relationships that we had expected.

In homeland security market we continued to deliver the RF chassis for the L3 SafeView imagery portals. In April the Transportation Security Administration Chief, Kip Hawley, publicly announced TSA was going to ramp up purchases of metal media wave checkpoint security. Specifically the L3 SafeView pro-vision portals were singled out and during the quarter the TSA began deploying 38 pro-vision scanners in nine U.S. airports.

In addition to these U.S. airport checkpoint deployments, L3 has publicly stated that scanners are already used in many different applications including court houses, jails, embassy’s, border crossings, military checkpoints and some overseas airports such as Amsterdam.

Now I’d like to address what we believe are the avenues for growth in our markets for the remainder of 2008 and beyond.

As to the current state of overall wireless business we believe the back haul requirements for global telecom networks are increasing and we expect this segment to outpace the overall infrastructure growth. Our expected growth is based on underlying drivers of 2G voice centric network deployment in developing countries combined with an evolution towards data centric network enhancements in developed countries.

The transmission capacity and capability demands of bandwidth intensive data transmission standards such as HSDPI, WiMax, LTE and others require greatly increased back haul requirements, accelerating the demand for higher data rate microwave radios. In turn, as the leading supplier of transceivers that enable these radios, we expect to benefit from this rising demand for wireless bandwidth. Additionally, for this market we are currently developing hybrid Ethernet TBM microwave radio products that will allow our customers to offer carriers a seamless migration path to IP based backhaul.

In other communication markets, Endwave recently announced the completion of a new 60 GHz transceiver module that is generating substantial interest for application in wireless multi-media distribution equipment. This emerging application is targeted at short-range, high data rate indoor wireless multi-media connections thereby enabling high definition video streaming, distributed computing, wireless docking and wireless gaming without cabling. These applications could develop into a very interesting future business area for us.

In the defense electronics market our team continues to work on several new development products that take advantage of our microwave and millimeter wave engineering and manufacturing expertise. As we have noted in the past these programs have long sale cycles and system development periods which typically result in long-term revenues once the design is completed and production commences. The Boeing program I discussed earlier is typical of such efforts.

In the security market in addition to L3 SafeView we are working with several other OEM’s 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 at retail store warehouses.

Now let me turn to technology developments. We continue to invest aggressively in developing innovative products and technologies that differentiate us. One of our newest products is Endwave’s Smart TR Module product line. We have taken our leading microwave transceiver technology and coupled it with digital smarts resulting in a next generation transceiver module with higher levels of precision, consistency and accuracy. Our Smart TR modules enable adaptive modulation allowing our customer’s radios to dynamically adjust and optimize their performance under variable transmission conditions.

Another 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 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 our semiconductor content is custom designed as opposed to off-the-shelf devices. Our IP design team provides our module engineering team with customized, application specific integrated circuits, simultaneously reducing costs and improving performance of our products.

Finally I would like to take a moment to salute our employees for being recognized twice in one month for their technical advances in manufacturing innovation. We are extremely proud to have received two awards during the second quarter for manufacturing innovation and automation. Our implementation of a cutting-edge RFID tracking system on our factory floor allows us to improve efficiency and customer service.

Ultimately it is our goal to translate these competitive advantages in technology and manufacturing to create a company that is successful, profitable and growing based on our industry leadership.

This concludes our formal remarks.

Question-And-Answer Session

Operator

(Operator instructions) The first question comes from [Unidentified Analyst – RAS Norwood Capital].

[Unidentified Analyst – RAS Norwood Capital]

I was wondering if you could apply any kind of financial metrics to the Boeing deal. What the production orders were? What the overall program is worth and sort of subjectively how you think it will go.

Edward Keible

Obviously we would be happy to tell everybody everything that Boeing allows us to say. So it is pretty clear Boeing would just as soon not have that public. Here is what I can tell you, it would be clearly a large contract or we wouldn’t have had a press release but it is less than we didn’t have to file an 8K so that means it is at least not immaterial in terms of an 8K contract. But there are also opportunities for continued follow-on.

[Unidentified Analyst – RAS Norwood Capital]

Do you know how big the AWACS upgrade program is so I can get a sense of perspective about that? Are they upgrading all the AWACS in the world?

Edward Keible

The 3035 has been in process for some time. This is an upgrade to the 3035. There is a follow-on business called 4045 which we would hope to be part of that is the newest upgrade and I believe starts next year. That will upgrade first all of the 62 AWACS that exist today but it will also be used in other surveillance aircraft. The follow-on program is quite a substantial program. You might imagine at least from our perspective the RF electronics we provide will be several hundred thousand dollars per shipment.

[Unidentified Analyst – RAS Norwood Capital]

And this is like a millimeter wave technology?

Edward Keible

That is correct.

Operator

The next question comes from Chris Ryder – Lucrum Capital.

Chris Ryder – Lucrum Capital

Can you talk about this new 60 GHz product for interior, non-cabling streaming? Is that a consumer application or is that an enterprise application?

Edward Keible

It can be both. It is, if you will, the equivalent of WiFi on steroids. Basically it will have the capability of distributing high definition TV around your home from one input box or networking your computers at very high data rates.

Chris Ryder – Lucrum Capital

Is this a technology that you are developing on spec or do you have a partner?

Edward Keible

We have some partners.

Chris Ryder – Lucrum Capital

Anybody we can talk about?

Edward Keible

No, or we would. We are happy to talk about anything but our customers often aren’t. So you might imagine that they are trying to keep this a bit under wraps on what they are doing.

Chris Ryder – Lucrum Capital

There has been a lot in the press about interest in doing this kind of product. Can you talk about a size of market opportunity for you entering this new area?

Edward Keible

It is such a new market I don’t know that we even know. We do know we are developing the product with partners who we think at least have the opportunity to be important players. Whether that happens or not is still really highly speculative.

Chris Ryder – Lucrum Capital

In terms of your forward guidance can you talk about the mix of telecom versus non-telecom?

Brett Wallace

As I said, this quarter was our highest ever for non-telecom at 30% and relative growth rates we would expect to continue to see the non-telecom business growing faster than the telecom business.

Chris Ryder – Lucrum Capital

So it is still growing faster? Even though this is a big step up?

Brett Wallace

Yes, overall growing faster.

Chris Ryder – Lucrum Capital

Are we at the point where we can start talking about a backlog in that part of your business?

Brett Wallace

I don’t think we are really at that. We have talked about backlog in the past in terms of what it looks like and even though it is a growing part of our business it is still quite a bit smaller than the telecom business. I don’t certainly see backlog becoming an internal metric for us.

Edward Keible

One of the problems with backlog, Chris, is these orders tend to be multi-year and they come in big chunks. For example, the Boeing order is 18 months long so you would have a large backlog at the beginning going to zero. Right? It is not like a catalog business where people call in and order something for delivery next week.

Chris Ryder – Lucrum Capital

The last question is on the TSA decision to deploy product at airports. Have the deployments been…have you been able to recognize revenue on those 38 deployments and is there any initial success rates to suggest that more than 90 airports are likely to use the product?

Edward Keible

All we know is what TSA has said that they are interested in doing it. We know there is 2,000 metal detectors in use in airports in the United States today and at least what TSA has said is they are thinking about using a scanner; hopefully a SafeView scanner in parallel with the metal detector in all those places eventually. It is a political decision in some ways so how long that takes we don’t know.

We recognized revenue from SafeView on a continuing basis. They are just not a 10% customer right now. They are shipping product into other locations as well as TSA.

Chris Ryder – Lucrum Capital

An example of TSA there were 38 of 2,000? In terms of where we are in terms of the deployment cycle?

Edward Keible

Yes. You are correct.

Operator

The next question comes from [James Sappor] – Eagle Rock Capital.

[James Sappor] – Eagle Rock Capital

I have a couple of questions. The first one is perfunctory. Can you give any depreciation for the quarter? You do break out amortization but unless I missed it you don’t have a line for depreciation which would presumably be in SG&A?

Brett Wallace

Total depreciation should…depreciation and amortization combined should be about $600,000 for the quarter. About 50/50 depreciation versus amortization.

[James Sappor] – Eagle Rock Capital

Last year, for the quarter last year, what would that have been? If you have it handy?

Brett Wallace

Should be slightly less than that. Probably about $500,000. Again about 50/50. I don’t have that handy but off the top of my head that is about what I think it is.

[James Sappor] – Eagle Rock Capital

More importantly, on the business product development side the consumer or enterprise grade WiFi wireless high bandwidth item you are working on, how would this compare to the Fly Wire device that Belkin announced for sale later this year in the consumer channel, which they say will broadcast 1080P wirelessly. They don’t give bandwidths. I’m not exactly sure how much bandwidth they have.

Edward Keible

I don’t know the bandwidth. We do know the bandwidth of this of course. This will replace HDMI cables.

[James Sappor] – Eagle Rock Capital

Which they say as well. So my question is do you believe, and they have announced this will be for sale commercially in the consumer channel for $1,000 later this year.

Edward Keible

The Fly Wire is a 5 GHz product, a competing product to this one. So it is going to be a matter of who can serve the consumer better at a reasonable price and has the right features.

[James Sappor] – Eagle Rock Capital

Are they similar in terms of the bandwidth you are developing and what they have announced?

Edward Keible

The bandwidth that we are developing…since they are doing 5 GHz and we are doing a 60, bandwidth goes up as a square of frequency basically. So there is a huge amount more bandwidth available at 60. To get a lot of bandwidth on low frequencies you spend a lot of money on a modulator. To get a lot of bandwidth at high frequencies you spend a lot less money on modulators.

[James Sappor] – Eagle Rock Capital

The frequency band that you are going to be serving it on, what is the licensing construct on that?

Edward Keible

The reason so many people are interested in the 60 GHz band is it is a license free band. Since it is used interiorly that is not a particular problem. The walls in your house will stop 60 GHz.

Operator

The last question comes from Kevin Dede – Morgan Joseph and Company.

Kevin Dede – Morgan Joseph and Company

The $64,000 question is what do you think is going on with Nokia? You seem to be pretty comfortable with saying that they had a lot of business in India but I was wondering if you could talk a little about what you are seeing in their own development effort and how much visibility you have.

Edward Keible

John do you want to comment on Nokia?

John Mikulsky

Let me answer that in two veins. Certainly one of the things we are seeing within the company as we work with them is that I think the Nokia Seimens networks merger has largely settled out. As we work with the organization people are getting into their different roles and becoming more comfortable. So I think that speaks well to the future. In terms of our revenues with them given the frequency bands that they are using and our conversations with them they seem to be doing well.

Kevin Dede – Morgan Joseph and Company

Can you be more specific about what you think they are developing in-house? Do you think they are working on their own SDH radio or whether or not you think you might have a chance of working with them on that?

John Mikulsky

Absolutely not.

Edward Keible

What does absolutely not what mean?

John Mikulsky

There are things we would absolutely love to talk about but obviously our customers are very sensitive about any discussions of what they are developing.

Edward Keible

But of course you do know that the Seimens side of Nokia Seimens networks has their own SDH radios.

Kevin Dede – Morgan Joseph and Company

Right and you have worked with them in the past. Can you talk about where you might be in working with them again?

Edward Keible

They are our largest customer. We would hope to be working with them on everything they do.

Kevin Dede – Morgan Joseph and Company

How about business outside of the India geography? Any view on that?

Edward Keible

I think their business remains good in other places but it is really booming in India. We are seeing good business through them in Europe but it is nowhere near as dynamic as the India business. For example, if we do the second quarter of last year versus the second quarter of this year the growth is almost 53% year-on -year. That is a big vault. That is much faster than any other place in the world growing. Other places in the world because of 3G are 10-15% per year in their deployments so these big green field deployments are what is making up the difference.

Kevin Dede – Morgan Joseph and Company

If we took a step back and just looked from the 20,000 foot view at the defense business I didn’t really see this beautiful contract coming from Boeing. I know you were working on some other projects having to do with missile targeting but what sort of programs do you think come up that you guys have a shot at getting and how would you try to frame that for people looking forward over the next 18-24 months?

Edward Keible

First, the importance of the Boeing program is it is going to be very good business for us and we like it but I think the real thing is this is a critical aircraft for the U.S. Air force. They only have 32 of them. They fly a huge amount of sorties over Iraq and Afghanistan and we are sole source to Boeing for an upgrade on it. This is I think Boeing’s largest single defense program is maintaining the AWACS aircraft. I think it is really a testimony to our technology and where we have come in the defense world. That is my sort of underlying view of Boeing. It is probably a better symbol even than business.

I think it increases our visibility dramatically in the rest of the industry. The kinds of things that we look for are the higher volume type of products. So things like seekers on missiles, targeting devices for bombs and missiles and things that get thrown away are what we are particularly good at and all of the new equipment like that have these high frequency seekers and trackers and targeting mechanisms.

We think it is potentially a great business for us. It is what we do well. As I said in my notes we have built over 500,000 millimeter wave modules. That is so far many more than anyone else. We can take that high volume and low cost manufacturing skill and deploy it in the defense world.

Kevin Dede – Morgan Joseph and Company

Are there projects or proposals that are coming up in say the next two years that are particularly appealing? I know there is a joint common missile program. Is there a shot you guys have something…

Edward Keible

There is a number of missiles because the missile armament that the U.S. has today is obsolete for the types of wars we are fighting. So there is a new joint air-ground missile. There is a joint common missile. There is a whole range of new targeting devices for helicopters. These are the kinds of things we go after and hopefully we are successful on them.

Operator

There are no further questions.

Edward Keible

I want to thank everyone on the line and the web cast for your continued interest in Endwave. In the coming quarter we will be presenting at the B. Riley Conference in San Francisco on August 12. We hope to see many of you at that event. That concludes our call for today. Thank you.

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