Endwave Corp. (ENWV, Financial) filed Quarterly Report for the period ended 2010-06-30.
Endwave Corp. has a market cap of $25.9 million; its shares were traded at around $2.65 with and P/S ratio of 1.4. Endwave Corp. had an annual average earning growth of 68.1% over the past 5 years.ENWV is in the portfolios of Jim Simons of Renaissance Technologies LLC.
During the first half of 2010, research and development costs decreased in absolute dollars compared to the first half of 2009 primarily due to a decrease of $525,000 in personnel related expenses, a decrease of $276,000 in project related expenses and a decrease of $136,000 in stock-based compensation expenses.
During the second quarter of 2010, general and administrative costs were $882,000 compared to $1.5 million in the second quarter of 2009. The decrease in general and administrative costs was primarily due to a $220,000 decrease in personnel-related expenses, a $203,000 decrease in stock-based compensation and a $101,000 decrease for professional fees.
During the first half of 2010, general and administrative costs were $2.0 million compared to $3.2 million in the first half of 2009. The decrease in general and administrative costs was primarily due to a $661,000 decrease in personnel-related expenses, a $378,000 decrease in stock-based compensation and a $219,000 decrease for professional fees. The decrease in personnel-related expenses is primarily due to the restructuring activities undertaken during fiscal 2009.
During the second quarter of 2009, we recorded $166,000 of restructuring expenses. A restructuring charge of $258,000 for the second quarter 2009 restructuring plan was partially offset by a $55,000 adjustment to the first quarter 2009 restructuring plan and $37,000 of restructuring expense recorded in discontinued operations. During the third quarter of 2009, we recorded a $15,000 positive adjustment as a result of lower benefit charges in connection with our second quarter 2009 restructuring plan than were originally anticipated.
Our functional currency is the U.S. Dollar. Transactions in foreign currencies other than the functional currency are remeasured into the functional currency at the time of the transaction. Foreign currency transaction losses consist of the remeasurement gains and losses that arise from exchange rate fluctuations related to our operations in Thailand. During the second quarter of 2010, we recorded a foreign currency transaction loss of $2,000 and during the second quarter of 2009 we recorded a foreign currency transaction gain of $2,000. During the first half of 2010 and 2009, we recorded foreign currency transaction losses of $5,000 and $3,000, respectively.
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Endwave Corp. has a market cap of $25.9 million; its shares were traded at around $2.65 with and P/S ratio of 1.4. Endwave Corp. had an annual average earning growth of 68.1% over the past 5 years.ENWV is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
During the second quarter of 2010, research and development costs decreased in absolute dollars compared to the second quarter of 2009. During the second quarter of 2010, a decrease of $173,000 in personnel related expenses and a decrease of $103,000 in stock-based compensation expenses were partially offset by an increase of $64,000 in project related expenses.During the first half of 2010, research and development costs decreased in absolute dollars compared to the first half of 2009 primarily due to a decrease of $525,000 in personnel related expenses, a decrease of $276,000 in project related expenses and a decrease of $136,000 in stock-based compensation expenses.
During the second quarter of 2010, general and administrative costs were $882,000 compared to $1.5 million in the second quarter of 2009. The decrease in general and administrative costs was primarily due to a $220,000 decrease in personnel-related expenses, a $203,000 decrease in stock-based compensation and a $101,000 decrease for professional fees.
During the first half of 2010, general and administrative costs were $2.0 million compared to $3.2 million in the first half of 2009. The decrease in general and administrative costs was primarily due to a $661,000 decrease in personnel-related expenses, a $378,000 decrease in stock-based compensation and a $219,000 decrease for professional fees. The decrease in personnel-related expenses is primarily due to the restructuring activities undertaken during fiscal 2009.
During the second quarter of 2009, we recorded $166,000 of restructuring expenses. A restructuring charge of $258,000 for the second quarter 2009 restructuring plan was partially offset by a $55,000 adjustment to the first quarter 2009 restructuring plan and $37,000 of restructuring expense recorded in discontinued operations. During the third quarter of 2009, we recorded a $15,000 positive adjustment as a result of lower benefit charges in connection with our second quarter 2009 restructuring plan than were originally anticipated.
Our functional currency is the U.S. Dollar. Transactions in foreign currencies other than the functional currency are remeasured into the functional currency at the time of the transaction. Foreign currency transaction losses consist of the remeasurement gains and losses that arise from exchange rate fluctuations related to our operations in Thailand. During the second quarter of 2010, we recorded a foreign currency transaction loss of $2,000 and during the second quarter of 2009 we recorded a foreign currency transaction gain of $2,000. During the first half of 2010 and 2009, we recorded foreign currency transaction losses of $5,000 and $3,000, respectively.
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