Endwave Corp. (ENWV, Financial) filed Quarterly Report for the period ended 2010-03-31.
Endwave Corp. has a market cap of $28.6 million; its shares were traded at around $2.9583 with and P/S ratio of 1.5. ENWV is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Ian Cumming of Leucadia National, Jim Simons of Renaissance Technologies LLC.
During the first three months of 2010, general and administrative costs were $1.1 million compared to $1.8 million in the first three months of 2009. The decrease in general and administrative costs was primarily due to a $390,000 decrease in personnel-related expenses, a $175,000 decrease in stock-based compensation and a $118,000 decrease for professional fees. The decrease in personnel-related expenses is primarily due to the restructuring activities taken during fiscal 2009.
During the first three months of 2010, operating activities used $436,000 of cash as compared to $2.7 million during the first three months of 2009. Our net loss adjusted for depreciation and other non-cash items, was $663,000 during the first three months of 2010 as compared to $1.8 million during the first quarter of 2009. During the first three months of 2010, the remaining provision of $227,000 in cash was primarily due to a $681,000 increase in accounts payable and a $375,000 decrease in accounts receivable which were partially offset by a $658,000 increase in inventories and a $291,000 decrease in accrued compensation, restructuring, other current and other long-term liabilities. During the first three months of 2009, the remaining use of $838,000 in cash was primarily due to a $2.5 million increase in accounts receivable, a $633,000 decrease in accrued compensation, restructuring, other current and other long-term liabilities and a $436,000 decrease in accrued warranty which were partially offset by a $2.6 million decrease in inventories.
During the first three months of 2010, investing activities provided cash of $1.7 million as compared to using $1.1 million of cash in the first three months of 2009. The source of cash during the first three months of 2010 was primarily the result of the net sales and maturities of investments of $2.0 million partially offset by the purchase of leasehold improvements and equipment of $345,000. The use of cash during the first three months of 2009 was primarily the result of a net $878,000 purchase of investments and the purchase of $175,000 for leasehold improvements and equipment.
At March 31, 2010, we had a net unrealized gain of $10,000 related to $9.2 million of investments in nine debt securities. The increase in the value of these investments is primarily related to changes in interest rates. The investments all mature during 2010 and we believe that we have the ability to hold these investments until the maturity date. We recorded a foreign currency transaction loss of $3,000 and $5,000 during the first three months of 2010 and 2009, respectively.
We currently pay a number of expenses related to our Thai personnel and office in Thai Bhat. During the first quarter of 2010, the total payments made in Thai Bhat were $199,000 and we recorded a related foreign currency transaction loss of $3,000. During the first quarter of 2009, the total payments made in Thai Bhat were $196,000 and we recorded a related foreign currency transaction loss of $5,000.
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Endwave Corp. has a market cap of $28.6 million; its shares were traded at around $2.9583 with and P/S ratio of 1.5. ENWV is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Ian Cumming of Leucadia National, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
During the first three months of 2010, research and development costs were $1.0 million compared to $1.7 million in the first three months of 2009. The decrease in research and development costs was primarily due to a $352,000 decrease in personnel-related expenses and a $340,000 decrease for project-related expense. The decrease in personnel-related expenses is primarily due to the restructuring activities taken during fiscal 2009.During the first three months of 2010, general and administrative costs were $1.1 million compared to $1.8 million in the first three months of 2009. The decrease in general and administrative costs was primarily due to a $390,000 decrease in personnel-related expenses, a $175,000 decrease in stock-based compensation and a $118,000 decrease for professional fees. The decrease in personnel-related expenses is primarily due to the restructuring activities taken during fiscal 2009.
During the first three months of 2010, operating activities used $436,000 of cash as compared to $2.7 million during the first three months of 2009. Our net loss adjusted for depreciation and other non-cash items, was $663,000 during the first three months of 2010 as compared to $1.8 million during the first quarter of 2009. During the first three months of 2010, the remaining provision of $227,000 in cash was primarily due to a $681,000 increase in accounts payable and a $375,000 decrease in accounts receivable which were partially offset by a $658,000 increase in inventories and a $291,000 decrease in accrued compensation, restructuring, other current and other long-term liabilities. During the first three months of 2009, the remaining use of $838,000 in cash was primarily due to a $2.5 million increase in accounts receivable, a $633,000 decrease in accrued compensation, restructuring, other current and other long-term liabilities and a $436,000 decrease in accrued warranty which were partially offset by a $2.6 million decrease in inventories.
During the first three months of 2010, investing activities provided cash of $1.7 million as compared to using $1.1 million of cash in the first three months of 2009. The source of cash during the first three months of 2010 was primarily the result of the net sales and maturities of investments of $2.0 million partially offset by the purchase of leasehold improvements and equipment of $345,000. The use of cash during the first three months of 2009 was primarily the result of a net $878,000 purchase of investments and the purchase of $175,000 for leasehold improvements and equipment.
At March 31, 2010, we had a net unrealized gain of $10,000 related to $9.2 million of investments in nine debt securities. The increase in the value of these investments is primarily related to changes in interest rates. The investments all mature during 2010 and we believe that we have the ability to hold these investments until the maturity date. We recorded a foreign currency transaction loss of $3,000 and $5,000 during the first three months of 2010 and 2009, respectively.
We currently pay a number of expenses related to our Thai personnel and office in Thai Bhat. During the first quarter of 2010, the total payments made in Thai Bhat were $199,000 and we recorded a related foreign currency transaction loss of $3,000. During the first quarter of 2009, the total payments made in Thai Bhat were $196,000 and we recorded a related foreign currency transaction loss of $5,000.
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