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Endwave prices IPO at $14 a share

Endwave (Nasdaq: ENWV) priced 6 million shares at $14 a share for trading Tuesday.

Endwave is one of this week's more promising IPO's, according to Justin Burrows of Hoover Online's IPO Central, the deal had been expected to price between $13 to $15.

For the six months ended June 30, the company had a net loss of $27.45 million on revenue of $18.61 million, as compared to a loss of $27.45 million on revenue of $4.05 million in 1999's same six-month period.

The company provides RF modules, transceivers and antennas to wireless systems integrators and equipment manufacturers. Its financial history is difficult to evaluate since its merger with Milliwave in March changed operations considerably.

Endwave relied heavily on three customers; Hughes Network Systems, Nokia (NYSE: NOK) and Nortel Networks (NYSE: NT) and its affiliates accounted for 29 percent, 21 percent and 26 percent of our revenues in the six months ended June 30, 2000.

Competition in the market for RF subsystems comes from Celeritek (Nasdaq: CLTK), Infineon Technologies (NYSE: IFX), MTI Technology (Nasdaq: MTIC); in the market for antennas, Endwave competes with Andrew Corp. (Nasdaq: ANDW), Electromagnetic Sciences and others.

Lead underwriter for the deal was DB Alex Brown. Co-managers were J.P. Morgan and USB Piper Jaffray.
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