Andrew Corp. Posts Strong Third Quarter Sales

ORLAND PARK, IL, July 26/Satnews Daily/ – Global communications systems equipment supplier Andrew Corp. (NASDAQ: ANDW), reported today its third fiscal quarter ended June 30 highlighted by record third quarter sales of $493 million.

In a statement, Andrew said its third quarter sales rose by 131% from $213.7 million in the year ago quarter and higher than previous guidance of $450 million to $480 million in sales. This was attributed to continued improved wireless infrastructure market demand and the acquisition of Allen Telecom in the fourth quarter of fiscal 2003. Andrew posted net income of $17.7 million or $0.11 per share, compared to net income of $7.6 million or $0.08 per share in the year ago quarter.

Andrew’s third quarter results include amortization of $9.6 million or $0.03 per share and pre-tax restructuring charges of $0.7 million. The year ago third quarter included a gain from real estate transactions of $9.4 million or $0.10 per share, intangible amortization of $3.7 million or $0.03 per share and pre-tax restructuring charges of $0.5 million.

“We are very pleased to report results that exceeded our expectations, including record sales performance and operational gross margin improvement,” said Ralph Faison, President and CEO. “Andrew is strategically positioned to benefit from the long-term growth opportunities we see in wireless communications.”

Sales for the nine months ended June 30, 2004 were $1.4 billion, up 102% from $669.6 million reported for the nine months ended June 30, 2003. Net income for the nine months ended June 30, 2004 was $31.7 million or $0.20 per share, compared to net income of $10.3 million or $0.10 per share for the nine months ended June 30, 2003.