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Metawave Reports Third Quarter 2002 Financial Results.

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Business Editors, High-Tech Writers

REDMOND, Wash.--(BUSINESS WIRE)--Oct. 22, 2002

Metawave(R) Communications Corp. (Nasdaq:MTWV), the leading worldwide provider of smart antenna solutions for wireless voice and data networks, today announced financial results for third quarter ended September 30, 2002.

Net revenue for the quarter was $4.0 million compared to $4.2 million in the second quarter of 2002 and $5.2 million in the third quarter of 2001. Backlog as of September 30, 2002 was $4.8 million.

Gross profit for third quarter 2002 was $1.5 million, or 38.0 percent of net revenue, compared to a gross profit of $1.1 million, or 26.7 percent of net revenue, in the second quarter of 2002 and a gross profit of $1.9 million, or 36.4 percent of net revenue, in the third quarter of 2001.

The net loss to common shareholders for the quarter was $3.2 million, or $0.06 per share, compared to a net loss of $6.9 million, or $0.13 per share, in the second quarter of 2002 and a net loss of $15.3 million, or $0.31 per share, in the third quarter of 2001. Pro forma net loss to common shareholders for the third quarter was $3.5 million, or $0.07 per share, compared to a pro forma net loss of $5.2 million, or $0.10 per share, in the second quarter of 2002 and a pro forma net loss of $8.3 million, or $0.17 per share, in the third quarter of 2001. The differences between the reported and the pro forma net loss for third quarter relates to amortization of intangibles including deferred compensation and discontinued operations.

For the nine months ended September 30, 2002, revenue was $14.3 million compared to $23.8 million in the same period last year. The company reported a net loss of $47.2 million, or $0.92 per share, in the nine months ended September 30, 2002, compared to a net loss of $60.7 million, or $1.33 per share, in the same period in 2001. Pro forma net loss for the nine months ended September 30, 2002 was $14.3 million or $0.28 per share compared to a pro forma net loss of $23.8 million, or $0.52 per share, in the same period in 2001.

"We undertook a major...

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