Drmicrocap
9 years ago
Wireless Telecom Group Announces First Quarter 2015 Financial Results Including Revenue of $8.6 Million
Business Wire
Wireless Telecom Group, Inc.
May 13, 2015 8:00 AM
PARSIPPANY, N.J.--(BUSINESS WIRE)--
Wireless Telecom Group, Inc. (NYSE MKT:WTT) announced today results for the first quarter ended March 31, 2015.
For the quarter ended March 31, 2015, the Company reported net sales of $8,628,000, compared to $9,185,000 for the same period in 2014, a decrease of 6%. Net sales in the Network Solutions segment were $5,895,000, compared to $6,390,000 for the same period in 2014, a decrease of 8%. Net sales in the Test and Measurement segment were $2,733,000, compared to $2,795,000 for the same period in 2014, a decrease of 2%.
Non-GAAP normalized EBITDA for the quarter ended March 31, 2015 was $534,000, compared to $1,116,000 for the same period in 2014. Our non-GAAP normalized EBITDA results do not include the Company’s tax provision, depreciation and amortization and stock compensation expense, as well as certain other costs. A reconciliation of net income to non-GAAP normalized EBITDA results is included in an attachment to this press release.
The Company also reported net income of $194,000 or $0.01 per diluted share for the first quarter of 2015, compared to net income of $440,000, or $0.02 per diluted share, for the first quarter of 2014, a decrease of 56%.
Paul Genova, CEO of Wireless Telecom Group, Inc. commented, “The Network Solutions segment experienced softness in order flow for Q1 2015 due to a slow start in capital spending by the North American carriers. We expect this softness to continue in the near term; however, we continue to be encouraged by the need for global investment to satisfy the significant broadband coverage and capacity requirements for DAS systems. Despite a slow start in North American carrier spending in 2015, we continue to develop our product portfolio and position the Company to support the long term growth initiatives of the carrier network build out for LTE.”
Mr. Genova added, “We believe our Network Solutions segment is well-positioned to take advantage of this growth and expect our order flow to improve as carrier spending returns to higher levels.”
Continued Genova, “In Q1 2015, our Test and Measurement segment remained steady while recent order backlog has increased for our Boonton products.”
Mr. Genova further commented, “We will continue to execute our strategic plan while remaining focused on revenue growth through improvements to our product portfolio which may include additional investments in research and development as well as pursuit of other opportunities designed to increase long term shareholder value.”
Use of Non-GAAP Financial Measures
This press release includes non-GAAP financial measures that are not in accordance with, nor an alternate to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. A reconciliation of our non-GAAP measures is included in an attachment to this press release.
Forward-Looking Statements
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Specifically, no assurances can be made with respect to: the duration of the softness experienced in the Company’s order flow; the continued need for global investment to satisfy the significant broadband coverage and capacity requirements for DAS systems; developments in the Company’s product portfolio; the Company’s ability to position itself to support the long term growth initiatives of the carrier network build out for LTE; the impact of the recent increase in order backlog in the Company’s Test and Measurement segment; the Company’s ability to execute on its strategic plan while remaining focused on revenue growth through improvements to its product portfolio; additional investments in research and development; and the Company’s pursuit of opportunities that are intended to increase long term shareholder value. Further information regarding risks and uncertainties that could affect the Company’s results are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2014.
About Wireless Telecom Group, Inc.
Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments (DAS), RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise and generators. The Company serves both commercial and government markets with workflow-oriented, WiFi, WiMAX, satellite, cable, radar, avionics, medical, and computing applications. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group’s website address is http://www.wtcom.com.
See following Selected Financial Results
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended
March 31,
(unaudited)
2015
2014
Statement of Operations Data:
Net sales $8,628 $9,185
Gross profit 3,864 4,266
Operating expenses
Research and development 917 761
Sales and marketing 1,345 1,267
General and administrative
1,263
1,436
Total operating expenses 3,525 3,464
Operating income 339 802
Interest and other (income) expense
(3)
30
Income before income taxes 342 772
Net income
$194
$440
Net income per common share:
Basic $0.01 $0.02
Diluted $0.01 $0.02
Weighted average shares outstanding:
Basic 19,497 24,033
Diluted 20,677 25,407
Three months ended
March 31,
(unaudited)
2015
2014
Reconciliation of GAAP Net Income
to Non-GAAP Normalized EBITDA:
GAAP net income $194 $440
Tax expense 148 332
Depreciation 109 119
Stock compensation expense 86 58
Other non-operating costs (3) 30
Non-recurring costs (1)
-
137
Non-GAAP normalized EBITDA
$534
$1,116
(1) Includes professional fees related to our strategic business review
March 31,
2015
December 31,
2014
(unaudited)
Balance Sheet Data:
Cash & cash equivalents $10,705 $10,724
Working capital $24,383 $24,606
Total assets $36,959 $36,289
Total liabilities $3,049 $2,659
Shareholders’ equity $33,910 $33,630
Contact:
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696
Drmicrocap
10 years ago
Wireless Telecom Group Announces Fourth Quarter and Year-End 2014 Financial Results Including an Annual Increase in Net Sales of 19%
Business Wire Wireless Telecom Group, Inc.
2 hours ago
????
PARSIPPANY, N.J.--(BUSINESS WIRE)--
Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the fourth quarter and twelve months ended December 31, 2014.
For the quarter ended December 31, 2014, the Company reported net sales of $9.3m, compared to $9.5m for the same period in 2013, a decrease of 2%. Net sales in the Network Solutions segment were $6.2m, compared to $6.0m for the same period in 2013, an increase of 3%. Net sales in the Test and Measurement segment were $3.2m, compared to $3.5m for the same period in 2013, a decrease of 10%.
For the twelve months ended December 31, 2014, the Company reported net sales of $40.3m, compared to $33.8m for the same period in 2013, an increase of 19%. Net sales in the Network Solutions segment were $28.2m, compared to $22.0m for the same period in 2013, an increase of 28%. Net sales in the Test and Measurement segment were $12.1m, compared to $11.8m for the same period in 2013, an increase of 3%.
Non-GAAP normalized EBITDA for the three and twelve month periods ended December 31 was $0.7m and $5.6m, for 2014 and $1.3m and $4.1m for 2013, respectively. Our non-GAAP normalized EBITDA results do not include the Company’s tax provision (benefit), depreciation and amortization and stock compensation expense, as well as interest expense, rental income from a property investment, a one-time gain from the sale of such property investment, a one-time gain from the sale of an investment security and certain other costs. A reconciliation of net income to non-GAAP normalized EBITDA results is included in an attachment to this press release.
Net income for the three and twelve month periods ended December 31 was $0.3m and $2.4m or $.01 and $.11 per diluted share for 2014 and $1.3m and $3.8m or $.05 and $.16 per diluted share for 2013, respectively. Net income from 2013 benefited from the non-cash recognition of the Company’s deferred tax asset.
Paul Genova, CEO of Wireless Telecom Group, Inc. commented “In 2014, we achieved strong revenue and income growth in the Network Solutions segment. Revenues increased by 28% to $28.2m and segment income increased by 36% to $7.6m driven by our strong position in the North American DAS market as well as continued global market gains in support of the carrier network build out for LTE.”
“Consistent with industry performance, the Network Solution Q4 order flow softened due to reductions in capital spending by the major domestic carriers. While we have seen an increase in current order backlog, we expect this softness to continue in the near term. However, according to a major US Carrier, global mobile data usage will more than double by 2019, increasing the need for global investment in LTE coverage and capacity for wireless operators over the long term. We believe our Network Solutions segment is well-positioned to take advantage of this growth and expect our order flow to improve as carrier spending returns to higher levels.”
Genova continued, “In 2014, our Test and Measurement segment remained steady contributing over $1m in segment income. Additionally, we generated cash flow from operating activities of $4m and we utilized $9.6m to repurchase 4.8m shares from our largest shareholder for $2 per share. We look forward to continued execution of our strategic plan, which may include additional investments in research and development as well as pursuing any opportunities that will increase shareholder value.”
Use of Non-GAAP Financial Measures
This press release includes non-GAAP financial measures that are not in accordance with, nor an alternate to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. A reconciliation of our non-GAAP measures is included in an attachment to this press release.
Forward-Looking Statements
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Specifically, no assurances can be made with respect to: the contract awarded by the FAA or the Company’s ability to: gain traction globally regarding the Company’s Network Solutions segment, grow profitability in the Company’s Network Solutions business segment, improve revenue growth in our Test and Measurement segment as a result of the release of our new Boonton USB Peak Power Meter product, continue execution on the Company’s strategic plan, including continued revenue, earnings and cash flow improvements, and increase value to the Company’s shareholders. Further information regarding risks and uncertainties that could affect the Company’s results are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2014.
About Wireless Telecom Group, Inc.
Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments (DAS), RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise and generators. The Company serves both commercial and government markets with workflow-oriented, WiFi, WiMAX, satellite, cable, radar, avionics, medical, and computing applications. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group’s website address is http://www.wtcom.com.
See following Selected Financial Results
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended Twelve months ended
December 31, December 31,
(unaudited)
2014 2013 2014 2013
Statement of Operations Data:
Net sales $9,341 $ 9,532 $ 40,337 $33,825
Gross profit 4,083 4,493 19,044 16,128
Operating expenses
Research and development 838 686 3,380 2,645
Sales and marketing 1,429 1,335 5,487 4,858
General and administrative 1,334 1,809 5,498 6,429
Total operating expenses 3,600 3,830 14,365 13,932
Operating income 483 663 4,679 2,196
Interest and other (income) expense 25 5 90 (371 )
Income before income taxes 458 658 4,589 2,567
Net income $285 $ 1,348 $ 2,424 $3,842
Net income per common share:
Basic $0.01 $ 0.06 $ 0.12 $0.16
Diluted $0.01 $ 0.05 $ 0.11 $0.16
Weighted average shares outstanding:
Basic 19,454 24,033 20,643 23,935
Diluted 20,526 24,945 21,801 24,534
Three months ended Twelve months ended
December 31, December 31,
(unaudited) (unaudited)
2014 2013 2014 2013
Reconciliation of GAAP Net Income
to Non-GAAP Normalized EBITDA:
GAAP net income $ 285 $1,348 $2,424 $ 3,842
Tax expense (benefit) 173 (691 ) 2,165 (1,275 )
Depreciation 93 97 370 345
Stock compensation expense 122 267 357 746
Interest - - - 114
Rental income - - - (225 )
Realized gain on sale of non-
marketable securities
-
-
-
(162
)
Realized gain on building - - - (188 )
Other non-operating costs 25 5 90 90
Non-recurring costs (1) - 259 178 793
Non-GAAP normalized EBITDA $ 698 $1,285 $5,584 $ 4,080
(1) Includes professional fees related to our strategic business review
December 31, December 31,
2014 2013
Balance Sheet Data:
Cash & cash equivalents $10,724 $16,599
Working capital $24,606 $29,205
Total assets $36,289 $43,437
Total liabilities $2,659 $3,163
Shareholders’ equity $33,630 $40,274
Contact:
Wireless Telecom Group, Inc.
Robert Censullo, (973) 386-9696
Drmicrocap
10 years ago
Wireless Telecom Group Announces Third Quarter 2014 Financial Results, Including a 28% Increase in Year over Year Net Sales for the Nine Month Period
Business Wire Wireless Telecom Group, Inc.
3 hours ago
????
PARSIPPANY, N.J.--(BUSINESS WIRE)--
Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the third quarter ended September 30, 2014.
For the quarter ended September 30, 2014, the Company reported net sales of $11,372,000, compared to $8,791,000 for the same period in 2013, an increase of 29%. Net sales in the Network Solutions segment were $8,034,000, compared to $6,272,000 for the same period in 2013, an increase of 28%. Net sales in the Test and Measurement segment were $3,338,000, compared to $2,519,000 for the same period in 2013, an increase of 33%.
For the nine months ended September 30, 2014, the Company reported net sales of $30,996,000, compared to $24,293,000 for the same period in 2013, an increase of 28%. Net sales in the Network Solutions segment were $22,026,000, compared to $16,020,000 for the same period in 2013, an increase of 38%. Net sales in the Test and Measurement segment were $8,970,000, compared to $8,273,000 for the same period in 2013, an increase of 8%.
The Company reported net income of $983,000 or $0.05 per diluted share for the third quarter of 2014, compared to net income of $1,090,000, or $0.04 per diluted share, for the third quarter of 2013, a decrease of 10%. The decrease was primarily due to the effects of the Company’s recognition of deferred tax benefits in 2013. The increase of $0.01 in net income per diluted share was due to a lower number of common shares outstanding in 2014.
The Company reported net income of $2,139,000 or $0.10 per diluted share for the first nine months of 2014, compared to net income of $2,494,000, or $0.10 per diluted share, for the first nine months of 2013, a decrease of 14%. The decrease was primarily due to the Company’s recognition of deferred tax benefits in 2013.
Tax expense for the nine months ended September 30, 2014 was $1,992,000 of which $1,537,000 was a non-cash reduction of the Company’s deferred tax asset. For the nine months ended September 30, 2013, the Company recognized a tax benefit of $585,000 which included a non-cash increase in the Company’s deferred tax asset of $916,000. The significant fluctuations in the Company’s tax provision/benefit are primarily due to the ongoing recognition and utilization of the Company’s net operating loss (“NOL”) carry forward generated in 2009.
Non-GAAP Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for the quarter ended September 30, 2014 was $2,377,000 compared to $1,078,000 for the quarter ended September 30, 2013, an increase of 121%.
Non-GAAP EBITDA for the nine months ended September 30, 2014 was $4,906,000 compared to $2,718,000 for the nine months ended September 30, 2013, an increase of 81%.
Our non-GAAP EBITDA results exclude the following: tax provision (benefit), depreciation and amortization and stock compensation expense, as well as expenses for interest, rental income from a property investment, a one-time gain from the sale of such property investment, a one-time gain from the sale of an investment security and certain non-recurring costs. A reconciliation of Net Income to non-GAAP EBITDA results is included as an attachment to this press release.
Paul Genova, CEO of Wireless Telecom Group, Inc. commented, “We are pleased with the results of both our business segments. Our Test and Measurement segment showed improvement in revenue growth and increased sales in our peak power instruments, including our new USB meter, while the Network Solutions segment has experienced increased demand for its low PIM, high quality components. As a result, the Company has made several improvements in its design, production and procurement processes to shorten delivery times and meet the overall market demand. While sales to wireless operators can fluctuate in the short term due to market conditions and carrier budgeting constraints regarding DAS deployments, we expect demand for our products to continue throughout the broadband coverage and capacity expansion of the worldwide infrastructure.”
Genova continued, “We remain focused on improvements in operating activities to generate increased operating income, which grew 174% over the previous year, as well as cash generation from operations which increased by $2.6 million in the first nine months of 2014.”
Genova continued, “As we reported in our second quarter of 2014, the Company repurchased 4.8 million shares of our common stock from our largest shareholder for $2.00 per share. We will continue to execute our strategic plan and pursue opportunities to deploy capital in order to create shareholder value.”
Use of Non-GAAP Financial Measures
This press release includes non-GAAP financial measures that are not in accordance with, nor an alternate to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. A reconciliation of our non-GAAP measures is included in an attachment to this press release.
Forward-Looking Statements
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Specifically, no assurances can be made with respect to the Company’s ability to: continue to experience strong order flow and grow profitability, including in its Network Solutions business segment; to shorten delivery times and meet the overall market demand through improvements in design, production and procurement processes; continue to experience demand for our products throughout the broadband coverage and capacity expansion of the worldwide infrastructure; continue to improve the Company’s operating activities and cash flows, and to execute on the Company’s strategic plan and pursue opportunities that will increase value to the Company’s shareholders. Further information regarding risks and uncertainties that could affect the Company’s results are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2013.
About Wireless Telecom Group, Inc.
Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments (DAS), RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise and generators. The Company serves both commercial and government markets with workflow-oriented, WiFi, WiMAX, satellite, cable, radar, avionics, medical, and computing applications. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group’s website address is http://www.wtcom.com.
See following Selected Financial Results
SELECTED FINANCIAL RESULTS (UNAUDITED)
(In thousands, except per share amounts)
Three months ended Nine months ended
September 30,
September 30,
2014
2013
2014
2013
Statement of Operations Data:
Net sales $11,372 $8,791 $30,996 $24,293
Gross profit 5,765 4,235 14,960 11,636
Operating expenses
Research and development 863 720 2,542 1,959
Sales and marketing 1,359 1,182 4,058 3,524
General and administrative 1,417 1,761 4,164 4,620
Total operating expenses 3,639 3,663 10,764 10,103
Operating income 2,126 572 4,196 1,533
Other expense (income) 28 (160) 65 (376)
Income before income taxes 2,098 732 4,131 1,909
Net income $983 $1,090 $2,139 $2,494
Net income per common share:
Basic $0.05 $0.05 $0.10 $0.10
Diluted $0.05 $0.04 $0.10 $0.10
Weighted average shares outstanding:
Basic 19,419 23,980 21,044 23,903
Diluted 20,430 24,605 22,229 24,441
Three months ended Nine months ended
September 30,
September 30,
2014
2013
2014
2013
Reconciliation of GAAP Net Income
to Non-GAAP EBITDA:
GAAP net income $983 $1,090 $2,139
$2,494
Tax provision (benefit) 1,115 (358) 1,992
(585)
Depreciation and amortization 125 80 362
248
Stock compensation expense 154 316 235
479
Interest - 16 -
115
Rental income - (32) -
(225)
Realized gain on sale of non-
marketable securities - - -
(162)
Realized gain on sale of building - (188) - (188)
Non-recurring costs (1)
- 154 178 542
Non-GAAP EBITDA $2,377 $1,078 $4,906
$2,718
(1) Includes professional fees related to our strategic business review
September 30, December 31,
2014 (UNAUDITED)
2013
Balance Sheet Data:
Cash & cash equivalents $9,317 $16,599
Working capital $24,281 $29,205
Total assets $36,755 $43,437
Total liabilities $3,620 $3,163
Shareholders’ equity $33,135 $40,274
Contact:
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696
Drmicrocap
11 years ago
Wireless Telecom Group Announces Stock Repurchase and Director Resignations
Business Wire Wireless Telecom Group, Inc.
April 10, 2014 4:10 PM
PARSIPPANY, N.J.--(BUSINESS WIRE)--
Wireless Telecom Group, Inc. (NYSE MKT:WTT) announced today that the Company has repurchased 4,815,110 shares of its common stock, representing approximately 20% of its total shares outstanding (prior to the repurchase), from its largest shareholder, Investcorp Technology Ventures L.P. and its affiliates (“Investcorp”), for an aggregate purchase price of approximately $9.6 million, or $2.00 per share. The repurchased shares will be returned to the Company’s treasury.
Separately, Horton Capital Partners Fund, L.P. and related entities have acquired 1,657,556 shares representing approximately 8.6% of the total shares outstanding (after the repurchase of shares returned to the treasury), of common stock of the Company held by Investcorp. As a result of the Company’s repurchase and such additional transactions, Investcorp no longer holds any securities of the Company.
“We are excited to have completed the transaction and look forward to the growth opportunities ahead. We believe the stock repurchase represents an attractive use of our capital and reflects our commitment to the enhancement of long-term shareholder value,” stated Paul Genova, Chief Executive Officer of Wireless Telecom Group, Inc.
The Company funded the transaction from available cash.
Wireless Telecom Group, Inc. has received and accepted the resignations of Glenn Luk and Anand Radhakrishnan as directors of the Company, effective April 9, 2014. Mr. Luk, an advisor to Investcorp Technology Partners, served as a director of the Company since May 2010. Mr. Radhakrishnan, a principal at Investcorp Technology Partners, served as a director of the Company since September 2011. The Board of Directors wishes to thank Messrs. Luk and Radhakrishnan for their services.
Alan Bazaar has been elected to serve as the Chairman of the Board of the Company until the 2014 Annual Meeting of Stockholders. Mr. Bazaar, a Partner and Chief Executive Officer of Hollow Brook Wealth Management LLC, has served on the Board of Directors of the Company since June 2013. Mr. Bazaar also serves as the Chairman of the Company’s Nominating and Corporate Governance Committee, which will lead the Board’s search for new directors.
Forward-Looking Statements
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Specifically, no assurances can be made with respect to: the Company’s future growth opportunities, enhancement of long-term shareholder value and the Board’s search for new directors. Further information regarding risks and uncertainties that could affect the Company’s results are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2013.
About Wireless Telecom Group, Inc.
Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments (DAS), RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise generators. The Company serves both commercial and government markets including, WiFi, WiMAX, satellite, cable, radar, avionics and medical technologies and industries. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group’s website address is http://www.wtcom.com.
Contact:
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696
Drmicrocap
11 years ago
Wireless Telecom Group Announces Fourth Quarter and Year-End 2013 Financial Results Including an Annual Increase in Net Sales of 14.3%
Business Wire Wireless Telecom Group, Inc.
March 31, 2014 8:00 AM
PARSIPPANY, N.J.--(BUSINESS WIRE)--
Wireless Telecom Group, Inc. (NYSE MKT:WTT) announced today results for the fourth quarter and twelve months ended December 31, 2013.
For the quarter ended December 31, 2013, the Company reported net sales of $9,532,000, compared to $8,216,000 for the same period in 2012, an increase of 16.0%. Net sales in the Network Solutions segment were $6,012,000, compared to $4,700,000 for the same period in 2012, an increase of 28%. Net sales in the Test and Measurement segment were $3,520,000, compared to $3,516,000 for the same period in 2012.
For the twelve months ended December 31, 2013, the Company reported net sales of $33,825,000, compared to $29,595,000 for the same period in 2012, an increase of 14.3%. Net sales in the Network Solutions segment were $22,032,000, compared to $14,334,000 for the same period in 2012, an increase of 54%. Net sales in the Test and Measurement segment were $11,794,000, compared to $15,260,000 for the same period in 2012, a decrease of 23%.
Net Income for the three and twelve month periods ended December 31 was $1,348,000 and $3,842,000 or $.05 and $.16 per diluted share for 2013 and $1,005,000 and $3,171,000 or $.04 and $.13 per diluted share for 2012, respectively.
Non-GAAP normalized EBITDA for the three and twelve month periods ended December 31 was $1,280,000 and $4,564,000 for 2013 and $1,157,000 and $3,707,000 for 2012, respectively. Our non-GAAP normalized EBITDA results do not include the Company’s tax benefit, depreciation and amortization, interest expense, and certain other costs. A reconciliation of Net Income to non-GAAP normalized EBITDA results is included in an attachment to this press release.
Paul Genova, CEO of Wireless Telecom Group, Inc., commented, “We continue to achieve strong revenue and income growth in the Network Solutions segment. Revenues increased by 54%, driven by our strong position in the North American DAS market and we continued to gain traction globally. Segment income increased by 59% to $5.6M. The primary driver of our growth is the implementation of LTE and DAS to satisfy increasing users’ demand for bandwidth that outpaces existing supply. We believe our Network Solutions segment is well-positioned to continue to take advantage of this market growth.”
“Our Test and Measurement segment showed softness in 2013 in large part due to the US Government sequester, which had a negative effect on order flow during the year. However, we are encouraged by the recent large order of $1.1M received from the FAA, which will be fulfilled in 2014, coupled with the release of our new Boonton USB Peak Power Meter product in the first quarter of 2014.”
Genova continued, “In 2013, we increased our cash position to $16.6M driven by strong operating performance and the sale of a long-term real estate holding. Operations for the year ended December 2013 were impacted slightly by reduced gross margins primarily due to revenue softness in our Test and Measurement segment, non-cash charges related to our stock compensation plans and professional fees related to our strategic business review. In order to supplement the GAAP operating results, we have included within this release certain non-GAAP financial measures to enhance the evaluation of our operating results in 2013. We look forward to ongoing improvements in our operations and cash flows as we continue to execute our strategic plan and pursue opportunities that will increase shareholder value.”
Use of Non-GAAP Financial Measures
This press release includes non-GAAP financial measures that are not in accordance with, nor an alternate to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. A reconciliation of our non-GAAP measures is included in an attachment to this press release.
Forward-Looking Statements
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Specifically, no assurances can be made with respect to: the contract awarded by the FAA or the Company’s ability to: gain traction globally regarding the Company’s Network Solutions segment, grow profitability in the Company’s Network Solutions business segment, improve revenue growth in our Test and Measurement segment as a result of the release of our new Boonton USB Peak Power Meter product, continue execution on the Company’s strategic plan, including continued revenue, earnings and cash flow improvements, and increase value to the Company’s shareholders. Further information regarding risks and uncertainties that could affect the Company’s results are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2013.
About Wireless Telecom Group, Inc.
Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments (DAS), RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise and generators. The Company serves both commercial and government markets with workflow-oriented, WiFi, WiMAX, satellite, cable, radar, avionics, medical, and computing applications. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group’s website address is http://www.wtcom.com.
See following Selected Financial Results
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended Twelve months ended
December 31,
December 31,
2013
2012
2013
2012
Statement of Operations Data:
Net sales $9,532 $8,216 $33,825 $29,595
Gross profit 4,493 4,132 16,128 14,777
Operating expenses
Research and development 686 633 2,645 2,524
Sales and marketing 1,335 1,255 4,858 4,603
General and administrative 1,809 1,420 6,429 4,892
Total operating expenses 3,830 3,308 13,932 12,019
Operating income 663 824 2,196 2,758
Interest and other (income) expense 5 (40) (371) (23)
Income before income taxes 658 864 2,567 2,781
Net income $1,348 $1,005 $3,842 $3,171
Net income per common share:
Basic $0.05 $0.04 $0.16 $0.13
Diluted $0.05 $0.04 $0.16 $0.13
Weighted average shares outstanding:
Basic 24,033 24,069 23,935 24,259
Diluted 24,945 24,439 24,534 24,633
Three months ended Twelve months ended
December 31,
December 31,
2013
2012
2013
2012
Reconciliation of GAAP Net Income
to Non-GAAP Normalized EBITDA:
GAAP net income $1,348 $1,005 $3,842 $3,171
Tax benefit (691) (140) (1,275) (390)
Depreciation 97 93 345 351
Stock compensation expense 267 91 746 309
Interest - 49 114 201
Non-recurring costs (1) 259 59 793 65
Non-GAAP normalized EBITDA $1,280 $1,157 $4,565 $3,707
(1) Includes professional fees related to our strategic business review
December 31, December 31,
2013
2012
Balance Sheet Data:
Cash & cash equivalents $16,599 $12,970
Working capital $29,205 $26,516
Total assets $43,437 $41,230
Total liabilities $3,163 $5,315
Shareholders’ equity $40,274 $35,915
Contact:
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696
Drmicrocap
11 years ago
Wireless Telecom Group Announces Third Quarter Financial Results Including Increase in Net Sales of 19.0% over Prior Year Quarter
Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the third quarter and nine months ended September 30, 2013.
For the quarter ended September 30, 2013, the Company reported net sales of $8,791,000, compared to $7,385,000 for the same period in 2012, an increase of 19.0%. Net sales in the Network Solutions segment were $6,272,000, compared to $3,087,000 for the same period in 2012, an increase of 103%. Net sales in the Test and Measurement segment were $2,519,000, compared to $4,298,000 for the same period in 2012, a decrease of 41%.
For the nine months ended September 30, 2013, the Company reported net sales of $24,293,000, compared to $21,379,000 for the same period in 2012, an increase of 13.6%. Net sales in the Network Solutions segment were $16,020,000, compared to $9,634,000 for the same period in 2012, an increase of 66%. Net sales in the Test and Measurement segment were $8,273,000, compared to $11,745,000 for the same period in 2012, a decrease of 30%.
Income before taxes for the three and nine month periods was $732,000 and $1,909,000 for 2013 compared to $726,000 and $1,917,000 for 2012, respectively.
Net Income for the three and nine month periods was $1,090,000 and $2,494,000 or $.04 and $.10 per diluted share for 2013 and $855,000 and $2,166,000 or $.03 and $.09 per diluted share for 2012, respectively.
Paul Genova CEO of Wireless Telecom Group, Inc. commented “Gains generated by strong revenue and profit growth in our Network Solutions segment were offset by softness in our Test and Measurement segment. Revenue in our Network Solutions segment for the nine months of 2013 increased 66% to $16,020,000 compared to the prior year period, while segment income increased 90% to $4,095,000 compared to the prior year period.”
Stated Genova “We believe that the product and channel investments we made in Network Solutions have been critical in driving the strong growth thus far this year. Our Test and Measurement segment experienced soft order flow during the first three quarters of 2013; however, recent order activity has been very encouraging, including a $1.1M contract award received in early August from the FAA.”
Genova continued “Operating income for the periods ended 2013 were impacted by lower revenue in our Test and Measurement segment reducing gross margins, professional fees related to our pursuit of strategic opportunities and non-cash charges related to our stock compensation plans. However, our cash position improved to $14,200,000 and we plan to continue executing our strategic plan building upon current order momentum driving towards a strong finish to 2013 with expected improvement in revenue, earnings and cash flow.”
Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments, RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise and generators. The Company serves both commercial and government markets with workflow-oriented, WiFi, WiMAX, satellite, cable, radar, avionics, medical, and computing applications. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support.
Wireless Telecom Group’s website address is http://www.wtcom.com. Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Specifically, no assurances can be made with respect to: the contract awarded by the FAA or the Company’s ability to: drive strong growth as a result of product and channel investments made in the Company’s Network Solutions segment and to make effective future product and channel investments, continue growth in the Company’s Network Solutions business segment, improve both revenue and segment income, improve order activity, continue execution on the Company’s strategic plan, including continued revenue, earnings and cash flow improvements, increase value to the Company’s shareholders, and drive towards a strong finish to the Company’s year-end 2013. Further information regarding risks and uncertainties that could affect the Company’s results are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012.
See following Selected Financial Results
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended
September 30,
Nine months ended
September 30,
(Unaudited) (Unaudited)
2013
2012
2013
2012
Statement of Operations Data:
Net sales $ 8,791 $ 7,385 $ 24,293 $ 21,379
Gross profit 4,235 3,700 11,636 10,645
Operating expenses
Research and development 720 672 1,959 1,891
Sales and marketing 1,182 1,116 3,524 3,348
General and administrative 1,762 1,139 4,620 3,472
Total operating expenses 3,664 2,927 10,103 8,711
Operating income 571 773 1,533 1,934
Interest and other (income) expense (161 ) 47 (376 ) 17
Income before income taxes 732 726 1,909 1,917
Net income $1,090 $855 $2,494 $ 2,166
Net Income per common share:
Basic $0.05 $0.04 $0.10 $ 0.09
Diluted $0.04 $0.03 $0.10 $ 0.09
Weighted average shares outstanding:
Basic 23,980 24,233 23,903 24,323
Diluted 24,605 24,640 24,441 24,698
September 30, December 31,
2013
2012
(Unaudited)
Balance Sheet Data:
Cash & cash equivalents $ 14,170 $ 12,970
Working capital $ 28,326 $ 26,516
Total assets $ 41,177 $ 41,230
Total liabilities $ 2,518 $ 5,315
Shareholders’ equity $ 38,659 $ 35,915
Contact:
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696
Drmicrocap
11 years ago
Wireless Telecom Group Announces Second Quarter Financial Results Including Increases in Net Sales of 22.7% and Net Income of 61.4% and Contract Award of $1.1M with the FAA
Business WirePress Release: Wireless Telecom Group, Inc. – 5 Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the second quarter and six months ended June 30, 2013.
For the quarter ended June 30, 2013, the Company reported net sales of $8,705,000, compared to $7,092,000 for the same period in 2012, an increase of 22.7%.
The Company also reported net income of $1,058,000 or $0.04 per diluted share for the second quarter of 2013, compared to net income of $655,000, or $0.03 per diluted share, for the second quarter of 2012, an increase of 61.4%.
For the six months ended June 30, 2013, the Company reported net sales of $15,502,000, compared to $13,994,000 for the same period in 2012, an increase of 10.8%.
The Company also reported net income of $1,404,000 or $0.06 per diluted share for the first six months of 2013, compared to net income of $1,311,000, or $0.05 per diluted share, for the same period of 2012, an increase of 7.1%.
For the quarter ended June 30, 2013, total operating expenses were $3,363,000, as compared to $2,981,000 for the same period of 2012, an increase of 12.8%.
For the six months ended June 30, 2013, total operating expenses were $6,439,000, as compared to $5,784,000 for the same period of 2012, an increase of 11.3%.
The increase in second quarter and six months ended June 30, 2013 operating expenses was primarily due to increases in professional and consulting fees, non-employee sales commissions and stock compensation expense.
Additionally, on August 1, 2013, the Company’s wholly-owned subsidiary, Boonton Electronics, was awarded a contract with the Federal Aviation Administration (“FAA”) to supply Boonton 4500B RF Peak Power Meters in support of the Common Air Route Surveillance Radar (“CARSR”) installations. The total order value of the product to be sold under the contract is approximately $1.1M and a considerable portion of the order is expected to be realized over fiscal years 2013 and 2014.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated “We are excited by the continued growth in our Network Solutions business segment, resulting in improvements to both revenue and segment income. Revenue in our Network Solutions segment for the first half of 2013 increased 49% to $9,748,000 compared to the prior year period, while segment income for the first half of 2013 increased 48% to $2,312,000 compared to the prior year period. Although our Test and Measurement segment experienced soft order flow during the first half of 2013, recent order activity has been very encouraging, including a $1.1M contract award received in early August from the FAA.”
Continued Genova, “We value our relationship with those government agencies critical to our success, including the FAA, and continue to be a proud supplier of test instruments in support of ongoing maintenance and development of state of the art communication systems.”
Genova continued, “We will continue to execute our strategic plan and build upon current order momentum as we head into the second half of 2013.”
Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments, RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise and generators. The Company serves both commercial and government markets with workflow-oriented, WiFi, WiMAX, satellite, cable, radar, avionics, medical, and computing applications. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support.
Wireless Telecom Group’s website address is http://www.wtcom.com. Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Specifically, no assurances can be made with respect to: the contract awarded by the FAA regarding Boonton 4500B RF Peak Power Meters, including the timing associated with the realization of revenue thereunder; improvements, if any, to both revenue and Network Solutions segment income; growth in the Company’s Network Solutions business segment; Test and Measurement segment order flow, including recent order activity; and the Company’s ability to execute on its strategic plan and build upon order momentum as it heads into the second half of 2013 and beyond. Further information regarding risks and uncertainties that could affect the Company’s results are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012.
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended Six months ended
June 30, June 30,
(Unaudited) (Unaudited)
2013 2012 2013 2012
Statement of Operations Data:
Net sales $ 8,705 $ 7,092 $ 15,502 $ 13,994
Gross profit 4,080 3,590 7,401 6,945
Operating expenses
Research and development 627 620 1,239 1,219
Sales and marketing 1,319 1,160 2,341 2,232
General and administrative 1,417 1,201 2,859 2,333
Total operating expenses 3,363 2,981 6,439 5,784
Interest and other (income) expense (201) (22) (215) (31)
Income before income taxes 918 631 1,177 1,191
Net income $1,058 $655 $1,404 $1,311
Net Income per common share:
Basic $0.04 $0.03 $0.06 $0.05
Diluted $0.04 $0.03 $0.06 $0.05
Weighted average shares outstanding:
Basic 23,853 24,305 23,863 24,368
Diluted 24,433 24,664 24,358 24,729
June 30, December 31,
2013 2012
(Unaudited)
Balance Sheet Data:
Cash & cash equivalents $ 12,407 $ 12,970
Working capital $ 27,604 $ 26,516
Total assets $ 41,839 $ 41,230
Total liabilities $ 4,586 $ 5,315
Shareholders’ equity $ 37,253 $ 35,915
.
.
Contact:.
.
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696
Drmicrocap
11 years ago
PARSIPPANY, N.J.--(BUSINESS WIRE)--
Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the first quarter ended March 31, 2013.
For the quarter ended March 31, 2013, the Company reported net sales of $6,797,000, compared to $6,902,000 for the same period in 2012, a decrease of 1.5%.
The Company also reported net income of $346,000 or $0.01 per diluted share for the first quarter of 2013, compared to net income of $656,000, or $0.03 per diluted share, for the first quarter of 2012, a decrease of 47.2%.
Paul Genova, CEO of Wireless Telecom Group, Inc., stated, “Despite experiencing softness in our Test and Measurement business segment during the first quarter, we continue to see growth in our Network Solutions business segment, particularly for products sold into distributed antenna systems. Revenue in our Network Solution segment increased by 14% compared to the same quarter of the prior year and order activity continues to be robust, as evidenced by strong order bookings during the period and an increased backlog.”
Genova continued, “Net income for the quarter was affected by higher operating expenses due in part to ongoing investment in our Network Solutions business in anticipation of increased future revenue.”
Continued Genova, “We will continue to execute our strategic plan and remain highly focused on improving overall results and maximizing shareholder value.”
Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments, RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise and generators. The Company serves both commercial and government markets with workflow-oriented, WiFi, WiMAX, satellite, cable, radar, avionics, medical, and computing applications. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support.
Wireless Telecom Group’s website address is http://www.wtcom.com. Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Such risks and uncertainties are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012.
See following Selected Financial Results
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended
March 31,
(Unaudited)
2013
2012
Statement of Operations Data:
Net sales $ 6,797 $ 6,902
Gross profit 3,320 3,355
Operating expenses
Research and development 612 599
Sales and marketing 1,022 1,073
General and administrative 1,442 1,132
Total operating expenses 3,076 2,804
Interest and other (income) expense (15 ) (9 )
Income before income taxes 259 560
Net income $ 346 $ 656
Net Income per common share:
Basic $ 0.01 $ 0.03
Diluted $ 0.01 $ 0.03
Weighted average shares outstanding:
Basic 23,874 24,431
Diluted 24,301 24,794
March 31, December 31,
2013
2012
(Unaudited)
Balance Sheet Data:
Cash & cash equivalents $ 12,240 $ 12,970
Working capital $ 26,564 $ 26,516
Total assets $ 40,476 $ 41,230
Total liabilities $ 4,317 $ 5,315
Shareholders’ equity $ 36,159 $ 35,915
.
.
Contact:.
.
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696
Drmicrocap
12 years ago
Wireless Telecom Group Announces Fourth Quarter and Year-End 2012 Financial Results Including Quarterly Revenue Growth of 14% and Net Income Growth of 40%
Press Release: Wireless Telecom Group, Inc. – Mon, Apr 1, 2013 8:00 AM EDT.. .
WTT
1.789
+0.069
PARSIPPANY, N.J.--(BUSINESS WIRE)--
Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the fourth quarter and twelve months ended December 31, 2012.
For the quarter ended December 31, 2012, the Company reported net sales of $8,216,000, compared to $7,209,000 for the same period in 2011, an increase of 14.0%.
The Company also reported net income of $1,005,000, or $0.04 per diluted share for the fourth quarter of 2012, compared to net income of $716,000, or $0.03 per diluted share, for the fourth quarter of 2011, an increase of 40.4%.
For the twelve months ended December 31, 2012, the Company reported net sales of $29,595,000, compared to $26,823,000 for the same period in 2011, an increase of 10.3%.
The Company also reported net income of $3,171,000, or $0.13 per diluted share for the twelve months ended 2012, compared to net income of $2,430,000, or $0.10 per diluted share, for the same period of 2011, an increase of 30.5%.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated, “We are pleased by each of our segments’ contribution to our 2012 consolidated revenue and net income. The Company experienced increasing demand throughout 2012 for its Network Solutions products, particularly for applications found in Distributed Antenna Systems. Also, during 2012, our Test & Measurement segment successfully completed delivery of its Peak Power Meters in fulfillment of our $3,000,000 order with the U.S. Navy.”
Genova commented, “By continuing to focus on each of these segments and their related markets, combined with ongoing strategic cost reduction and resource allocation efforts, we believe the Company is well positioned for further improvements in revenue, net income, return on capital and utilization of working capital.”
Genova continued, “During 2012, we were able to effectively utilize our cash reserves through the repurchase of 635,630 shares of our common stock at an average price per share of $1.22. Including the effect of the share repurchases, we were able to increase cash and equivalents from $12,089,782 to $12,969,513. Even more significantly, we were able to achieve an increase in book value per share by 10% from $1.36 to $1.50. We will continue to pursue strategies that we believe will help to increase overall shareholder value.”
Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments, RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise and generators. The Company serves both commercial and government markets with workflow-oriented, WiFi, WiMAX, satellite, cable, radar, avionics, medical, and computing applications. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support.
Wireless Telecom Group’s website address is http://www.wtcom.com. Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Such risks and uncertainties are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended
Twelve months ended
December 31,
December 31,
2012
2011
2012
2011
Statement of Operations Data:
Net sales
$ 8,216
$ 7,209
$ 29,595
$ 26,823
Gross profit
4,132
3,466
14,777
12,467
Operating expenses
Research and development
633
586
2,524
2,261
Sales and marketing
1,255
1,073
4,603
4,497
General and administrative
1,420
1,166
4,892
3,859
Total operating expenses
3,308
2,825
12,019
10,617
Interest and other (income) - net
(40)
(6)
(23)
(141)
Income from operations
before income taxes
864
647
2,781
1,991
Net income
$ 1,005
$716
$ 3,171
$ 2,430
Net Income per common share:
Basic
$0.04
$0.03
$0.13
$0.10
Diluted
$0.04
$0.03
$0.13
$0.10
Weighted average shares outstanding:
Basic
24,069
24,788
24,259
24,963
Diluted
24,439
25,085
24,633
25,138
.
December 31,
December 31,
2012
2011
Balance Sheet Data:
Cash & cash equivalents
$ 12,970
$ 12,090
Working capital
$ 26,516
$ 23,759
Total assets
$ 41,230
$ 37,702
Total liabilities
$ 5,315
$ 4,489
Shareholders’ equity
$ 35,915
$ 33,213
.
.
Contact:.
.
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696
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