WTT Wireless Telecom

Wireless Telecom Group, Inc. (AMEX Symbol: WTT) announced today results for the twelve months and fourth quarter ended December 31, 2006. Net sales for the three and twelve months ended December, 2006 were $14,127,000 and $53,763,000, respectively, as compared to $14,297,000 and $38,771,000 reported for the comparable periods of 2005, representing a decrease of 1% and an increase of 39% respectively. These results include the combination of sales from the Company�s acquisition of Willtek Communications GmbH, completed July 1, 2005, as well as continued growth in sales from the Company�s pre-acquisition business units. Net income for the three and twelve months ended December 31, 2006 was $1,190,000, or $0.05 per diluted share, and $3,524,000, or $0.14 per diluted share, respectively, as compared with $790,000, or $0.03 per diluted share, and $3,544,000, or $0.16 per diluted share, for the comparable periods of the prior year. Included in net income are non-cash charges for amortization expense of $295,000 per quarter associated with the acquisition of Willtek. This quarterly non-cash charge impacts diluted earnings per share by $(0.01) per quarter, since the acquisition date. On a pro-forma basis, assuming ownership of Willtek commenced on January 1, 2005, net income for the twelve months ended December 31, 2005 was $69,000, as compared to the above-mentioned net income of $3,524,000 for the twelve months of 2006, an increase of $3,455,000. Monty Johnson, CEO of Wireless Telecom Group, Inc., stated, �2006 was a positive growth year for our company as we fully incorporated the revenue from our successful acquisition of Willtek and finished the year strong with solid revenue results in the third and fourth quarters. We are especially pleased with our progress in the area of profitability improvement as we successfully executed on the expense reduction plan that was part of the Willtek acquisition. Year-over-year profitability grew from $.02 and $.03 per share in the last two quarters of 2005, which were the first two quarters that included Willtek, to $.04 and $.05 for the last two quarters of 2006. This represents year-over-year growth in net income of 81% and 51%, respectively, a solid accomplishment that positions us for strong earnings growth in the future. Our focus now is to further grow revenue, while maintaining our attention to careful management of our expenses. With our expanded global sales team from the Willtek acquisition now selling our complete portfolio of products, along with our recent addition of Larry Henderson to lead our global sales and service organization, our objective is to grow our revenue in each of our product lines. Coupled with the continued global expansion of both mobile networks and the use of advanced wireless technologies, we remain optimistic in our ability to continue to grow our business.� Wireless Telecom Group, Inc. designs and manufactures a variety of products serving the global wireless and telecommunications markets. Comprised of four business groups brought together through acquisitions, Noise Com, Boonton Electronics, Microlab/FXR, and Willtek, the group provides a complementary suite of RF and Microwave-based products, with a major portion focused on advanced telecom testing. Their products include peak power meters, precision noise generators, mobile phone testing solutions, and passive component solutions for cellular/mobile, WiFi, satellite, and other advanced communications networks, all critical enablers to the rapid growth in world-wide communications and computing solutions. This technological synergy has enabled Wireless Telecom Group, Inc. to become a full service supplier of both the commercial and military telecommunications industries. Wireless Telecom Group�s website address is http://www.wtt.bz. 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, 2006. 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) � 2006� 2005� 2006� 2005� Statement of Operations Data: Net sales $ 14,127� $ 14,297� $ 53,763� $ 38,771� � Gross profit 7,534� 7,890� 29,270� 20,887� � Operating expenses 6,218� 6,601� 25,083� 16,528� � Interest and other (income) (47) (17) (225) (223) � Income before income taxes 1,363� 1,306� 4,412� 4,582� � Net income $ 1,190� $ 790� $ 3,524� $ 3,544� � � � Net income per common share: Basic $ .05� $ .03� $ .14� $ .16� � Diluted $ .05� $ .03� $ .14� $ .16� � Weighted average shares outstanding: Basic 25,854� 25,593� 25,821� 21,561� Diluted 25,919� 25,671� 25,920� 21,697� December 31, December 31, 2006� 2005� � Balance Sheet Data: Cash & cash equivalents $ 15,683� $ 13,851� � Working capital $ 21,946� $ 17,907� � Total assets $ 83,329� $ 79,294� � Total liabilities $ 26,433� $ 26,682� � Shareholders' equity $ 56,896� $ 52,612�