WTT Wireless Telecom

Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the twelve months and fourth quarter ended December 31, 2008. The results include an impairment charge associated with its Munich-based Willtek division.

For the fourth quarter, the Company reported net sales of $11,426,000, compared to $14,207,000 for the same period in 2007. For the twelve months, net sales were $51,031,000, compared to $56,602,000 for the prior year period, a decrease of 10%.

For the fourth quarter, net loss was $(29,236,000), or $(1.14) per diluted share, compared to net income of $848,000, or $0.03 per diluted share, for the fourth quarter of 2007. For the twelve months, net loss was $(31,265,000), or $(1.22) per diluted share, compared to net income of $3,457,000 or $0.13 per diluted share, for the prior year period. Quarterly and full year results were impacted by the dramatic effects of an unprecedented global financial and broad economic downturn.

The quarterly and twelve month net loss include a non-cash goodwill and intangible assets impairment charge of $33,132,000 or $1.29 per diluted share. The goodwill impairment charge was based on the ongoing decline in worldwide cellular handset demand and the resulting reduction in the estimated cash flows for the Willtek products. Similarly, the intangible asset impairment charge is for customer lists, intellectual property, and branding from the 2005 Willtek acquisition.

In light of the current market challenges, management is currently evaluating several strategic alternatives and opportunities. These include, among others, restructuring the existing business, aligning with a strategic partner, making additional investments in technology research and development, or selling selected assets.

Operating expenses for the year ended December 31, 2008, including significant, non-recurring professional advisory and outside consultant expenses, and excluding impairment of goodwill and intangible assets, were $26,933,000 as compared to $28,375,000 for the year ended December 31, 2007, a decrease of 5%. Cash, cash equivalents and investments in short-term U.S. treasury bills increased 12%, from $10,387,000 at the end of 2007 to $11,643,000 at the end of 2008. Inventories were reduced 14%, from $11,656,000 at the end of 2007 to $10,028,000 at the end of 2008.

Monty Johnson, CEO of Wireless Telecom Group, Inc., stated, �2008 was a difficult year for the Company, as we and our customers dealt with recessionary pressures throughout the year. We could not escape the global downturn. Our results were most negatively impacted within our European markets, expanding to the other regions by year end.

�We continue to be focused on serving our customers with creative solutions in this tough economic environment, while carefully managing our cash and reducing our expenses. We have improved our sales and production forecasting processes so that we are able to fulfill orders rapidly, without increasing inventory or production costs. This is a competitive advantage we enjoy, as we can be very responsive to customers, with prompt product and service deliveries even when their purchase approvals delay order placement. Through this balance we seek to grow our share position in key markets such that we exit this downturn as a stronger company.

Johnson continued, �In spite of the near-term pressures, we remain committed to position the Company for the future. While buying interest is stronger in the first quarter of 2009 than at the close of 2008, we expect 2009 will be a difficult and challenging year. We are operating our business in a way that addresses the reality of the current marketplace without sacrificing our ability to effectively execute our strategy when economic conditions improve.�

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, Noisecom, and Willtek brands. Its complementary suite of high performance instruments and components includes peak power meters, signal analyzers, power splitters, combiners, diplexers, noise modules, precision noise generators, and mobile phone testing solutions. The Company serves both commercial and government markets with workflow-oriented, built-for-purpose solutions in cellular/mobile, WiFi, WiMAX, private mobile radio, 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, 2008.

See following Selected Financial Results

�

SELECTED FINANCIAL RESULTS

(In thousands, except per share amounts)

� � Three months ended � � � Twelve months ended

December 31,

December 31,

� �

2008

� �

2007

2008

� �

2007

Statement of Operations Data:

Net sales $

11,426

$ 14,207 $

51,031

$ 56,602 � Gross profit

5,278

8,119

24,534

31,538 � Operating expenses Research and development

1,570

2,359

7,295

8,759 Sales and marketing

2,291

3,053

10,977

12,318 General and administrative

2,100

1,820

8,661

7,298 Goodwill and intangible assets Impairment

33,132

-

33,132

- Total operating expenses

39,093

7,232

60,065

28,375 � Interest and other (income) expense

283

(132 )

(2

)

(979 ) � Income (loss) before income taxes

(34,098

)

1,019

(35,528

)

4,142 � Net income (loss) $

(29,236

)

$ 848 $

(31,265

)

$ 3,457 � � Net income (loss) per common share: Basic $

(1.14

)

$ .03 $

(1.22

)

$ .13 � Diluted $

(1.14

)

$ .03 $

(1.22

)

$ .13 � Weighted average shares outstanding: Basic

25,658

25,954

25,712

25,897 Diluted

25,658

25,963

25,712

26,007 � � �

December 31,

December 31,

2008

2007 �

Balance Sheet Data:

Cash & cash equivalents

$

6,627

$ 10,387 � Working capital

$

24,794

$ 25,406 � Total assets

$

43,276

$ 79,694 � Total liabilities

$

12,598

$ 18,143 � Shareholders� equity

$

30,678

$ 61,551