Wireless Telecom Group, Inc. (NYSEAmex: WTT) (the“Company”) The
Board of Directors is pleased to announce that effective November
12, 2009, the Board has elected Paul Genova, the Corporation’s
President, CFO and Acting CEO, to serve as its CEO. Mr. Savio Tung
the Chairman of the Board of the Corporation stated, “We are
pleased to appoint Paul, a skilled, seasoned executive whose
performance with the Corporation demonstrates his ability to
succeed in this leadership role.”
The Company also announced today its results for the third
quarter and nine months ended September 30, 2009.
For the quarter ended September 30, 2009, the Company reported
net sales of $13,124,000, compared to $13,609,000 for the same
period in 2008. For the third quarter of 2009, the Company reported
net income of $163,000, or $0.01 per diluted share, compared to a
net (loss) of $(510,000), or $(0.02) per diluted share, for the
third quarter of 2008.
For the nine months ended September 30, 2009, the Company
reported net sales of $35,989,000, compared to $39,605,000 for the
same period in 2008. The Company also reported a net (loss) of
$(200,000), or $(0.01) per diluted share, for the first nine months
of 2009, compared to a net (loss) of $(2,029,000), or $(0.08) per
diluted share, for the same period of 2008.
Mr. Genova stated, “I am encouraged by our progress in the third
quarter while significant economic and market challenges remain. We
will continue to focus on maintaining a strong balance sheet and
positive cash flows. We remain committed to continued progress
through enhanced operational effectiveness and revenue growth with
increased profitability in order to provide value to our
shareholders.”
About Wireless Telecom
Group
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.
SELECTED FINANCIAL
RESULTS
(In thousands, except per share
amounts)
Three months ended Nine months ended
September 30,
September 30,
(unaudited) (unaudited)
2009
2008
2009
2008
Statement of Operations Data:
Net sales
$
13,124
$ 13,609
$
35,989
$ 39,605 Gross profit
6,370
6,876
17,557
19,256 Operating expenses Research and development
1,642
1,804
5,200
5,725 Sales and marketing
2,614
2,903
7,621
8,686 General and administrative
1,797
2,260
5,244
6,561 Total operating expenses
6,053
6,967
18,065
20,972 Interest and other expense (income)
72
258
10
(286 ) Income (loss) before income taxes
245
(349 )
(518
)
(1,430 ) Net income (loss)
$
163
$ (510 )
$
(200
)
$ (2,029 ) Net (loss) per common share: Basic
$
.01
$ (.02 )
$
(.01
)
$ (.08 ) Diluted
$
.01
$ (.02 )
$
(.01
)
$ (.08 ) Weighted average shares outstanding: Basic
25,658
25,658
25,658
25,731 Diluted
25,658
25,658
25,658
25,731
September 30,
December 31,
2009
2008
(unaudited)
Balance Sheet Data:
Cash & cash equivalents
$
12,785
$ 6,627 Investment in short-term securities
$
1,036
$ 5,016 Working capital
$
25,257
$ 24,794 Total assets
$
41,886
$ 43,533 Total liabilities
$
11,031
$ 12,855 Shareholders’ equity
$
30,855
$ 30,678
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