Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today
results for the twelve months and fourth quarter ended December 31,
2009. On April 9, 2010 the Company announced the execution of a
definitive agreement to sell substantially all of the operating
assets of its wholly owned subsidiary Willtek Communications GmbH
and affiliates (“Willtek”) to Aeroflex Incorporated, a Delaware
corporation, in exchange for $2,750,000 in cash and the assumption
of certain liabilities. The transaction is expected to close on or
about April 30, 2010. Accordingly, the effects of this transaction
on the Willtek operations have been reflected as assets and
liabilities held for sale and discontinued operations, whereas, the
effects of sales and net income from continuing operations are
reported separately in the December 31, 2009 and 2008 financial
statements.
For the fourth quarter, the Company reported net sales from
continuing operations of $ 5,905,000, compared to $ 5,650,000 for
the same period in 2008, an increase of 4.5%. For the twelve
months, net sales from continuing operations were $ 22,828,000,
compared to $ 25,675,000 for the prior year period, a decrease of
11%. The revenue of the Company was impacted by the slowdown in the
economy in 2008 and early 2009. Revenues in the second half of 2009
have reflected stronger results with signs of improvement as the
economy recovers.
For the fourth quarter, net income from continuing operations
was $ 5,912,000 or $0.23 per diluted share, compared to a net loss
from continuing operations of $(466,000), or $(0.02) per diluted
share, for the prior year period in 2008. For the twelve months,
net income from continuing operations was $5,460,000, or $0.21 per
diluted share, compared to a net loss from continuing operations of
$(153,000) or $(0.01) per diluted share, for the prior year period.
Included in the net income from continuing operations for the year
and fourth quarter ended December 31, 2009, is the tax benefit
recognized, net of a valuation allowance, of approximately
$6,400,000 or $0.25 per diluted share relating to the disposition
of Willtek. Approximately $1,900,000 of this amount will be
recovered through a tax carry back loss claim in 2010 and the
remainder will be realized through the offset of future taxable
income.
For the fourth quarter, the Company reported a loss from
discontinued operations – net of taxes of $(3,680,000) or $(0.14)
per diluted share, compared to $(28,770,000) or $(1.12) per diluted
share for the prior year period. For the twelve months ended
December 31, 2009, the Company reported a net loss from
discontinued operations – net of taxes of $(3,428,000) or $(0.13)
per diluted share, compared to $(31,112,000) or $(1.21) per diluted
share for the prior year period. The 2009 year end and fourth
quarter loss from discontinued operations includes the excess of
net assets of Willtek over the selling price adjusted for estimated
closing costs. The year ended 2008 loss from discontinued
operations primarily consists of a full write-down in the goodwill
and intangible assets of Willtek.
For the fourth quarter, the Company reported from continuing and
discontinued operations, net income of $2,233,000 or $0.09 per
diluted share, compared to a net loss of $(29,236,000) or $(1.14)
per diluted share, for the prior period in 2008. For the twelve
months, net income from continuing and discontinued operations was
$2,032,000 or $0.08 per diluted share for the year ended 2009,
compared to a net loss of $(31,265,000) or $(1.22), for the prior
year period. Included in net income for the year and fourth quarter
ended December 31, 2009, is the tax benefit recognized, net of a
valuation allowance, of approximately $6,400,000 or $0.25 per
diluted share relating to the disposition of Willtek.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated “The
expected sale of Willtek, enables the Company to focus on its core
businesses. This will allow us to direct our financial resources
and core competencies to providing our customers with expert
solutions and professional services that differentiate us from our
competitors.”
Stated Genova, “In spite of the difficult economic conditions
and the effects on the worldwide credit and business markets, we
remain optimistic about the future results of the Company, growth
of the core businesses, and expansion of our customer and product
base as well as improvements to 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, 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, 2009.
SELECTED FINANCIAL RESULTS (In thousands, except per
share amounts) Three
months ended Twelve months ended
December 31,
December 31, 2009
2008 2009 2008
Statement of Operations Data: Net sales
$ 5,905 $
5,650
$ 22,828 $ 25,675 Gross profit
2,851
2,397
10, 629 11,984 Operating expenses Research and
development
505 528
2,066 2,115 Sales and marketing
885 876
4,159 4,211 General and administrative
1,496 1,251
5,328 5,384 Total operating
expenses
2,886 2,655
11,553 11,710 Interest
and other (income) expense
96 172
(17) (207)
Income (loss) from continuing operations before income taxes
(131) (430)
(907) 482 Income (loss) from
continuing operations
5,912 (466)
5,460 (153)
(Loss) from discontinued operations - net of taxes
(3,680)
(28,770)
(3,428) (31,112) Net income (loss)
$ 2,233 $ (29,236) $
2,032 $ (31,265) Net Income (loss)
per common share: Basic and diluted Continuing operations
$0.23 $(0.02)
$0.21 $(0.01) Discontinued operations
(0.14) (1.12)
(0.13) (1.21) Net Income (loss)
per common share
$0.09 ($1.14)
$0.08 (
$1.22) Weighted
average shares outstanding: Basic
25,658 25,658
25,658 25,712 Diluted
25,658 25,658
25,658
25,712
December 31, December 31,
2009 2008
Balance Sheet Data:
Cash & cash equivalents
$ 14,076 $ 6,627 Investment in
short-term securities
-
$4,976 Working capital
$ 26,154 $ 27,924 Total
assets
$ 45,132 $ 43,533 Total liabilities
$
11,942 $ 12,855 Shareholders’ equity
$ 33,190 $
30,678
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