Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today
results for the twelve months and fourth quarter ended December 31,
2010.
For the fourth quarter, the Company reported net sales from
continuing operations of $ 6,636,000, compared to $ 5,905,000 for
the same period in 2009, an increase of 12.4%. For the twelve
months, net sales from continuing operations were $ 24,564,000,
compared to $ 22,828,000 for the prior year, an increase of
7.6%.
For the fourth quarter, net income from continuing operations
was $ 358,000 or $0.02 per diluted share, compared to net income
from continuing operations of $5,912,000, or $0.23 per diluted
share, for the prior year period. For the twelve months, net income
from continuing operations was $1,015,000, or $0.04 per diluted
share, compared to net income from continuing operations of
$5,460,000 or $0.21 per diluted share, for the prior year. 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 the Company’s Willtek subsidiary which closed on May 7, 2010 and
has been treated as discontinued operations for 2010 and 2009.
For the fourth quarter of 2010, the Company reported no activity
from discontinued operations, compared to a loss of $(3,680,000) or
$(0.14) per diluted share for the prior year period. For the twelve
months ended December 31, 2010, the Company reported a loss from
discontinued operations of $(1,743,000) or $(0.07) per diluted
share, compared to a loss of $(3,428,000) or $(0.13) per diluted
share for the prior year.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated:
The year 2010 proved to be significant for WTG as we have fully
transitioned our Company back to our core RF & Microwave
technologies. The fourth quarter and year to date results for 2010
reflects an improvement in our sales of 7.6% and a reduction of
operating costs over the previous year.
With the completion of the sale of Willtek in 2010 now behind
us, we are fully committed to focusing our efforts and financial
resources on building our core business, improving productivity
while decreasing operating expenses and providing further
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.
See following Selected Financial Results
SELECTED FINANCIAL RESULTS (In thousands, except per share
amounts) Three months ended Twelve months ended
December 31, December 31,
2010 2009 2010
2009 Statement of Operations Data: Net sales
$ 6,636 $ 5,905
$ 24,564 $ 22,828 Gross profit
3,100 2,851
11,555 10,629 Operating expenses
Research and development
536 505
2,175 2,066 Sales
and marketing
1,226 885
4,358 4,159 General and
administrative
1,125 1,496
4,217 5,328 Total operating
expenses
2,887 2,886
10,750 11,553 Interest
and other (income) expense
(25 ) 96
(118
) (17 ) Income (loss) from continuing operations
before income taxes
238 (131 )
923 (907 )
Income from continuing operations
358 5,912
1,015
5,460 (Loss) from discontinued operations - net of taxes
- (3,680 )
(1,743 ) (3,428 ) Net income
(loss)
$ 358 $ 2,233 $
(728 ) $
2,032 Net Income (loss) per common share: Basic
and diluted Continuing operations
$0.02 $0.23
$0.04 $
0.21 Discontinued operations
-
(0.14 ) (0.07
) (0.13 ) Net
Income (loss) per common share
$0.02
$0.09 $(0.03 )
$ 0.08 Weighted average shares
outstanding: Basic
25,658 25,658
25,658 25,658
Diluted
25,677 25,658
25,685 25,658
December 31, December 31,
2010
2009
Balance Sheet
Data:
Cash & cash equivalents
$ 13,643 $ 14,076 Investment in
short-term securities
- - Working capital
$
22,671 $ 26,154 Total assets
$ 37,619 $ 45,132
Total liabilities
$ 5,875 $ 11,942
Shareholders’ equity
$ 31,744 $ 33,190
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