Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today
results for the second quarter and six months ended June 30,
2013.
For the quarter ended June 30, 2013, the Company reported net
sales of $8,705,000, compared to $7,092,000 for the same period in
2012, an increase of 22.7%.
The Company also reported net income of $1,058,000 or $0.04 per
diluted share for the second quarter of 2013, compared to net
income of $655,000, or $0.03 per diluted share, for the second
quarter of 2012, an increase of 61.4%.
For the six months ended June 30, 2013, the Company reported net
sales of $15,502,000, compared to $13,994,000 for the same period
in 2012, an increase of 10.8%.
The Company also reported net income of $1,404,000 or $0.06 per
diluted share for the first six months of 2013, compared to net
income of $1,311,000, or $0.05 per diluted share, for the same
period of 2012, an increase of 7.1%.
For the quarter ended June 30, 2013, total operating expenses
were $3,363,000, as compared to $2,981,000 for the same period of
2012, an increase of 12.8%.
For the six months ended June 30, 2013, total operating expenses
were $6,439,000, as compared to $5,784,000 for the same period of
2012, an increase of 11.3%.
The increase in second quarter and six months ended June 30,
2013 operating expenses was primarily due to increases in
professional and consulting fees, non-employee sales commissions
and stock compensation expense.
Additionally, on August 1, 2013, the Company’s wholly-owned
subsidiary, Boonton Electronics, was awarded a contract with the
Federal Aviation Administration (“FAA”) to supply Boonton 4500B RF
Peak Power Meters in support of the Common Air Route Surveillance
Radar (“CARSR”) installations. The total order value of the product
to be sold under the contract is approximately $1.1M and a
considerable portion of the order is expected to be realized over
fiscal years 2013 and 2014.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated “We are
excited by the continued growth in our Network Solutions business
segment, resulting in improvements to both revenue and segment
income. Revenue in our Network Solutions segment for the first half
of 2013 increased 49% to $9,748,000 compared to the prior year
period, while segment income for the first half of 2013 increased
48% to $2,312,000 compared to the prior year period. Although our
Test and Measurement segment experienced soft order flow during the
first half of 2013, recent order activity has been very
encouraging, including a $1.1M contract award received in early
August from the FAA.”
Continued Genova, “We value our relationship with those
government agencies critical to our success, including the FAA, and
continue to be a proud supplier of test instruments in support of
ongoing maintenance and development of state of the art
communication systems.”
Genova continued, “We will continue to execute our strategic
plan and build upon current order momentum as we head into the
second half of 2013.”
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 and Noisecom brands. Its
complementary suite of high performance components and instruments
includes RF combiners and broadband combiner boxes for in-building
distributed antenna systems deployments, RF power splitters and
diplexers, hybrid couplers, peak power meters, signal analyzers,
noise modules, precision noise and generators. The Company serves
both commercial and government markets with workflow-oriented,
WiFi, WiMAX, 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. Specifically, no assurances can be made with respect to:
the contract awarded by the FAA regarding Boonton 4500B RF Peak
Power Meters, including the timing associated with the realization
of revenue thereunder; improvements, if any, to both revenue and
Network Solutions segment income; growth in the Company’s Network
Solutions business segment; Test and Measurement segment order
flow, including recent order activity; and the Company’s ability to
execute on its strategic plan and build upon order momentum as it
heads into the second half of 2013 and beyond. Further information
regarding risks and uncertainties that could affect the Company’s
results 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, 2012.
SELECTED FINANCIAL RESULTS (In thousands, except per
share amounts) Three months
ended Six months ended
June 30, June 30,
(Unaudited) (Unaudited)
2013
2012 2013
2012 Statement of Operations Data: Net sales
$ 8,705 $ 7,092
$ 15,502 $ 13,994 Gross profit
4,080 3,590
7,401 6,945 Operating expenses
Research and development
627 620
1,239 1,219 Sales
and marketing
1,319 1,160
2,341 2,232 General and
administrative
1,417 1,201
2,859 2,333 Total operating
expenses
3,363 2,981
6,439 5,784 Interest and
other (income) expense
(201) (22)
(215) (31)
Income before income taxes
918 631
1,177 1,191
Net income
$1,058 $655
$1,404 $1,311 Net Income
per common share: Basic
$0.04 $0.03
$0.06 $0.05
Diluted
$0.04 $0.03
$0.06 $0.05 Weighted
average shares outstanding: Basic
23,853 24,305
23,863 24,368 Diluted
24,433 24,664
24,358
24,729
June 30, December 31,
2013
2012 (Unaudited)
Balance Sheet
Data:
Cash & cash equivalents
$ 12,407 $ 12,970 Working
capital
$ 27,604 $ 26,516 Total assets
$
41,839 $ 41,230 Total liabilities
$ 4,586 $ 5,315
Shareholders’ equity
$ 37,253 $ 35,915
Wireless Telecom (AMEX:WTT)
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