Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today
results for the third quarter and nine months ended September 30,
2013.
For the quarter ended September 30, 2013, the Company reported
net sales of $8,791,000, compared to $7,385,000 for the same period
in 2012, an increase of 19.0%. Net sales in the Network Solutions
segment were $6,272,000, compared to $3,087,000 for the same period
in 2012, an increase of 103%. Net sales in the Test and Measurement
segment were $2,519,000, compared to $4,298,000 for the same period
in 2012, a decrease of 41%.
For the nine months ended September 30, 2013, the Company
reported net sales of $24,293,000, compared to $21,379,000 for the
same period in 2012, an increase of 13.6%. Net sales in the Network
Solutions segment were $16,020,000, compared to $9,634,000 for the
same period in 2012, an increase of 66%. Net sales in the Test and
Measurement segment were $8,273,000, compared to $11,745,000 for
the same period in 2012, a decrease of 30%.
Income before taxes for the three and nine month periods was
$732,000 and $1,909,000 for 2013 compared to $726,000 and
$1,917,000 for 2012, respectively.
Net Income for the three and nine month periods was $1,090,000
and $2,494,000 or $.04 and $.10 per diluted share for 2013 and
$855,000 and $2,166,000 or $.03 and $.09 per diluted share for
2012, respectively.
Paul Genova CEO of Wireless Telecom Group, Inc. commented “Gains
generated by strong revenue and profit growth in our Network
Solutions segment were offset by softness in our Test and
Measurement segment. Revenue in our Network Solutions segment for
the nine months of 2013 increased 66% to $16,020,000 compared to
the prior year period, while segment income increased 90% to
$4,095,000 compared to the prior year period.”
Stated Genova “We believe that the product and channel
investments we made in Network Solutions have been critical in
driving the strong growth thus far this year. Our Test and
Measurement segment experienced soft order flow during the first
three quarters of 2013; however, recent order activity has been
very encouraging, including a $1.1M contract award received in
early August from the FAA.”
Genova continued “Operating income for the periods ended 2013
were impacted by lower revenue in our Test and Measurement segment
reducing gross margins, professional fees related to our pursuit of
strategic opportunities and non-cash charges related to our stock
compensation plans. However, our cash position improved to
$14,200,000 and we plan to continue executing our strategic plan
building upon current order momentum driving towards a strong
finish to 2013 with expected improvement in revenue, earnings and
cash flow.”
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 or the Company’s ability to: drive
strong growth as a result of product and channel investments made
in the Company’s Network Solutions segment and to make effective
future product and channel investments, continue growth in the
Company’s Network Solutions business segment, improve both revenue
and segment income, improve order activity, continue execution on
the Company’s strategic plan, including continued revenue, earnings
and cash flow improvements, increase value to the Company’s
shareholders, and drive towards a strong finish to the Company’s
year-end 2013. 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.
See following Selected Financial Results
SELECTED FINANCIAL RESULTS (In thousands,
except per share amounts)
Three months ended
September
30,
Nine months ended
September
30,
(Unaudited) (Unaudited)
2013
2012
2013
2012
Statement of Operations Data: Net sales
$ 8,791 $
7,385
$ 24,293 $ 21,379 Gross profit
4,235
3,700
11,636 10,645 Operating expenses Research and
development
720 672
1,959 1,891 Sales and marketing
1,182 1,116
3,524 3,348 General and administrative
1,762 1,139
4,620 3,472 Total
operating expenses
3,664 2,927
10,103 8,711
Operating income
571 773
1,533 1,934 Interest
and other (income) expense
(161
) 47 (376
) 17 Income before
income taxes
732 726
1,909 1,917 Net income
$1,090 $855
$2,494 $ 2,166
Net Income per common share: Basic
$0.05 $0.04
$0.10 $ 0.09 Diluted
$0.04 $0.03
$0.10 $ 0.09
Weighted average shares outstanding: Basic
23,980
24,233
23,903 24,323 Diluted
24,605 24,640
24,441 24,698
September 30, December 31,
2013
2012
(Unaudited)
Balance Sheet
Data:
Cash & cash equivalents
$ 14,170 $ 12,970
Working capital
$ 28,326 $ 26,516 Total assets
$
41,177 $ 41,230 Total liabilities
$ 2,518 $ 5,315
Shareholders’ equity
$ 38,659 $ 35,915
Wireless Telecom Group, Inc.Robert Censullo, 973-386-9696
Wireless Telecom (AMEX:WTT)
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