Wireless Telecom Group, Inc. (NYSE MKT:WTT) announced today
results for the first quarter ended March 31, 2014.
For the quarter ended March 31, 2014, the Company reported net
sales of $9,185,000, compared to $6,797,000 for the same period in
2013, an increase of 35%. Net sales in the Network Solutions
segment were $6,390,000, compared to $3,794,000 for the same period
in 2013, an increase of 68%. Net sales in the Test and Measurement
segment were $2,795,000, compared to $3,003,000 for the same period
in 2013, a decrease of 7%.
The Company also reported net income of $440,000 or $0.02 per
diluted share for the first quarter of 2014, compared to net income
of $346,000, or $0.01 per diluted share, for the first quarter of
2013, an increase of 27%.
Non-GAAP normalized EBITDA for the quarter ended March 31, 2014
was $1,086,000 or 12% of net sales as compared to $720,000 or 11%
of net sales for the first quarter of 2013. Our non-GAAP normalized
EBITDA results do not include the Company’s tax provision
(benefit), depreciation and amortization, interest expense, and
certain other costs. A reconciliation of Net Income to non-GAAP
normalized EBITDA results is included as an attachment to this
press release.
Paul Genova, CEO of Wireless Telecom Group, Inc., commented, “We
are excited by the continued growth in our Network Solutions
business segment. Our ongoing investment in products for the DAS
and LTE marketplace continue to benefit the Company through
increased revenue, earnings and improved cash flow.”
“Our Test and Measurement segment showed a decrease in 2014
revenue due, in large part, to reduced military budgets which
affected order flow during the first quarter. However, we are
encouraged by recent order activity and customer interest in our
new Boonton USB Peak Power Meter which was released during the
second quarter of 2014.”
Genova continued, “In order to supplement the GAAP operating
results, we have included within this release certain non-GAAP
financial measures to enhance the evaluation of our operating
results in 2014. We look forward to ongoing improvements in our
operations and cash flows as we continue to execute our strategic
plan and pursue opportunities that will increase shareholder
value.”
Use of Non-GAAP Financial Measures
This press release includes non-GAAP financial measures that are
not in accordance with, nor an alternate to, generally accepted
accounting principles and may be different from non-GAAP measures
used by other companies. In addition, these non-GAAP measures are
not based on any comprehensive set of accounting rules or
principles.
Non-GAAP financial measures should not be considered as a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. They are limited in value because
they exclude charges that have a material effect on our reported
results and, therefore, should not be relied upon as the sole
financial measures to evaluate our financial results. The non-GAAP
financial measures are meant to supplement, and to be viewed in
conjunction with, GAAP financial results. A reconciliation of our
non-GAAP measures is included in an attachment to this press
release.
Forward-Looking Statements
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 Company’s ability to: grow profitability in its
Network Solutions business segment, including through investment in
products for the DAS and LTE marketplace and to benefit the Company
through increased revenue, earnings and improved cash flow, improve
revenue growth in its Test and Measurement segment as a result of
the release of its new Boonton USB Peak Power Meter product, make
ongoing improvements in its operations and cash flow and to execute
on the Company’s strategic plan and pursue opportunities that will
increase value to the Company’s shareholders. 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, 2013.
About Wireless Telecom Group, Inc.
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 (DAS), 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.
See following Selected Financial Results
SELECTED FINANCIAL RESULTS(In
thousands, except per share amounts)
Three months endedMarch 31,
2014
2013
Statement of Operations Data: Net sales
$9,185 $6,797
Gross profit
4,266 3,320 Operating expenses
Research and development
761 612 Sales and marketing
1,267 1,022 General and administrative
1,436
1,442
Total operating expenses
3,464 3,076 Operating income
802 244 Other expense (income)
30
(15)
Income before income taxes
772 259 Net income
$440
$346 Net income per common share: Basic
$0.02 $0.01 Diluted
$0.02 $0.01 Weighted
average shares outstanding: Basic
24,033 23,874 Diluted
25,407 24,301
Three months endedMarch 31,
2014
2013
Reconciliation of GAAP Net Income to Non-GAAP Normalized
EBITDA: GAAP net income
$440
$346
Tax provision (benefit)
332
(87)
Depreciation
119
81
Stock compensation expense
58
91
Interest
-
49
Non-recurring costs (1)
137
240
Non-GAAP normalized EBITDA
$1,086
$720
(1) Includes professional fees related to our strategic
business review
March 31,2014
December 31,2013
Balance Sheet Data: (1) Cash & cash equivalents
$16,561 $16,599 Working capital
$29,748
$29,205 Total assets
$44,130 $43,437 Total
liabilities
$3,358 $3,163 Shareholders’ equity
$40,772 $40,274 (1) In
April 2014, the Company repurchased approximately 4.8 million
shares of its common stock for $2.00 per share, or an aggregate
amount of approximately $9.6 million. The Company funded the
transaction from available cash.
Wireless Telecom Group, Inc.Robert Censullo, 973-386-9696
Wireless Telecom (AMEX:WTT)
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