Wireless Telecom Group, Inc. (NYSE MKT:WTT) announced today
results for the second quarter ended June 30, 2016.
Highlights:
- $7.6 million in revenue for the
quarter, a sequential increase of 20% from the first quarter
2016
- Gross profit margin of 43.9% in the
quarter, a sequential increase of 102 basis points from the
first quarter 2016 gross profit margin of 42.7%
- $8.8m in new sales orders, a
sequential increase of 43% from the first quarter of 2016
Tim Whelan, CEO of Wireless Telecom Group, Inc., commented, “Our
second quarter results reflected a rebound from a soft sales
environment in the first quarter of this year. We are encouraged by
recent strength of order flow across both segments, which
represented a 43% increase compared to the first quarter.”
Mr. Whelan added, “The infrastructure build plans, channel
activity and government orders we were pursuing in the first
quarter of this year reached implementation stage and resulted in a
number of significant project wins in the second quarter. As we
enter the second half of the year, we expect sales order flow to
continue at similar levels as the second quarter, leading to both
revenue growth and improved profitability in the second half of
2016.”
Continued Whelan, “We are also pleased that our prior cost
reduction efforts have allowed us to realize improved
year-over-year and sequential gross profit margins in the second
quarter of 2016, despite lower volumes, and we expect gross margins
will continue to improve throughout the year as volumes increase.
Our prior initiatives also allowed us to redirect some of these
savings to new product development and the evaluation of inorganic
opportunities. We expect the new product investments to produce
revenues in 2017 and beyond.”
For the quarter ended June 30, 2016, the Company reported total
net revenues of $7,610,000, compared to $8,213,000 for the same
period in 2015, a decrease of 7%, but an increase of 20% over the
sequential quarter. Net revenues in the Network Solutions segment
were $5,476,000 for the quarter, compared to $5,331,000 for the
same period in 2015, an increase of 3%, and an increase of 30% over
the sequential quarter. Net revenues in the Test and Measurement
segment were $2,134,000 for the quarter, compared to $2,882,000 for
the same period in 2015, a decrease of 26%, and a decrease of 1%
over the sequential quarter.
Non-GAAP Adjusted EBITDA for the quarter ended June 30, 2016 was
$94,000, compared to $349,000 for the same period in 2015. Our
non-GAAP Adjusted EBITDA results do not include the Company’s tax
provision, depreciation and amortization, stock compensation
expense, severance charges related to restructuring, as well as
professional fees related to our Strategic Planning and Operating
Committee’s strategic evaluations. A reconciliation of net income
to non-GAAP Adjusted EBITDA results is included as an attachment to
this press release.
The Company reported a net loss of $218,000, or ($0.01) per
diluted share, for the second quarter of 2016, compared to net
income of $84,000, or $0.00 per diluted share, for the second
quarter of 2015, and a loss of ($0.03) per diluted share in the
first quarter of 2016.
For the six months ended June 30, 2016, the Company reported
total net revenues of $13,979,000 for the period, compared to
$16,841,000 for the same period in 2015, a decrease of 17%. Net
revenues in the Network Solutions segment were $9,690,000, compared
to $11,226,000 for the same period in 2015, a decrease of 14%. Net
revenues in the Test and Measurement segment were $4,289,000 for
the period, compared to $5,615,000 for the same period in 2015, a
decrease of 24%.
Non-GAAP Adjusted EBITDA for the six months ended June 30, 2016
was a loss of $473,000, compared to $883,000 for the same period in
2015.
The Company also reported a net loss of $795,000 or $0.04 per
diluted share for the first six months of 2016, compared to net
income of $278,000, or $0.01 per diluted share, for the first six
months of 2015.
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: continued improvements to sales bookings and
sequentially improving revenues; and order flow continuing at
similar levels as Q2, leading to revenue improvements in the second
half of 2016 and a return to profitability; gross margins
continuing to improve throughout the year on expected higher
volumes; and strategic investments to yield revenue opportunity in
2017. 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, 2015.
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 ended Six months
ended
June 30,
June 30,
(unaudited)
(unaudited)
2016
2015
2016
2015
Statement of Operations Data: Net revenues
$
7,610 $ 8,213
$ 13,979 $16,841 Gross
profit
3,339 3,567
6,059 7,430 Operating
expenses Research and development
1,030 957
2,094
1,873 Sales and marketing
1,236 1,342
2,487 2,687
General and administrative
1,426
1,120 2,752
2,383 Total operating expenses
3,692
3,419
7,333 6,943 Operating income (loss)
(353
) 148
(1,274 ) 487 Other expense
(income) - net
11
- 52 (3
) Income (loss) before income taxes
(364
) 148
(1,326 ) 490 Net income (loss)
$ (218
) $ 84
$ (795
) $278 Net income
(loss) per common share: Basic
$ (0.01 ) $
0.00
$ (0.04 ) $0.01 Diluted
$
(0.01 ) $ 0.00
$ (0.04 ) $0.01
Weighted average shares outstanding: Basic
18,622
19,524
18,614 19,510 Diluted
18,974 20,359
19,040 20,556 Three months ended Six months ended
June 30,
June 30,
(unaudited) (unaudited)
2016
2015
2016
2015
Reconciliation of GAAP Net Income (Loss) to Non-GAAP
EBITDA and Adjusted EBITDA: GAAP net income (loss)
$
(218 ) $ 84
$(795 ) $ 278 Tax expense
(benefit)
(146 ) 64
(531 ) 212
Depreciation and amortization
117 115
233 224
Non-GAAP EBITDA
(247 ) 263
(1,093 ) 714 Stock compensation
expense
99 86
197 172 Restructuring charges and other
non-recurring costs (1)
242
- 423
(3 ) Non-GAAP Adjusted EBITDA
$ 94 $
349 $(473 )
$ 883 (1) Includes
severance charges related to restructuring and professional fees
related to our Strategic Planning and Operating Committee’s
strategic evaluations.
June 30,
December 31,
2016
2015
(unaudited)
Balance Sheet Data:
Cash & cash equivalents
$8,614
$9,726
Accounts receivable
4,691
5,451
Inventories
8,666
8,069
Prepaid expenses & other current
assets
546 587 Total Current Assets
22,517 23,833 Property, plant
& equipment – net
2,054 1,743
Goodwill
1,351 1,351 Deferred income taxes
7,545 7,014 Other assets
723 765
Total other assets
9,619 9,130
Total assets
$34,190 $ 34,706 Accounts
payable
$1,349
$1,046
Accrued expenses & other current liabilities
510
648
Equipment leases payable - current
37
74
Total current liabilities
1,896
1,768
Deferred rent
52
34
Common stock
298
296
Additional paid-in-capital
40,061
39,865
Retained earnings
12,706
13,501
Treasury stock
(20,823
)
(20,758
)
Total shareholders’ equity
32,242
32,904
Total liabilities & shareholders’ equity
$34,190
$ 34,706
Six months ended
Six months ended
June 30,
2016
June 30,
2015
(Unaudited) (Unaudited)
Statement of Cash Flows Data:
Cash Flows (Used) by Operating Activities: Net income (loss)
$ (794,520 ) $ 277,859 Adjustments to
reconcile net income (loss) to net cash (used) by operating
activities: Depreciation and amortization
232,696 223,755
Share-based compensation expense
197,238 171,926 Deferred
rent
19,302 11,151 Deferred income taxes
(531,389
) 149,695 Provision for doubtful accounts
(38,646
) 9,193 Inventory reserves
121,369 - Changes in
assets and liabilities: Accounts receivable
798,730 (911,565
) Inventories
(719,034 ) (524,008 ) Prepaid expenses
and other assets
84,206 495,857 Accounts payable
302,650 304,058 Accrued expenses and other current
liabilities
(137,824
) (836,203 )
Net cash (used) by operating activities
(465,222 )
(628,282 ) Cash Flows (Used) by
Investing Activities: Capital Expenditures
(502,023 )
(280,717 ) Cash Flows (Used) by
Financing Activities: Proceeds from exercise of stock options
- 23,400 Repayments of equipment leases payable
(79,180 ) (95,877 ) Repurchase of common stock
(65,468 )
- Net cash (used) for financing activities
(144,648 )
(72,477 ) Net (Decrease) in Cash
and Cash Equivalents
(1,111,893 ) (981,476 )
Cash and Cash Equivalents, at beginning of period
9,726,007
10,723,513
Cash and Cash Equivalents, at end of period
$
8,614,114
$
9,742,037
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version on businesswire.com: http://www.businesswire.com/news/home/20160803006469/en/
Wireless Telecom Group, Inc.Robert Censullo, (973) 386-9696
Wireless Telecom (AMEX:WTT)
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