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Wireless Telecom Group Announces Fourth Quarter and Year-End 2010 Financial Results Including Year to Date Revenue Growth of 7.6%

Dépèche transmise le 30 mars 2011 par Business Wire

PARSIPPANY, N.J.--(BUSINESS WIRE)--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

Business Wire

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