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Wireless Telecom Group Announces First Quarter Financial Results

Dépèche transmise le 16 mai 2011 par Business Wire

PARSIPPANY, N.J.--(BUSINESS WIRE)--Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the first quarter ended March 31, 2011.

For the quarter ended March 31, 2011, the Company reported net sales from continuing operations of $6,077,000, compared to $6,137,000 for the same period in 2010.

The Company also reported net income from continuing operations of $386,000 or $0.02 per diluted share for the first quarter of 2011, compared to net income of $320,000, or $0.01 per diluted share, for the first quarter of 2010, an increase of 21%.

For the quarter ended March 31, 2010, the Company reported a net loss from discontinued operations of $(1,284,000) or $(0.05) per diluted share. The loss in 2010 from discontinued operations consisted of an operating loss of $(675,000), or $(0.03) per diluted share and an additional loss of $(609,000), or $(0.02) per diluted share, which reflected a change in the estimated fair value and cost to dispose of the net assets of Willtek Communications, GmbH.

Paul Genova, CEO of Wireless Telecom Group, Inc. stated “The first quarter of 2011 included severance charges of approximately $100,000 due to the implementation of a cost reduction plan in January 2011 which will benefit us over the remainder of the year. We also retired a low margin product, the 20 watt PIM tester, from our portfolio and sold all remaining inventory. The sale of these units had a onetime negative effect on our gross profit margin in the first quarter of approximately 2% or $125,000. In association with the elimination of this product we had a positive adjustment to net income from continuing operations of $240,000 from the reversal of an associated trade-in warranty.”

Continued Genova, “In 2011, we will continue to focus our efforts to increase revenue growth and improve earnings results from all of our brands. We currently maintain an excellent cash position, have no operating debt and we have a favorable current ratio of approximately 12:1, which significantly exceeds the industry average. We are very encouraged by the recent increased order activity of our Microlab components for deployment in the expanding field of distributed antenna systems and look forward to fulfillment in 2011 of our $1.5M Boonton order with the U.S. Navy.”

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 instruments and components includes peak power meters, signal analyzers, power splitters, combiners, diplexers, 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. 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, 2010.

See following Selected Financial Results

SELECTED FINANCIAL RESULTS

(In thousands, except per share amounts)

           
Three months ended

March 31,

    (Unaudited)

2011

  2010

Statement of Operations Data:

Net sales

$ 6,077 $ 6,137
 
Gross profit 2,650 2,803
 
Operating expenses
Research and development 525 542
Sales and marketing 1,194 986
General and administrative 633 964
Total operating expenses 2,352 2,492
 
Interest and other (income) expense (7) (12)
 
Income from continuing operations
before income taxes 304 324
 
Income from continuing operations 386 320
 
(Loss) from discontinued operations -
net of taxes - (1,284)
 
Net income (loss) $ 386 $ (964)
 
Net Income (loss) per common share:
Basic and diluted
Continuing operations $0.02 $0.01
Discontinued operations - (0.05)
Net Income (loss) per common share $0.02 ($0.04)
 
Weighted average shares outstanding:
Basic 24,982 25,658
Diluted 25,233 25,697
 

 

March 31, December 31,
2011 2010
(Unaudited)
Balance Sheet Data:    
Cash & cash equivalents $ 12,142 $ 13,643
 
Working capital $ 22,225 $ 22,633
 
Total assets $ 36,417 $ 37,619
 
Total liabilities $ 4,723 $ 5,875
 
Shareholders’ equity

 

$ 31,694

$ 31,744

Business Wire

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