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Wireless Telecom Group Announces Second Quarter Financial Results Including Revenue Growth of 6% and $3 Million Increase in Order Backlog

Dépèche transmise le 15 août 2011 par Business Wire

PARSIPPANY, N.J.--(BUSINESS WIRE)--Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the second quarter and six months ended June 30, 2011.

“The second quarter and first half of 2011 reflects an improved level of sales primarily due to our expansion into the design, manufacture and supply of components to the high growth broadband wireless market for distributed antenna systems (“DAS”

For the quarter ended June 30, 2011, the Company reported net sales from continuing operations of $6,473,000, compared to $6,081,000 for the same period in 2010, an increase of 6%.

The Company also reported net income from continuing operations of $501,000 or $0.02 per diluted share for the second quarter of 2011, compared to net income of $298,000, or $0.01 per diluted share, for the second quarter of 2010.

For the six months ended June 30, 2011, the Company reported net sales from continuing operations of $12,550,000, compared to $12,218,000 for the same period in 2010, an increase of 3%.

For the first six months of 2011, the Company reported net income from continuing operations of $887,000, or $0.04 per diluted share, compared to net income of $619,000, or $0.02 per diluted share, for the same period of 2010.

Paul Genova, CEO of Wireless Telecom Group, Inc. stated: “The second quarter and first half of 2011 reflects an improved level of sales primarily due to our expansion into the design, manufacture and supply of components to the high growth broadband wireless market for distributed antenna systems (“DAS”). Broadband capacity and coverage is expected to grow significantly over the next few years and we have targeted this market as a significant growth area for the Company to focus its resources.

“In addition, we continue to pursue opportunities to advance our test & measurement segment of the business as evidenced by the July 2011 increase in our order backlog of $3 million over the previous year. This increase is due to an initial firm order placed by the Department of the United States Navy for Boonton’s 4500 RF Peak Power Meters to be fulfilled over the next twelve months.”

Continued Genova, “Growth in the DAS broadband market and increased order flow in the test & measurement segment coupled with our cost reduction efforts in 2011 position the Company for expected improvements in revenue and net income. With no operating debt, this will allow the Company to improve cash flow, continue organic growth and pursue select opportunities in the marketplace.”

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.

 
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
                     
Three months ended Six months ended

June 30,

June 30,

(Unaudited) (Unaudited)

2011

   

2010

2011

   

2010

Statement of Operations Data:
Net sales $ 6,473 $ 6,081 $ 12,550 $ 12,218
 
Gross profit 2,918 2,956 5,568 5,759
 
Operating expenses
Research and development 572 554 1,097 1,095
Sales and marketing 1,220 966 2,414 1,952
General and administrative

914

  1,115   1,547   2,079  
Total operating expenses 2,706 2,635 5,058 5,126
 
Interest and other (income) expense (123 ) 7 (129 ) (5 )
 
Income from continuing operations
before income taxes 335 314 639 638
 
Income from continuing operations 501 298 887 619
 
(Loss) from discontinued operations -
net of taxes

-

(458 ) - (1,743 )
 
Net income (loss)

$ 501

  $ (160 ) $ 887   $ (1,124 )
 
Net Income (loss) per common share:
Basic and diluted
Continuing operations $0.02 $0.01 $0.04

$0.02

Discontinued operations -   (0.02 ) -   (0.07 )
Net Income (loss) per common share $0.02   ($0.01 ) $0.04   ($0.05 )
 
Weighted average shares outstanding:
Basic 25,062 25,658 25,022 25,658
Diluted 25,160 25,701 25,203 25,699
 
June 30, December 31,

2011

2010

(Unaudited)

Balance Sheet Data:

 
Cash & cash equivalents $ 12,419 $ 13,643
 
Working capital $ 22,594 $ 22,633
 
Total assets $ 37,128 $ 37,619
 
Total liabilities $ 4,905 $ 5,875
 
Shareholders’ equity $ 32,223 $ 31,744
 

Business Wire

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