Welcome!

News Feed Item

Wireless Telecom Group Announces Fourth Quarter and Year-End 2013 Financial Results Including an Annual Increase in Net Sales of 14.3%

Wireless Telecom Group, Inc. (NYSE MKT:WTT) announced today results for the fourth quarter and twelve months ended December 31, 2013.

For the quarter ended December 31, 2013, the Company reported net sales of $9,532,000, compared to $8,216,000 for the same period in 2012, an increase of 16.0%. Net sales in the Network Solutions segment were $6,012,000, compared to $4,700,000 for the same period in 2012, an increase of 28%. Net sales in the Test and Measurement segment were $3,520,000, compared to $3,516,000 for the same period in 2012.

For the twelve months ended December 31, 2013, the Company reported net sales of $33,825,000, compared to $29,595,000 for the same period in 2012, an increase of 14.3%. Net sales in the Network Solutions segment were $22,032,000, compared to $14,334,000 for the same period in 2012, an increase of 54%. Net sales in the Test and Measurement segment were $11,794,000, compared to $15,260,000 for the same period in 2012, a decrease of 23%.

Net Income for the three and twelve month periods ended December 31 was $1,348,000 and $3,842,000 or $.05 and $.16 per diluted share for 2013 and $1,005,000 and $3,171,000 or $.04 and $.13 per diluted share for 2012, respectively.

Non-GAAP normalized EBITDA for the three and twelve month periods ended December 31 was $1,280,000 and $4,564,000 for 2013 and $1,157,000 and $3,707,000 for 2012, respectively. Our non-GAAP normalized EBITDA results do not include the Company’s tax benefit, depreciation and amortization, interest expense, and certain other costs. A reconciliation of Net Income to non-GAAP normalized EBITDA results is included in an attachment to this press release.

Paul Genova, CEO of Wireless Telecom Group, Inc., commented, “We continue to achieve strong revenue and income growth in the Network Solutions segment. Revenues increased by 54%, driven by our strong position in the North American DAS market and we continued to gain traction globally. Segment income increased by 59% to $5.6M. The primary driver of our growth is the implementation of LTE and DAS to satisfy increasing users’ demand for bandwidth that outpaces existing supply. We believe our Network Solutions segment is well-positioned to continue to take advantage of this market growth.”

“Our Test and Measurement segment showed softness in 2013 in large part due to the US Government sequester, which had a negative effect on order flow during the year. However, we are encouraged by the recent large order of $1.1M received from the FAA, which will be fulfilled in 2014, coupled with the release of our new Boonton USB Peak Power Meter product in the first quarter of 2014.”

Genova continued, “In 2013, we increased our cash position to $16.6M driven by strong operating performance and the sale of a long-term real estate holding. Operations for the year ended December 2013 were impacted slightly by reduced gross margins primarily due to revenue softness in our Test and Measurement segment, non-cash charges related to our stock compensation plans and professional fees related to our strategic business review. 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 2013. 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 contract awarded by the FAA or the Company’s ability to: gain traction globally regarding the Company’s Network Solutions segment, grow profitability in the Company’s Network Solutions business segment, improve revenue growth in our Test and Measurement segment as a result of the release of our new Boonton USB Peak Power Meter product, continue execution on the Company’s strategic plan, including continued revenue, earnings and cash flow improvements, and 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 ended Twelve months ended

December 31,

December 31,

 

2013

2012

2013

2012

Statement of Operations Data:
Net sales $9,532 $8,216 $33,825 $29,595
 
Gross profit 4,493 4,132 16,128 14,777
 
Operating expenses
Research and development 686 633 2,645 2,524
Sales and marketing 1,335 1,255 4,858 4,603
General and administrative 1,809 1,420 6,429 4,892
Total operating expenses 3,830 3,308 13,932 12,019
 
Operating income 663 824 2,196 2,758
 
Interest and other (income) expense 5 (40) (371) (23)
 
Income before income taxes 658 864 2,567 2,781
 
Net income $1,348 $1,005 $3,842 $3,171
 
Net income per common share:
Basic $0.05 $0.04 $0.16 $0.13
Diluted $0.05 $0.04 $0.16 $0.13
 
Weighted average shares outstanding:
Basic 24,033 24,069 23,935 24,259
Diluted 24,945 24,439 24,534 24,633

 

Three months ended Twelve months ended

December 31,

December 31,

 

2013

2012

2013

2012

Reconciliation of GAAP Net Income
to Non-GAAP Normalized EBITDA:
GAAP net income $1,348 $1,005 $3,842 $3,171
Tax benefit (691) (140) (1,275) (390)
Depreciation 97 93 345 351
Stock compensation expense 267 91 746 309
Interest - 49 114 201
Non-recurring costs (1) 259 59 793 65
Non-GAAP normalized EBITDA $1,280 $1,157 $4,565 $3,707
 
(1) Includes professional fees related to our strategic business review
 

 

December 31, December 31,

2013

2012

 
Balance Sheet Data:
Cash & cash equivalents $16,599 $12,970
 
Working capital $29,205 $26,516
 
Total assets $43,437 $41,230
 
Total liabilities $3,163 $5,315
 
Shareholders’ equity $40,274 $35,915
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"Our strategy is to focus on the hyperscale providers - AWS, Azure, and Google. Over the last year we saw that a lot of developers need to learn how to do their job in the cloud and we see this DevOps movement that we are catering to with our content," stated Alessandro Fasan, Head of Global Sales at Cloud Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
SYS-CON Events announced today that TMC has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo and Big Data at Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Global buyers rely on TMC’s content-driven marketplaces to make purchase decisions and navigate markets. Learn how we can help you reach your marketing goals.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Managing mission-critical SAP systems and landscapes has never been easy. Add public cloud with its myriad of powerful cloud native services and this may not change any time soon. Public cloud offers exciting new possibilities for enterprise workloads. But to make use of these possibilities and capabilities, IT teams need to re-think everything they have done before. Otherwise, they will just end up using public cloud as a hosting platform for their workloads, aka known as “lift and shift.”
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...