Welcome!

News Feed Item

Wireless Telecom Group Announces First Quarter 2014 Financial Results Including an Increase in Net Sales of 35%

Wireless Telecom Group, Inc. (NYSE MKT:WTT) announced today results for the first quarter ended March 31, 2014.

For the quarter ended March 31, 2014, the Company reported net sales of $9,185,000, compared to $6,797,000 for the same period in 2013, an increase of 35%. Net sales in the Network Solutions segment were $6,390,000, compared to $3,794,000 for the same period in 2013, an increase of 68%. Net sales in the Test and Measurement segment were $2,795,000, compared to $3,003,000 for the same period in 2013, a decrease of 7%.

The Company also reported net income of $440,000 or $0.02 per diluted share for the first quarter of 2014, compared to net income of $346,000, or $0.01 per diluted share, for the first quarter of 2013, an increase of 27%.

Non-GAAP normalized EBITDA for the quarter ended March 31, 2014 was $1,086,000 or 12% of net sales as compared to $720,000 or 11% of net sales for the first quarter of 2013. Our non-GAAP normalized EBITDA results do not include the Company’s tax provision (benefit), depreciation and amortization, interest expense, and certain other costs. A reconciliation of Net Income to non-GAAP normalized EBITDA results is included as an attachment to this press release.

Paul Genova, CEO of Wireless Telecom Group, Inc., commented, “We are excited by the continued growth in our Network Solutions business segment. Our ongoing investment in products for the DAS and LTE marketplace continue to benefit the Company through increased revenue, earnings and improved cash flow.”

“Our Test and Measurement segment showed a decrease in 2014 revenue due, in large part, to reduced military budgets which affected order flow during the first quarter. However, we are encouraged by recent order activity and customer interest in our new Boonton USB Peak Power Meter which was released during the second quarter of 2014.”

Genova continued, “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 2014. 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 Company’s ability to: grow profitability in its Network Solutions business segment, including through investment in products for the DAS and LTE marketplace and to benefit the Company through increased revenue, earnings and improved cash flow, improve revenue growth in its Test and Measurement segment as a result of the release of its new Boonton USB Peak Power Meter product, make ongoing improvements in its operations and cash flow and to execute on the Company’s strategic plan and pursue opportunities that will 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
March 31,

 

2014

2013

Statement of Operations Data:
Net sales $9,185 $6,797
 
Gross profit 4,266 3,320
 
Operating expenses
Research and development 761 612
Sales and marketing 1,267 1,022
General and administrative

1,436

1,442

Total operating expenses 3,464 3,076
 
Operating income 802 244
 
Other expense (income)

30

(15)

 
Income before income taxes 772 259
 
Net income

$440

$346
 
Net income per common share:
Basic $0.02 $0.01
Diluted $0.02 $0.01
 
Weighted average shares outstanding:
Basic 24,033 23,874
Diluted 25,407 24,301

 

 

Three months ended
March 31,

 

2014

2013

Reconciliation of GAAP Net Income
to Non-GAAP Normalized EBITDA:
GAAP net income $440

$346

Tax provision (benefit) 332

(87)

Depreciation 119

81

Stock compensation expense 58

91

Interest -

49

Non-recurring costs (1) 137

240

Non-GAAP normalized EBITDA $1,086

$720

 
(1) Includes professional fees related to our strategic business review
 
       

March 31,
2014

December 31,
2013

 
Balance Sheet Data: (1)
Cash & cash equivalents $16,561 $16,599
 
Working capital $29,748 $29,205
 
Total assets $44,130 $43,437
 
Total liabilities $3,358 $3,163
 
Shareholders’ equity $40,772 $40,274
 
      (1)   In April 2014, the Company repurchased approximately 4.8 million shares of its common stock for $2.00 per share, or an aggregate amount of approximately $9.6 million. The Company funded the transaction from available cash.
 

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
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, ...
SYS-CON Events announced today that Tintri, Inc, a leading provider of enterprise cloud infrastructure, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Tintri offers an enterprise cloud platform built with public cloud-like web services and RESTful APIs. Organizations use Tintri all-flash storage with scale-out and automation as a foundation for their own clouds – to build agile development environments...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, will motivate why realizing the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insigh...
SYS-CON Events announced today that DivvyCloud will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. DivvyCloud software enables organizations to achieve their cloud computing goals by simplifying and automating security, compliance and cost optimization of public and private cloud infrastructure. Using DivvyCloud, customers can leverage programmatic Bots to identify and remediate common cloud problems in rea...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...