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PCTEL Achieves $26.2 Million in Second Quarter Revenue

PCTEL, Inc. (NASDAQ:PCTI), a leader in performance critical telecom solutions, announced its 2014 second quarter results.

Second Quarter Highlights

$26.2 million in revenue for the quarter, a decrease of two percent from the same period last year.

Gross profit margin of 41 percent in the quarter, compared to 39 percent in the same period last year.

GAAP operating margin from continuing operations of two percent for the quarter, compared to operating margin of one percent for the same period last year.

GAAP net income from continuing operations of $545,000 for the quarter, or $0.03 per diluted share, compared to net income of $187,000 from continuing operations, or $0.01 per diluted share for the same period last year.

Non-GAAP operating profit and net income are measures the company uses to reflect the results of its core earnings. The Company’s reporting of Non-GAAP net income excludes expenses for restructuring, gain or loss on sale of assets, stock based compensation, amortization and impairment of intangible assets and goodwill related to the Company’s acquisitions, and non-cash related income tax expense.

Non-GAAP operating margin from continuing operations of nine percent in the quarter, unchanged from the same period last year.

Non-GAAP net income from continuing operations of $2.0 million or $0.11 per diluted share in the quarter, unchanged from the same period last year.

$53.9 million of cash, short-term investments at June 30, 2014, a decrease of approximately $(2.3) million from the preceding quarter. During the quarter the company repurchased approximately 216,000 of its common shares for $1.65 million, paid $750,000 in dividends, and generated $100,000 of cash and investments from all other sources.

"Our core antenna business rebounded in the second quarter, recovering from weather-related delays and soft economic conditions. We received our single largest order in the company’s history for delivery next quarter, we initiated delivery of scanning receivers to China Telecom and our network engineering services business is now at a $10 million annual run rate,” said Marty Singer, PCTEL’s Chairman and CEO. “We look forward to executing against our small cell site forecast, expanding our tower business, growing our core antenna sales into key vertical markets, and fully exploiting the LTE and TD-LTE scanning receiver market,” added Singer.

CONFERENCE CALL / WEBCAST

PCTEL’s management team will discuss the Company’s results today at 5:15 PM ET. The call can be accessed by dialing (877) 734-5369 (U.S. / Canada) or (706) 679-6397 (International), conference ID: 70082603. The call will also be webcast at http://investor.pctel.com/events.cfm.

REPLAY: A replay will be available for two weeks after the call on either the website listed above or by calling (855) 859-2056 (U.S./Canada), or International (404) 537-3406, conference ID: 70082603.

About PCTEL

PCTEL delivers Performance Critical Telecom solutions. RF Solutions develops and provides test equipment, software and engineering services for wireless networks. Engineers rely upon PCTEL to optimize, visualize, and benchmark wireless networks. Connected Solutions™ designs and delivers performance critical antennas and site solutions for wireless networks globally. Our antennas support evolving wireless standards for cellular, private, and broadband networks. PCTEL antennas and site solutions support networks worldwide, including SCADA for oil, gas and utilities, fleet management, industrial operations, health care, small cell and network timing deployment, defense, public safety, education, and broadband access.

PCTEL’s performance critical products include its SeeGull® scanning receivers, SeeHawk® analytic software and CW systems, and its SeeWave™ interference detection systems. PCTEL is recognized globally for its industry leading-edge IBflex™, EXflex™, and MX scanning receivers and its sophisticated in-building Network Engineering Services (NES).

PCTEL’s performance critical MAXRAD® and Bluewave™ antenna solutions include high rejection and high performance GPS and GNSS products, the industry leading Yagi portfolio, mobile and indoor LTE, broadband, and LMR antennas and PIM-rated antennas for transit, in-building, and small cell applications. We provide performance critical mobile towers for demanding emergency and oil and gas network applications and leverage our design, logistics, and support capabilities to deliver performance critical site solutions into carrier, railroad, and utility applications.

PCTEL's products are sold worldwide through direct and indirect channels. For more information, please visit the company's web sites www.pctel.com, www.antenna.com, or www.rfsolutions.pctel.com.

PCTEL Safe Harbor Statement

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements regarding the growth of PCTEL’s in-building engineering services and scanning receiver sales, the performance of the Connected Solutions business and the anticipated success of our new antenna and scanning receiver products, are forward-looking statements within the meaning of the safe harbor. These statements are based on management’s current expectations and actual results may differ materially from those projected as a result of certain risks and uncertainties, including the ability to successfully grow the wireless products business and the ability to implement new technologies and obtain protection for the related intellectual property. These and other risks and uncertainties are detailed in PCTEL's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and PCTEL disclaims any obligation to update or revise the information contained in any forward-looking statement, whether as a result of new information, future events or otherwise.

PCTEL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 
  (unaudited)  
June 30, December 31,
2014 2013
ASSETS
 
Cash and cash equivalents $14,123 $21,790
Short-term investment securities 39,771 36,105
Accounts receivable, net of allowance for doubtful accounts
of $132 and $130 at June 30, 2014 and December 31, 2013, respectively 20,253 18,603
Inventories, net 16,862 14,535
Deferred tax assets, net 1,629 1,629
Prepaid expenses and other assets 1,342 3,166
Total current assets 93,980 95,828
 
Property and equipment, net 14,961 14,971
Goodwill 161 161
Intangible assets, net 3,566 4,604
Deferred tax assets, net 11,692 11,827
Other noncurrent assets 37 41
TOTAL ASSETS $124,397 $127,432
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Accounts payable $4,473 $4,440
Accrued liabilities 7,988 7,803
Total current liabilities 12,461 12,243
 
Other long-term liabilities 1,345 3,137
   
Total liabilities 13,806 15,380
 
Stockholders’ equity:
Common stock, $0.001 par value, 100,000,000 shares
authorized, 18,448,137 and 18,566,119 shares issued and
outstanding at June 30, 2014 and December 31, 2013, respectively 18 19
Additional paid-in capital 143,244 143,572
Accumulated deficit (32,835) (31,748)
Accumulated other comprehensive income 164 209
Total stockholders’ equity 110,591 112,052
 
TOTAL LIABILITIES AND EQUITY $124,397 $127,432
PCTEL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share data)
       
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
 
REVENUES $26,182 $26,746 $49,837 $51,818
COST OF REVENUES 15,331 16,198 29,405 31,672
GROSS PROFIT 10,851 10,548 20,432 20,146
OPERATING EXPENSES:
Research and development 3,069 2,683 6,311 5,233
Sales and marketing 3,303 3,054 6,258 6,075
General and administrative 3,470 3,825 6,702 8,456
Amortization of intangible assets 464 604 1,038 1,209
Restructuring charges 0 124 0 225
Total operating expenses 10,306 10,290 20,309 21,198
OPERATING INCOME (LOSS) 545 258 123 (1,052)
Other income, net 334 57 531 4,389
INCOME BEFORE INCOME TAXES 879 315 654 3,337
Expense for income taxes 334 128 255 1,198
NET INCOME FROM CONTINUING OPERATIONS 545 187 399 2,139
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT 0 (22) 0 (109)
NET INCOME $545 $165 $399 $2,030
 
Earnings per Share from Continuing Operations:
Basic $0.03 $0.01 $0.02 $0.12
Diluted $0.03 $0.01 $0.02 $0.12
 
Loss per Share from Discontinued Operations:
Basic $0.00 $0.00 $0.00 ($0.01)
Diluted $0.00 $0.00 $0.00 ($0.01)
 
Earnings per Share:
Basic $0.03 $0.01 $0.02 $0.11
Diluted $0.03 $0.01 $0.02 $0.11
 
Weighed Average Shares:
Basic 18,165 17,790 18,166 17,731
Diluted 18,291 18,075 18,350 17,973
 
Cash dividend per share $0.040 $0.035 $0.080 $0.070
PCTEL, INC.
P&L INFORMATION BY SEGMENT - Continuing Operations
(in thousands)
               
Three Months Ended June 30, 2014 Six Months Ended June 30, 2014
Connected Solutions RF Solutions Consolidating Total Connected Solutions RF Solutions Consolidating Total
 
REVENUES $17,715 $8,574 ($107 ) $26,182 $33,712 $16,295 ($170 ) $49,837
               
GROSS PROFIT 5,716 5,129 6 10,851 10,832 9,587 13 20,432
               
OPERATING INCOME (LOSS) $1,845 $1,645 ($2,945 ) $545 $3,015 $2,659 ($5,551 ) $123  
 
Three Months Ended June 30, 2013 Six Months Ended June 30, 2013
Connected Solutions RF Solutions Consolidating Total Connected Solutions RF Solutions Consolidating Total
 
REVENUES $19,199 $7,602 ($55 ) $26,746 $38,555 $13,374 ($111 ) $51,818
               
GROSS PROFIT 5,662 4,876 10 10,548 11,673 8,457 16 20,146
               
OPERATING INCOME (LOSS) $1,374 $2,072 ($3,188 ) $258 $3,132 $3,042 ($7,226 ) ($1,052 )

Reconciliation GAAP To non-GAAP Results Of Continuing Operations (unaudited)

(in thousands except per share information)
 

Reconciliation of GAAP operating income to non-GAAP operating income (a) from Continuing Operations

         
Three Months Ended June 30, Six Months Ended June 30,
2014 2013 2014 2013
 
Operating Income (Loss) $545 $258 $123 ($1,052)
 
(a) Add:
Amortization of intangible assets 464 604 1,038 1,209
TelWorx restructuring:
-Restructuring charges 0 124 0 225
-Cost of Goods Sold 0 284 0 284
TelWorx investigation:
-General & Administrative 263 100 498 1,491
Legal settlement
-General & Administrative 75 0 75 0
Stock Compensation:
-Cost of Goods Sold 117 107 203 191
-Engineering 187 178 360 322
-Sales & Marketing 189 154 336 261
-General & Administrative 603 660 948 947
1,898 2,211 3,458 4,930
       
Non-GAAP Operating Income $2,443 $2,469 $3,581 $3,878
% of revenue 9.3% 9.2% 7.2% 7.5%
 

Reconciliation of GAAP net income to non-GAAP net income (b) from Continuing Operations

 
Three Months Ended June 30, Six Months Ended June 30,
2014 2013 2014 2013
 
Net Income from Continuing Operations $545 $187 $399 $2,139
 
Adjustments:
(a) Non-GAAP adjustment to operating income 1,898 2,211 3,458 4,930
Other income related to the TelWorx settlement and TelWorx SEC investigation (252) (49) (472) (4,379)
Legal settlement (75) 0 (75) 0
(b) Income Taxes (107) (318) (387) 498
1,464 1,844 2,524 1,049
       
Non-GAAP Net Income from Continuing Operations $2,009 $2,031 $2,923 $3,188
 
Non-GAAP Earning per Share:
Basic $0.11 $0.11 $0.16 $0.18
Diluted $0.11 $0.11 $0.16 $0.18
 
Weighed Average Shares:
Basic 18,165 17,790 18,166 17,731
Diluted 18,291 18,075 18,350 17,973

This schedule reconciles the Company's GAAP operating income and GAAP net income to its non-GAAP operating income and non-GAAP net income. The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Company's GAAP results.

(a) These adjustments reflect stock based compensation expense, amortization of intangible assets, restructuring charges, and general and administrative expenses associated with the TelWorx investigation.

(b) These adjustments include the items described in footnote (a) as well as other income for the TelWorx legal settlement and insurance claims related to the TelWorx investigation, and non-cash income tax expense.

Reconciliation GAAP To non-GAAP SEGMENT INFORMATION (unaudited) (a) - Continuing Operations

(in thousands except per share information)
 
  Three Months Ended June 30, 2014   Six Months Ended June 30, 2014
Connected Solutions   RF Solutions   Consolidating   Total Connected Solutions   RF Solutions   Consolidating   Total
 
 
Operating Income (Loss) $1,845 $1,645 ($2,945 ) $545 $3,015 $2,659 ($5,551 ) $123
 
Add:
Amortization of intangible assets 260 204 0 464 630 408 0 1,038
TelWorx restructuring:
-Restructuring charges 0 0 0 0 - 0 0 -
-Cost of Goods Sold 0 0 0 0 - 0 0 -
TelWorx investigation:
-General & Administrative 0 0 263 263 0 0 498 498
Legal settlement
-General & Administrative 0 0 75 75 0 0 75 75
Stock Compensation:
-Cost of Goods Sold 54 63 0 117 99 104 0 203
-Engineering 86 101 0 187 166 194 0 360
-Sales & Marketing 150 39 0 189 279 57 0 336
-General & Administrative 63 36 504   603 149 67 732   948  
613 443 842 1,898 1,323 830 1,305 3,458
               
Non-GAAP Operating Income (Loss) $2,458 $2,088 ($2,103 ) $2,443 $4,338 $3,489 ($4,246 ) $3,581  
 
Three Months Ended June 30, 2013 Six Months Ended June 30, 2013
Connected Solutions RF Solutions Consolidating Total Connected Solutions RF Solutions Consolidating Total
 
 
Operating Income (Loss) $1,374 $2,072 ($3,188 ) $258 $3,132 $3,042 ($7,226 ) ($1,052 )
 
Add:
Amortization of intangible assets 394 210 0 604 790 419 0 1,209
TelWorx restructuring:
-Restructuring charges 124 0 0 124 225 0 0 225
-Cost of Goods Sold 284 0 0 284 284 0 0 284
TelWorx investigation:
-General & Administrative 0 0 100 100 0 0 1,491 1,491
Stock Compensation:
-Cost of Goods Sold 39 68 0 107 65 126 0 191
-Engineering 76 102 0 178 131 191 0 322
-Sales & Marketing 122 32 0 154 200 61 0 261
-General & Administrative 89 26 545   660 155 42 750   947  
1,128 438 645 2,211 1,850 839 2,241 4,930
               
Non-GAAP Operating Income (Loss) $2,502 $2,510 ($2,543 ) $2,469 $4,982 $3,881 ($4,985 ) $3,878  

This schedule reconciles the Company's GAAP operating income by segment to its non-GAAP operating income and non-GAAP net income. The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Company's GAAP results.

(a) These adjustments reflect stock based compensation expense, amortization of intangible assets, restructuring charges, and general and administrative expenses associated with the TelWorx investigation.

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