Welcome!

Mobile IoT Authors: Pat Romanski, LeanTaaS Blog, Liz McMillan, Elizabeth White, Shelly Palmer

News Feed Item

Wireless Telecom Group Announces Second Quarter 2014 Financial Results, Including an Increase in 6-Month Net Sales of 27% Year-over-Year

Wireless Telecom Group, Inc. (NYSE MKT:WTT) announced today results for the second quarter ended June 30, 2014.

For the quarter ended June 30, 2014, the Company reported net sales of $10,439,000, compared to $8,705,000 for the same period in 2013, an increase of 20%. Net sales in the Network Solutions segment were $7,602,000, compared to $5,954,000 for the same period in 2013, an increase of 28%. Net sales in the Test and Measurement segment were $2,837,000, compared to $2,751,000 for the same period in 2013, an increase of 3%.

The Company also reported net income of $716,000 or $0.03 per diluted share for the second quarter of 2014, compared to net income of $1,058,000, or $0.04 per diluted share, for the second quarter of 2013, a decrease of 32%.

For the six months ended June 30, 2014, the Company reported net sales of $19,624,000, compared to $15,502,000 for the same period in 2013, an increase of 27%. Net sales in the Network Solutions segment were $13,992,000, compared to $9,748,000 for the same period in 2013, an increase of 44%. Net sales in the Test and Measurement segment were $5,633,000, compared to $5,754,000 for the same period in 2013, a decrease of 2%.

The Company also reported net income of $1,156,000 or $0.05 per diluted share for the first six months of 2014, compared to net income of $1,404,000, or $0.06 per diluted share, for the first six months of 2013, a decrease of 18%.

Non-GAAP EBITDA for the quarter ended June 30, 2014 was $1,443,000 compared to $1,016,000 for the quarter ended June 30, 2013, an increase of 42%.

Non-GAAP EBITDA for the six months ended June 30, 2014 was $2,529,000 compared to $1,639,000 for the six months ended June 30, 2013, an increase of 54%.

Our non-GAAP EBITDA results exclude the following non-cash expenses: tax provision (benefit), depreciation and amortization and stock compensation expense, as well as expenses for interest, rental income from a property investment, a one-time gain from the sale of an investment security and certain non-recurring costs. The non-cash portion of the 2013 tax benefit was primarily due to a decrease in the Company’s deferred tax asset valuation allowance. The non-cash portion of the 2014 tax provision relates to the reduction of the Company’s deferred tax asset based on estimated Federal taxable income and estimated utilization of net operating losses thereon. A reconciliation of Net Income to non-GAAP EBITDA results is included as an attachment to this press release.

Paul Genova, CEO of Wireless Telecom Group, Inc. commented, “We continue to experience strong order flow in our Network Solutions segment and are encouraged by our Test and Measurement customers’ recent order flow in our new USB peak power meter. We remain committed to our ongoing investment in products for the DAS and LTE marketplace which we believe will benefit the Company through increased revenue, earnings and improved cash flow.”

Genova continued, “In April, we repurchased 4.8M shares from our largest shareholder for $2.00 per share. We believe the stock repurchase represents an attractive use of our capital and reflects our commitment to the enhancement of long-term shareholder value.”

Genova continued, “We look forward to continued improvement in our operating activities and cash flows as we 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: continue to experience strong order flow and 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; experience encouraging order flow and improve revenue growth in its Test and Measurement segment as a result of the release of its new Boonton USB Peak Power Meter product; increase revenue and earnings; improve cash flow; and 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 (UNAUDITED)
(In thousands, except per share amounts)
       
Three months ended Six months ended

June 30,

June 30,

 

2014

 

2013

2014

   

2013

Statement of Operations Data:
Net sales $10,439 $8,705 $19,624 $15,502
 
Gross profit 4,930 4,080 9,196 7,401
 
Operating expenses
Research and development 918 627 1,679 1,239
Sales and marketing 1,432 1,319 2,699 2,341
General and administrative

1,312

1,417

2,747

2,859

Total operating expenses 3,662 3,363 7,125 6,439
 
Operating income 1,268 717 2,071 962
 
Other expense (income)

7

(201)

38

(215)

 
Income before income taxes 1,261 918 2,033 1,177
 
Net income

$716

$1,058

$1,156

$1,404

 
Net income per common share:
Basic $0.04 $0.04 $0.05 $0.06
Diluted $0.03 $0.04 $0.05 $0.06
 
Weighted average shares outstanding:
Basic 19,731 23,853 21,870 23,863
Diluted 20,840 24,433 23,133 24,358

 

Three months ended Six months ended

June 30,

June 30,

 

2014

2013

2014

2013

Reconciliation of GAAP Net Income

to Non-GAAP EBITDA:
GAAP net income $716 $1,058 $1,156 $1,404
Tax provision (benefit) 545 (140) 877 (227)
Depreciation 118 87 237 168
Stock compensation expense 23 72 81 163
Interest - 49 - 98
Rental income - (96) - (193)
Realized gain on sale of non-
marketable securities - (162) - (162)
Non-recurring costs (1) 41 148 178 388
Non-GAAP EBITDA $1,443 $1,016 $2,529 $1,639
 
(1) Includes professional fees related to our strategic business review
 
     

 

         
June 30, December 31,

2014 (UNAUDITED)

2013

 
Balance Sheet Data:
Cash & cash equivalents $7,376 $16,599
 
Working capital $22,151 $29,205
 
Total assets $35,740 $43,437
 
Total liabilities $3,766 $3,163
 
Shareholders’ equity $31,974 $40,274

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.

@ThingsExpo Stories
SYS-CON Events announced today that Evatronix will exhibit at 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. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
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...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, 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...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
DevOps at Cloud Expo – being held June 5-7, 2018, at the Javits Center in New York, NY – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits,...
@DevOpsSummit at Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, is co-located with 22nd Cloud Expo | 1st DXWorld 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 wait...
SYS-CON Events announced today that T-Mobile exhibited 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. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on qua...