For the quarter ended March 31, 2010, the Company reported net sales from continuing operations of $6,137,000, compared to $5,528,000 for the same period in 2009, an increase of 11%.
The Company also reported net income from continuing operations of $320,000 or $0.01 per diluted share for the first quarter of 2010, compared to a net loss of $(223,000), or $(0.01) per diluted share, for the first quarter of 2009.
For the quarter ended March 31, 2010, the Company reported a net loss from discontinued operations of $(1,284,000) or $(0.05) per diluted share, compared to a net loss of $(63,000), or $(0.00) per diluted share, for the first quarter of 2009. The loss in 2010 from discontinued operations consists of an operating loss of $(675,000), or $(0.03) per diluted share and an additional loss of $(609,000), or $(0.02) per diluted share, which reflects a change in the estimated fair value and cost to dispose of the net assets of Willtek Communications, GmbH.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated “The first quarter of 2010 reflected an improved level of sales and an increase in our order backlog. Coupled with efforts to reduce costs in 2010, the Company reported improving results for the first quarter of 2010 over the previous year’s first quarter.”
Stated Genova, “With the completion of the sale of Willtek on May 7, 2010, we intend to focus our efforts and utilize our cash resources to grow our core business, expand our customer and product base and provide further improvement to shareholder value.”
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, 2009.
See following Selected Financial Results
| SELECTED FINANCIAL RESULTS | ||||||||||
| (In thousands, except per share amounts) | ||||||||||
| Three months ended | ||||||||||
| March 31, | ||||||||||
| 2010 | 2009 | |||||||||
| Statement of Operations Data: | ||||||||||
| Net sales | $ 6,137 | $ 5,528 | ||||||||
| Gross profit | 2,803 | 2,626 | ||||||||
| Operating expenses | ||||||||||
| Research and development | 542 | 520 | ||||||||
| Sales and marketing | 986 | 1,077 | ||||||||
| General and administrative | 964 | 1,225 | ||||||||
| Total operating expenses | 2,492 | 2,822 | ||||||||
| Interest and other (income) expense | (12) | 36 | ||||||||
| Income (loss) from continuing operations | ||||||||||
| before income taxes | 324 | (232) | ||||||||
| Income (loss) from continuing operations | 320 | (223) | ||||||||
| (Loss) from discontinued operations - | ||||||||||
| net of taxes | (1,284) | (63) | ||||||||
| Net income (loss) | $ (964) | $ (286) | ||||||||
| Net Income (loss) per common share: | ||||||||||
| Basic and diluted | ||||||||||
| Continuing operations | $0.01 | ($0.01) | ||||||||
| Discontinued operations | (0.05) | (0.00) | ||||||||
| Net Income (loss) per common share | ($0.04) | ($0.01) | ||||||||
| Weighted average shares outstanding: | ||||||||||
| Basic | 25,658 | 25,658 | ||||||||
| Diluted | 25,697 | 25,658 | ||||||||
| March 31, | December 31, | |||||||||
2010 | 2009 | |||||||||
Balance Sheet Data: | ||||||||||
| Cash & cash equivalents | $ 12,743 | $ 14,076 | ||||||||
| Working capital | $ 24,932 | $ 26,154 | ||||||||
| Total assets | $ 43,220 | $ 45,132 | ||||||||
| Total liabilities | $ 11,178 | $ 11,942 | ||||||||
| Shareholders’ equity | $ 32,042 | $ 33,190 | ||||||||
Contact:
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696Related Headlines
- Wireless Telecom Group Announces First Quarter Financial Results Including Revenue Growth of 11% - Business Wire
- WIRELESS TELECOM GROUP INC Files SEC form 10-Q, Quarterly Report - EDGAR Online
- WIRELESS TELECOM GROUP INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Ex - EDGAR Online
- Wireless Telecom Group Announces Resignation of Savio Tung As Chairman of the Board and Director - Business Wire
- WIRELESS TELECOM GROUP INC Files SEC form 8-K, Completion of Acquisition or Disposition of Assets, Other Events, Fina - EDGAR Online
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