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| [August 13, 2012] |
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Wireless Telecom Group Announces Second Quarter Financial Results Including Increases in Revenue of 9.6% and Net Income of 30.8%
PARSIPPANY, N.J. --(Business Wire)--
Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results
for the second quarter and six months ended June 30, 2012.
For the quarter ended June 30, 2012, the Company reported net sales of
$7,092,000, compared to $6,473,000 for the same period in 2011, an
increase of 9.6%.
The Company also reported net income of $655,000 or $0.03 per diluted
share for the second quarter of 2012, compared to net income of
$501,000, or $0.02 per diluted share, for the second quarter of 2011, an
increase of 30.8%.
For the six months ended June 30, 2012, the Company reported net sales
of $13,994,000, compared to $12,550,000 for the same period in 2011, an
increase of 11.5%.
The Company also reported net income of $1,311,000 or $0.05 per diluted
share for the first six months of 2012, compared to net income of
$887,000, or $0.04 per diluted share, for the same period of 2011, an
increase of 47.9%.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated, "We are
encouraged by strong order growth being experienced in our Network
Solutions business segment as well as our Test & Measurement segment.
Revenue in the Network Solutions (News - Alert) segment for the first half of 2012
increased 11% to $6,546,000 compared to the prior year period. Revenue
in our Test and Measurement segment for the first half of 2012 increased
11.9% to $7,448,000 compared to the prior year period. Gross profit
margins on consolidated sales increased to 49.6% for the first six
months of 2012 compared to 44.4% in the prior year period. Improvements
in revenue along with reduced costs for material and labor contributed
to improved margins."
Continued Genova, "We will continue to execute our strategy for the
year and remain focused on improving the results of both our business
segments and utilizing the Company's working capital to maximize
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 components and instruments includes RF combiners and
broadband combiner boxes for in-building distributed antenna systems
deployments, 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 (News - Alert), 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, 2011.
See following Selected Financial Results
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SELECTED FINANCIAL RESULTS
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(In thousands, except per share amounts)
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�
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�
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Three months ended
June 30,
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Six months ended
June 30,
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(Unaudited)
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(Unaudited)
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2012
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�
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2011
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2012
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�
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2011
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Statement of Operations Data:
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Net sales
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$ 7,092
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$ 6,473
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$ 13,994
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$ 12,550
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�
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Gross profit
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3,590
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2,918
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6,945
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5,568
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�
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Operating expenses
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Research and development
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620
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572
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1,219
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1,097
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Sales and marketing
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1,160
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1,220
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2,232
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2,414
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General and administrative
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1,201
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�
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914
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�
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2,333
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�
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1,547
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�
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Total operating expenses
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2,981
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2,706
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5,784
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5,058
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�
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Interest and other (income) expense
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(22
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)
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(123
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)
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(31
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(129
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�
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Income before income taxes
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631
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335
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1,191
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639
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�
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Net income
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$655
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�
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$501
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�
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$1,311
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�
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$887
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�
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�
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Net Income per common share:
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Basic
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$0.03
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$0.02
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$0.05
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$0.04
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Diluted
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$0.03
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$0.02
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$0.05
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$0.04
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�
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Weighted average shares outstanding:
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Basic
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24,305
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25,062
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24,368
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25,022
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Diluted
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24,664
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25,160
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24,729
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25,202
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�
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�
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June 30,
2012
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December 31,
2011
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(Unaudited)
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Balance Sheet Data:
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�
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Cash & cash equivalents
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$ 12,411
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$ 12,090
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�
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Working capital
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$ 25,360
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$ 24,559
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�
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Total assets
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$ 39,312
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$ 37,702
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�
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Total liabilities
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$ 5,006
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$ 4,489
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�
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Shareholders' equity
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$ 34,306
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$ 33,213
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�
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