Wireless Telecom Group Announces Third Quarter Financial Results Including Year to Date Increases in
Wireless Telecom Group Announces Third Quarter Financial Results Including Year to Date Increases in Net Sales of 9.0% and Net Income of 26.4%
PARSIPPANY, N.J.--(BUSINESS WIRE)-- Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the third quarter and nine months ended September 30, 2012.
For the quarter ended September 30, 2012, the Company reported net sales of $7,385,000, compared to $7,065,000 for the same period in 2011, an increase of 4.5%.
The Company also reported net income of $855,000 or $0.03 per diluted share for the third quarter of 2012, compared to net income of $827,000, or $0.03 per diluted share, for the third quarter of 2011, an increase of 3.4%.
For the nine months ended September 30, 2012, the Company reported net sales of $21,379,000, compared to $19,614,000 for the same period in 2011, an increase of 9.0%.
The Company also reported net income of $2,166,000 or $0.09 per diluted share for the first nine months of 2012, compared to net income of $1,713,000, or $0.07 per diluted share, for the same period of 2011, an increase of 26.4%.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated "We are pleased with the overall results of the company. In the third quarter, our Test & Measurement segment successfully completed delivery of its Peak Power Meters in fulfillment of our $3M order with the U.S. Navy. We also continue to be encouraged by the demand for our Network Solution products for DAS applications, as evidenced by our increasing backlog."
Continued Genova, "We remain highly focused in our efforts to execute our strategy for the year, improve the results of both our business segments and 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, 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
SELECTED FINANCIAL RESULTS | ||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Three months ended September 30, (Unaudited) | Nine months ended September 30, (Unaudited) | |||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||
Statement of Operations Data: | ||||||||||||||
Net sales | $ 7,385 | $ 7,065 | $ 21,379 | $ 19,614 | ||||||||||
Gross profit | 3,700 | 3,433 | 10,645 | 9,001 | ||||||||||
Operating expenses | ||||||||||||||
Research and development | 672 | 578 | 1,891 | 1,675 | ||||||||||
Sales and marketing | 1,116 | 1,011 | 3,348 | 3,424 | ||||||||||
General and administrative | 1,139 | 1,146 | 3,472 | 2,693 | ||||||||||
Total operating expenses | 2,927 | 2,734 | 8,711 | 7,792 | ||||||||||
Interest and other (income) expense | 47 | (6) | 17 | (135) | ||||||||||
Income before income taxes | 726 | 705 | 1,917 | 1,344 | ||||||||||
Net income | $855 | $827 | $2,166 | $1,713 | ||||||||||
Net Income per common share: | ||||||||||||||
Basic | $0.04 | $0.03 | $0.09 | $0.07 | ||||||||||
Diluted | $0.03 | $0.03 | $0.09 | $0.07 | ||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 24,233 | 25,023 | 24,323 | 25,022 | ||||||||||
Diluted | 24,640 | 25,074 | 24,698 | 25,166 | ||||||||||
September 30, 2012 (Unaudited) | December 31, 2011 | |||||||||||||
Balance Sheet Data: | ||||||||||||||
Cash & cash equivalents | $ 12,463 | $ 12,090 | ||||||||||||
Working capital | $ 26,629 | $ 24,559 | ||||||||||||
Total assets | $ 39,949 | $ 37,702 | ||||||||||||
Total liabilities | $ 4,934 | $ 4,489 | ||||||||||||
Shareholders' equity | $ 35,015 | $ 33,213 | ||||||||||||
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696
KEYWORDS: United States North America New Jersey
INDUSTRY KEYWORDS:
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