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8-K - WIRELESS TELECOM GROUP INCc69072_8k.htm

Exhibit 99.1

Wireless Telecom GroupINC.

25 Eastmans Road, Parsippany, NJ 07054
Tel. (973) 386-9696   Fax (973) 402-4042

WIRELESS TELECOM GROUP ANNOUNCES CONSOLIDATED FOURTH
QUARTER AND YEAR-END 2011 FINANCIAL RESULTS INCLUDING REVENUE
GROWTH OF 9% AND OPERATING EARNINGS GROWTH OF 139%

NEWS RELEASE

Contact: Robert Censullo
(973) 386-9696

For Immediate Release

Friday, March 30, 2012

Parsippany, New Jersey – Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the twelve months and fourth quarter ended December 31, 2011.

For the fourth quarter, the Company reported net sales from continuing operations of $7,209,000, compared to $6,636,000 for the same period in 2010, an increase of 8.6%.

For the twelve months, net sales from continuing operations were $26,823,000, compared to $24,564,000 for the prior year, an increase of 9.2%.

For the fourth quarter, net income from continuing operations was $716,000 or $0.03 per diluted share, compared to net income from continuing operations of $358,000, or $0.02 per diluted share for the prior year period, an increase of 100%.

For the twelve months, net income from continuing operations was $2,430,000, or $0.10 per diluted share, compared to net income from continuing operations of $1,015,000 or $0.04 per diluted share for the prior year, an increase of 139%.


Paul Genova, CEO of Wireless Telecom Group, Inc. stated “With the advent of 4G and LTE, broadband capacity and coverage is expected to grow significantly over the next few years and we have targeted this market as a significant growth segment on which to focus the Company’s resources. Accordingly, we have revised our financial reporting to include two reportable segments, network solutions and test & measurement. The increase in consolidated revenue for 2011 was the result of strong demand in our network solutions segment where revenue increased 50% to $12,968,388, while revenue in the test and measurement segment decreased 13% to $13,855,052 for 2011 due to an overall softness in government order activity during the first half of the year.”

Genova continued, “By focusing on each of these segments and their related markets, combined with continued strategic cost reduction and asset allocation efforts, we believe we have positioned the Company for continued improvements in revenue and net income.”

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, 2010.

See following Selected Financial Results


Wireless Telecom GroupINC.

25 Eastmans Road Parsippany, NJ 07054
Tel. (973) 386-9696   Fax (973) 402-4042

SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Twelve months ended

 

 

 

December 31,

 

December 31,

 

 

 

 


 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 


 


 


 


 

Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

7,209

 

$

6,636

 

$

26,823

 

$

24,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

3,466

 

 

3,100

 

 

12,467

 

 

11,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

586

 

 

536

 

 

2,261

 

 

2,175

 

Sales and marketing

 

 

1,073

 

 

1,226

 

 

4,497

 

 

4,358

 

General and administrative

 

 

1,166

 

 

1,125

 

 

3,859

 

 

4,217

 

 

 



 



 



 



 

Total operating expenses

 

 

2,825

 

 

2,887

 

 

10,617

 

 

10,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other (income) - net

 

 

(6

)

 

(25

)

 

(141

)

 

(118

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

 

647

 

 

238

 

 

1,991

 

 

923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

 

716

 

 

358

 

 

2,430

 

 

1,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) from discontinued operations - net of taxes

 

 

 

 

 

 

 

 

(1,743

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

716

 

$

358

 

$

2,430

 

$

(728

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.03

 

$

0.02

 

$

0.10

 

$

0.04

 

Discontinued operations

 

 

 

 

 

 

 

 

(0.07

)

 

 



 



 



 



 

Net Income (loss) per common share

 

$

0.03

 

$

0.02

 

$

0.10

 

$

(0.03

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,788

 

 

25,658

 

 

24,963

 

 

25,658

 

Diluted

 

 

25,085

 

 

25,677

 

 

25,138

 

 

25,685

 


 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

 

2011

 

2010

 

 

 


 


 

 

 

 

 

 

 

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

Cash & cash equivalents

 

$

12,090

 

$

13,643

 

Investment in short-term securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Working capital

 

$

24,559

 

$

23,170

 

 

 

 

 

 

 

 

 

Total assets

 

$

37,702

 

$

37,619

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

4,489

 

$

5,875

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

$

33,213

 

$

31,744