This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Wireless Telecom Group Announces Fourth Quarter And Year-End 2009 Financial Results

Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the twelve months and fourth quarter ended December 31, 2009. On April 9, 2010 the Company announced the execution of a definitive agreement to sell substantially all of the operating assets of its wholly owned subsidiary Willtek Communications GmbH and affiliates (“Willtek”) to Aeroflex Incorporated, a Delaware corporation, in exchange for $2,750,000 in cash and the assumption of certain liabilities. The transaction is expected to close on or about April 30, 2010. Accordingly, the effects of this transaction on the Willtek operations have been reflected as assets and liabilities held for sale and discontinued operations, whereas, the effects of sales and net income from continuing operations are reported separately in the December 31, 2009 and 2008 financial statements.

For the fourth quarter, the Company reported net sales from continuing operations of $ 5,905,000, compared to $ 5,650,000 for the same period in 2008, an increase of 4.5%. For the twelve months, net sales from continuing operations were $ 22,828,000, compared to $ 25,675,000 for the prior year period, a decrease of 11%. The revenue of the Company was impacted by the slowdown in the economy in 2008 and early 2009. Revenues in the second half of 2009 have reflected stronger results with signs of improvement as the economy recovers.

For the fourth quarter, net income from continuing operations was $ 5,912,000 or $0.23 per diluted share, compared to a net loss from continuing operations of $(466,000), or $(0.02) per diluted share, for the prior year period in 2008. For the twelve months, net income from continuing operations was $5,460,000, or $0.21 per diluted share, compared to a net loss from continuing operations of $(153,000) or $(0.01) per diluted share, for the prior year period. Included in the net income from continuing operations for the year and fourth quarter ended December 31, 2009, is the tax benefit recognized, net of a valuation allowance, of approximately $6,400,000 or $0.25 per diluted share relating to the disposition of Willtek. Approximately $1,900,000 of this amount will be recovered through a tax carry back loss claim in 2010 and the remainder will be realized through the offset of future taxable income.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs