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.
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