Wireless Telecom Group Announces Fourth Quarter And Year-End 2009 Financial Results
For the fourth quarter, the Company reported a loss from discontinued operations – net of taxes of $(3,680,000) or $(0.14) per diluted share, compared to $(28,770,000) or $(1.12) per diluted share for the prior year period. For the twelve months ended December 31, 2009, the Company reported a net loss from discontinued operations – net of taxes of $(3,428,000) or $(0.13) per diluted share, compared to $(31,112,000) or $(1.21) per diluted share for the prior year period. The 2009 year end and fourth quarter loss from discontinued operations includes the excess of net assets of Willtek over the selling price adjusted for estimated closing costs. The year ended 2008 loss from discontinued operations primarily consists of a full write-down in the goodwill and intangible assets of Willtek.
For the fourth quarter, the Company reported from continuing and discontinued operations, net income of $2,233,000 or $0.09 per diluted share, compared to a net loss of $(29,236,000) or $(1.14) per diluted share, for the prior period in 2008. For the twelve months, net income from continuing and discontinued operations was $2,032,000 or $0.08 per diluted share for the year ended 2009, compared to a net loss of $(31,265,000) or $(1.22), for the prior year period. Included in net income 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.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated “The expected sale of Willtek, enables the Company to focus on its core businesses. This will allow us to direct our financial resources and core competencies to providing our customers with expert solutions and professional services that differentiate us from our competitors.”
Stated Genova, “In spite of the difficult economic conditions and the effects on the worldwide credit and business markets, we remain optimistic about the future results of the Company, growth of the core businesses, and expansion of our customer and product base as well as improvements to shareholder value.”
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