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

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, Noisecom, and Willtek brands. Its complementary suite of high performance instruments and components includes peak power meters, signal analyzers, power splitters, combiners, diplexers, noise modules, precision noise generators, and mobile phone testing solutions. The Company serves both commercial and government markets with workflow-oriented, built-for-purpose solutions in cellular/mobile, WiFi, WiMAX, private mobile radio, 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, 2009.

 
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
           
Three months ended Twelve months ended
December 31, December 31,
   
2009 2008 2009 2008
Statement of Operations Data:
Net sales $ 5,905 $ 5,650 $ 22,828 $ 25,675
 
Gross profit 2,851 2,397 10, 629 11,984
 
Operating expenses
Research and development 505 528 2,066 2,115
Sales and marketing 885 876 4,159 4,211
General and administrative 1,496 1,251 5,328 5,384
Total operating expenses 2,886 2,655 11,553 11,710
 
Interest and other (income) expense 96 172 (17) (207)
 
Income (loss) from continuing operations
before income taxes (131) (430) (907) 482
 
Income (loss) from continuing operations 5,912 (466) 5,460 (153)
 
(Loss) from discontinued operations -
net of taxes (3,680) (28,770) (3,428) (31,112)
 
Net income (loss) $ 2,233 $ (29,236) $ 2,032 $ (31,265)
 
Net Income (loss) per common share:
Basic and diluted
Continuing operations $0.23 $(0.02) $0.21 $(0.01)
Discontinued operations (0.14) (1.12) (0.13) (1.21)
Net Income (loss) per common share $0.09 ($1.14) $0.08 ( $1.22)
 
Weighted average shares outstanding:
Basic 25,658 25,658 25,658 25,712
Diluted 25,658 25,658 25,658 25,712
 
December 31, December 31,
2009 2008
 

Balance Sheet Data:

Cash & cash equivalents $ 14,076 $ 6,627
Investment in short-term securities

-

$4,976
 
Working capital $ 26,154 $ 27,924
 
Total assets $ 45,132 $ 43,533
 
Total liabilities $ 11,942 $ 12,855
 
Shareholders’ equity $ 33,190 $ 30,678
 




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