Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the first quarter ended March 31, 2010.
For the quarter ended March 31, 2010, the Company reported net sales from continuing operations of $6,137,000, compared to $5,528,000 for the same period in 2009, an increase of 11%.
The Company also reported net income from continuing operations of $320,000 or $0.01 per diluted share for the first quarter of 2010, compared to a net loss of $(223,000), or $(0.01) per diluted share, for the first quarter of 2009.
For the quarter ended March 31, 2010, the Company reported a net loss from discontinued operations of $(1,284,000) or $(0.05) per diluted share, compared to a net loss of $(63,000), or $(0.00) per diluted share, for the first quarter of 2009. The loss in 2010 from discontinued operations consists of an operating loss of $(675,000), or $(0.03) per diluted share and an additional loss of $(609,000), or $(0.02) per diluted share, which reflects a change in the estimated fair value and cost to dispose of the net assets of Willtek Communications, GmbH.Paul Genova, CEO of Wireless Telecom Group, Inc. stated “The first quarter of 2010 reflected an improved level of sales and an increase in our order backlog. Coupled with efforts to reduce costs in 2010, the Company reported improving results for the first quarter of 2010 over the previous year’s first quarter.” Stated Genova, “With the completion of the sale of Willtek on May 7, 2010, we intend to focus our efforts and utilize our cash resources to grow our core business, expand our customer and product base and provide further improvement to shareholder value.” 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 instruments and components includes peak power meters, signal analyzers, power splitters, combiners, diplexers, 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.