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TheStreet Open House

Wireless Telecom Group Announces Second Quarter Financial Results Including Revenue Growth Of 18%

Paul Genova, CEO of Wireless Telecom Group, Inc. stated, “The second quarter and first half of 2010 reflects an improved level of sales and an increase in our order backlog over the previous year. Coupled with efforts to reduce costs in 2010, the Company reported improving results of operations for the second quarter and first half of 2010 over the previous year.”

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.

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.

See following Selected Financial Results

 
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
 
  Three months ended     Six months ended

June 30,

June 30,

 

2010

2009

2010

2009

Statement of Operations Data:
Net sales $ 6,081 $ 5,156 $ 12,218 $ 10,684
 
Gross profit 2,956 2,223 5,759 4,848
 
Operating expenses
Research and development 554 534 1,095 1,054
Sales and marketing 966 1,066 1,952 2,143
General and administrative

1,115

1,241

2,079

2,466

Total operating expenses 2,635 2,841 5,126 5,663
 
Interest and other (income) expense 7 (24) (5) 11
 
Income (loss) from continuing operations
before income taxes 314 (594) 638 (826)
 
Income (loss) from continuing operations 298 (198) 619 (422)
 
(Loss) from discontinued operations -
net of taxes (458) 121 (1,743) 58
 
Net income (loss) $ (160) $ (77) $ (1,124) $ (363)
 
Net Income (loss) per common share:
Basic and diluted
Continuing operations $0.01 ($0.01) $0.02 ($0.02)
Discontinued operations

(0.02)

0.00

(0.07)

0.00

Net Income (loss) per common share ($0.01) ( $0.01) ($0.05)   ( $0.02)
 
Weighted average shares outstanding:
Basic 25,658 25,658 25,658 25,658
Diluted 25,701 25,658 25,699 25,658
 
June 30, December 31,

2010

2009

 

Balance Sheet Data:

Cash & cash equivalents $ 11,337 $ 14,076
 
Working capital $ 22,641 $ 26,154
 
Total assets $ 37,245 $ 45,132
 
Total liabilities $ 6,014 $ 11,942
 
Shareholders’ equity $ 31,231 $ 33,190




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