Wireless Telecom Group Announces Third Quarter Financial Results Including Year To Date Revenue Growth Of 6% And $1.1 Million Increase In Net Income From Continuing Operations
Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the third quarter and nine months ended September 30, 2010.
For the nine months ended September 30, 2010, the Company reported net sales from continuing operations of $17,928,000, compared to $16,924,000 for the same period in 2009, an increase of 6%.
For the first nine months of 2010, the Company reported net income from continuing operations of $657,000, or $0.03 per diluted share, compared to a net loss of $(440,000), or $(0.02) per diluted share, for the same period of 2009, representing an increase of approximately $1.1 million over the previous year.
For the quarter ended September 30, 2010, the Company reported net sales from continuing operations of $5,710,000, compared to $6,240,000 for the same period in 2009, a decrease of 8%.The Company also reported net income from continuing operations of $39,000 or $0.00 per diluted share for the third quarter of 2010, compared to a net loss of $(18,000), or $(0.00) per diluted share for the third quarter of 2009. For the quarter ended September 30, 2010, the Company reported no activity from discontinued operations, compared to net income of $181,000, or $0.01 per diluted share, for the third quarter of 2009. For the nine months ended September 30, 2010, the Company reported a net loss from discontinued operations of $(1,743,000) or $(0.07) per diluted share, compared to net income of $240,000, or $0.01 per diluted share, for the same period of 2009. The nine month loss in 2010 from discontinued operations consists of an operating loss of $(1,312,000), or $(0.05) per diluted share and an adjustment of $(431,000), or $(0.02) per diluted share, which reflects a change in the estimated carrying value less the costs to dispose of the net assets of Willtek. Paul Genova, CEO of Wireless Telecom Group, Inc., stated, “Our year to date sales reflect an improvement over last year of 6% due to improving market conditions for our products, and while third quarter sales were below the comparative quarter last year, overall order activity is improved. This trend has continued since the end of the third quarter, increasing our order backlog which we expect to reflect well in our results for the remainder of the year. Our cost reduction efforts have also delivered improvement with operating expenses reduced by approximately 9% for the quarter and nine months compared to last year and we continue to maintain a strong balance sheet with approximately $11.4 million in cash and cash equivalents at September 30, 2010.
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