Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the twelve months and fourth quarter ended December 31, 2010.
For the fourth quarter, the Company reported net sales from continuing operations of $ 6,636,000, compared to $ 5,905,000 for the same period in 2009, an increase of 12.4%. For the twelve months, net sales from continuing operations were $ 24,564,000, compared to $ 22,828,000 for the prior year, an increase of 7.6%.
For the fourth quarter, net income from continuing operations was $ 358,000 or $0.02 per diluted share, compared to net income from continuing operations of $5,912,000, or $0.23 per diluted share, for the prior year period. For the twelve months, net income from continuing operations was $1,015,000, or $0.04 per diluted share, compared to net income from continuing operations of $5,460,000 or $0.21 per diluted share, for the prior year. Included in the net income from continuing operations 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 the Company’s Willtek subsidiary which closed on May 7, 2010 and has been treated as discontinued operations for 2010 and 2009.
For the fourth quarter of 2010, the Company reported no activity from discontinued operations, compared to a loss of $(3,680,000) or $(0.14) per diluted share for the prior year period. For the twelve months ended December 31, 2010, the Company reported a loss from discontinued operations of $(1,743,000) or $(0.07) per diluted share, compared to a loss of $(3,428,000) or $(0.13) per diluted share for the prior year.Paul Genova, CEO of Wireless Telecom Group, Inc. stated: The year 2010 proved to be significant for WTG as we have fully transitioned our Company back to our core RF & Microwave technologies. The fourth quarter and year to date results for 2010 reflects an improvement in our sales of 7.6% and a reduction of operating costs over the previous year.
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