Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the second quarter and six months ended June 30, 2012.
For the quarter ended June 30, 2012, the Company reported net sales of $7,092,000, compared to $6,473,000 for the same period in 2011, an increase of 9.6%.
The Company also reported net income of $655,000 or $0.03 per diluted share for the second quarter of 2012, compared to net income of $501,000, or $0.02 per diluted share, for the second quarter of 2011, an increase of 30.8%.
For the six months ended June 30, 2012, the Company reported net sales of $13,994,000, compared to $12,550,000 for the same period in 2011, an increase of 11.5%.The Company also reported net income of $1,311,000 or $0.05 per diluted share for the first six months of 2012, compared to net income of $887,000, or $0.04 per diluted share, for the same period of 2011, an increase of 47.9%. Paul Genova, CEO of Wireless Telecom Group, Inc. stated, “We are encouraged by strong order growth being experienced in our Network Solutions business segment as well as our Test & Measurement segment. Revenue in the Network Solutions segment for the first half of 2012 increased 11% to $6,546,000 compared to the prior year period. Revenue in our Test and Measurement segment for the first half of 2012 increased 11.9% to $7,448,000 compared to the prior year period. Gross profit margins on consolidated sales increased to 49.6% for the first six months of 2012 compared to 44.4% in the prior year period. Improvements in revenue along with reduced costs for material and labor contributed to improved margins.” Continued Genova, “We will continue to execute our strategy for the year and remain focused on improving the results of both our business segments and utilizing the Company’s working capital to maximize 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 components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments, RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, 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.