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Westell Technologies Reports Second Quarter Results And Progress On Sales Of New Products

Stocks in this article: WSTL

Westell Technologies, Inc. (NASDAQ: WSTL), a leading provider of telecommunications equipment for wireline, wireless and home networks, today announced results for its fiscal 2013 second quarter, which ended September 30, 2012.

Consolidated revenue from continuing operations for the fiscal 2013 second quarter was $9.9 million. Net loss for the second quarter was $2.2 million, or $0.04 per share. Non-GAAP net loss for the second quarter was $1.8 million, or $0.03 per share.

“We made good progress during the second quarter with our new products, which are a key part of our strategy to significantly grow revenues from products for wireless networks,” said Chairman and CEO Rick Gilbert. “Our distributed antenna systems products are starting to contribute and we are seeing heightened near-term interest in our Ethernet and cell-site optimization products. We believe these new products should begin to contribute more significantly over the next few quarters. In the meantime, we also had steady demand for our legacy products, helping the Westell division to increase revenue 5% versus the first quarter.”

Consolidated revenue from continuing operations for the fiscal 2013 second quarter was $9.9 million, compared to $20.7 million in the fiscal second quarter of the prior year. The revenue decrease resulted primarily from the sale in the fiscal 2012 first quarter of certain assets of the company's Customer Networking Solutions (CNS) division.

Net loss for the second quarter was $2.2 million, or $0.04 per share, compared to net income of $3.5 million, or $0.05 per share, in the second quarter of the prior year.

Prior-year net income includes income from discontinued operations that relates to the sale in fiscal 2012 of the Conference Plus (CP) division. Adjusting for the effects of the CNS and CP sales transactions and a discrete income tax item, non-GAAP net loss for the fiscal 2013 second quarter was $1.8 million, or $0.03 per share, compared to non-GAAP net income of $0.4 million, or $0.01 per share, in the second quarter of the prior year.

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