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Wireless Telecom Group Announces Second Quarter Financial Results Including Increases In Net Sales Of 22.7% And Net Income Of 61.4% And Contract Award Of $1.1M With The FAA

Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the second quarter and six months ended June 30, 2013.

For the quarter ended June 30, 2013, the Company reported net sales of $8,705,000, compared to $7,092,000 for the same period in 2012, an increase of 22.7%.

The Company also reported net income of $1,058,000 or $0.04 per diluted share for the second quarter of 2013, compared to net income of $655,000, or $0.03 per diluted share, for the second quarter of 2012, an increase of 61.4%.

For the six months ended June 30, 2013, the Company reported net sales of $15,502,000, compared to $13,994,000 for the same period in 2012, an increase of 10.8%.

The Company also reported net income of $1,404,000 or $0.06 per diluted share for the first six months of 2013, compared to net income of $1,311,000, or $0.05 per diluted share, for the same period of 2012, an increase of 7.1%.

For the quarter ended June 30, 2013, total operating expenses were $3,363,000, as compared to $2,981,000 for the same period of 2012, an increase of 12.8%.

For the six months ended June 30, 2013, total operating expenses were $6,439,000, as compared to $5,784,000 for the same period of 2012, an increase of 11.3%.

The increase in second quarter and six months ended June 30, 2013 operating expenses was primarily due to increases in professional and consulting fees, non-employee sales commissions and stock compensation expense.

Additionally, on August 1, 2013, the Company’s wholly-owned subsidiary, Boonton Electronics, was awarded a contract with the Federal Aviation Administration (“FAA”) to supply Boonton 4500B RF Peak Power Meters in support of the Common Air Route Surveillance Radar (“CARSR”) installations. The total order value of the product to be sold under the contract is approximately $1.1M and a considerable portion of the order is expected to be realized over fiscal years 2013 and 2014.

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