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.

“With the completion of the sale of Willtek on May 7, 2010, we continue to focus our efforts on our core business as we look to expand our customer and product base. We believe the global demand for high speed data transmission and the need for improved communications infrastructure bodes well for our Microlab products for In-Building Distributed Antenna Systems. Further, we are developing several specific applications for our flagship products in our Noisecom and Boonton brands which will enable our customers to perform sophisticated test & measurement procedures and meet the demands of a growing worldwide market.”

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 instruments and components includes peak power meters, signal analyzers, power splitters, combiners, diplexers, 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.

Wireless Telecom Group’s website address is http://www.wtcom.com. Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Such risks and uncertainties are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2009.

See following Selected Financial Results
 
 

Wireless Telecom Group, Inc.
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
               
Three months ended Nine months ended
Sep 30, Sep 30,
(Unaudited) (Unaudited)
2010   2009 2010   2009
Statement of Operations Data:
Net sales $ 5,710 $ 6,240 $ 17,928 $ 16,924
 
Gross profit 2,696 2,929 8,455 7,778
 
Operating expenses
Research and development 544 508 1,639 1,561
Sales and marketing 1,180 1,129 3,132 3,272
General and administrative 1,013   1,355   3,092     3,822  
Total operating expenses 2,737 2,992 7,863 8,655
 
Interest and other (income) - net (88 ) (126 ) (93 ) (114 )
 
Income (loss) from continuing operations
before income taxes 47 63 685 (763 )
 
Income (loss) from continuing operations 39 (18 ) 657 (440 )
 
Income (loss) from discontinued operations -
net of taxes - 181 (1,743 ) 240
 
Net income (loss) $ 39   $ 163   $ (1,085 ) $ (200 )
 
Net income (loss) per common share:
Basic and diluted
Continuing operations $0.00 ($0.00 ) $0.03 ($0.02 )
Discontinued operations 0.00   0.01   (0.07 )   0.01  
Net income (loss) per common share $0.00   $0.01   ($0.04 )   ($0.01 )
 
Weighted average shares outstanding:
Basic 25,658 25,658 25,658 25,658
Diluted 25,658 25,658 25,687 25,658
 
 
September 30, December 31,
2010 2009
(Unaudited)

Balance Sheet Data:
 
Cash & cash equivalents $ 11,389 $ 14,076
 
Working capital $ 22,240 $ 26,154
 
Total assets $ 37,084 $ 45,132
 
Total liabilities $ 5,756 $ 11,942
 
Shareholders’ equity $ 31,328 $ 33,190
 

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