PARSIPPANY, N.J.--(BUSINESS WIRE)--
Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the first quarter ended March 31, 2013.
For the quarter ended March 31, 2013, the Company reported net sales of $6,797,000, compared to $6,902,000 for the same period in 2012, a decrease of 1.5%.
The Company also reported net income of $346,000 or $0.01 per diluted share for the first quarter of 2013, compared to net income of $656,000, or $0.03 per diluted share, for the first quarter of 2012, a decrease of 47.2%.
Paul Genova, CEO of Wireless Telecom Group, Inc., stated, “Despite experiencing softness in our Test and Measurement business segment during the first quarter, we continue to see growth in our Network Solutions business segment, particularly for products sold into distributed antenna systems. Revenue in our Network Solution segment increased by 14% compared to the same quarter of the prior year and order activity continues to be robust, as evidenced by strong order bookings during the period and an increased backlog.”
Genova continued, “Net income for the quarter was affected by higher operating expenses due in part to ongoing investment in our Network Solutions business in anticipation of increased future revenue.”
Continued Genova, “We will continue to execute our strategic plan and remain highly focused on improving overall results and maximizing 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.
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, 2012.
See following Selected Financial Results
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended
Statement of Operations Data:
Net sales $ 6,797 $ 6,902
Gross profit 3,320 3,355
Research and development 612 599
Sales and marketing 1,022 1,073
General and administrative 1,442 1,132
Total operating expenses 3,076 2,804
Interest and other (income) expense (15 ) (9 )
Income before income taxes 259 560
Net income $ 346 $ 656
Net Income per common share:
Basic $ 0.01 $ 0.03
Diluted $ 0.01 $ 0.03
Weighted average shares outstanding:
Basic 23,874 24,431
Diluted 24,301 24,794
March 31, December 31,
Balance Sheet Data:
Cash & cash equivalents $ 12,240 $ 12,970
Working capital $ 26,564 $ 26,516
Total assets $ 40,476 $ 41,230
Total liabilities $ 4,317 $ 5,315
Shareholders’ equity $ 36,159 $ 35,915
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696