News
Wireless Telecom Group Announces Second Quarter 2008 Financial Results
PARSIPPANY, N.J.-(Business Wire)-August 13, 2008 - Wireless Telecom Group, Inc. (AMEX: WTT) (the "Company") announced today its results for its second quarter and six months ended June 30, 2008.
For the quarter ended June 30, 2008, the Company reported net sales of $13,008,000, compared to $14,274,000 for the same period in 2007. Second quarter sales were impacted by continued softness within the global commercial wireless markets, which are primary markets for the Company.
The Company reported a net loss for the 2008 second quarter of $(990,000), or $(0.04) per diluted share, compared to net income of $1,004,000, or $0.04 per diluted share, for the second quarter of 2007.
For the six months ended June 30, 2008, the Company reported net sales of $25,996,000, compared to $28,403,000 for the same period in 2007. For the first six months of 2008, the Company reported a net loss of $(1,519,000), or $(0.06) per diluted share, compared to net income of $1,667,000, or $0.06 per diluted share, for the same period of 2007.
Monty Johnson, CEO of Wireless Telecom Group, Inc., stated, "Although we are disappointed with our second quarter financial results, we did experience stronger demand for our wireless solutions in the quarter. Orders increased by more than 20% from the first quarter of 2008 and we achieved the largest quarterly increase in our backlog for the past three years. We are also pleased to announce that we received during this quarter our largest order to date for mobile handset testers equipped for China's 3G TD-SCDMA standard. This order followed the most recent tender for TD-SCDMA handsets by China Mobile, the largest cellular operator in China.
"Profitability was negatively impacted in the second quarter by several factors, including reduced volume and foreign exchange fluctuations, as we had reduced shipments to our Euro-based wireless customers in Europe and Asia. Our North American shipments remained strong, however, and our focus on inventory and accounts receivable management yielded an increase of $1.5 million in cash provided by operating activities, bringing our cash and cash equivalents total to $11.2 million at June 30, 2008.
Johnson concluded, "We are optimistic that the combination of our continued focus on cost reduction, strong second quarter order bookings, and near-term revenue opportunities from our new products will result in improved future financial performance."
About Wireless Telecom Group
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, Noisecom, and Willtek brands. Its complementary suite of high performance instruments and components includes peak power meters, signal analyzers, power splitters, combiners, diplexers, noise modules, precision noise generators, and mobile phone testing solutions. The Company serves both commercial and government markets with workflow-oriented, built-for-purpose solutions in cellular/mobile, WiFi, WiMAX, private mobile radio, 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.wirelesstelecomgroup.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, 2007. -0- *T SELECTED FINANCIAL RESULTS (In thousands, except per share amounts) Three months ended Six months ended June 30, June 30, ————————— ————————- (unaudited) (unaudited) 2008 2007 2008 2007 ————- ———— ———— ———— Statement of Operations Data: ————————————————- Net sales $13,008 $14,274 $25,996 $28,403 Gross profit 6,215 7,962 12,380 15,588 Operating expenses Research and development 2,048 2,248 3,920 4,286 Sales and marketing 2,950 3,149 5,784 6,149 General and administrative 2,284 1,823 4,301 3,621 ————- ———— ———— ———— Total operating expenses 7,282 7,220 14,005 14,056 Interest and other (income) (320) (474) (544) (548) Income (loss) before income taxes (747) 1,216 (1,081) 2,080 Net income (loss) $ (990) $ 1,004 $(1,519) $ 1,667 ========= ======== ======== ======== Net income (loss) per common share: Basic $ (.04) $ .04 $ (.06) $ .06 ========= ======== ======== ======== Diluted $ (.04) $ .04 $ (.06) $ .06 ========= ======== ======== ======== Weighted average shares outstanding: Basic 25,666 25,863 25,767 25,858 Diluted 25,666 26,258 25,790 26,061 *T -0- *T June 30, December 31, 2008 2007 ———— —————— Balance Sheet Data: ———————————————————————— Cash & cash equivalents $11,156 $10,387 Working capital $23,900 $25,406 Total assets $77,040 $79,694 Total liabilities $17,270 $18,143 Shareholders' equity $59,770 $61,551 *T
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