Wireless Telecom Group Announces Third Quarter Financial Results
Revenue YTD increase 7% to $42.4 million
Net Income YTD increase 12% to $2.6 million
PARSIPPANY, N.J.--(BUSINESS WIRE)--Wireless Telecom Group, Inc. (AMEX: WTT) announced today results for the third quarter and nine months ended September 30, 2007.
For the third quarter, the Company reported net sales of $13,992,000, compared to $13,658,000 for the same period in 2006. This increase in sales includes a major handset manufacturer’s purchase of their first TD-SCDMA production terminal test equipment for the China 3G wireless market. For the nine months, net sales were $42,395,000, compared to $39,636,000 for the prior year period.
For the third quarter, net income was $942,000, or $0.04 per diluted share, compared to $1,128,000, or $0.04 per diluted share, for the third quarter of 2006. For the nine months, net income was $2,609,000, or $0.10 per diluted share, compared to $2,334,000, or $0.09 per diluted share, for the prior year period.
Monty Johnson, CEO of Wireless Telecom Group, Inc., stated, “These results demonstrate both our solid financial performance and our consistent earnings achievement. The results for the quarter and nine months reflect progress toward achieving our long-term goal to drive future growth through increased investment in R&D, while also maintaining our profitability.
"We have launched several new products in the past year including our TD-SCDMA calibration and functional test options for our flagship product family: the Willtek 4400 Mobile Phone Tester. We are proud to announce that LG Electronics has again selected the Willtek 4405 for 3G handset manufacturing.
"Handset production for this new China market is expected to begin by year end and we believe this is the first award by any major handset manufacturer for TD-SCMDA production terminal test equipment. We look forward to supporting LG as they roll out their new 3G handsets and helping them achieve high quality production performance with our test solution.
"While there are challenges ahead, we remain optimistic on our opportunities to build upon our success.”
Wireless Telecom Group, Inc designs and manufactures a variety of products serving the global wireless and telecommunications markets. Comprised of four business groups brought together through acquisitions, Noise Com, Boonton Electronics, Microlab/FXR, and Willtek, the group provides a complementary suite of RF and Microwave-based products, with a major portion focused on advanced telecom testing. Their products include peak power meters, precision noise generators, mobile phone testing solutions, and passive component solutions for cellular/mobile, WiFi, WiMAX, satellite, and other advanced communications networks, all critical enablers to the rapid growth in world-wide communications and computing solutions. This technological synergy has enabled Wireless Telecom Group, Inc. to become a full service supplier of both the commercial and military telecommunications industries.
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, 2006.
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended Nine months ended
September 30, September 30,
(unaudited) (unaudited)
2007
2006
2007
2006
Statement of Operations Data:
Net sales
$
13,992
$ 13,658
$
42,395
$ 39,636
Gross profit
7,831
7,623
23,419
21,736
Operating expenses
Research and development
2,113
1,716
6,399
4,954
Sales and marketing
3,116
2,725
9,266
8,443
General and administrative
1,858
1,957
5,478
5,468
Total operating expenses
7,087
6,398
21,143
18,865
Interest and other (income)
(299)
(18)
(847)
(179)
Income before income taxes
1,043
1,243
3,123
3,050
Net income
$
942
$ 1,128 $
2,609
$ 2,334
Net income per common share:
Basic
$.04
$.04
$.10
$.09
Diluted
$.04
.04
$.10
$.09
Weighted average shares outstanding:
Basic
25,914
25,854
25,877
25,810
Diluted
26,042
25,908
26,068
25,902
September 30, 2007
December 31, 2006
(unaudited)
Balance Sheet Data:
Cash & cash equivalents
$
9,751
$ 15,683
Working capital
$
25,213
$ 21,946
Total assets
$
78,831
$ 83,329
Total liabilities
$
18,807
$ 26,433
Shareholders' equity
$
60,024
$ 56,896
Contacts
Wireless Telecom Group, Inc.
Paul Genova, 973-386-9696
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