Exhibit 99.1

Wireless Telecom GroupINC.

 

25 Eastmans Road, Parsippany, NJ 07054

Tel. (973) 386-9696 Fax (973) 402-4042

  

WIRELESS TELECOM GROUP ANNOUNCES FOURTH QUARTER AND
YEAR-END 2012 FINANCIAL RESULTS INCLUDING QUARTERLY REVENUE GROWTH
OF 14% AND NET INCOME GROWTH OF 40%

 

NEWS RELEASE

Contact: Robert Censullo

(973) 386-9696

 

Monday, April 1, 2013

 

Parsippany, New Jersey – Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the fourth quarter and twelve months ended December 31, 2012.

 

For the quarter ended December 31, 2012, the Company reported net sales of $8,216,000, compared to $7,209,000 for the same period in 2011, an increase of 14.0%.

 

The Company also reported net income of $1,005,000, or $0.04 per diluted share for the fourth quarter of 2012, compared to net income of $716,000, or $0.03 per diluted share, for the fourth quarter of 2011, an increase of 40.4%.

 

For the twelve months ended December 31, 2012, the Company reported net sales of $29,595,000, compared to $26,823,000 for the same period in 2011, an increase of 10.3%.

 

The Company also reported net income of $3,171,000, or $0.13 per diluted share for the twelve months ended 2012, compared to net income of $2,430,000, or $0.10 per diluted share, for the same period of 2011, an increase of 30.5%.

 

Paul Genova, CEO of Wireless Telecom Group, Inc. stated “We are pleased by each of our segments’ contribution to our 2012 consolidated revenue and net income. The Company experienced increasing demand throughout 2012 for its Network Solutions products, particularly for applications found in Distributed Antenna Systems. Also, during 2012, our Test & Measurement segment successfully completed delivery of its Peak Power Meters in fulfillment of our $3,000,000 order with the U.S. Navy.”

 

Genova commented, “By continuing to focus on each of these segments and their related markets, combined with ongoing strategic cost reduction and resource allocation efforts, we believe the Company is well positioned for further improvements in revenue, net income, return on capital and utilization of working capital.”

 

Genova continued, “During 2012, we were able to effectively utilize our cash reserves through the repurchase of 635,630 shares of our common stock at an average price per share of $1.22. Including the effect of the share repurchases, we were able to increase cash and equivalents from $12,089,782 to $12,969,513. Even more significantly, we were able to achieve an increase in book value per share by 10% from $1.36 to $1.50. We will continue to pursue strategies that we believe will help to increase overall 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, 2011.

 

See following Selected Financial Results

 

Wireless Telecom GroupINC.

 

25 Eastmans Road Parsippany, NJ 07054

Tel. (973) 386-9696 Fax (973) 402-4042

 

SELECTED FINANCIAL RESULTS

(In thousands, except per share amounts)

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
                 
    2012    2011    2012    2011 
Statement of Operations Data:                    
Net sales  $8,216   $7,209   $29,595   $26,823 
                     
Gross profit   4,132    3,466    14,777    12,467 
                     
Operating expenses                    
Research and development   633    586    2,524    2,261 
Sales and marketing   1,255    1,073    4,603    4,497 
General and administrative   1,420    1,166    4,892    3,859 
Total operating expenses   3,308    2,825    12,019    10,617 
                     
Interest and other (income) - net   (40)   (6)   (23)   (141)
                     
Income from operations before income taxes   864    647    2,781    1,991 
                     
Net income  $1,005   $716   $3,171   $2,430 
                     
Net Income per common share:                    
Basic  $0.04   $0.03   $0.13   $0.10 
Diluted  $0.04   $0.03   $0.13   $0.10 
                     
Weighted average shares outstanding:                    
Basic   24,069    24,788    24,259    24,963 
Diluted   24,439    25,085    24,633    25,138 

 

   December 31,   December 31, 
   2012   2011 
Balance Sheet Data:          
Cash & cash equivalents  $12,970   $12,090 
           
Working capital  $26,516   $23,759 
           
Total assets  $41,230   $37,702 
           
Total liabilities  $5,315   $4,489 
           
Shareholders’ equity  $35,915   $33,213 
 

The following information was filed by Wireless Telecom Group Inc (WTT) on Monday, April 1, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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