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 2013 FINANCIAL RESULTS INCLUDING
AN ANNUAL INCREASE IN NET SALES OF 14.3%

 

NEWS RELEASE

 

Contact: Robert Censullo  
  (973) 386-9696  

 

Monday, March 31, 2014

 

Parsippany, New Jersey – Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the fourth quarter and twelve months ended December 31, 2013.

 

For the quarter ended December 31, 2013, the Company reported net sales of $9,532,000, compared to $8,216,000 for the same period in 2012, an increase of 16.0%. Net sales in the Network Solutions segment were $6,012,000, compared to $4,700,000 for the same period in 2012, an increase of 28%. Net sales in the Test and Measurement segment were $3,520,000, compared to $3,516,000 for the same period in 2012.

 

For the twelve months ended December 31, 2013, the Company reported net sales of $33,825,000, compared to $29,595,000 for the same period in 2012, an increase of 14.3%. Net sales in the Network Solutions segment were $22,032,000, compared to $14,334,000 for the same period in 2012, an increase of 54%. Net sales in the Test and Measurement segment were $11,794,000, compared to $15,260,000 for the same period in 2012, a decrease of 23%.

 

Net Income for the three and twelve month periods ended December 31 was $1,348,000 and $3,842,000 or $.05 and $.16 per diluted share for 2013 and $1,005,000 and $3,171,000 or $.04 and $.13 per diluted share for 2012, respectively.

 

Non-GAAP normalized EBITDA for the three and twelve month periods ended December 31 was $1,280,000 and $4,564,000, for 2013 and $1,157,000 and $3,707,000 for 2012, respectively. Our non-GAAP normalized EBITDA results do not include the Company’s tax benefit, depreciation and amortization, interest expense, and certain other costs. A reconciliation of Net Income to non-GAAP normalized EBITDA results is included in an attachment to this press release.

 

Paul Genova, CEO of Wireless Telecom Group, Inc. commented “We continue to achieve strong revenue and income growth in the Network Solutions segment. Revenues increased by 54%, driven by our strong position in the North American DAS market and we continued to gain traction globally. Segment income increased by 59% to $5.6M. The primary driver of our growth is the implementation of LTE and DAS to satisfy increasing users’ demand for bandwidth that outpaces existing supply. We believe our Network Solutions segment is well-positioned to continue to take advantage of this market growth.”

 

“Our Test and Measurement segment showed softness in 2013 in large part due to the US Government sequester which had a negative effect on order flow during the year. However, we are encouraged by the recent large order of $1.1M received from the FAA which will be fulfilled in 2014 coupled with the release of our new Boonton USB Peak Power Meter product in the first quarter of 2014.”

 

Genova continued “In 2013, we increased our cash position to $16.6M driven by strong operating performance and the sale of a long-term real estate holding. Operations for the year ended December 2013 were impacted slightly by reduced gross margins primarily due to revenue softness in our Test and Measurement segment, non-cash charges related to our stock compensation plans and professional fees related to our strategic business review. In order to supplement the GAAP operating results, we have included within this release, certain non-GAAP financial measures to enhance the evaluation of our operating results in 2013. We look forward to ongoing improvements in our operations and cash flows as we continue to execute our strategic plan and pursue opportunities that will increase shareholder value.”

 

Use of Non-GAAP Financial Measures

 

This press release includes non-GAAP financial measures that are not in accordance with, nor an alternate to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.

 

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. A reconciliation of our non-GAAP measures is included in an attachment to this press release.

 

Forward-Looking Statements

 

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. Specifically, no assurances can be made

 

with respect to: the contract awarded by the FAA or the Company’s ability to: gain traction globally regarding the Company’s Network Solutions segment, grow profitability in the Company’s Network Solutions business segment, improve revenue growth in our Test and Measurement segment as a result of the release of our new Boonton USB Peak Power Meter product, continue execution on the Company’s strategic plan, including continued revenue, earnings and cash flow improvements, and increase value to the Company’s shareholders. Further information regarding risks and uncertainties that could affect the Company’s results 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, 2013.

 

About Wireless Telecom Group, Inc.

 

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 (DAS), 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.

 

See following Selected Financial Results

 

Wireless Telecom GroupINC.

 

25 Eastmans Road Parsippany, NJ 07054

Tel. (973) 386-9696 Fax (973) 386-9191

 

SELECTED FINANCIAL RESULTS

(In thousands, except per share amounts)

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
         
   2013   2012   2013   2012 
Statement of Operations Data:                    
Net sales  $9,532   $8,216   $33,825   $29,595 
                     
Gross profit   4,493    4,132    16,128    14,777 
                     
Operating expenses                    
Research and development   686    633    2,645    2,524 
Sales and marketing   1,335    1,255    4,858    4,603 
General and administrative   1,809    1,420    6,429    4,892 
Total operating expenses   3,830    3,308    13,932    12,019 
                     
Operating income   663    824    2,196    2,758 
                     
Interest and other (income) expense   5    (40)   (371)   (23)
                     
Income before income taxes   658    864    2,567    2,781 
                     
Net income  $1,348   $1,005   $3,842   $3,171 
                     
Net income per common share:                    
Basic  $0.05   $0.04   $0.16   $0.13 
Diluted  $0.05   $0.04   $0.16   $0.13 
                     
Weighted average shares outstanding:                    
Basic   24,033    24,069    23,935    24,259 
Diluted   24,945    24,439    24,534    24,633 

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
                 
   2013   2012   2013   2012 
Reconciliation of GAAP Net Income to Non-GAAP Normalized EBITDA:                    
GAAP net income  $1,348   $1,005   $3,842   $3,171 
Tax benefit   (691)   (140)   (1,275)   (390)
Depreciation   97    93    345    351 
Stock compensation expense   267    91    746    309 
Interest       49    114    201 
Non-recurring costs (1)   259    59    793    65 
Non-GAAP normalized EBITDA  $1,280   $1,157   $4,565   $3,707 

 

(1) Includes professional fees related to our strategic business review

 
   December 31,   December 31, 
   2013   2012 
         
Balance Sheet Data:        
Cash & cash equivalents  $16,599   $12,970 
           
Working capital  $29,205   $26,516 
           
Total assets  $43,437   $41,230 
           
Total liabilities  $3,163   $5,315 
           
Shareholders’ equity  $40,274   $35,915 
 

The following information was filed by Wireless Telecom Group Inc (WTT) on Monday, March 31, 2014 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.

View differences made from one year to another to evaluate Wireless Telecom Group Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Wireless Telecom Group Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account