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 2014 FINANCIAL RESULTS INCLUDING AN
ANNUAL INCREASE IN NET SALES OF 19%

 

NEWS RELEASE

 

Contact: Robert Censullo

(973) 386-9696

 

Tuesday, March 31, 2015

 

Parsippany, New Jersey – Wireless Telecom Group, Inc. (NYSE MKT: WTT) announced today results for the fourth quarter and twelve months ended December 31, 2014.

 

For the quarter ended December 31, 2014, the Company reported net sales of $9.3m, compared to $9.5m for the same period in 2013, a decrease of 2%. Net sales in the Network Solutions segment were $6.2m, compared to $6.0m for the same period in 2013, an increase of 3%. Net sales in the Test and Measurement segment were $3.2m, compared to $3.5m for the same period in 2013, a decrease of 10%.

 

For the twelve months ended December 31, 2014, the Company reported net sales of $40.3m, compared to $33.8m for the same period in 2013, an increase of 19%. Net sales in the Network Solutions segment were $28.2m, compared to $22.0m for the same period in 2013, an increase of 28%. Net sales in the Test and Measurement segment were $12.1m, compared to $11.8m for the same period in 2013, an increase of 3%.

 

Non-GAAP normalized EBITDA for the three and twelve month periods ended December 31 was $0.7m and $5.6m, for 2014 and $1.3m and $4.1m for 2013, respectively. Our non-GAAP normalized EBITDA results do not include the Company’s tax provision (benefit), depreciation and amortization and stock compensation expense, as well as interest expense, rental income from a property investment, a one-time gain from the sale of such property investment, a one-time gain from the sale of an investment security and certain other costs. A reconciliation of net income to non-GAAP normalized EBITDA results is included in an attachment to this press release.

 

Net income for the three and twelve month periods ended December 31 was $0.3m and $2.4m or $.01 and $.11 per diluted share for 2014 and $1.3m and $3.8m or $.05 and $.16 per diluted share for 2013, respectively. Net income from 2013 benefited from the non-cash recognition of the Company’s deferred tax asset.

 

Paul Genova, CEO of Wireless Telecom Group, Inc. commented “In 2014, we achieved strong revenue and income growth in the Network Solutions segment. Revenues increased by 28% to $28.2m and segment income increased by 36% to $7.6m driven by our strong position in the North American DAS market as well as continued global market gains in support of the carrier network build out for LTE.”

 

“Consistent with industry performance, the Network Solution Q4 order flow softened due to reductions in capital spending by the major domestic carriers. While we have seen an increase in current order backlog, we expect this softness to continue in the near term. However, according to a major US Carrier, global mobile data usage will more than double by 2019, increasing the need for global investment in LTE coverage and capacity for wireless operators over the long term. We believe our Network Solutions segment is well-positioned to take advantage of this growth and expect our order flow to improve as carrier spending returns to higher levels.”

 

Genova continued, “In 2014, our Test and Measurement segment remained steady contributing over $1m in segment income. Additionally, we generated cash flow from operating activities of $4m and we utilized $9.6m to repurchase 4.8m shares from our largest shareholder for $2 per share. We look forward to continued execution of our strategic plan, which may include additional investments in research and development as well as pursuing any 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, 2014.

 

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, 
   (unaudited)     
   2014   2013   2014   2013 
Statement of Operations Data:                    
Net sales   $9,341    $9,532    $40,337    $33,825 
                     
Gross profit   4,083    4,493    19,044    16,128 
                     
Operating expenses                    
Research and development   838    686    3,380    2,645 
Sales and marketing   1,429    1,335    5,487    4,858 
General and administrative   1,334    1,809    5,498    6,429 
Total operating expenses   3,600    3,830    14,365    13,932 
                     
Operating income   483    663    4,679    2,196 
                     
Interest and other (income) expense   25    5    90    (371) 
                     
Income before income taxes   458    658    4,589    2,567 
                     
Net income   $285    $1,348    $2,424    $3,842 
                     
Net income per common share:                    
Basic   $0.01    $0.06    $0.12    $0.16 
Diluted   $0.01    $0.05    $0.11    $0.16 
                     
Weighted average shares outstanding:                    
Basic   19,454    24,033    20,643    23,935 
Diluted   20,526    24,945    21,801    24,534 
 
   Three months ended   Twelve months ended 
   December 31,   December 31, 
   (unaudited)   (unaudited) 
   2014   2013   2014   2013 
Reconciliation of GAAP Net Income to Non-GAAP Normalized EBITDA:                    
GAAP net income   $285    $1,348    $2,424    $3,842 
Tax expense (benefit)   173    (691)    2,165    (1,275) 
Depreciation   93    97    370    345 
Stock compensation expense   122    267    357    746 
Interest   -    -    -    114 
Rental income   -    -    -    (225) 
Realized gain on sale of non-marketable securities   -    -    -    (162) 
Realized gain on building   -    -    -    (188) 
Other non-operating costs   25    5    90    90 
Non-recurring costs (1)   -    259    178    793 
Non-GAAP normalized EBITDA   $698    $1,285    $5,584    $4,080 

 

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

 

   December 31,  December 31,
   2014  2013
         
Balance Sheet Data:          
Cash & cash equivalents   $10,724    $16,599 
           
Working capital   $24,606    $29,205 
           
Total assets   $36,289    $43,437 
           
Total liabilities   $2,659    $3,163 
           
Shareholders’ equity   $33,630    $40,274 
 

The following information was filed by Wireless Telecom Group Inc (WTT) on Tuesday, March 31, 2015 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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