Wireless Telecom Group Appoints CEO and Announces Third Quarter 2009 Financial Results
http://www.businesswire.com/news/home/20091116005811/en
PARSIPPANY, N.J.--(Business Wire)--
Wireless Telecom Group, Inc. (NYSEAmex: WTT) (the"Company") The Board of
Directors is pleased to announce that effective November 12, 2009, the Board has
elected Paul Genova, the Corporation`s President, CFO and Acting CEO, to serve
as its CEO. Mr. Savio Tung the Chairman of the Board of the Corporation stated,
"We are pleased to appoint Paul, a skilled, seasoned executive whose performance
with the Corporation demonstrates his ability to succeed in this leadership
role."
The Company also announced today its results for the third quarter and nine
months ended September 30, 2009.
For the quarter ended September 30, 2009, the Company reported net sales of
$13,124,000, compared to $13,609,000 for the same period in 2008. For the third
quarter of 2009, the Company reported net income of $163,000, or $0.01 per
diluted share, compared to a net (loss) of $(510,000), or $(0.02) per diluted
share, for the third quarter of 2008.
For the nine months ended September 30, 2009, the Company reported net sales of
$35,989,000, compared to $39,605,000 for the same period in 2008. The Company
also reported a net (loss) of $(200,000), or $(0.01) per diluted share, for the
first nine months of 2009, compared to a net (loss) of $(2,029,000), or $(0.08)
per diluted share, for the same period of 2008.
Mr. Genova stated, "I am encouraged by our progress in the third quarter while
significant economic and market challenges remain. We will continue to focus on
maintaining a strong balance sheet and positive cash flows. We remain committed
to continued progress through enhanced operational effectiveness and revenue
growth with increased profitability in order to provide value to our
shareholders."
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.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, 2008.
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended Nine months ended
September 30, September 30,
(unaudited) (unaudited)
2009 2008 2009 2008
Statement of Operations Data:
Net sales $ 13,124 $ 13,609 $ 35,989 $ 39,605
Gross profit 6,370 6,876 17,557 19,256
Operating expenses
Research and development 1,642 1,804 5,200 5,725
Sales and marketing 2,614 2,903 7,621 8,686
General and administrative 1,797 2,260 5,244 6,561
Total operating expenses 6,053 6,967 18,065 20,972
Interest and other expense (income) 72 258 10 (286 )
Income (loss) before income taxes 245 (349 ) (518 ) (1,430 )
Net income (loss) $ 163 $ (510 ) $ (200 ) $ (2,029 )
Net (loss) per common share:
Basic $ .01 $ (.02 ) $ (.01 ) $ (.08 )
Diluted $ .01 $ (.02 ) $ (.01 ) $ (.08 )
Weighted average shares outstanding:
Basic 25,658 25,658 25,658 25,731
Diluted 25,658 25,658 25,658 25,731
September 30, December 31,
2009 2008
(unaudited)
Balance Sheet Data:
Cash & cash equivalents $ 12,785 $ 6,627
Investment in short-term securities $ 1,036 $ 5,016
Working capital $ 25,257 $ 24,794
Total assets $ 41,886 $ 43,533
Total liabilities $ 11,031 $ 12,855
Shareholders` equity $ 30,855 $ 30,678
Wireless Telecom Group, Inc.
Robert Censullo, 973-386-9696
Copyright Business Wire 2009
