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Thursday, August 12, 2010

Wireless Telecom Group Announces Second Quarter Financial Results Including Revenue Growth Of 18%

August 12, 2010

Parsippany, New Jersey – Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the second quarter and six months ended June 30, 2010.

For the quarter ended June 30, 2010, the Company reported net sales from continuing operations of $6,081,000, compared to $5,156,000 for the same period in 2009, an increase of 18%.

The Company also reported net income from continuing operations  of $298,000 or $0.01 per diluted share for the second quarter of 2010, compared to a net loss of $(198,000), or $(0.01) per diluted share, for the second quarter of 2009.

For the six months ended June 30, 2010, the Company reported net sales from continuing operations of $12,218,000, compared to $10,684,000 for the same period in 2009, an increase of 14%.

For the first six months of 2010, the Company reported net income from continuing operations of $619,000, or $0.02 per diluted share, compared to a net loss of $(422,000), or $(0.02) per diluted share, for the same period of 2009.

For the quarter ended June 30, 2010, the Company reported a net loss from discontinued operations of $(458,000) or $(0.02) per diluted share, compared to net income of $121,000, or $0.00 per diluted share, for the second quarter of 2009. The loss in 2010 from discontinued operations consists of an operating loss of $(637,000), or $(0.03) per diluted share and an adjustment of $179,000, or $0.01 per diluted share, which  reflects a change in the estimated fair value and cost to dispose of the net assets of Willtek Communications, GmbH.

For the six months ended June 30, 2010, the Company reported a net loss from discontinued operations of $(1,743,000) or $(0.07) per diluted share, compared to net income of $58,000, or $0.00 per diluted share, for the same period of 2009. The six month loss in 2010 from discontinued operations consists of an operating loss of $(1,312,000), or $(0.05) per diluted share and an adjustment of $(431,000), or $(0.02) per diluted share, which reflects a change in the estimated fair value and cost to dispose of the net assets of Willtek.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated:

The second quarter and first half of 2010 reflects an improved level of sales and an increase in our order backlog over the previous year. Coupled with efforts to reduce costs in 2010, the Company reported improving results of operations for the second quarter and first half of 2010 over the previous year.

With the completion of the sale of Willtek on May 7, 2010, we intend to focus our efforts and utilize our cash resources to grow our core business, expand our customer and product base and provide further improvement to shareholder value.

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