Parsippany , New Jersey - Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the first quarter ended March 31, 2009.
For the quarter ended March 31, 2009, the Company reported net sales of $11,362,000, compared to $12,989,000 for the same period in 2008.
The Company also reported a net loss of $(286,000), or $(0.01) per diluted share for the first quarter of 2009, compared to a net loss of $(529,000), or $(0.02) per diluted share, for the first quarter of 2008.
Monty Johnson, CEO of Wireless Telecom Group, Inc., stated "We continue to adjust to the global economic downturn, further reducing our break-even operating point. Order volumes improved over the previous quarter, and sales of new products, such as the Boonton PIM 20 Tester, are growing. Resulting gross margin increased to 49.7% for the first quarter of 2009 when measured against last years' relative period result of 47.5%. We also made a decision to shift some of our R&D to a technical partner, to advance our competitive position and enhance operating results in future periods."
Johnson added, "While our visibility on sales orders has improved, the business uncertainties our customers are facing remain a near-term risk for our Company. As a result, we continue to evaluate options including restructuring the existing business, aligning with a strategic partner, making additional investments in technology research and development, and selling selected assets. Factoring in the near-term risks, we anticipate that the on-going economic conditions will not be detrimental to our long-term growth potential. We believe we are focused on appropriate markets to deliver shareholder value."