PARSIPPANY, N.J.--(BUSINESS WIRE)-- Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the third quarter and nine months ended September 30, 2011.
For the quarter ended September 30, 2011, the Company reported net sales from continuing operations of $7,065,000, compared to net sales from continuing operations of $5,710,000 for the same period in 2010, an increase of 24%.
For the quarter ended September 30, 2011, the Company reported income before taxes from continuing operations of $705,000, or $0.03 per diluted share, compared to income before taxes from continuing operations of $47,000, or $0.00 per diluted shares, for the same period of 2010.
The Company also reported net income from continuing operations of $827,000, or $0.03 per diluted share for the third quarter of 2011, compared to net income from continuing operations of $39,000, or $0.00 per diluted share, for the third quarter of 2010.
For the nine months ended September 30, 2011, the Company reported net sales from continuing operations of $19,614,000, compared to net sales from continuing operations of $17,928,000 for the same period in 2010, an increase of 9%.
For the nine months ended September 30, 2011, the Company reported income before taxes from continuing operations of $1,344,000, or $0.05 per diluted share, compared to income before taxes from continuing operations of $685,000, or $0.03 per diluted share, for the same period of 2010.
For the first nine months of 2011, the Company reported net income from continuing operations of $1,713,000, or $0.07 per diluted share, compared to net income from continuing operations of $657,000, or $0.03 per diluted share, for the same period of 2010.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated, "The third quarter and nine months of 2011 reflects an improved level of sales primarily due to the expansion of our current components along with our new integrated products that enhance network systems in the high growth broadband wireless market for distributed antenna systems ("DAS"). With the advent of 4G and LTE, Broadband capacity and coverage is expected to grow significantly over the next few years and we have targeted this market as a significant growth area for the Company to focus its resources.
In addition, we continue to pursue opportunities to advance our test & measurement segment of the business as evidenced by the July 2011 increase in our order backlog of $3 million due to an initial firm order placed by the Department of the United States Navy for Boonton’s 4500 RF Peak Power Meters to be fulfilled over the next twelve months."
Continued Genova, "Growth in the DAS broadband market and increased order flow in the test & measurement segment coupled with our cost reduction efforts in 2011 position the Company for continued improvements in revenue and net income. A strong balance sheet with no operating debt allows the Company to utilize its working capital to maximize shareholder value."
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 instruments and components includes peak power meters, signal analyzers, power splitters, combiners, diplexers, 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. 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, 2010.