Wireless Telecom Group Announces First Quarter Financial Results
Wireless Telecom Group, Inc. (NYSE Amex: WTT) announced today results for the first quarter ended March 31, 2009.
MORE ON WIRELESS | ABC: An Introduction to Wireless | Improving Communication Between Remote Offices Using VoIP | Telephony World’s Wireless Buyer’s Guide
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.”
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.