Wireless Telecom Group, Inc. (NYSE American: WTT) (the “Company”)
today announced results for the three months ended June 30,
2021.
Tim Whelan, CEO of Wireless Telecom Group, Inc.
stated, “Strong second quarter operating and financial performance
is encouraging, which reflects the benefits of our long-term
strategic plan and improving end-market demand. We ended the second
quarter with record quarterly new bookings, as we experience strong
orders across all our product groups. This was our fifth straight
positive book-to-bill outcome and helped drive an increase in our
second quarter backlog to $12.5 million, which is the highest
quarterly backlog in the last several years.”
Mr. Whelan continued, “During the quarter, we
continued our streak of new 5G software customers, with two new
customers for our Radio, Baseband and Software solutions. In fact,
over the past 5 quarters, we have added 10 new customers
demonstrating increasing demand for our leading LTE/5G software and
service solutions. We also realized our highest quarter of bookings
in Test & Measurement with strength across all our brands.
Within RF components, we realized a second quarter of higher
sequential bookings and a return to over $5.0 million of quarterly
bookings for our Microlab products, driven, in part, by larger
project order flow. In addition, we are pleased with the
forgiveness of our PPP loan, and we feel more confident about the
health of the business and our ability to achieve our strategic
goals of double-digit organic sales growth, gross margins above 50%
and improving operating margins in 2021.”
Second Quarter 2021 Operating
Results:
- Net revenues of $12.0 million, an
increase of $915,000, or 8.2% over the prior year period primarily
due to increased sales of our digital signal processing cards at
our Radio, Baseband and Software (“RBS”) product group, and higher
Test & Measurement (“T&M”) revenues, partially offset by
lower revenue at our RF Components (“RFC”) product group.
- Gross profit of $6.1 million, an
increase of $466,000, or 8.2% over the prior year period due to
higher revenues at T&M and RBS, partially offset by lower
revenues at RFC. Gross profit margin was stable with the prior year
at 51.0%.
- Backlog of $12.5 million, an
increase of $2.5 million, or 25%, compared to March 31, 2021, and
an increase of $6.3 million, or 100% year-over-year.
- As a percent of revenue, total
operating expenses were 49.6%, compared to 51.6% for the same
period last year. Operating expenses of $6.0 million, an increase
of $242,000, or 4.2% from the prior year period primarily due to an
increase in headcount related expenses.
- GAAP net income of $1.5 million
compared to a net loss of $668,000 in the prior year period due
primarily to the recognition of a gain on extinguishment of debt
related to the forgiveness of the PPP loan in the current year as
well as improved operating income.
- Non-GAAP adjusted EBITDA of
$864,000 compared to $794,000 in the prior year due primarily to
higher revenues and gross profit. Non-GAAP adjusted EBITDA is a
metric the Company uses to measure our core operations. A
reconciliation of non-GAAP adjusted EBITDA to GAAP net income is
provided later in this press release.
Cash Flow and Balance
Sheet:
- Cash provided by operations of
$394,000 compared to cash used by operations of $616,000 in the
prior year period, due primarily to an increase in operating income
as compared to the prior year.
- Net debt of $3.6 million as of June
30, 2021 compared to $5.4 million as of December 31, 2020.
- No outstanding borrowings under the
asset-based revolver and availability of $7.6 million after giving
effect to borrowing base calculations as of June 30, 2021.
Conference Call
Wireless Telecom Group Inc. will host a
conference call on August 11, 2021, at 8:30 a.m. EDT in which
management will discuss second quarter 2021 results and related
matters. To participate in the conference call, dial 800-346-7359
or 973-528-0008. The conference identification number is 248319.
The call will also be webcast over the internet at the following
URL:
https://www.webcaster4.com/Webcast/Page/1690/42411
A replay will be made available on the Wireless
Telecom website following the conference call.
Contacts: Mike Kandell 973-386-9696 SM Berger and
Company 216-464-6400
Use of Non-GAAP Financial Measures and Key Performance
Indicators
The Company reports its financial results in
accordance with generally accepted accounting principles (“GAAP”).
Management believes, however, that certain non‐GAAP financial
measures used in managing the Company’s business may provide users
of this financial information with additional meaningful
comparisons between current results and prior reported results.
Certain of the information set forth herein and certain of the
information presented by the Company from time to time may
constitute non‐GAAP financial measures within the meaning of
Regulation G adopted by the Securities and Exchange Commission. We
have presented herein a reconciliation of these measures to the
most directly comparable GAAP financial measure. The non‐GAAP
measures presented herein may not be comparable to similarly titled
measures presented by other companies. The foregoing measures do
not serve as a substitute and should not be construed as a
substitute for GAAP performance but provide supplemental
information concerning our performance that our investors and we
find useful.
The Company defines EBITDA as its net earnings
before interest, taxes, depreciation, and amortization. “Adjusted
EBITDA” is EBITDA excluding our stock compensation expense,
restructuring charges, acquisition expenses, integration expenses,
unrealized and realized foreign exchange gains and losses, purchase
accounting adjustments, non-recurring legal fees associated with
the Harris arbitration, goodwill impairment charges, loss on change
in fair value of contingent consideration and other non-recurring
costs. A reconciliation of net income/(loss) to non-GAAP adjusted
EBITDA is included as an attachment to this press
release.
The Company defines adjusted EBITDA margin as
adjusted EBITDA divided by revenue. The Company does not provide a
forward-looking reconciliation of expected adjusted EBITDA margin
because the amount and significance of special items required to
develop meaningful comparable GAAP financial measures cannot be
estimated at this time without unreasonable efforts. These special
items could be meaningful.
Book-to-bill ratio is the ratio of orders
received to units shipped and billed for a specified period. The
Company excludes billable freight from the calculation of units
shipped in determining the book-to-bill ratio.
GAAP operating expenses (“GAAP opex”) includes
research and development expenses, sales and marketing expenses,
general and administrative expenses, non-cash goodwill impairment
charges and loss on change in fair value of contingent
consideration. The Company defines non-GAAP operating expenses
(“Non-GAAP opex”) as GAAP opex excluding stock compensation
expense, restructuring charges, acquisition expenses, integration
expenses, depreciation and amortization expense, non-recurring
legal fees associated with the Harris arbitration, non-cash
goodwill impairment charges, loss on change in fair value of
contingent consideration and other non-recurring costs and
expenses.
The Company views adjusted EBITDA, adjusted
EBITDA margin and non-GAAP opex as important indicators of
performance, consistent with the manner in which management
measures and forecasts the Company’s performance. We believe
adjusted EBITDA is an important performance metric because it
facilitates the analysis of our results, exclusive of certain
non‐cash and non-recurring items, including items which do not
directly correlate to our business operations.
The Company believes that adjusted EBITDA and
non GAAP opex metrics provide qualitative insight into our current
performance; we use these measures to evaluate our results, the
performance of our management team and our management’s entitlement
to incentive compensation; and we believe that making this
information available to investors enables them to view our
performance the way that we view our performance and thereby gain a
meaningful understanding of our core operating results, in general,
and from period to period.
The Company believes the book-to-bill ratio is a
key performance indicator used in measuring supply and demand in
the industries in which we operate as well as measuring how quickly
the Company fulfills the demand for its products.
Forward-Looking Statements
This press release contains “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. In some cases, such forward-looking statements
may be identified by terms such as believe, expect, seek, may,
will, intend, project, anticipate, plan, estimate, guidance, or
similar words. Forward-looking statements include, among others,
our ability to achieve our strategic goals of double-digit organic
sales growth, gross margins above 50% and improving operating
margins in 2021. Investors are cautioned that such forward-looking
statements are not guarantees of future performance and involve a
number of risks and uncertainties that could materially affect
actual results, including but not limited to, the impact that the
evolving COVID-19 pandemic may have on our business, our supply
chain, freight costs and the economy in the future, our dependency
on capital spending on data and communication networks by our
customers and end users, our dependency on the deployment of 4G LTE
and 5G NR private networks and related services to grow our
business, the impact of the loss of any significant customers, the
ability of our management to successfully implement our business
plan and strategy, our ability to raise additional capital to fund
our operations given our degree of leverage, product demand and
development of competitive technologies in our market sector, the
impact of competitive products and pricing, our abilities to
protect our intellectual property rights, our ability to manage
risks related to our information technology and cyber security,
among others. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated,
estimated or projected. These risks and uncertainties are disclosed
in our Annual Report on Form 10-K for the year ended December 31,
2020. The Company’s forward-looking statements speak only as of the
date of this release. The Company undertakes no obligation to
publicly update or review any forward-looking statements whether as
a result of new information, future developments or otherwise, as
except as required by law.
About Wireless Telecom Group,
Inc.
Wireless Telecom Group, Inc.,
comprised of Boonton, CommAgility, Holzworth, Microlab and
Noisecom, is a global designer and manufacturer of advanced RF and
microwave components, modules, systems, and instruments. Serving
the wireless, telecommunication, satellite, military, aerospace,
semiconductor and medical industries, Wireless Telecom Group
products enable innovation across a wide range of traditional and
emerging wireless technologies. With a unique set of
high-performance products including peak power meters, signal
generators, phase noise analyzers, signal processing modules, LTE
PHY/stack software, power splitters and combiners, GPS repeaters,
public safety components, noise sources, and programmable noise
generators, Wireless Telecom Group enables the development,
testing, and deployment of wireless technologies around the globe.
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.wirelesstelecomgroup.com.
Wireless Telecom Group INC.
CONSOLIDATED STATEMENT OF OPERATIONS AND
COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
(In thousands, except per share
amounts)
|
For the
Three Months Ended |
|
For the Six
Months Ended |
|
June
30 |
|
June
30 |
|
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
Net
revenues |
$ |
12,023 |
|
$ |
11,108 |
|
|
$ |
23,344 |
|
$ |
20,536 |
|
|
|
|
|
|
|
Cost of
revenues |
|
5,889 |
|
|
5,440 |
|
|
|
11,265 |
|
|
10,441 |
|
|
|
|
|
|
|
Gross profit |
|
6,134 |
|
|
5,668 |
|
|
|
12,079 |
|
|
10,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
Research and development |
|
1,464 |
|
|
1,675 |
|
|
|
2,846 |
|
|
3,254 |
|
Sales and marketing |
|
1,699 |
|
|
1,661 |
|
|
|
3,412 |
|
|
3,379 |
|
General and administrative |
|
2,806 |
|
|
2,391 |
|
|
|
5,668 |
|
|
4,878 |
|
Total
operating expenses |
|
5,969 |
|
|
5,727 |
|
|
|
11,926 |
|
|
11,511 |
|
|
|
|
|
|
|
Operating
income/(loss) |
|
165 |
|
|
(59 |
) |
|
|
153 |
|
|
(1,416 |
) |
|
|
|
|
|
|
Extinguishment of PPP loan |
|
2,045 |
|
|
- |
|
|
|
2,045 |
|
|
- |
|
Other
income/(expense) |
|
(15 |
) |
|
56 |
|
|
|
8 |
|
|
295 |
|
Interest
expense |
|
(285 |
) |
|
(246 |
) |
|
|
(582 |
) |
|
(471 |
) |
|
|
|
|
|
|
Income/(Loss) before taxes |
|
1,910 |
|
|
(249 |
) |
|
|
1,624 |
|
|
(1,592 |
) |
|
|
|
|
|
|
Tax
provision/(benefit) |
|
373 |
|
|
419 |
|
|
|
321 |
|
|
225 |
|
|
|
|
|
|
|
Net
income/(loss) |
$ |
1,537 |
|
$ |
(668 |
) |
|
$ |
1,303 |
|
$ |
(1,817 |
) |
|
|
|
|
|
|
Other
comprehensive income/(loss): |
|
|
|
|
|
Foreign currency translation adjustments |
|
12 |
|
|
(35 |
) |
|
|
87 |
|
|
(971 |
) |
Comprehensive income/(loss) |
$ |
1,549 |
|
$ |
(703 |
) |
|
$ |
1,390 |
|
$ |
(2,788 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) per share: |
|
|
|
|
|
Basic |
$ |
0.07 |
|
$ |
(0.03 |
) |
|
$ |
0.06 |
|
$ |
(0.08 |
) |
Diluted |
$ |
0.06 |
|
$ |
(0.03 |
) |
|
$ |
0.05 |
|
$ |
(0.08 |
) |
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
Basic |
|
21,763 |
|
|
21,707 |
|
|
|
21,728 |
|
|
21,626 |
|
Diluted |
|
24,343 |
|
|
21,707 |
|
|
|
24,063 |
|
|
21,626 |
|
CONSOLIDATED BALANCE SHEET
(In thousands, except number of shares
and par value)
|
(Unaudited) |
|
|
June 30 2021 |
December 31 2020 |
CURRENT ASSETS |
|
|
Cash & cash equivalents |
$ |
4,213 |
|
$ |
4,910 |
|
Accounts receivable - net of reserves of $214 and $143,
respectively |
|
6,532 |
|
|
5,520 |
|
Inventories - net of reserves of $1,216 and $1,129
respectively |
|
9,365 |
|
|
8,796 |
|
Prepaid expenses and other current assets |
|
2,152 |
|
|
2,172 |
|
TOTAL CURRENT ASSETS |
|
22,262 |
|
|
21,398 |
|
|
|
|
PROPERTY PLANT AND EQUIPMENT - NET |
|
1,731 |
|
|
1,824 |
|
|
|
|
OTHER ASSETS |
|
|
Goodwill |
|
11,564 |
|
|
11,512 |
|
Acquired intangible assets, net |
|
4,602 |
|
|
5,242 |
|
Deferred income taxes |
|
5,455 |
|
|
5,701 |
|
Right of use assets |
|
1,417 |
|
|
1,680 |
|
Other assets |
|
509 |
|
|
561 |
|
TOTAL OTHER ASSETS |
|
23,547 |
|
|
24,696 |
|
|
|
|
TOTAL ASSETS |
$ |
47,540 |
|
$ |
47,918 |
|
|
|
|
CURRENT LIABILITIES |
|
|
Short term debt |
$ |
84 |
|
$ |
512 |
|
Accounts payable |
|
2,094 |
|
|
1,546 |
|
Short term leases |
|
559 |
|
|
534 |
|
Accrued expenses and other current liabilities |
|
6,705 |
|
|
7,997 |
|
Deferred revenue |
|
598 |
|
|
924 |
|
TOTAL CURRENT LIABILITIES |
|
10,040 |
|
|
11,513 |
|
|
|
|
LONG
TERM LIABILITIES |
|
|
Long term debt |
|
6,925 |
|
|
8,895 |
|
Long term leases |
|
914 |
|
|
1,200 |
|
Other long-term liabilities |
|
1,778 |
|
|
82 |
|
Deferred tax liability |
|
455 |
|
|
377 |
|
TOTAL LONG-TERM LIABILITIES |
|
10,072 |
|
|
10,554 |
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
Preferred stock, $.01 par value, 2,000,000 shares authorized, none
issued |
|
- |
|
|
- |
|
Common stock, $.01 par value, 75,000,000 shares authorized
35,112,421 and 34,888,904 shares issued, 21,883,235 and 21,669,361
shares outstanding |
|
351 |
|
|
349 |
|
Additional paid in capital |
|
50,364 |
|
|
50,163 |
|
Retained earnings |
|
358 |
|
|
(946 |
) |
Treasury stock at cost, 13,229,186 and 13,219,543 shares |
|
(24,573 |
) |
|
(24,556 |
) |
Accumulated other comprehensive income |
|
928 |
|
|
841 |
|
TOTAL SHAREHOLDERS' EQUITY |
|
27,428 |
|
|
25,851 |
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
47,540 |
|
$ |
47,918 |
|
CONSOLIDATED STATEMENT OF CASH
FLOWS
(UNAUDITED)
(In thousands)
|
For the Six
Months |
|
Ended June 30 |
|
|
2021 |
|
|
2020 |
|
CASH
FLOWS PROVIDED/(USED) BY OPERATING ACTIVITIES |
|
|
Net Income/(Loss) |
$ |
1,303 |
|
$ |
(1,817 |
) |
Adjustments to reconcile net loss to net cash used by operating
activities: |
|
|
Depreciation and amortization |
|
1,065 |
|
|
1,049 |
|
Extinguishment of PPP loan |
|
(2,045 |
) |
|
- |
|
Amortization of debt issuance fees |
|
150 |
|
|
137 |
|
Share-based compensation expense |
|
203 |
|
|
210 |
|
Deferred rent |
|
(15 |
) |
|
(14 |
) |
Deferred income taxes |
|
320 |
|
|
695 |
|
Provision for doubtful accounts |
|
71 |
|
|
2 |
|
Inventory reserves |
|
85 |
|
|
90 |
|
Changes in
assets and liabilities, net of acquisition: |
|
|
Accounts receivable |
|
(1,079 |
) |
|
(1,351 |
) |
Inventories |
|
(645 |
) |
|
(260 |
) |
Prepaid expenses and other assets |
|
319 |
|
|
(110 |
) |
Accounts payable |
|
585 |
|
|
16 |
|
Accrued expenses and other liabilities |
|
77 |
|
|
737 |
|
Net cash provided/(used) by operating
activities |
|
394 |
|
|
(616 |
) |
|
|
|
CASH
FLOWS PROVIDED/(USED) BY INVESTING ACTIVITIES |
|
|
Capital expenditures |
|
(313 |
) |
|
(100 |
) |
Acquisition of business, net of cash acquired |
|
(200 |
) |
|
(7,189 |
) |
Net cash provided/(used) by investing
activities |
|
(513 |
) |
|
(7,289 |
) |
|
|
|
CASH
FLOWS PROVIDED/(USED) BY FINANCING ACTIVITIES |
|
|
Revolver borrowings |
|
- |
|
|
16,856 |
|
Revolver repayments |
|
- |
|
|
(18,840 |
) |
Term loan borrowings |
|
- |
|
|
8,400 |
|
Term loan repayments |
|
(470 |
) |
|
(384 |
) |
Debt issuance fees |
|
- |
|
|
(1,261 |
) |
PPP loan |
|
|
2,045 |
|
Payment of contingent consideration |
|
(105 |
) |
|
- |
|
Shares withheld for employee taxes |
|
(17 |
) |
|
(26 |
) |
Net cash provided/(used) by financing
activities |
|
(592 |
) |
|
6,790 |
|
|
|
|
Effect of
Exchange Rate Changes on Cash and Cash Equivalents |
|
14 |
|
|
(236 |
) |
NET DECREASE
IN CASH AND CASH EQUIVALENTS |
|
(697 |
) |
|
(1,351 |
) |
|
|
|
Cash and Cash Equivalents, at Beginning of Period |
|
4,910 |
|
|
4,245 |
|
|
|
|
CASH AND CASH EQUIVALENTS, AT END OF PERIOD |
$ |
4,213 |
|
$ |
2,894 |
|
|
|
|
SUPPLEMENTAL
INFORMATION: |
|
|
Cash paid during the period for interest |
$ |
204 |
|
$ |
347 |
|
Cash paid during the period for income taxes |
$ |
110 |
|
$ |
40 |
|
NET REVENUE AND GROSS PROFIT BY PRODUCT
GROUP
(In thousands ,
unaudited )
|
Three months ended June 30, |
|
Revenue |
% of Revenue |
Change |
|
|
2021 |
|
2020 |
2021 |
|
2020 |
|
Amount |
Pct. |
RF
components |
$ |
4,235 |
$ |
5,861 |
35.2 |
% |
52.7 |
% |
$ |
(1,626 |
) |
-27.7 |
% |
Test and
measurement |
|
5,521 |
|
4,472 |
45.9 |
% |
40.3 |
% |
|
1,049 |
|
23.5 |
% |
Radio,
baseband, software |
|
2,267 |
|
775 |
18.9 |
% |
7.0 |
% |
|
1,492 |
|
192.5 |
% |
Total net
revenues |
$ |
12,023 |
$ |
11,108 |
100.0 |
% |
100.0 |
% |
$ |
915 |
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Gross Profit |
Gross Profit % |
Change |
|
|
2021 |
|
2020 |
2021 |
|
2020 |
|
Amount |
Pct. |
RF
components |
$ |
1,757 |
$ |
2,707 |
41.5 |
% |
46.2 |
% |
$ |
(950 |
) |
-35.1 |
% |
Test and
measurement |
|
3,269 |
|
2,365 |
59.2 |
% |
52.9 |
% |
|
904 |
|
38.2 |
% |
Radio,
baseband, software |
|
1,108 |
|
596 |
48.9 |
% |
76.9 |
% |
|
512 |
|
85.9 |
% |
Total gross
profit |
$ |
6,134 |
$ |
5,668 |
51.0 |
% |
51.0 |
% |
$ |
466 |
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
Revenue |
% of Revenue |
Change |
|
|
2021 |
|
2020 |
2021 |
|
2020 |
|
Amount |
Pct. |
RF
components |
$ |
7,372 |
$ |
10,137 |
31.6 |
% |
49.4 |
% |
$ |
(2,765 |
) |
-27.3 |
% |
Test and
measurement |
|
10,848 |
|
8,216 |
46.5 |
% |
40.0 |
% |
|
2,632 |
|
32.0 |
% |
Radio,
baseband, software |
|
5,124 |
|
2,183 |
21.9 |
% |
10.6 |
% |
|
2,941 |
|
134.7 |
% |
Total net
revenues |
$ |
23,344 |
$ |
20,536 |
100.0 |
% |
100.0 |
% |
$ |
2,808 |
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
Gross Profit |
Gross Profit % |
Change |
|
|
2021 |
|
2020 |
2021 |
|
2020 |
|
Amount |
Pct. |
RF
components |
$ |
2,848 |
$ |
4,649 |
38.6 |
% |
45.9 |
% |
$ |
(1,801 |
) |
-38.7 |
% |
Test and
measurement |
|
6,323 |
|
4,269 |
58.3 |
% |
52.0 |
% |
|
2,054 |
|
48.1 |
% |
Radio,
baseband, software |
|
2,908 |
|
1,177 |
56.8 |
% |
53.9 |
% |
|
1,731 |
|
147.1 |
% |
Total gross
profit |
$ |
12,079 |
$ |
10,095 |
51.7 |
% |
49.2 |
% |
$ |
1,984 |
|
19.7 |
% |
RECONCILIATION OF NET INCOME TO NON-GAAP
EBITDA AND NON-GAAP ADJUSTED EBITDA
(In thousands, unaudited)
|
Three Months
Ended |
|
Six Months
Ended |
|
June 30 |
|
June 30 |
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
GAAP
Net Income/(Loss), as reported |
$ |
1,537 |
|
$ |
(668 |
) |
|
$ |
1,303 |
|
$ |
(1,817 |
) |
Tax
Provision/(Benefit) |
|
373 |
|
|
418 |
|
|
|
321 |
|
|
225 |
|
Depreciation
and Amortization Expense |
|
534 |
|
|
525 |
|
|
|
1,065 |
|
|
1,049 |
|
Interest
Expense |
|
285 |
|
|
246 |
|
|
|
582 |
|
|
471 |
|
Non-GAAP EBITDA |
|
2,729 |
|
|
521 |
|
|
|
3,271 |
|
|
(72 |
) |
Stock
Compensation |
|
89 |
|
|
128 |
|
|
|
203 |
|
|
210 |
|
Merger and
Acquisition/Integration |
|
72 |
|
|
37 |
|
|
|
72 |
|
|
228 |
|
Restructuring Costs |
|
- |
|
|
- |
|
|
|
36 |
|
|
73 |
|
Inventory
Impairment Recovery |
|
- |
|
|
(12 |
) |
|
|
- |
|
|
(13 |
) |
US GAAP
Purchase Accounting |
|
- |
|
|
114 |
|
|
|
- |
|
|
290 |
|
FX
(Gain)/Loss |
|
19 |
|
|
4 |
|
|
|
(6 |
) |
|
(235 |
) |
PPP Loan
Forgiveness |
|
(2,045 |
) |
|
- |
|
|
|
(2,045 |
) |
|
- |
|
Non-Recurring Arbitration Legal Costs |
|
- |
|
|
2 |
|
|
|
4 |
|
|
3 |
|
Non-GAAP Adjusted EBITDA |
$ |
864 |
|
$ |
794 |
|
|
$ |
1,535 |
|
$ |
484 |
|
RECONCILIATION OF OPEX TO NON-GAAP
OPEX
(In thousands, unaudited)
|
Three Months
Ended |
|
Six Months
Ended |
|
June
30 |
|
June
30 |
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
GAAP
Opex |
$ |
5,969 |
|
$ |
5,727 |
|
|
$ |
11,926 |
|
$ |
11,511 |
|
Stock
Compensation |
|
(89 |
) |
|
(128 |
) |
|
|
(203 |
) |
|
(210 |
) |
Merger and
Acquisition/Integration |
|
(72 |
) |
|
(37 |
) |
|
|
(72 |
) |
|
(228 |
) |
Restructuring Costs |
|
- |
|
|
- |
|
|
|
(36 |
) |
|
(73 |
) |
US GAAP
Purchase Accounting |
|
- |
|
|
- |
|
|
|
- |
|
|
(100 |
) |
Depreciation
& Amortization (ex. COGS) |
|
(452 |
) |
|
(432 |
) |
|
|
(899 |
) |
|
(877 |
) |
Non-Recurring Arbitration Legal Costs |
|
- |
|
|
(2 |
) |
|
|
(4 |
) |
|
(3 |
) |
Non-GAAP Opex |
$ |
5,356 |
|
$ |
5,128 |
|
|
$ |
10,712 |
|
$ |
10,020 |
|
Wireless Telecom (AMEX:WTT)
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