Wireless Telecom Group, Inc. (NYSE American: WTT) (the “Company”),
announced today that based on preliminary unaudited results for the
three months ended June 30, 2021, the Company estimates revenues of
approximately $12.0 million, compared to $11.1 million for same
period in 2020, an increase of $900,000, or 8%. Management also
expects bookings of approximately $14.5 million for the quarter
ended June 30, 2021, compared to $12.8 million of bookings for the
quarter ended March 31, 2021, a sequential increase of $1.7
million, or 13%. In addition, management expects to end the second
quarter with a backlog of approximately $12.5 million, compared to
$10.0 million at March 31, 2021 and $8.3 million at December 31,
2020.
Additionally, as of June 30, 2021 the full
amount of the Company’s outstanding loan of $2.0 million under the
Paycheck Protection Program (“PPP”) of the 2020 Coronavirus Aid,
Relief and Economic Security Act (the “CARES Act”) has been
forgiven and considered paid in full (including applicable
interest). The PPP Loan had previously been recorded as debt on the
Company’s balance sheet.
Tim Whelan, CEO of Wireless Telecom Group, Inc.
stated, “We are pleased with the accelerating momentum underway
across our business, as preliminary second quarter results show
continued revenue and backlog growth. In addition, our outlook
remains positive and is supported by our fifth straight quarter of
strong bookings and a positive book-to-bill ratio. The quality of
our new bookings included strength across all our product groups as
well as another quarter of two new 5G software customers.”
Mr. Whelan continued, “We are very excited about
our future, and we continue to make progress executing our
long-term strategy of driving double-digit revenue growth and
improving operating margins.”
Our financial statements for the three months
ended June 30, 2021 are not yet available. Accordingly, the
information presented above reflects our preliminary estimates
subject to the completion of our financial closing procedures. As a
result, these preliminary estimates may differ from the actual
results that will be reflected in our financial statements when
they are completed and publicly disclosed. These preliminary
estimates may change and those changes may be material.
Our expectations with respect to our preliminary
estimates for the three months ended June 30, 2021 are based upon
management estimates and are the responsibility of management. Our
independent registered public accounting firm has not audited,
reviewed or performed any procedures with respect to these
preliminary results and, accordingly, does not express an opinion
or any other form of assurance about them.
These estimates should not be viewed as a
substitute for our full interim or annual financial statements
prepared in accordance with GAAP. Accordingly, you should not place
undue reliance on these preliminary financial results. These
estimated preliminary results should be read in conjunction with
the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and “Risk Factors” sections of our
historical consolidated financial statements, including the notes
thereto, in our Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 19, 2021 and in other
reports that we filed with the Securities and Exchange
Commission.
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 expectation to continue to make progress executing our
long-term strategy of driving double-digit revenue growth and
improving operating margins. 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 are not limited to,
the ongoing impact that the COVID-19 pandemic may have on our
business, including on our supply chain, and the general 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 and 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, except as required
by law.
- END –
About Wireless Telecom Group
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 existing and emerging wireless
technologies. With a product portfolio 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 supports the
development, testing, and deployment of wireless technologies
around the globe. Wireless Telecom Group, Inc.’s website address is
wirelesstelecomgroup.com.
Investor ContactAndrew M. BergerManaging
DirectorSM Berger& Company(216) 464-6400andrew@smberger.com
ContactMichael Kandell: +1 (973) 386-969625
Eastmans RoadParsippany, NJ 07054Tel: (973) 386-9696Fax: (973)
386-9191www.wtcom.com
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