Wireless Telecom Group, Inc. (NYSE American: WTT) (the “Company”)
announced today results for the 2020 second quarter ended June 30,
2020.
Tim Whelan, CEO of Wireless Telecom Group, Inc.,
commented, “We are pleased with our second quarter financial
results which reflect sequential new order growth of 18.5%,
improved gross margins and greater contributions from software
revenues. I am also excited to report we signed software agreements
with two new customers, including our first customer for our
NXP-based 5G solutions. We are seeing a high level of interest from
potential customers who are looking to deploy 5G across a range of
applications.”
Whelan continued, “While there continues to be a
great deal of uncertainty, we are optimistic about the remainder of
2020 due to solid growth in our sales funnel, strong performance by
the Holzworth acquisition, and improving gross margins across
multiple product lines. Furthermore, the recent addition of Alfred
Rodriguez, an industry veteran from Xilinx, as our new Chief
Revenue Officer strengthens our executive leadership and is a key
hire in implementing our unified go-to-market strategy.”
For the quarter ended June 30, 2020, the Company
reported consolidated net revenues of $11,108,000, compared to
$13,508,000 for the same period in 2019, a decrease of 17.8%, which
was primarily due to the previously announced lower sales of
digital signal processing hardware of $4.5 million in our Radio,
Baseband and Software product group. This decrease was offset by
increased LTE software license revenue of $500,000 compared to the
prior year, as well as an increase in RF Components revenue of 5.1%
compared to the prior year due to revenues from large projects.
Test & Measurement revenue increased 40.1% from the prior year
reflecting the inclusion of the Holzworth acquisition which
contributed $1.9 million in revenue in the second quarter, which
offset declines in other products due to reductions in capital
expenditures by customers due to Covid 19.
New customer orders for the second quarter were
$12,354,000 compared to $10,424,000 in the first quarter, an
increase of 18.5%, reflecting the recent pivot in the Company’s
go-to-market strategy and contribution from Holzworth. The
Company’s consolidated backlog of firm orders to be shipped in the
next twelve months was $6,219,000 at June 30, 2020, an increase of
26.9% compared to March 31, 2020.
The Company reported consolidated gross profit
of $5,668,000 or 51.0% of revenue, for the quarter ended June 30,
2020, compared to $6,133,000 or 45.4% of revenue, for the same
period in 2019. Gross margins increased in 2020 on lower costs due
primarily to cost savings initiatives implemented at the beginning
of 2020, the inclusion of higher margin Holzworth revenues, and
favorable product mix of higher margin software.
For the quarter ended June 30, 2020, the Company
reported consolidated operating expenses of $5,727,000, compared to
$5,987,000 for the same period in 2019. The decrease resulted from
cost savings initiatives implemented at the beginning of 2020,
offset by higher investments in research and development in the
area of 5G roadmap development and the addition of Holzworth
operating expenses.
Net loss for the quarter ended June 30, 2020 was
$668,000, compared to net income of $156,000 for the same period in
2019.
Non-GAAP Adjusted EBITDA for the quarter ended
June 30, 2020 was $794,000, compared to $1,127,000 for the same
period in 2019. The decrease in non-GAAP Adjusted EBITDA from the
prior year is attributable to the decrease in revenues, which was
only partially offset by improved gross profit margins and lower
operating expenses. The Company’s explanation of Adjusted EBITDA
and the reconciliation of Adjusted EBITDA to net income (loss) is
set out below in this press release.
Corporate Initiatives
During the Company’s Annual Shareholders Meeting
on June 4, 2020, management presented a strategy update, including
a new go-to-market initiative reorganizing to a single segment with
three product groupings: Radio, Baseband and Software Solutions, RF
Components, and Test and Measurement Solutions.
As part of this new initiative the Company
expanded its executive team to add a Chief Revenue Officer role who
will lead consolidated global sales across all 3 product groupings,
and on August 4, 2020, Alfred Rodriquez was appointed to this role.
Mr. Rodriquez joins the Company from Xilinx and brings more than 20
years of leadership experience with deep, design-in solutions and
signal processing products.
As previously disclosed, the Company’s long-term
goals are:
- Annual double-digit organic revenue growth;
- 50%+ gross margins; and
- Adjusted EBITDA margins of 15% by 2024.
The slides and a recording of the presentation
are available on the Company’s website.
Conference Call As previously
announced, Wireless Telecom Group Inc. will host a conference call
today at 8:30 a.m. ET in which management will discuss second
quarter results and related matters. To participate in the
conference call, dial 800-346-7359 or 973-528-0008. The conference
identification number is 715082. The call will also be webcast over
the internet at the following URL:
https://www.webcaster4.com/Webcast/Page/1690/36457
A replay will be made available on the Wireless
Telecom website for a limited period of time following the
conference call.
Contact: Mike Kandell(973) 386-9696
Use of Non-GAAP Financial
Measures
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 and other non-recurring costs. A
reconciliation of net income to non-GAAP Adjusted EBITDA is
included as an attachment to this press release.
The Company defines Adjusted EBITDA margin as
Adjusted EBITA 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.
GAAP operating expenses (“GAAP opex”) includes
research and development expenses, sales and marketing expenses and
general and administrative expenses. 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 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.
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,
statements regarding the overall improving margins and opportunity
for continued growth ahead, goals of organic double digit revenue
growth, 50+% gross margins and Adjusted EBITDA margins of 15% by
2024. 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, among others, the impact of the coronavirus
outbreak on customer orders, supply chain and the Company’s
operations; the ability of the Company to obtain forgiveness of the
PPP loan pursuant to the CARES Act and provisions of the PPP; the
demand for private 4G LTE and 5G private networks; the loss of any
significant customers of the Company; the ability of management to
successfully implement the Company’s business plan and strategy;
management’s ability to integrate the Holzworth business
successfully; the impact of competitive products and pricing; as
well as other risks and uncertainties set forth in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2019 as
supplemented and revised by the risks and uncertainties set forth
in the Company’s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2020. These forward-looking statements speak only
as of the date of this release and the Company does not undertake
any obligation to update or revise any forward-looking information
to reflect changes in assumptions, the occurrence of unanticipated
events, 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)(In thousands, except
per share amounts, Unaudited)
| |
For the Three Months Ended |
|
For the Six Months Ended |
| |
June 30 |
|
June 30 |
| |
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
| NET
REVENUES |
$ |
11,108 |
|
$ |
13,508 |
|
|
$ |
20,536 |
|
$ |
26,540 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| COST OF REVENUES |
|
5,440 |
|
|
7,375 |
|
|
|
10,441 |
|
|
14,681 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| GROSS
PROFIT |
|
5,668 |
|
|
6,133 |
|
|
|
10,095 |
|
|
11,859 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Operating Expenses |
|
|
|
|
|
|
Research and Development |
|
1,675 |
|
|
1,499 |
|
|
|
3,254 |
|
|
3,213 |
|
|
Sales and Marketing |
|
1,661 |
|
|
2,027 |
|
|
|
3,379 |
|
|
3,964 |
|
|
General and Administrative |
|
2,391 |
|
|
2,461 |
|
|
|
4,878 |
|
|
4,933 |
|
| Total Operating Expenses |
|
5,727 |
|
|
5,987 |
|
|
|
11,511 |
|
|
12,110 |
|
| |
|
|
|
|
|
| Operating Income/(Loss) |
|
(59 |
) |
|
146 |
|
|
|
(1,416 |
) |
|
(251 |
) |
| |
|
|
|
|
|
| Other Income |
|
56 |
|
|
135 |
|
|
|
295 |
|
|
165 |
|
| Interest Expense |
|
(246 |
) |
|
(73 |
) |
|
|
(471 |
) |
|
(188 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| Income/(Loss) before
taxes |
|
(249 |
) |
|
208 |
|
|
|
(1,592 |
) |
|
(274 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| Tax Provision/(Benefit) |
|
419 |
|
|
52 |
|
|
|
225 |
|
|
(86 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| Net
Income/(Loss) |
$ |
(668 |
) |
$ |
156 |
|
|
$ |
(1,817 |
) |
$ |
(188 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| Other Comprehensive
Income/(Loss): |
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
(36 |
) |
|
(380 |
) |
|
|
(971 |
) |
|
(75 |
) |
| Comprehensive
Income/(Loss) |
$ |
(704 |
) |
$ |
(224 |
) |
|
$ |
(2,788 |
) |
$ |
(263 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| Earnings/(Loss) Per
Share: |
|
|
|
|
|
|
Basic |
$ |
(0.03 |
) |
$ |
0.01 |
|
|
$ |
(0.08 |
) |
$ |
(0.01 |
) |
|
Diluted |
$ |
(0.03 |
) |
$ |
0.01 |
|
|
$ |
(0.08 |
) |
$ |
(0.01 |
) |
| |
|
|
|
|
|
| Weighted Average Shares
Outstanding: |
|
|
|
|
|
|
Basic |
|
21,707 |
|
|
20,973 |
|
|
|
21,626 |
|
|
20,973 |
|
|
Diluted |
|
21,707 |
|
|
21,593 |
|
|
|
21,626 |
|
|
20,973 |
|
In periods with a net loss, the basic loss per
share equals the diluted loss per share as all common stock
equivalents are excluded from the per share calculation because
they are anti-dilutive.
CONSOLIDATED BALANCE
SHEET(In thousands, except number of shares and
par value)
| |
(Unaudited) |
|
| |
June 30 2020 |
December 31 2019 |
| CURRENT
ASSETS |
|
|
|
Cash & Cash Equivalents |
$ |
2,894 |
|
$ |
4,245 |
|
|
Accounts Receivable - net of reserves of $71 and $69,
respectively |
|
8,002 |
|
|
6,152 |
|
|
Inventories - net of reserves of $1,027 and $969, respectively |
|
8,651 |
|
|
7,325 |
|
|
Prepaid Expenses and Other Current Assets |
|
1,952 |
|
|
1,871 |
|
| TOTAL CURRENT
ASSETS |
|
21,499 |
|
|
19,593 |
|
| |
|
|
| PROPERTY PLANT AND
EQUIPMENT - NET |
|
1,938 |
|
|
2,147 |
|
| |
|
|
| OTHER
ASSETS |
|
|
|
Goodwill |
|
14,427 |
|
|
10,069 |
|
|
Acquired Intangible Assets, net |
|
5,202 |
|
|
2,219 |
|
|
Deferred Income Taxes |
|
5,318 |
|
|
6,013 |
|
|
Right Of Use Assets |
|
1,956 |
|
|
1,436 |
|
|
Other |
|
1,445 |
|
|
874 |
|
| TOTAL OTHER
ASSETS |
|
28,348 |
|
|
20,611 |
|
| |
|
|
| TOTAL
ASSETS |
$ |
51,785 |
|
$ |
42,351 |
|
| |
|
|
| CURRENT
LIABILITIES |
|
|
|
Short Term Debt |
$ |
454 |
|
$ |
2,696 |
|
|
Accounts Payable |
|
2,328 |
|
|
2,227 |
|
|
Short Term Leases |
|
530 |
|
|
440 |
|
|
Accrued Expenses and Other Current Liabilities |
|
6,378 |
|
|
2,657 |
|
|
Deferred Revenue |
|
93 |
|
|
42 |
|
| TOTAL CURRENT
LIABILITIES |
|
9,783 |
|
|
8,062 |
|
| |
|
|
| LONG TERM
LIABILITIES |
|
|
|
Long Term Debt |
|
9,260 |
|
|
- |
|
|
Long Term Leases |
|
1,473 |
|
|
1,018 |
|
|
Other Long Term Liabilities |
|
95 |
|
|
77 |
|
|
Deferred Tax Liability |
|
470 |
|
|
503 |
|
| TOTAL LONG TERM
LIABILITIES |
|
11,298 |
|
|
1,598 |
|
| |
|
|
| 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
34,835,571 and 34,488,252 shares issued, 21,647,571 and 21,300,252
shares outstanding |
|
348 |
|
|
345 |
|
|
Additional Paid in Capital |
|
49,884 |
|
|
49,062 |
|
|
Retained Earnings |
|
5,327 |
|
|
7,142 |
|
|
Treasury Stock at Cost, 13,188,000 shares |
|
(24,535 |
) |
|
(24,509 |
) |
|
Accumulated Other Comprehensive Income |
|
(320 |
) |
|
651 |
|
| TOTAL SHAREHOLDERS'
EQUITY |
|
30,704 |
|
|
32,691 |
|
| |
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
51,785 |
|
$ |
42,351 |
|
CONSOLIDATED STATEMENT OF CASH
FLOWS(In thousands, unaudited)
| |
For the Six Months |
| |
Ended June 30 |
| |
|
2020 |
|
|
2019 |
|
| CASH FLOWS USED BY
OPERATING ACTIVITIES |
|
|
|
Net Loss |
$ |
(1,817 |
) |
$ |
(188 |
) |
|
Adjustments to reconcile net loss to net cash used by operating
activities: |
|
|
|
Depreciation and Amortization |
|
1,049 |
|
|
1,196 |
|
|
Amortization of Debt Issuance Fees |
|
137 |
|
|
31 |
|
|
Share-based Compensation Expense |
|
210 |
|
|
400 |
|
|
Deferred Rent |
|
(14 |
) |
|
(12 |
) |
|
Deferred Income Taxes |
|
695 |
|
|
(146 |
) |
|
Provision for Doubtful Accounts |
|
2 |
|
|
18 |
|
|
Inventory Reserves |
|
90 |
|
|
137 |
|
| Changes in Assets and
Liabilities, Net of Acquisition: |
|
|
|
Accounts Receivable |
|
(1,351 |
) |
|
(968 |
) |
|
Inventories |
|
(260 |
) |
|
(1,776 |
) |
|
Prepaid Expenses and Other Assets |
|
(110 |
) |
|
899 |
|
|
Accounts Payable |
|
16 |
|
|
2,046 |
|
|
Payment of Contingent Consideration |
|
- |
|
|
(772 |
) |
|
Accrued Expenses and Other Liabilities |
|
737 |
|
|
(883 |
) |
|
Net Cash Used by Operating Activities |
|
(616 |
) |
|
(18 |
) |
|
|
|
|
| CASH FLOWS USED BY
INVESTING ACTIVITIES |
|
|
|
Capital Expenditures |
|
(100 |
) |
|
(261 |
) |
|
Acquisition of Business, Net of Cash Acquired |
|
(7,189 |
) |
|
(426 |
) |
|
Net Cash Used by Investing Activities |
|
(7,289 |
) |
|
(687 |
) |
| |
|
|
| CASH FLOWS PROVIDED BY
FINANCING ACTIVITIES |
|
|
|
Revolver Borrowings |
|
16,856 |
|
|
18,594 |
|
|
Revolver Repayments |
|
(18,840 |
) |
|
(17,642 |
) |
|
Term Loan Borrowings |
|
8,400 |
|
|
- |
|
|
Term Loan Repayments |
|
(384 |
) |
|
(76 |
) |
|
Debt Issuance Fees |
|
(1,261 |
) |
|
- |
|
|
Paycheck Protection Program Loan |
|
2,045 |
|
|
|
Payment of Contingent Consideration |
|
- |
|
|
(782 |
) |
|
Shares Withheld for Employee Taxes |
|
(26 |
) |
|
- |
|
|
Net Cash Provided by Financing Activities |
|
6,790 |
|
|
94 |
|
|
|
|
|
| Effect of Exchange Rate
Changes on Cash and Cash Equivalents |
|
(236 |
) |
|
3 |
|
| NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS |
|
(1,351 |
) |
|
(608 |
) |
| |
|
|
|
Cash and Cash Equivalents, at Beginning of Period |
|
4,245 |
|
|
5,015 |
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, AT END OF PERIOD |
$ |
2,894 |
|
$ |
4,407 |
|
| |
|
|
| SUPPLEMENTAL INFORMATION: |
|
|
|
Cash Paid During the Period for Interest |
$ |
347 |
|
$ |
97 |
|
|
Cash Paid During the Period for Income Taxes |
$ |
40 |
|
$ |
53 |
|
NET REVENUE AND GROSS PROFIT BY PRODUCT
GROUP(In thousands, Unaudited)
| |
Three months ended June 30, |
| |
Revenue |
% of Revenue |
Change |
| |
|
2020 |
|
2019 |
2020 |
|
2019 |
|
Amount |
Pct. |
| RF Components |
$ |
5,862 |
$ |
5,575 |
52.7 |
% |
41.3 |
% |
$ |
287 |
|
5.1 |
% |
| Test and Measurement |
|
4,471 |
|
3,192 |
40.3 |
% |
23.6 |
% |
|
1,279 |
|
40.1 |
% |
| Radio, Baseband, Software |
|
775 |
|
4,741 |
7.0 |
% |
35.1 |
% |
|
(3,966 |
) |
-83.7 |
% |
|
Total Net Revenues |
$ |
11,108 |
$ |
13,508 |
100.0 |
% |
100.0 |
% |
$ |
(2,400 |
) |
-17.8 |
% |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
Three months ended June 30, |
| |
Gross Profit |
Gross Profit % |
Change |
| |
|
2020 |
|
2019 |
2020 |
|
2019 |
|
Amount |
Pct. |
| RF Components |
$ |
2,708 |
$ |
2,402 |
46.2 |
% |
43.1 |
% |
$ |
306 |
|
12.7 |
% |
| Test and Measurement |
|
2,364 |
|
1,775 |
52.9 |
% |
55.6 |
% |
|
589 |
|
33.2 |
% |
| Radio, Baseband, Software |
|
596 |
|
1,956 |
76.9 |
% |
41.3 |
% |
|
(1,360 |
) |
-69.5 |
% |
|
Total Gross Profit |
$ |
5,668 |
$ |
6,133 |
51.0 |
% |
45.4 |
% |
$ |
(465 |
) |
-7.6 |
% |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
Six months ended June 30, |
| |
Revenue |
% of Revenue |
Change |
| |
|
2020 |
|
2019 |
2020 |
|
2019 |
|
Amount |
Pct. |
| RF Components |
$ |
10,137 |
$ |
11,333 |
49.4 |
% |
42.7 |
% |
$ |
(1,196 |
) |
-10.6 |
% |
| Test and Measurement |
|
8,216 |
|
6,222 |
40.0 |
% |
23.4 |
% |
|
1,994 |
|
32.0 |
% |
| Radio, Baseband, Software |
|
2,183 |
|
8,985 |
10.6 |
% |
33.9 |
% |
|
(6,802 |
) |
-75.7 |
% |
|
Total Net Revenues |
$ |
20,536 |
$ |
26,540 |
100.0 |
% |
100.0 |
% |
$ |
(6,004 |
) |
-22.6 |
% |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
Six months ended June 30, |
| |
Gross Profit |
Gross Profit % |
Change |
| |
|
2020 |
|
2019 |
2020 |
|
2019 |
|
Amount |
Pct. |
| RF Components |
$ |
4,649 |
$ |
4,790 |
45.9 |
% |
42.3 |
% |
$ |
(141 |
) |
-2.9 |
% |
| Test and Measurement |
|
4,269 |
|
3,343 |
52.0 |
% |
53.7 |
% |
|
926 |
|
27.7 |
% |
| Radio, Baseband, Software |
|
1,177 |
|
3,726 |
53.9 |
% |
41.5 |
% |
|
(2,549 |
) |
-68.4 |
% |
|
Total Gross Profit |
$ |
10,095 |
$ |
11,859 |
49.2 |
% |
44.7 |
% |
$ |
(1,764 |
) |
-14.9 |
% |
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 |
| |
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
| GAAP Net
Income/(Loss), as reported |
$ |
(668 |
) |
$ |
156 |
|
|
$ |
(1,816 |
) |
$ |
(188 |
) |
| Tax Provision/(Benefit) |
|
418 |
|
|
52 |
|
|
|
225 |
|
|
(86 |
) |
| Depreciation and Amortization
Expense |
|
525 |
|
|
647 |
|
|
|
1,049 |
|
|
1,196 |
|
| Interest Expense |
|
246 |
|
|
73 |
|
|
|
471 |
|
|
188 |
|
| Non-GAAP
EBITDA |
|
521 |
|
|
928 |
|
|
|
(71 |
) |
|
1,110 |
|
| Stock Compensation |
|
128 |
|
|
191 |
|
|
|
210 |
|
|
400 |
|
| Merger and
Acquisition/Integration |
|
37 |
|
|
- |
|
|
|
228 |
|
|
- |
|
| Restructuring Costs |
|
- |
|
|
- |
|
|
|
73 |
|
|
- |
|
| Inventory Impairment
Recovery |
|
(12 |
) |
|
(2 |
) |
|
|
(13 |
) |
|
(4 |
) |
| US GAAP Purchase
Accounting |
|
114 |
|
|
- |
|
|
|
290 |
|
|
- |
|
| FX (Gain)/Loss |
|
4 |
|
|
(114 |
) |
|
|
(235 |
) |
|
(149 |
) |
| Non Recurring Arbitration
Legal Costs |
|
2 |
|
|
124 |
|
|
|
3 |
|
|
124 |
|
| Non-GAAP Adjusted
EBITDA |
$ |
794 |
|
$ |
1,127 |
|
|
$ |
485 |
|
$ |
1,481 |
|
RECONCILIATION OF GAAP OPEX TO NON-GAAP
OPEX(In thousands, Unaudited)
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30 |
|
June 30 |
| |
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
| GAAP
Opex |
$ |
5,727 |
|
$ |
5,987 |
|
|
$ |
11,510 |
|
$ |
12,110 |
|
| Stock Compensation |
|
(128 |
) |
|
(190 |
) |
|
|
(210 |
) |
|
(400 |
) |
| Merger and
Acquisition/Integration |
|
(37 |
) |
|
- |
|
|
|
(228 |
) |
|
- |
|
| Restructuring Costs |
|
- |
|
|
- |
|
|
|
(73 |
) |
|
- |
|
| US GAAP Purchase
Accounting |
|
- |
|
|
- |
|
|
|
(100 |
) |
|
- |
|
| Depreciation &
Amortization (ex. COGS) |
|
(432 |
) |
|
(584 |
) |
|
|
(877 |
) |
|
(1,058 |
) |
| Non Recurring Arbitration
Legal Costs |
|
(2 |
) |
|
(124 |
) |
|
|
(3 |
) |
|
(124 |
) |
| Non GAAP
Opex |
$ |
5,128 |
|
$ |
5,089 |
|
|
$ |
10,019 |
|
$ |
10,528 |
|
Wireless Telecom Group INC.25 Eastmans
RoadParsippany, NJ 07054Tel.
(973) 386-9696 Fax (973)
402-4042
Wireless Telecom (AMEX:WTT)
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From Mar 2024 to Apr 2024
Wireless Telecom (AMEX:WTT)
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From Apr 2023 to Apr 2024
