Wireless Telecom Group, Inc. (NYSE American: WTT) (the “Company”)
announced today results for the three months and twelve months
ended December 31, 2022.
Tim Whelan, CEO of Wireless Telecom Group, Inc.
stated, “We successfully executed upon our previously communicated
strategic alternatives plan in 2022, closing on the sale of both
our Microlab business and CommAgility business. We now have nearly
$21 million of cash on our balance sheet, no debt or earn-out
liabilities, and we believe we have successfully transitioned our
business model to a focus on the single remaining segment, our Test
& Measurement business.”
Mr. Whelan continued, “We are fully committed to
our strategic alternative plan and unlocking shareholder value and
we are in active discussions pursuing the completion of these
activities. We enter 2023 with a position of strength as a
streamlined business model, with the strongest balance sheet in our
history. Our record capital position provides us with significant
flexibility to conclude our strategic alternatives process while
simultaneously investing in our technology roadmap and go-to-market
strategy to drive revenue and profit growth. We do not expect to
comment further or update the market with any additional
information on the process unless and until our Board of Directors
has approved a specific transaction or otherwise deems disclosure
appropriate or necessary. There can be no assurance that the
evaluation of strategic alternatives will result in any strategic
alternative transaction, or any assurance as to its outcome or
timing.”
Mr. Whelan concluded, “We are incredibly excited
about the test and measurement market opportunity ahead and the
traction we are seeing with our products in semiconductor testing,
quantum computing and directed energy weapons applications. We
enter 2023 with a significant increase in our backlog and a strong
balance sheet and in the year ahead we expect to realize revenue
growth, continued strong gross margins, reductions in operating
expenses and positive cash flow from operations.”
Full Year 2022
Operating Results:
- Net revenues decreased 1.4% from
the prior year driven primarily by supply chain delays impacting
our ability to ship additional backlog in the fourth quarter of
2022.
- Gross profit margin increased from
57.2% to 57.4%, reflecting our disciplined pricing power and
careful management of supply chain constraints and other
inflationary pressures.
- Backlog increased $1.3 million, to
$6.6 million, a 24% year-over-year increase.
- Operating expenses were $15.5
million in 2022 compared to $15.2 million in 2021 reflecting
increases in stock compensation expense and non-recurring strategic
alternatives expenses, offset by expense reductions in various
administrative areas.
- GAAP net income was $14.6 million
compared to a net income of $1.5 million in the prior year due to
gains recognized on the sales of Microlab and CommAgility.
- Adjusted EBITDA was $705,000
compared to $110,000 in the prior year. 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 loss is
provided later in this press release.
Cash Flow and Balance
Sheet
- Cash of $20.7 million at December
31, 2022, held in money market funds and bearing interest income at
3.75%.
- Repayment and termination of both
the Muzinich term loan and the Bank of America credit facility,
resulting in zero debt on the balance sheet at December 31,
2022.
- Payment of all acquisition related
contingent liabilities, resulting in zero earn-out liabilities at
December 31, 2022.
ContactMichael Kandell 25 Eastmans
RoadParsippany, NJ 07054Tel: (973) 386-9696Fax: (973)
386-9191www.wirelesstelecomgroup.com
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 Non-GAAP adjusted operating
income/(loss) as GAAP operating income/(loss) excluding non-cash
amortization expense of purchased intangible assets, non-recurring
expenses associated with our strategic initiatives process,
non-cash stock compensation expense, restructuring charges and
changes in fair value of contingent consideration.
The Company defines Non-GAAP adjusted net
income/(loss) from continuing operations as GAAP net income/(loss)
from continuing operations excluding non-cash amortization expense
of purchased intangible assets, non-recurring expenses associated
with our strategic initiatives process, non-cash stock compensation
expense, restructuring charges, changes in fair value of contingent
consideration and gains or losses on extinguishment of debt.
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, non-recurring expenses associated with our
strategic alternatives activities, unrealized and realized foreign
exchange gains and losses, non-recurring legal fees associated with
arbitration, (gain)/loss on change in fair value of contingent
consideration, gain/loss on extinguishment of debt 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 views Non-GAAP Adjusted EBITDA,
Non-GAAP Adjusted Operating Income/(Loss) and Non-GAAP Adjusted Net
Income/(Loss) from Continuing Operations as important indicators of
performance, consistent with the manner in which management
measures and forecasts the Company’s performance. We believe
Non-GAAP measures are important performance metrics because they
facilitate 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 Non-GAAP Adjusted
EBITDA, Non-GAAP Adjusted Operating Income/(Loss) and Non-GAAP
Adjusted Net Income/(Loss) from Continuing Operations 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,
include our expectations of revenue growth, continued strong gross
margins, reductions in operating expenses and positive cash flow
from operations. 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 ongoing impact that
the conflict in Ukraine and related sanctions have had and may
continue to have on our business, supply chain, transportation
costs, and our backlog; the impact inflation has had and is
expected to continue to have on our business and the economy in
general, our dependency on capital spending on wireless test
equipment by our customers and end users; the impact of the loss of
any significant customers; the ability of our management to
successfully implement our evolving business plan; 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 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, 2022. 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, Holzworth, 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, and semiconductor 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, 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.
Wireless Telecom Group
INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME/(LOSS)(In thousands, except
per share amounts)
|
|
For the Three Months Ended |
|
|
For the Twelve Months Ended |
|
|
|
December 31 |
|
|
December 31 |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Net
revenues |
|
$ |
6,739 |
|
|
$ |
5,897 |
|
|
$ |
22,367 |
|
|
$ |
22,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
2,716 |
|
|
|
2,623 |
|
|
|
9,534 |
|
|
|
9,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
4,023 |
|
|
|
3,274 |
|
|
|
12,833 |
|
|
|
12,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
419 |
|
|
|
468 |
|
|
|
1,791 |
|
|
|
1,718 |
|
Sales and marketing |
|
|
1,105 |
|
|
|
1,081 |
|
|
|
4,046 |
|
|
|
4,003 |
|
General and administrative |
|
|
2,265 |
|
|
|
2,764 |
|
|
|
9,638 |
|
|
|
9,076 |
|
Loss on change in contingent consideration |
|
|
- |
|
|
|
(614 |
) |
|
|
- |
|
|
|
386 |
|
Total operating expenses |
|
|
3,789 |
|
|
|
3,699 |
|
|
|
15,475 |
|
|
|
15,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income/(loss) |
|
|
234 |
|
|
|
(425 |
) |
|
|
(2,642 |
) |
|
|
(2,218 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/gain on extinguishment
of debt |
|
|
- |
|
|
|
- |
|
|
|
(792 |
) |
|
|
2,045 |
|
Other income/(expense) |
|
|
70 |
|
|
|
42 |
|
|
|
374 |
|
|
|
70 |
|
Interest income/(expense) |
|
|
28 |
|
|
|
(196 |
) |
|
|
(130 |
) |
|
|
(1,143 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) before
taxes |
|
|
332 |
|
|
|
(579 |
) |
|
|
(3,190 |
) |
|
|
(1,246 |
) |
Tax provision/(benefit) |
|
|
76 |
|
|
|
(329 |
) |
|
|
(731 |
) |
|
|
(554 |
) |
Net income/(loss) from
continuing operations |
|
$ |
256 |
|
|
$ |
(250 |
) |
|
$ |
(2,459 |
) |
|
$ |
(692 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from discontinued
operations, net of taxes |
|
|
7,600 |
|
|
|
632 |
|
|
|
17,048 |
|
|
|
2,192 |
|
Net
income/(loss) |
|
$ |
7,856 |
|
|
$ |
382 |
|
|
$ |
14,589 |
|
|
$ |
1,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
|
(10 |
) |
|
|
(6 |
) |
|
|
(771 |
) |
|
|
(70 |
) |
Comprehensive
income/(loss) |
|
$ |
7,846 |
|
|
$ |
(376 |
) |
|
$ |
13,818 |
|
|
$ |
1,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) per share from
continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.03 |
) |
Diluted |
|
$ |
0.01 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share from
discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.36 |
|
|
$ |
0.03 |
|
|
$ |
0.79 |
|
|
$ |
0.10 |
|
Diluted |
|
$ |
0.34 |
|
|
$ |
0.03 |
|
|
$ |
0.76 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.37 |
|
|
$ |
0.02 |
|
|
$ |
0.68 |
|
|
$ |
0.07 |
|
Diluted |
|
$ |
0.35 |
|
|
$ |
0.02 |
|
|
$ |
0.65 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
21,156 |
|
|
|
22,494 |
|
|
|
21,702 |
|
|
|
22,050 |
|
Diluted |
|
|
22,049 |
|
|
|
24,858 |
|
|
|
22,540 |
|
|
|
24,297 |
|
CONSOLIDATED BALANCE
SHEETS(In thousands, except number of shares and
par value)
|
|
December 31 2022 |
|
|
December 31 2021 |
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
Cash & cash equivalents |
|
$ |
20,707 |
|
|
$ |
4,472 |
|
Accounts receivable - net of reserves of $100 and $91,
respectively |
|
|
4,762 |
|
|
|
2,044 |
|
Inventories - net of reserves of $499 and $468, respectively |
|
|
5,087 |
|
|
|
4,439 |
|
Prepaid expenses and other current assets |
|
|
1,685 |
|
|
|
394 |
|
Current assets of discontinued operations |
|
|
- |
|
|
|
9,176 |
|
TOTAL CURRENT
ASSETS |
|
|
32,241 |
|
|
|
20,525 |
|
|
|
|
|
|
|
|
|
|
PROPERTY PLANT AND
EQUIPMENT - NET |
|
|
467 |
|
|
|
469 |
|
|
|
|
|
|
|
|
|
|
OTHER
ASSETS |
|
|
|
|
|
|
|
|
Goodwill |
|
|
6,000 |
|
|
|
6,000 |
|
Acquired intangible assets, net |
|
|
2,588 |
|
|
|
3,161 |
|
Deferred income taxes |
|
|
2,913 |
|
|
|
2,407 |
|
Right of use assets |
|
|
579 |
|
|
|
1,146 |
|
Other assets |
|
|
185 |
|
|
|
284 |
|
Non current assets of discontinued operations |
|
|
- |
|
|
|
10,359 |
|
TOTAL OTHER
ASSETS |
|
|
12,265 |
|
|
|
23,357 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
44,973 |
|
|
$ |
44,351 |
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Short term debt |
|
$ |
- |
|
|
$ |
84 |
|
Accounts payable |
|
|
480 |
|
|
|
644 |
|
Short term leases |
|
|
251 |
|
|
|
585 |
|
Accrued expenses and other current liabilities |
|
|
2,693 |
|
|
|
5,836 |
|
Deferred revenue |
|
|
123 |
|
|
|
24 |
|
Current liabilities of discontinued operations |
|
|
- |
|
|
|
4,296 |
|
TOTAL CURRENT
LIABILITIES |
|
|
3,547 |
|
|
|
11,469 |
|
|
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
|
|
Long term debt |
|
|
- |
|
|
|
3,300 |
|
Long term leases |
|
|
364 |
|
|
|
615 |
|
Other long term liabilities |
|
|
24 |
|
|
|
52 |
|
Non current liabilities of discontinued operations |
|
|
- |
|
|
|
295 |
|
TOTAL LONG TERM
LIABILITIES |
|
|
388 |
|
|
|
4,262 |
|
|
|
|
|
|
|
|
|
|
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
36,440,636 and 35,915,636 shares issued, 21,438,571 and 22,666,074
shares outstanding |
|
|
365 |
|
|
|
359 |
|
Additional paid in capital |
|
|
52,764 |
|
|
|
51,555 |
|
Retained earnings |
|
|
15,143 |
|
|
|
554 |
|
Treasury stock at cost, 15,002,065 and 13,249,562 shares |
|
|
(27,234 |
) |
|
|
(24,619 |
) |
Accumulated other comprehensive income |
|
|
- |
|
|
|
771 |
|
TOTAL SHAREHOLDERS’
EQUITY |
|
|
41,038 |
|
|
|
28,620 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
44,973 |
|
|
$ |
44,351 |
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)
|
|
For the Twelve Months |
|
|
|
Ended December 31 |
|
|
|
2022 |
|
|
2021 |
|
CASH FLOWS
(USED)/PROVIDED BY OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,589 |
|
|
$ |
1,500 |
|
Adjustments to reconcile net income to net cash (used)/provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,397 |
|
|
|
2,152 |
|
Loss/(Gain) on extinguishment of debt |
|
|
792 |
|
|
|
(2,045 |
) |
(Gain) on sale of Microlab and CommAgility |
|
|
(22,834 |
) |
|
|
- |
|
Goodwill and intangibles impairment |
|
|
- |
|
|
|
258 |
|
Amortization of debt issuance fees |
|
|
55 |
|
|
|
335 |
|
Share-based compensation expense |
|
|
1,018 |
|
|
|
316 |
|
Deferred rent |
|
|
(30 |
) |
|
|
(30 |
) |
Deferred income taxes |
|
|
2,666 |
|
|
|
(26 |
) |
Provision for doubtful accounts |
|
|
9 |
|
|
|
78 |
|
Inventory reserves |
|
|
62 |
|
|
|
141 |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(3,060 |
) |
|
|
150 |
|
Inventories |
|
|
(845 |
) |
|
|
(427 |
) |
Prepaid expenses and other assets |
|
|
(1,042 |
) |
|
|
976 |
|
Accounts payable |
|
|
(193 |
) |
|
|
770 |
|
Deferred revenue |
|
|
(160 |
) |
|
|
(515 |
) |
Accrued expenses and other liabilities |
|
|
(2,078 |
) |
|
|
925 |
|
Net cash (used)/provided by operating
activities |
|
|
(9,654 |
) |
|
|
4,558 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS
PROVIDED/(USED) BY INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(722 |
) |
|
|
(524 |
) |
Acquisition of business, net of cash acquired |
|
|
(250 |
) |
|
|
(200 |
) |
Divestiture of Microlab, net |
|
|
23,069 |
|
|
|
- |
|
Divestiture of CommAgility, net |
|
|
12,205 |
|
|
|
- |
|
Net cash provided/(used) by investing
activities |
|
|
34,302 |
|
|
|
(724 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS USED BY
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Term loan borrowings |
|
|
- |
|
|
|
345 |
|
Term loan repayments |
|
|
(4,415 |
) |
|
|
(4,212 |
) |
Acquisition of treasury stock |
|
|
(2,525 |
) |
|
|
- |
|
Payment of contingent consideration |
|
|
(1,388 |
) |
|
|
(1,052 |
) |
Proceeds from exercise of stock options |
|
|
197 |
|
|
|
208 |
|
Tax withholding payments for vested equity awards |
|
|
(90 |
) |
|
|
(63 |
) |
ATM share sold |
|
|
- |
|
|
|
563 |
|
Net cash (used) by financing activities |
|
|
(8,221 |
) |
|
|
(4,211 |
) |
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate
Changes on Cash and Cash Equivalents |
|
|
(192 |
) |
|
|
(61 |
) |
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS |
|
|
16,235 |
|
|
|
(438 |
) |
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, at Beginning of Period |
|
|
4,472 |
|
|
|
4,910 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, AT END OF PERIOD |
|
$ |
20,707 |
|
|
$ |
4,472 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION: |
|
|
|
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
122 |
|
|
$ |
810 |
|
Cash paid during the period for income taxes |
|
$ |
988 |
|
|
$ |
187 |
|
RECONCILIATION OF NON GAAP
MEASURES(In thousands, unaudited)
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31 |
|
|
December 31 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net
Income/(loss) from continuing operations |
|
$ |
256 |
|
|
$ |
(250 |
) |
|
$ |
(2,459 |
) |
|
$ |
(692 |
) |
Tax Provision/(Benefit) |
|
|
76 |
|
|
|
(329 |
) |
|
|
(731 |
) |
|
|
(554 |
) |
Depreciation and amortization
expense |
|
|
243 |
|
|
|
237 |
|
|
|
1,037 |
|
|
|
913 |
|
Interest (income)/expense |
|
|
(28 |
) |
|
|
196 |
|
|
|
130 |
|
|
|
1,143 |
|
Non-GAAP
EBITDA |
|
|
547 |
|
|
|
(146 |
) |
|
|
(2,023 |
) |
|
|
810 |
|
Stock compensation
expense |
|
|
68 |
|
|
|
15 |
|
|
|
1,018 |
|
|
|
316 |
|
Non recurring strategic
alternatives expenses |
|
|
(78 |
) |
|
|
539 |
|
|
|
837 |
|
|
|
654 |
|
Restructuring Costs |
|
|
33 |
|
|
|
- |
|
|
|
33 |
|
|
|
25 |
|
Change in Fair Value of
Contingent Consideration |
|
|
- |
|
|
|
(614 |
) |
|
|
- |
|
|
|
386 |
|
FX (Gain)/Loss |
|
|
20 |
|
|
|
(1 |
) |
|
|
(52 |
) |
|
|
(40 |
) |
Loss/(Gain) on Extinguishment
of Debt |
|
|
- |
|
|
|
- |
|
|
|
792 |
|
|
|
(2,045 |
) |
Non recurring HR costs |
|
|
- |
|
|
|
- |
|
|
|
100 |
|
|
|
- |
|
Non Recurring Arbitration
Legal Costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4 |
|
Non-GAAP Adjusted
EBITDA |
|
$ |
590 |
|
|
$ |
(207 |
) |
|
$ |
705 |
|
|
$ |
110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income/(Loss), as reported |
|
$ |
234 |
|
|
$ |
(425 |
) |
|
$ |
(2,642 |
) |
|
$ |
(2,218 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
|
143 |
|
|
|
143 |
|
|
|
573 |
|
|
|
573 |
|
Non recurring strategic alternatives expenses |
|
|
(78 |
) |
|
|
539 |
|
|
|
837 |
|
|
|
654 |
|
Stock Compensation Expense |
|
|
68 |
|
|
|
15 |
|
|
|
1,018 |
|
|
|
316 |
|
Restructuring costs and contingent consideration |
|
|
33 |
|
|
|
(614 |
) |
|
|
33 |
|
|
|
411 |
|
Total Adjustments to operating income/(loss) |
|
|
166 |
|
|
|
83 |
|
|
|
2,461 |
|
|
|
1,954 |
|
Non-GAAP Adjusted
Operating Income/(Loss) |
|
$ |
400 |
|
|
$ |
(342 |
) |
|
$ |
(181 |
) |
|
$ |
(264 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(loss) from
continuing operations, as reported |
|
$ |
256 |
|
|
$ |
(250 |
) |
|
$ |
(2,459 |
) |
|
$ |
(692 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pretax adjustments to operating income/(loss) |
|
|
166 |
|
|
|
83 |
|
|
|
2,461 |
|
|
|
1,954 |
|
Loss/(Gain) on Extinguishment of Debt |
|
|
- |
|
|
|
- |
|
|
|
792 |
|
|
|
(2,045 |
) |
Total Adjustments to Net income/(loss) from continuing
operations |
|
|
166 |
|
|
|
83 |
|
|
|
3,253 |
|
|
|
(91 |
) |
Tax effects of adjustments |
|
|
38 |
|
|
|
47 |
|
|
|
745 |
|
|
|
(40 |
) |
Non-GAAP Adjusted Net
Income/(loss) from continuing operations |
|
$ |
384 |
|
|
$ |
(214 |
) |
|
$ |
49 |
|
|
$ |
(743 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) per share from
continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS, as reported |
|
$ |
0.01 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.03 |
) |
Diluted EPS, as reported |
|
$ |
0.01 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted Basic EPS |
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
(0.03 |
) |
Non-GAAP Adjusted Diluted EPS |
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Shares |
|
|
21,156 |
|
|
|
22,494 |
|
|
|
21,702 |
|
|
|
22,050 |
|
Diluted Shares |
|
|
22,049 |
|
|
|
24,858 |
|
|
|
22,540 |
|
|
|
24,297 |
|
Wireless Telecom (AMEX:WTT)
Historical Stock Chart
From Apr 2023 to May 2023
Wireless Telecom (AMEX:WTT)
Historical Stock Chart
From May 2022 to May 2023