Wireless Telecom Group Announces Year-over-Year Sales Growth in Each Product Unit for Second Quarter 2006.PARSIPPANY, N.J. -- Wireless Telecom Group, Inc. (AMEX AMEX See: American Stock Exchange Symbol: WTT WTT Want To Trade WTT World Team Tennis WTT Well-To-Tank WTT White Trailer Trash (gaming clan) WTT Weapon Tactics Trainer WTT Web Technology Training (Alcan Aluminum Corporation) WTT Wyoming Travel & Tourism ) announced today results for the second quarter and six months ended June June: see month. 30, 2006. For the three months, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $12,155,000 as compared to $5,963,000 recorded in the three months ended in 2005, an increase of 104%. For the six months ended June 30, 2006, net sales were $25,978,000 as compared to $12,011,000 recorded in the six months ended in 2005, an increase of 116%. These increases resulted from the combination of sales of recently acquired Willtek Communications GmbH GmbH Gesellschaft mit Beschränkter Haftung (German: limited liability company; business entity) as well as continued growth in sales of the company not including the results of the acquisition. Net income for the six months ended June 30, 2006 was $1,206,000 as compared with $2,129,000 reported for the comparable period of the prior year. For the current quarter ended June 30, 2006, net income was $190,000 as compared to net income of $1,059,000 for the comparable period of the prior year. Included in the current periods net income is a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for amortization expense of $295,000 per quarter associated with the acquisition of Willtek Communications GmbH. The pro-forma net income results of Wireless Telecom Group, Inc. for the three months ended in June 2005, which include the results of Willtek Communications GmbH, resulted in a net loss of $1,512,000, as compared to the actual net income of $190,000 for the comparable quarter of 2006. "In addition to our overall revenue growth, we are quite pleased that each of our four product units achieved higher revenue than in the second quarter of 2005," said Monty (programming, abuse) monty - /mon'tee/ Any program with a ludicrously complex user interface that performs a trivial task. An example would be a menu-driven, button clicking, pulldown, pop-up windows program for listing directories. Johnson, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This is good news, as we are seeing continued robustness in the markets we serve, and strong acceptance of our products." "For the six month period, Microlab had the strongest revenue growth of all four units, expanding over 20% from the previous year's period. Noise Com and Boonton's revenue results were particularly strong for the most recent quarter." "Our actual net income for the second quarter of 2006 is also a significant improvement from our pro-forma results from the second quarter of last year, reflecting the very positive results we have achieved in managing our costs. This profitability continues to demonstrate that our planned Willtek expense and cost reduction actions have firmly taken hold, providing strong opportunity for earnings growth as we drive to further increase our revenue." Wireless Telecom Group, Inc. designs and manufactures a variety of products serving the global wireless and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. markets. Comprised of four business groups brought together through acquisitions, Noise Com, Boonton Electronics Boonton Electronics is an American manufacturer of electronic test equipment. Originally founded in 1947 in Morris Plains, New Jersey, they are now located nearby in Parsippany. Boonton became a wholly owned subsidiary of the Wireless Telecom Group in 2000. , Microlab/FXR, and Willtek Communications, the group provides a complementary suite of RF and Microwave-based products, with a major portion focused on advanced telecom testing. Their products include peak power meters, precision noise generators, mobile phone testing solutions, and passive component solutions for cellular/mobile, WiFi, satellite, and other advanced communications networks The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. , all critical enablers to the rapid growth in world-wide communications and computing computing - computer solutions. This technological synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. has enabled Wireless Telecom Group, Inc. to become a full service supplier of both the commercial and military telecommunications industries. Wireless Telecom Group's website address is http://www.wtt.bz. Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Such risks and uncertainties are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2005.
SELECTED FINANCIAL RESULTS
(In thousands, except per share amounts)
Three months ended Six months ended
June 30, June 30,
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(unaudited) (unaudited)
2006 2005 2006 2005
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Statement of Operations Data:
-----------------------------
Net sales $ 12,155 $ 5,963 $ 25,978 $ 12,011
Gross profit 6,571 3,066 14,113 6,344
Operating expenses 6,077 1,856 12,467 3,911
Interest and other (income)
expense (70) (121) (161) (169)
Income before income taxes 564 1,331 1,807 2,602
Net income $ 190 $ 1,059 $ 1,206 $ 2,129
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Net income per common share:
Basic $ .01 $ .06 $ .05 $ .12
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Diluted $ .01 $ .06 $ .05 $ .12
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Weighted average shares
outstanding:
Basic 25,851 17,487 25,787 17,475
Diluted 25,958 17,608 26,102 17,628
June 30, December 31,
2006 2005
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(unaudited)
Balance Sheet Data:
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Cash & cash equivalents $ 13,942 $ 13,851
Working capital $ 19,360 $ 17,907
Total assets $ 81,615 $ 79,294
Total liabilities $ 27,245 $ 26,682
Shareholders' equity $ 54,370 $ 52,612
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