Wireless Telecom Group Reports Preliminary Second Quarter 2021 Financial Results | New
Parsippany, New Jersey, United States, July 21, 2021 (GLOBE NEWSWIRE) – Wireless Telecom Group, Inc. (NYSE American: WTT ) (the “Company”), today announced that based on the unaudited preliminary results for the quarter ended June 30, 2021, the Company estimates revenues of approximately $ 12.0 million, compared to 11, $ 1 million for the 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 in bookings for the quarter ended March 31, 2021, a sequential increase of 1.7. million dollars, or 13%. In addition, management expects to end the second quarter with an order backlog of approximately $ 12.5 million, compared to $ 10.0 million as of March 31, 2021 and $ 8.3 million as of December 31, 2020.
In addition, as of June 30, 2021, the Company’s total outstanding loan amount of $ 2.0 million under the Paycheck Protection Program (“PPP”) of the Aid Act 2020, coronavirus relief and economic security (the “CARES Act”) has been rescinded. and considered paid in full (including applicable interest). The PPP loan was previously recorded as a debt on the Company’s balance sheet.
Tim Whelan, CEO of Wireless Telecom Group, Inc., said: “We are delighted with the acceleration of the momentum underway in our business as preliminary second quarter results show continued growth in revenue and backlog. . In addition, our outlook remains positive and is supported by our fifth consecutive quarter of strong bookings and a positive orders / invoices ratio. The quality of our new bookings included the strength of all of 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 continue to make progress in executing our long-term strategy of delivering double-digit revenue growth and improving operating margins. “
Our financial statements for the quarter ended June 30, 2021 are not yet available. Consequently, the information presented above reflects our preliminary estimates subject to the completion of our financial closing procedures. Therefore, these preliminary estimates may differ from actual results which will be reflected in our financial statements when they are completed and made public. These preliminary estimates may change and these changes may be material.
Our expectations regarding our preliminary estimates for the quarter ended June 30, 2021 are based on management’s estimates and are the responsibility of management. Our independent registered public accounting firm has not audited, reviewed or performed any proceedings relating to these preliminary results and, therefore, does not express an opinion or any other form of assurance thereon.
These estimates should not be considered a substitute for our interim or complete annual financial statements prepared in accordance with GAAP. Therefore, you should not place undue reliance on these preliminary financial results. These estimated preliminary results should be read in conjunction with the “Management Review and Analysis of Financial Position and Results of Operations” and “Risk Factors” sections of our historical consolidated financial statements, including the accompanying notes, in our annual report on Form 10- K filed with the Securities and Exchange Commission on March 19, 2021 and in other reports we have filed with the Securities and Exchange Commission.
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, these forward-looking statements may be identified by terms such as believe, expect, seek, can, will intend, project, anticipate, plan, estimate, guide or similar words. Forward-looking statements include, among other things, our expectation to continue to make progress in executing our long-term strategy of generating double-digit revenue growth and improving operating margins. Investors are cautioned that these 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 continued impact that the COVID-19 pandemic may have on our business, including our supply chain, and the economy in general going forward, our dependence on capital spending on data and communications networks by our customers and end users, our dependence on the deployment of private 4G LTE and 5G NR networks and associated services to grow our business, the impact of the loss of any major customer, the ability of our management to implement with success our business plan and strategy, our ability to raise additional capital to finance our operations given our level of indebtedness, demand for products and t the development of technologies in our market sector, the impact of competitive products and prices, our ability to protect our intellectual property rights and our ability to manage risks related to our information technologies and cybersecurity, between other. If one or more of these risks or uncertainties materialize, or if the underlying assumptions turn out to be inaccurate, actual results could differ 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 press release. The Company assumes no obligation to publicly update or review forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.
– FINISH –
About the Wireless Telecommunications Group
Wireless Telecom Group, Inc., consisting 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, telecommunications, satellite, military, aerospace, semiconductor and medical industries, Wireless Telecom Group’s products enable innovation in existing wireless technologies and emerging. With a product portfolio including peak power meters, signal generators, phase noise analyzers, signal processing modules, PHY / LTE 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 world. The website address for Wireless Telecom Group, Inc. is groupetelecom sans fil.com.
Investor contact Andrew M. Berger Managing Director SM Berger & Company (216) 464-6400 [email protected]
Contact Michael Kandell: +1 (973) 386-9696 25 Eastmans Road Parsippany, NJ 07054 Tel. : (973) 386-9696 Fax: (973) 386-9191 www.wtcom.com