Parsippany, New Jersey, USA, July 21, 2021 (GLOBE NEWSWIRE) — 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.
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.
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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.
Andrew M. Berger
SM Berger& Company
Michael Kandell: +1 (973) 386-9696
25 Eastmans Road
Parsippany, NJ 07054
Tel: (973) 386-9696
Fax: (973) 386-9191