PC Tel (PCTI) 8-K PCTEL Achieves $26.2 Million in Second Quarter Revenue

Exhibit 99.1

PCTEL Achieves $26.2 Million in Second Quarter Revenue

$2.5 Million Sequential Increase Over First Quarter

BLOOMINGDALE, IL. – July 29, 2014 — PCTEL, Inc. (NASDAQ:PCTI), a leader in performance critical telecom solutions, announced its 2014 second quarter results.

Second Quarter Highlights

• $26.2 million in revenue for the quarter, a decrease of two percent from the same period last year.

• Gross profit margin of 41 percent in the quarter,compared to 39 percent in the same period last year.

• GAAP operating margin from continuing operations of two percent for the quarter, compared to operating margin of one percent for the same period last year.

• GAAP net income from continuing operations of $545,000 for the quarter, or $0.03 per diluted share, compared to net income of $187,000 from continuing operations, or $0.01 per diluted share for the same period last year.

• Non-GAAP operating profit and net income are measures the company uses to reflect the results of its core earnings.The Company’s reporting of Non-GAAP net income excludes expenses for restructuring, gain or loss on sale of assets, stock based compensation, amortization and impairment of intangible assets and goodwill related to the Company’s acquisitions, and non-cash related income tax expense.

• Non-GAAP operating margin from continuing operations of nine percent in the quarter, unchanged from the same period last year.

• Non-GAAP net income from continuing operations of $2.0 million or $0.11 per diluted share in the quarter, unchanged from the same period last year.

• $53.9 million of cash, short-term investments at June 30, 2014,a decrease of approximately $(2.3) million from the preceding quarter. During the quarter the company repurchased approximately 216,000 of its common shares for $1.65 million, paid $750,000 in dividends, and generated $100,000 of cash and investments from all other sources.

“Our core antenna business rebounded in the second quarter, recovering from weather-related delays and soft economic conditions. We received our single largest order in the company’s history for delivery next quarter, we initiated delivery of scanning receivers to China Telecom and our network engineering services business is now at a $10 million annual run rate,” said Marty Singer, PCTEL’s Chairman and CEO. “We look forward to executing against our small cell site forecast, expanding our tower business, growing our core antenna sales into key vertical markets, and fully exploiting the LTE and TD-LTE scanning receiver market,” added Singer.

CONFERENCE CALL / WEBCAST

PCTEL’s management team will discuss the Company’s results today at 5:15 PM ET. The call can be accessed by dialing (877) 734-5369 (U.S. / Canada) or (706) 679-6397 (International), conference ID:70082603. The call will also be webcast athttp://investor.pctel.com/events.cfm.

REPLAY: A replay will be available for two weeks after the call on either the website listed above or by calling (855) 859-2056 (U.S./Canada), or International (404) 537-3406, conference ID:70082603.

About PCTEL

PCTEL deliversPerformanceCriticalTelecom solutions. RF Solutions develops and provides test equipment, software and engineering services for wireless networks. Engineers rely upon PCTEL to optimize, visualize, and benchmark wireless networks. Connected Solutions™ designs and delivers performance critical antennas and site solutions for wireless networks globally. Our antennas support evolving wireless standards for cellular, private, and broadband networks. PCTEL antennas and site solutions support networks worldwide, including SCADA for oil, gas and utilities, fleet management, industrial operations, health care, small cell and network timing deployment, defense, public safety, education, and broadband access.

PCTEL’s performance critical products include its SeeGull^® scanning receivers, SeeHawk^® analytic software and CW systems, and its SeeWave™ interference detection systems. PCTEL is recognized globally for its industry leading-edge IBflex™, EXflex™, and MX scanning receivers and its sophisticated in-building Network Engineering Services (NES).

PCTEL’s performance critical MAXRAD^® and Bluewave™ antenna solutions include high rejection and high performance GPS and GNSS products, the industry leading Yagi portfolio, mobile and indoor LTE, broadband, and LMR antennas and PIM-rated antennas for transit, in-building, and small cell applications. We provide performance critical mobile towers for demanding emergency and oil and gas network applications and leverage our design, logistics, and support capabilities to deliver performance critical site solutions into carrier, railroad, and utility applications.

PCTEL’s products are sold worldwide through direct and indirect channels. For more information, please visit the company’s web siteswww.pctel.com,www.antenna.com, orwww.rfsolutions.pctel.com.

PCTEL Safe Harbor Statement

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements regarding the growth of PCTEL’s in-building engineering services and scanning receiver sales, the performance of the Connected Solutions business and the anticipated success of our new antenna and scanning receiver products, are forward-looking statements within the meaning of the safe harbor. These statements are based on management’s current expectations and actual results may differ materially from those projected as a result of certain risks and uncertainties, including the ability to successfully grow the wireless products business and the ability to implement new technologies and obtain protection for the related intellectual property. These and other risks and uncertainties are detailed in PCTEL’s Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and PCTEL disclaims any obligation to update or revise the information contained in any forward-looking statement, whether as a result of new information, future events or otherwise.

For further information contact:

John Schoen	Jack Seller
CFO	Public Relations
PCTEL, Inc.	PCTEL, Inc.
(630) 372-6800	(630)372-6800
	Jack.seller@pctel.com

PCTEL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

	(unaudited)
	June 30, 2014			December 31, 2013
ASSETS
Cash and cash equivalents	$	14,123		$	21,790
Short-term investment securities		39,771			36,105
Accounts receivable, net of allowance for doubtful accounts of $132 and $130 at June 30, 2014 and December 31, 2013, respectively		20,253			18,603
Inventories, net		16,862			14,535
Deferred tax assets, net		1,629			1,629
Prepaid expenses and other assets		1,342			3,166
Total current assets		93,980			95,828
Property and equipment, net		14,961			14,971
Goodwill		161			161
Intangible assets, net		3,566			4,604
Deferred tax assets, net		11,692			11,827
Other noncurrent assets		37			41
TOTAL ASSETS	$	124,397		$	127,432
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	4,473		$	4,440
Accrued liabilities		7,988			7,803
Total current liabilities		12,461			12,243
Other long-term liabilities		1,345			3,137
Total liabilities		13,806			15,380
Stockholders’ equity:
Common stock, $0.001 par value, 100,000,000 shares authorized, 18,448,137 and 18,566,119 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively		18			19
Additional paid-in capital		143,244			143,572
Accumulated deficit		(32,835	)		(31,748	)
Accumulated other comprehensive income		164			209
Total stockholders’ equity		110,591			112,052
TOTAL LIABILITIES AND EQUITY	$	124,397		$	127,432

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

	Three Months Ended June 30,					Six Months Ended June 30,
	2014		2013			2014		2013
REVENUES	$	26,182	$	26,746		$	49,837	$	51,818
COST OF REVENUES		15,331		16,198			29,405		31,672
GROSS PROFIT		10,851		10,548			20,432		20,146
OPERATING EXPENSES:
Research and development		3,069		2,683			6,311		5,233
Sales and marketing		3,303		3,054			6,258		6,075
General and administrative		3,470		3,825			6,702		8,456
Amortization of intangible assets		464		604			1,038		1,209
Restructuring charges		0		124			0		225
Total operating expenses		10,306		10,290			20,309		21,198
OPERATING INCOME (LOSS)		545		258			123		(1,052	)
Other income, net		334		57			531		4,389
INCOME BEFORE INCOME TAXES		879		315			654		3,337
Expense for income taxes		334		128			255		1,198
NET INCOME FROM CONTINUING OPERATIONS		545		187			399		2,139
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT		0		(22	)		0		(109	)
NET INCOME	$	545	$	165		$	399	$	2,030
Earnings per Share from Continuing Operations:
Basic	$	0.03	$	0.01		$	0.02	$	0.12
Diluted	$	0.03	$	0.01		$	0.02	$	0.12
Loss per Share from Discontinued Operations:
Basic	$	0.00	$	0.00		$	0.00	($	0.01	)
Diluted	$	0.00	$	0.00		$	0.00	($	0.01	)
Earnings per Share:
Basic	$	0.03	$	0.01		$	0.02	$	0.11
Diluted	$	0.03	$	0.01		$	0.02	$	0.11
Weighed Average Shares:
Basic		18,165		17,790			18,166		17,731
Diluted		18,291		18,075			18,350		17,973
Cash dividend per share	$	0.040	$	0.035		$	0.080	$	0.070

PCTEL, INC.

P&L INFORMATION BY SEGMENT—Continuing Operations

(in thousands)

	Three Months Ended June 30, 2014									Six Months Ended June 30, 2014
	Connected Solutions		RF Solutions		Consolidating			Total		Connected Solutions		RF Solutions		Consolidating			Total
REVENUES	$	17,715	$	8,574	($	107	)	$	26,182	$	33,712	$	16,295	($	170	)	$	49,837
GROSS PROFIT		5,716		5,129		6			10,851		10,832		9,587		13			20,432
OPERATING INCOME (LOSS)	$	1,845	$	1,645	($	2,945	)	$	545	$	3,015	$	2,659	($	5,551	)	$	123
	Three Months Ended June 30, 2013									Six Months Ended June 30, 2013
	Connected Solutions		RF Solutions		Consolidating			Total		Connected Solutions		RF Solutions		Consolidating			Total
REVENUES	$	19,199	$	7,602	($	55	)	$	26,746	$	38,555	$	13,374	($	111	)	$	51,818
GROSS PROFIT		5,662		4,876		10			10,548		11,673		8,457		16			20,146
OPERATING INCOME (LOSS)	$	1,374	$	2,072	($	3,188	)	$	258	$	3,132	$	3,042	($	7,226	)	($	1,052	)

Reconciliation GAAP To non-GAAP Results Of Continuing Operations (unaudited)

(in thousands except per share information)

Reconciliation of GAAP operating income to non-GAAP operating income (a) from Continuing Operations

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Operating Income (Loss)	$	545		$	258		$	123		($	1,052	)
(a) Add:
Amortization of intangible assets		464			604			1,038			1,209
TelWorx restructuring:
-Restructuring charges		0			124			0			225
-Cost of Goods Sold		0			284			0			284
TelWorx investigation:
-General & Administrative		263			100			498			1,491
Legal settlement
-General & Administrative		75			0			75			0
Stock Compensation:
-Cost of Goods Sold		117			107			203			191
-Engineering		187			178			360			322
-Sales & Marketing		189			154			336			261
-General & Administrative		603			660			948			947
		1,898			2,211			3,458			4,930
Non-GAAP Operating Income	$	2,443		$	2,469		$	3,581		$	3,878
% of revenue		9.3	%		9.2	%		7.2	%		7.5	%

Reconciliation of GAAP net income to non-GAAP net income (b) from Continuing Operations

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net Income from Continuing Operations	$	545		$	187		$	399		$	2,139
Adjustments:
(a) Non-GAAP adjustment to operating income		1,898			2,211			3,458			4,930
Other income related to the TelWorx settlement and TelWorx SEC investigation		(252	)		(49	)		(472	)		(4,379	)
Legal settlement		(75	)		0			(75	)		0
(b) Income Taxes		(107	)		(318	)		(387	)		498
		1,464			1,844			2,524			1,049
Non-GAAP Net Income from Continuing Operations	$	2,009		$	2,031		$	2,923		$	3,188
Non-GAAP Earning per Share:
Basic	$	0.11		$	0.11		$	0.16		$	0.18
Diluted	$	0.11		$	0.11		$	0.16		$	0.18
Weighed Average Shares:
Basic		18,165			17,790			18,166			17,731
Diluted		18,291			18,075			18,350			17,973

This schedule reconciles the Company’s GAAP operating income and GAAP net income to its non-GAAP operating income and non-GAAP net income. The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Company’s

GAAP results.

(a) These adjustments reflect stock based compensation expense, amortization of intangible assets, restructuring charges, and general and administrative expenses associated with the TelWorx investigation.

(b) These adjustments include the items described in footnote (a) as well as other income for the TelWorx legal settlement and insurance claims related to the TelWorx investigation, and non-cash income tax expense.

Reconciliation GAAP To non-GAAP SEGMENT INFORMATION (unaudited) (a) - Continuing Operations

(in thousands except per share information)

	Three Months Ended June 30, 2014									Six Months Ended June 30, 2014
	Connected Solutions		RF Solutions		Consolidating			Total		Connected Solutions		RF Solutions		Consolidating			Total
Operating Income (Loss)	$	1,845	$	1,645	($	2,945	)	$	545	$	3,015	$	2,659	($	5,551	)	$	123
Add:
Amortization of intangible assets		260		204		0			464		630		408		0			1,038
TelWorx restructuring:
-Restructuring charges		0		0		0			0		—		0		0			—
-Cost of Goods Sold		0		0		0			0		—		0		0			—
TelWorx investigation:
-General & Administrative		0		0		263			263		0		0		498			498
Legal settlement
-General & Administrative		0		0		75			75		0		0		75			75
Stock Compensation:
-Cost of Goods Sold		54		63		0			117		99		104		0			203
-Engineering		86		101		0			187		166		194		0			360
-Sales & Marketing		150		39		0			189		279		57		0			336
-General & Administrative		63		36		504			603		149		67		732			948
		613		443		842			1,898		1,323		830		1,305			3,458
Non-GAAP Operating Income (Loss)	$	2,458	$	2,088	($	2,103	)	$	2,443	$	4,338	$	3,489	($	4,246	)	$	3,581
	Three Months Ended June 30, 2013									Six Months Ended June 30, 2013
	Connected Solutions		RF Solutions		Consolidating			Total		Connected Solutions		RF Solutions		Consolidating			Total
Operating Income (Loss)	$	1,374	$	2,072	($	3,188	)	$	258	$	3,132	$	3,042	($	7,226	)	($	1,052	)
Add:
Amortization of intangible assets		394		210		0			604		790		419		0			1,209
TelWorx restructuring:
-Restructuring charges		124		0		0			124		225		0		0			225
-Cost of Goods Sold		284		0		0			284		284		0		0			284
TelWorx investigation:
-General & Administrative		0		0		100			100		0		0		1,491			1,491
Stock Compensation:
-Cost of Goods Sold		39		68		0			107		65		126		0			191
-Engineering		76		102		0			178		131		191		0			322
-Sales & Marketing		122		32		0			154		200		61		0			261
-General & Administrative		89		26		545			660		155		42		750			947
		1,128		438		645			2,211		1,850		839		2,241			4,930
Non-GAAP Operating Income (Loss)	$	2,502	$	2,510	($	2,543	)	$	2,469	$	4,982	$	3,881	($	4,985	)	$	3,878

This schedule reconciles the Company’s GAAP operating income by segment to its non-GAAP operating income and non-GAAP net income. The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Company’s GAAP results.

(a) These adjustments reflect stock based compensation expense, amortization of intangible assets, restructuring charges, and general and administrative expenses associated with the TelWorx investigation.