PC Tel (PCTI) 8-K PCTEL Achieves $29.4 Million in Fourth Quarter Revenue

Exhibit 99.1

PCTEL Achieves $29.4 Million in Fourth Quarter Revenue

$107.2 Million in 2014 Revenue

BLOOMINGDALE, IL. – March 2, 2015 — PCTEL, Inc. (NASDAQ:PCTI), a leader inPerformanceCriticalTelecom solutions, announced its 2014 fourth quarter and annual results.

Fourth Quarter and Annual Highlights

$29.4 million in revenue for the quarter, an increase of 13 percent from the same period last year. $107.2 million in revenue for the year, an increase of three percent over 2013.

Gross profit margin of 40 percent in the quarter,compared to 42 percent for the same period last year. Gross profit margin of 41 percent for the year, compared to 40 percent in 2013.

GAAP operating margin from continuing operations of six percent for the quarter,compared to operating margin of two percent for the same period last year. Operating margin for the year of four percent as compared to break even in 2013.

GAAP net income from continuing operations of $2.0 million for the quarter, or $0.11 per diluted share, compared to net income of $453,000, or $0.02 per diluted share for the same period last year. $4.6 million of net income from continuing operations for the year, or $0.25 per diluted share, as compared to net income of $3.3 million, or $0.18 per diluted share in 2013.

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 12 percent in the quarter,compared to 10 percent in the same period last year. Non-GAAP operating margin for the year was 10 percent as compared to nine percent in 2013.

Non-GAAP net income from continuing operations of $3.0 million or $0.16 per diluted share in the quarter,as compared to $2.1 million or $0.12 per diluted share in the same period last year. Non-GAAP net income from continuing operations of $8.8 million or $0.48 per diluted share for the year, as compared to $7.6 million or $0.42 per diluted share in 2013. The 2014 Non-GAAP earnings represent a 4X increase over the last five years.

$60.0 million of cash and short-term investments at December 31, 2014,an increase of approximately $1.1 million from the preceding quarter. This quarterly change includes approximately $2.6 million of cash flow from operations and approximately $700,000 of capital expenditures.

“Continued demand for in-building and small cell solutions drove our revenue growth, generating demand for our engineering services, scanning receivers, in-building antenna solutions, and our site solutions,” said Marty Singer, PCTEL’s Chairman and CEO. “We believe that we are off to a good start to 2015 with our recent announcement of an industry-leading five year warranty and our innovative VenU™ product line. We are preparing for the release of additional products during the Mobile World Congress this week,” added Singer.

CONFERENCE CALL / WEBCAST

PCTEL’s management team will discuss the Company’s results today at 8:30 AM ET. The call can be accessed by dialing (877) 734-5369 (U.S. / Canada) or (706) 679-6397 (International), conference ID:13775109. 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:13775109.

About PCTEL

PCTEL deliversPerformanceCriticalTelecom solutions. Engineers rely upon PCTEL’s products and services to visualize, benchmark, and optimize wireless networks worldwide. PCTEL’s antennas and site solutions are vital elements for SCADA, oil and gas, utilities, fleet management, health care, public safety, education, small cell, and network timing.

PCTEL’sRF Solutions products and services improve the performance of wireless networks globally. PCTEL’s performance critical products include its MXflex™, IBflex™, and EXflex^® SeeGull^® scanning receivers and related SeeHawk^® and SeeWave™ tools. PCTEL’s sophisticated engineering services utilize these products as well as the Meridian™ network analytics tool.

PCTELConnected Solutions™ designs and delivers performance critical antennas and site solutions for wireless networks globally. 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 sites:www.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 demand for in-building and small cell solutions generating growth in PCTEL’s in-building engineering services and scanning receiver sales, the impact of the five-year warranty, and the anticipated success of the Company’s new VenU™ and other 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 customer demand for in-building and small cell solutions, PCTEL’s ability to successfully grow the wireless products business and its 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 CFO PCTEL, Inc. (630) 372-6800 Jack Seller Public Relations PCTEL, Inc. (630)372-6800   Jack.seller@pctel.com

PCTEL, INC.

CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share data)

	December 31, 2014			December 31, 2013
ASSETS
Cash and cash equivalents	$	20,432		$	21,790
Short-term investment securities		39,577			36,105
Accounts receivable, net of allowance for doubtful accounts of $121 and $130 at December 31, 2014 and December 31, 2013, respectively		23,874			18,603
Inventories, net		16,358			14,535
Deferred tax assets, net		2,281			1,629
Prepaid expenses and other assets		1,757			3,166
Total current assets		104,279			95,828
Property and equipment, net		14,842			14,971
Goodwill		161			161
Intangible assets, net		2,637			4,604
Deferred tax assets, net		9,710			11,827
Other noncurrent assets		40			41
TOTAL ASSETS	$	131,669		$	127,432
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	5,495		$	4,440
Accrued liabilities		10,211			7,803
Total current liabilities		15,706			12,243
Other long-term liabilities		448			3,137
Total liabilities		16,154			15,380
Stockholders’ equity:
Common stock, $0.001 par value, 100,000,000 shares authorized, 18,571,419 and 18,566,119 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively		19			19
Additional paid-in capital		145,462			143,572
Accumulated deficit		(30,101	)		(31,748	)
Accumulated other comprehensive income		135			209
Total stockholders’ equity		115,515			112,052
TOTAL LIABILITIES AND EQUITY	$	131,669		$	127,432

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

	Three Months Ended December 31,				Year Ended December 31,
	2014		2013		2014		2013
REVENUES	$	29,395	$	25,963	$	107,164	$	104,253
COST OF REVENUES		17,634		15,120		63,577		62,493
GROSS PROFIT		11,761		10,843		43,587		41,760
OPERATING EXPENSES:
Research and development		2,766		3,102		11,736		11,064
Sales and marketing		3,649		3,134		12,961		12,121
General and administrative		2,997		3,589		12,819		15,623
Amortization of intangible assets		464		596		1,967		2,400
Restructuring charges		0		2		0		256
Total operating expenses		9,876		10,423		39,483		41,464
OPERATING INCOME		1,885		420		4,104		296
Other income, net		927		600		1,666		5,378
INCOME BEFORE INCOME TAXES		2,812		1,020		5,770		5,674
Expense for income taxes		817		567		1,158		2,332
NET INCOME FROM CONTINUING OPERATIONS		1,995		453		4,612		3,342
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX EXPENSE (BENEFIT)		0		17		0		(91	)
NET INCOME	$	1,995	$	470	$	4,612	$	3,251
Earnings per Share from Continuing Operations:
Basic	$	0.11	$	0.03	$	0.25	$	0.19
Diluted	$	0.11	$	0.03	$	0.25	$	0.18
Earnings (Loss) per Share from Discontinued Operations:
Basic	$	0.00	$	0.00	$	0.00	($	0.01	)
Diluted	$	0.00	$	0.00	$	0.00	$	0.00
Earnings per Share:
Basic	$	0.11	$	0.03	$	0.25	$	0.18
Diluted	$	0.11	$	0.03	$	0.25	$	0.18
Weighed Average Shares:
Basic		18,154		17,916		18,159		17,797
Diluted		18,412		18,508		18,389		18,184
Cash dividend per share	$	0.040	$	0.035	$	0.160	$	0.140

PCTEL, INC.

P&L INFORMATION BY SEGMENT (unaudited)

(in thousands)

	Three Months Ended December 31, 2014									Year Ended December 31, 2014
	Connected Solutions		RF Solutions		Corporate			Total		Connected Solutions		RF Solutions		Corporate			Total
REVENUES	$	19,924	$	9,535	($	64	)	$	29,395	$	72,333	$	35,113	($	282	)	$	107,164
GROSS PROFIT		6,183		5,572		6			11,761		22,818		20,743		26			43,587
OPERATING INCOME (LOSS)	$	2,078	$	2,184	($	2,377	)	$	1,885	$	7,357	$	7,333	($	10,586	)	$	4,104
	Three Months Ended December 31, 2013									Year Ended December 30, 2013
	Connected Solutions		RF Solutions		Corporate			Total		Connected Solutions		RF Solutions		Corporate			Total
REVENUES	$	17,349	$	8,693	($	79	)	$	25,963	$	74,223	$	30,310	($	280	)	$	104,253
GROSS PROFIT		5,368		5,471		4			10,843		22,720		19,018		22			41,760
OPERATING INCOME (LOSS)	$	1,140	$	2,109	($	2,829	)	$	420	$	6,012	$	7,248	($	12,964	)	$	296

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 December 31,						Year Ended December 31,
		2014			2013			2014			2013
	Operating Income	$	1,885		$	420		$	4,104		$	296
(a)	Add:
	Amortization of intangible assets		464			596			1,967			2,400
	TelWorx restructuring:
	-Restructuring charges		0			2			0			256
	-Cost of Goods Sold		0			0			0			284
	TelWorx investigation:
	-General & Administrative		580			747			1,266			2,626
	Legal settlement
	-General & Administrative		0			0			75			0
	Stock Compensation:
	-Cost of Goods Sold		111			95			426			390
	-Engineering		150			185			658			689
	-Sales & Marketing		170			140			661			575
	-General & Administrative		267			402			1,530			1,786
			1,742			2,167			6,583			9,006
	Non-GAAP Operating Income	$	3,627		$	2,587		$	10,687		$	9,302
	% of revenue		12.3	%		10.0	%		10.0	%		8.9	%

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

		Three Months Ended December 31,						Year Ended December 31,
		2014			2013			2014			2013
	Net Income from Continuing Operations	$	1,995		$	453		$	4,612		$	3,342
	Adjustments:
(a)	Non-GAAP adjustment to operating income		1,742			2,167			6,583			9,006
	Other income related to the TelWorx settlement and       TelWorx SEC investigation		(908	)		(586	)		(1,568	)		(5,353	)
	Other legal settlements		0			0			(75	)		0
(b)	Income Taxes		161			99			(770	)		653
			995			1,680			4,170			4,306
	Non-GAAP Net Income from Continuing Operations	$	2,990		$	2,133		$	8,782		$	7,648
	Non-GAAP Earning per Share:
	Basic	$	0.16		$	0.12		$	0.48		$	0.43
	Diluted	$	0.16		$	0.12		$	0.48		$	0.42
	Weighed Average Shares:
	Basic		18,154			17,916			18,159			17,797
	Diluted		18,412			18,508			18,389			18,184

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 December 31, 2014									Year Ended December 31, 2014
	Connected Solutions		RF Solutions		Corporate			Total		Connected Solutions		RF Solutions			Corporate			Total
Operating Income (Loss)	$	2,078	$	2,184	($	2,377	)	$	1,885	$	7,357	$	7,333	��	($	10,586	)	$	4,104
Add:
Amortization of intangible assets		260		204		0			464		1,151		816			0			1,967
TelWorx restructuring:
-Restructuring charges		0		0		0			0		0		0			0			0
-Cost of Goods Sold		0		0		0			0		0		0			0			0
TelWorx investigation:
-General & Administrative		0		0		580			580		0		0			1,266			1,266
Legal settlement
-General & Administrative		0		0		0			0		0		0			75			75
Stock Compensation:
-Cost of Goods Sold		58		53		0			111		215		211			0			426
-Engineering		64		86		0			150		292		366			0			658
-Sales & Marketing		133		37		0			170		534		127			0			661
-General & Administrative		54		31		182			267		256		129			1,145			1,530
		569		411		762			1,742		2,448		1,649			2,486			6,583
Non-GAAP Operating Income (Loss)	$	2,647	$	2,595	($	1,615	)	$	3,627	$	9,805	$	8,982		($	8,100	)	$	10,687
	Three Months Ended December 31, 2013									Year Ended December 30, 2013
	Connected Solutions		RF Solutions		Corporate			Total		Connected Solutions		RF Solutions			Corporate			Total
Operating Income (Loss)	$	1,140	$	2,109	($	2,829	)	$	420	$	6,012	$	7,248		($	12,964	)	$	296
Add:
Amortization of intangible assets		392		204		0			596		1,573		827			0			2,400
TelWorx restructuring:
-Restructuring charges		2		0		0			2		256		0			0			256
-Cost of Goods Sold		0		0		0			0		284		0			0			284
TelWorx investigation:
-General & Administrative		0		0		747			747		0		0			2,626			2,626
Stock Compensation:
-Cost of Goods Sold		44		51		0			95		153		237			0			390
-Engineering		78		107		0			185		285		404			0			689
-Sales & Marketing		122		18		0			140		450		125			0			575
-General & Administrative		91		33		278			402		341		109			1,336			1,786
		729		413		1,025			2,167		3,342		1,702			3,962			9,006
Non-GAAP Operating Income (Loss)	$	1,869	$	2,522	($	1,804	)	$	2,587	$	9,354	$	8,950		($	9,002	)	$	9,302

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.