Exhibit 99.1
PCTEL Reports Second Quarter Financial Results
BLOOMINGDALE, Illinois – August 9, 2021 – PCTEL, Inc. (Nasdaq: PCTI) announced its results for the second quarter ended June 30, 2021.
Highlights
| • | Revenue of $21.7 million in the second quarter, 9.3% higher compared to the second quarter 2020 and $4.0 million higher compared to the first quarter 2021. |
| • | Gross profit margin of 45.9% in the second quarter, down 2.1% compared to the gross profit margin in the second quarter 2020. The gross profit percentage decline in the second quarter is primarily due to a higher mix of antennas and Industrial IoT devices. |
| • | GAAP net income per diluted share of ($0.01) in the second quarter compared to $0.07 in the second quarter 2020. |
| • | Non-GAAP net income and adjusted EBITDA are metrics the Company uses to measure its core earnings. A reconciliation of those non-GAAP measures to our GAAP financial statements is provided later in the press release. |
| • | Non-GAAP net income per diluted share of $0.07 in the second quarter compared to Non-GAAP net income per diluted share of $0.11 in the second quarter 2020. |
| • | Adjusted EBITDA as a percent of revenue of 10.2% in the second quarter compared to 14.4% in the second quarter 2020. |
| • | $33.4 million of cash and investments and $0.1 million of debt at June 30, 2021 compared to $41.0 million and no debt at December 31, 2020. |
“Our antenna business was stable and the test and measurement products continue to perform very well as we address 5G deployments and emerging public safety opportunities,” said David Neumann, PCTEL’s CEO. “We’re excited about our recent acquisition of Smarteq Wireless AB, a leading European supplier of antennas for vehicular, energy and Industrial IoT applications (“Smarteq”). Smarteq’s design wins for Industrial IoT, EV charging stations and vehicles complement our recent antenna design wins in utilities, 5G and metering. We
expect market conditions and the demand for our antenna, IoT device and scanner products to improve through the year as global economies recover.”
CONFERENCE CALL / WEBCAST
PCTEL’s management team will discuss the Company’s results today at 4:30 p.m. ET. The call can be accessed by dialing (888) 506-0062 (United States/Canada) or (973) 528-0011 (International), PIN number: 592274. The call will also be webcast at https://investor.pctel.com/news-events/webcasts-events.
REPLAY: A replay will be available for two weeks after the call on either the website listed above or by calling (877) 481-4010 (United States/Canada), or (919) 882-2331 (International), PIN number: 42253.
About PCTEL
PCTEL is a leading global provider of wireless technology, including purpose-built Industrial IoT devices, antenna systems, and test and measurement solutions. Trusted by our customers for over 25 years, we solve complex wireless challenges to help organizations stay connected, transform, and grow.
For more information, please visit our website at https://www.pctel.com/.
PCTEL Safe Harbor Statement
This press release and our related comments in our earnings conference call contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements about the Company’s expectations regarding the impact of the COVID-19 pandemic; our future financial performance; growth of our antenna solutions and Industrial IoT and test and measurement businesses; the impact of the acquisition of Smarteq on the Company’s ability to offer additional products, expand in the European market, and generate revenue; the impact of our transition plan for manufacturing inside and outside China; the anticipated demand for certain products including those related to public safety, Industrial IoT, 5G and intelligent transportation; and the anticipated growth of public and private wireless systems are forward-looking statements. 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 disruptions to the Company’s workforce, operations, supply chain and customer demand caused by the COVID-19 pandemic and impact of the pandemic on the Company’s results of operations, financial condition and stock price; the impact of data densification and IoT on capacity and coverage demand; the impact of 5G; customer demand and growth generally in the Company’s defined market segments; the Company’s ability to integrate Smarteq, expand its European presence and benefit from additional antenna and Industrial IoT product offerings; the impact of the uncertainty regarding renewal of our lease of our Tianjin, China manufacturing premises; the impact of tariffs on certain imports from China; and the Company’s ability to grow its business and create, protect and implement new technologies and solutions. 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.
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PCTEL is a registered trademark of PCTEL, Inc. © 2021 PCTEL, Inc. All rights reserved.
For further information contact:
Kevin McGowanSuzanne Cafferty
CFOVice President, Global Marketing
PCTEL, Inc.PCTEL, Inc.
(630) 339-2051(630) 339-2107
public.relations@pctel.com
