EXHIBIT 99.1
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[Wireless Telecom GroupINC. LOGO Omitted]
25 EASTMANS ROAD, PARSIPPANY, NJ 07054
TEL. (973) 386-9696 FAX (973) 402-4042
WIRELESS TELECOM GROUP ANNOUNCES STRONG PERFORMANCE IN
FIRST QUARTER 2006
NEWS RELEASE
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Contact: Paul Genova
(973) 386-9696
FOR IMMEDIATE RELEASE
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WEDNESDAY, MAY 10, 2006
Parsippany, New Jersey - Wireless Telecom Group, Inc. (AMEX Symbol: WTT)
announced today results for the first quarter ended March 31, 2006. For the
three months, net sales were $13,823,000 as compared to $6,048,000 recorded in
the three months ended in 2005, an increase of 128%. The increase resulted from
the combination of sales of recently acquired Willtek Communications GmbH as
well as continued growth in sales of the company's pre-acquisition units.
Net income for the three months ended March 31, 2006 was $1,017,000 as compared
with $1,071,000 reported for the comparable period of the prior year. Included
in the current period net income is a non-cash charge for amortization expense
of $295,000 associated with the acquisition of Willtek Communications GmbH. The
pro-forma net income results of Wireless Telecom Group, Inc., which include the
results of Willtek Communications GmbH for the three months ended March 31,
2005, resulted in net income of $55,000, as compared to the first quarter 2006
results of $1,017,000.
"We are very pleased to have followed our very strong fourth quarter of 2005
with solid sales in the first quarter of 2006", said Monty Johnson, CEO. "Each
of our operating units is having good success in the marketplace as we strive to
become more valuable partners with our customers."
"We are also extremely pleased with our continuing profitability. With strong
revenue, and very solid gross margins, our results were positive. The efficiency
gains through our aggressive integration of Willtek and our historic operations
are also paying off."
"Going forward, we plan to now leverage the global sales channel capabilities of
Willtek to enhance the sales coverage for our U.S.-based products. We believe
this action will help accelerate our positive trend in revenue, while doing so
with a
very attractive cost structure. With solid products for healthy markets, we feel
we are in a good position to continue our positive performance."
Wireless Telecom Group, Inc designs and manufactures a variety of products
serving the global wireless and telecommunications markets. Comprised of four
business groups brought together through acquisitions, NoiseCom, Boonton
Electronics, Microlab/FXR, and Willtek Communications, the group provides a
complementary suite of RF and Microwave-based products, with a major portion
focused on advanced telecom testing. Their products include peak power meters,
precision noise generators, mobile phone testing solutions, and passive
component solutions for cellular/mobile, WiFi, satellite, and other advanced
communications networks, all critical enablers to the rapid growth in world-wide
communications and computing solutions. This technological synergy has enabled
Wireless Telecom Group, Inc. to become a full service supplier of both the
commercial and military telecommunications industries.
Wireless Telecom Group's website address is http://www.wtt.bz. Except for
historical information, the matters discussed in this news release may be
considered "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. Such statements include declarations regarding the
intent, belief or current expectations of the Company and its management.
Prospective investors are cautioned that any such forward-looking statements are
not guarantees of future performance and involve a number of risks and
uncertainties that could materially affect actual results. Such risks and
uncertainties are identified in the Company's reports and registration
statements filed with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the year ended December 31, 2005.
See following Selected Financial Results
[Wireless Telecom GroupINC. LOGO Omitted]
25 EASTMANS ROAD, PARSIPPANY, NJ 07054
TEL. (973) 386-9696 FAX (973) 402-4042
SELECTED FINANCIAL RESULTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three months ended
March 31,
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(unaudited)
2006 2005
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STATEMENT OF OPERATIONS DATA:
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Net sales $13,823 $ 6,048
Gross profit 7,542 3,279
Selling, general and
administrative expenses 6,390 2,056
Other (income) expense (91) (48)
Income before income taxes 1,243 1,271
Net income $ 1,017 $ 1,071
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Net income per common share:
Basic $.04 $.06
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Diluted $.04 $.06
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Weighted average shares outstanding:
Basic 25,723 17,462
Diluted 25,854 17,645
MARCH 31, December 31,
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2006 2005
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(UNAUDITED)
BALANCE SHEET DATA:
Cash & cash equivalents $15,737 $13,851
Working capital 20,074 17,907
Total assets 81,225 79,294
Total liabilities 26,975 26,682
Shareholders' equity $54,250 $52,612
