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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PCTEL Inc | NASDAQ:PCTI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.99 | 6.99 | 7.00 | 0 | 01:00:00 |
$106.6 Million in 2015 Revenue
PCTEL, Inc. (NASDAQ:PCTI), a leader in Performance Critical Telecom solutions, announced its 2015 fourth quarter and annual results.
Fourth Quarter and Annual Highlights
“We made significant progress over the previous quarter led by strength in antenna and scanning receiver sales in North America,” said Marty Singer, PCTEL’s Chairman and CEO. “During the fourth quarter we also began to restructure our analytics and services operations, bringing in new leadership and sharpening our product focus on PCTEL’s traditional areas of strength. We believe that these efforts will lead to improved results in the second half of this year,” 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: 55187834. The call will also be webcast at http://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: 55187834.
About PCTEL
PCTEL, a global provider of RF expertise, delivers Performance Critical Telecom solutions to the wireless industry. PCTEL benchmarks and optimizes wireless networks with its data tools, engineering services, and RF products. PCTEL's antennas and site solutions are vital elements for networks serving SCADA, fleet management, health care, public safety, and education.
PCTEL's RF 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®® Touch, SeeHawk®® Collect, and SeeWave®® tools. PCTEL's sophisticated engineering services utilize these products as well as SeeHawk™ Analytics.
PCTEL Connected Solutions designs and delivers performance critical antennas and site solutions for public and private wireless networks globally. PCTEL's performance critical 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 leverage our design, logistics, and support capabilities to deliver performance critical antenna and site solutions into carrier, railroad, utility applications, oil and gas, and other vertical markets.
PCTEL's products are sold worldwide through direct and indirect channels. For more information, please visit the company's web sites: pctel.com, antenna.com, or rfsolutions.pctel.com
PCTEL Safe Harbor Statement
This press release and our related comments in our third quarter earnings conference call contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements regarding our future financial performance, new products and features, expectations regarding the future growth of our antenna and wireless RF businesses, and demand for engineering services 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 these types of products and services generally, 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.
PCTEL, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) December 31, December 31, 2015 2014 ASSETS Cash and cash equivalents $7,055 $20,432 Short-term investment securities 24,728 39,577 Accounts receivable, net of allowance for doubtful accounts of $314 and $121 at December 31, 2015 and December 31, 2014, respectively 21,001 23,874 Inventories, net 17,596 16,358 Deferred tax assets, net 0 2,281 Prepaid expenses and other assets 1,586 1,757 Total current assets 71,966 104,279 Property and equipment, net 13,839 14,842 Goodwill 3,332 161 Intangible assets, net 11,378 2,637 Deferred tax assets, net 13,155 9,710 Other noncurrent assets 40 40 TOTAL ASSETS $113,710 $131,669 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $6,735 $5,495 Accrued liabilities 6,190 10,211 Total current liabilities 12,925 15,706 Other long-term liabilities 388 448 Total liabilities 13,313 16,154 Stockholders’ equity: Common stock, $0.001 par value, 100,000,000 shares authorized, 17,654,236 and 18,571,419 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively 18 19 Additional paid-in capital 135,714 145,462 Accumulated deficit (35,320) (30,101) Accumulated other comprehensive income (loss) (15) 135 Total stockholders’ equity 100,397 115,515 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $113,710 $131,669 PCTEL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2015 2014 2015 2014 REVENUES $26,138 $29,395 $106,615 $107,164 COST OF REVENUES 17,287 17,634 69,354 63,577 GROSS PROFIT 8,851 11,761 37,261 43,587 OPERATING EXPENSES: Research and development 2,699 2,766 11,205 11,736 Sales and marketing 3,639 3,649 14,196 12,961 General and administrative 2,887 2,997 12,399 12,819 Amortization of intangible assets 461 464 3,426 1,967 Impairment of goodwill 161 0 161 0 Restructuring charges 778 0 1,630 0 Total operating expenses 10,625 9,876 43,017 39,483 OPERATING INCOME (LOSS) (1,774 ) 1,885 (5,756 ) 4,104 Other income, net 504 927 3,287 1,666 INCOME (LOSS) BEFORE INCOME TAXES (1,270 ) 2,812 (2,469 ) 5,770 Expense (benefit) for income taxes (450 ) 817 (901 ) 1,158 NET INCOME (LOSS) ($820 ) $1,995 ($1,568 ) $4,612 Net Income (Loss) per Share: Basic ($0.05 ) $0.11 ($0.09 ) $0.25 Diluted ($0.05 ) $0.11 ($0.09 ) $0.25 Weighed Average Shares: Basic 16,820 18,154 17,737 18,159 Diluted 16,820 18,412 17,737 18,389 Cash dividend per share $0.05 $0.04 $0.20 $0.16 PCTEL, INC. P&L INFORMATION BY SEGMENT (unaudited) (in thousands) Three Months Ended December 31, 2015 Year Ended December 31, 2015Connected
Solutions
RF
Solutions
Corporate TotalConnected
Solutions
RF
Solutions
Corporate Total REVENUES $16,675 $9,506 ($43 ) $26,138 $69,579 $37,255 ($219 ) $106,615 GROSS PROFIT 4,838 4,000 13 8,851 20,426 16,803 32 37,261 OPERATING INCOME (LOSS) $675 ($8 ) ($2,441 ) ($1,774 ) $5,040 ($298 ) ($10,498 ) ($5,756 ) Three Months Ended December 31, 2014 Year Ended December 31, 2014Connected
Solutions
RF
Solutions
Corporate TotalConnected
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 ) $4,104Reconciliation of GAAP to non-GAAP Results (unaudited)
(in thousands except per share information)Reconciliation of GAAP operating loss to non-GAAP operating income (a)
Three Months Ended December 31, Year Ended December 31, 2015 2014 2015 2014 Operating Income (Loss) ($1,774 ) $1,885 ($5,756 ) $4,104 (a) Add: Amortization of intangible assets -Cost of Goods Sold 595 0 595 0 -Operating expenses 461 464 3,426 1,967 Impairment of goodwill 161 0 161 0 Restructuring: -Cost of Goods Sold 42 0 288 0 -Restructuring 778 0 1,630 0 TelWorx investigation: -General & Administrative 7 580 107 1,266 Legal settlement: -General & Administrative 0 0 0 75 Stock Compensation: -Cost of Goods Sold 125 111 369 426 -Engineering 175 150 419 658 -Sales & Marketing (132 ) 170 238 661 -General & Administrative 304 267 838 1,530 2,516 1,742 8,071 6,583 Non-GAAP Operating Income $742 $3,627 $2,315 $10,687 % of revenue 2.8 % 12.3 % 2.2 % 10.0 %Reconciliation of GAAP net loss to non-GAAP net income (b)
Three Months Ended December 31, Year Ended December 31, 2015 2014 2015 2014 Net Income (Loss) ($820 ) $1,995 ($1,568 ) $4,612 Adjustments: (a) Non-GAAP adjustment to operating income 2,516 1,742 8,071 6,583 (b) Other income related to SEC investigation of TelWorx (1 ) (908 ) (102 ) (1,568 ) (b) Legal Settlement - Amendment to Nexgen APA (500 ) 0 (3,160 ) 0 (b) Legal Settlement - other 0 0 0 (75 ) (b) Income Taxes (584 ) 161 (1,322 ) (770 ) 1,431 995 3,487 4,170 Non-GAAP Net Income $611 $2,990 $1,919 $8,782 Non-GAAP Earning per Share: Basic $0.04 $0.16 $0.11 $0.48 Diluted $0.04 $0.16 $0.11 $0.48 Weighed Average Shares: Basic 16,820 18,154 17,737 18,159 Diluted 16,969 18,412 18,257 18,389This schedule reconciles the Company's GAAP operating loss and GAAP net loss 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 SEC investigation of TelWorx.
(b) These adjustments include the items described in footnote (a) as well as other income for insurance claims related to the SEC investigation of TelWorx, legal settlements, and non-cash income tax expense.
Reconciliation of GAAP To non-GAAP SEGMENT INFORMATION (unaudited) (a)
(in thousands except per share information) Three Months Ended December 31, 2015 Year Ended December 31, 2015Connected
Solutions
RF
Solutions
Corporate TotalConnected
Solutions
RF
Solutions
Corporate Total Operating Income (Loss) $675 ($8 ) ($2,441 ) ($1,774 ) $5,040 ($298 ) ($10,498 ) ($5,756 ) Add: Amortization of intangible assets
-Cost of Goods Sold 39 556 0 595 39 556 0 595 -Operating expenses
156
305
0
461
811
2,615
0
3,426
Impairment of goodwill 0 161 0 161 0 161 0 161 TelWorx investigation: -General & Administrative 0 0 7 7 0 0 107 107 Restructuring: -Cost of Goods Sold 42 0 0 42 288 0 0 288 -Restructuring charges 755 23 0 778 1,293 337 0 1,630 Stock Compensation: -Cost of Goods Sold 28 97 0 125 82 287 0 369 -Engineering 49 126 0 175 104 315 0 419 -Sales & Marketing 88 (220 ) 0 (132 ) 261 (23 ) 0 238 -General & Administrative (18 ) 70 252 304 (12 ) 113 737 838 1,139 1,118 259 2,516 2,866 4,361 844 8,071 Non-GAAP Operating Income (Loss) $1,814 $1,110 ($2,182 ) $742 $7,906 $4,063 ($9,654 ) $2,315 Three Months Ended December 31, 2014 Year Ended December 31, 2014Connected
Solutions
RF
Solutions
Corporate TotalConnected
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 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 129 41 0 170 530 131 0 661 -General & Administrative 54 31 182 267 256 129 1,145 1,530 565 415 762 1,742 2,444 1,653 2,486 6,583 Non-GAAP Operating Income (Loss) $2,643 $2,599 ($1,615 ) $3,627 $9,801 $8,986 ($8,100 ) $10,687This schedule reconciles the Company's GAAP operating income (loss) by segment to its non-GAAP operating 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 SEC investigation of TelWorx.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160307006494/en/
PCTEL, Inc.John Schoen, 630-372-6800CFOorJack Seller, 630-372-6800Public RelationsJack.seller@pctel.com
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