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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 |
PCTEL, Inc. (NASDAQ:PCTI), a leader in Performance Critical Telecom solutions, announced its 2015 third quarter results.
Quarter Highlights
“We made progress in our antenna and scanning receiver equipment business,” said Marty Singer, PCTEL’s Chairman and CEO. “At the same time our engineering services operations continue to weather the downturn in carrier spending and we are investing resources into our data analytics software product line. We expect our engineering services to expand with renewed spending during the fourth quarter and our data analytics investment to generate revenue in 2016,” 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: 13775112. 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: 13775112.
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 the SeeHawk™ Analytics portfolio (Network Analytics, Subscriber Analytics, Map Analytics, and Business Intelligence).
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: www.pctel.com, www.antenna.com, or www.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. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) September 30, December 31, 2015 2014 ASSETS Cash and cash equivalents $ 12,887 $ 20,432 Short-term investment securities 21,428 39,577 Accounts receivable, net of allowance for doubtful accounts of $119 and $121 at September 30, 2015 and December 31, 2014, respectively 20,643 23,874 Inventories, net 17,187 16,358 Deferred tax assets, net 2,279 2,281 Prepaid expenses and other assets 2,440 1,757 Total current assets 76,864 104,279 Property and equipment, net 14,042 14,842 Goodwill 3,493 161 Intangible assets, net 12,434 2,637 Deferred tax assets, net 10,348 9,710 Other noncurrent assets 36 40 TOTAL ASSETS $ 117,217 $ 131,669 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 5,631 $ 5,495 Accrued liabilities 6,430 10,211 Total current liabilities 12,061 15,706 Other long-term liabilities 930 448 Total liabilities 12,991 16,154 Stockholders’ equity: Common stock, $0.001 par value, 100,000,000 shares authorized, 17,815,573 and 18,571,419 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively 18 19 Additional paid-in capital 137,768 145,462 Accumulated deficit (33,619 ) (30,101 ) Accumulated other comprehensive income 59 135 Total stockholders’ equity 104,226 115,515 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 117,217 $ 131,669 PCTEL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 REVENUES $ 26,526 $ 27,932 $ 80,477 $ 77,769 COST OF REVENUES 17,896 16,538 52,067 45,943 GROSS PROFIT 8,630 11,394 28,410 31,826 OPERATING EXPENSES: Research and development 2,863 2,659 8,506 8,970 Sales and marketing 3,603 3,054 10,558 9,312 General and administrative 2,847 3,120 9,513 9,822 Amortization of intangible assets 1,125 465 2,963 1,503 Restructuring charges 413 0 852 0 Total operating expenses 10,851 9,298 32,392 29,607 OPERATING INCOME (LOSS) (2,221 ) 2,096 (3,982 ) 2,219 Other income, net 534 207 2,783 738 INCOME (LOSS) BEFORE INCOME TAXES (1,687 ) 2,303 (1,199 ) 2,957 Expense (benefit) for income taxes (625 ) 85 (451 ) 340 NET INCOME (LOSS) ($1,062 ) $ 2,218 ($748 ) $ 2,617 Net Income (Loss) per Share: Basic ($0.06 ) $ 0.12 ($0.04 ) $ 0.14 Diluted ($0.06 ) $ 0.12 ($0.04 ) $ 0.14 Weighed Average Shares: Basic 17,626 18,112 18,059 18,155 Diluted 17,626 18,271 18,059 18,346 Cash dividend per share $ 0.05 $ 0.04 $ 0.15 $ 0.12 PCTEL, INC. P&L INFORMATION BY SEGMENT (unaudited) (in thousands) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Connected RF Connected RF Solutions Solutions Corporate Total Solutions Solutions Corporate Total REVENUES $ 17,450 $ 9,115 ($39 ) $ 26,526 $ 52,903 $ 27,749 ($175 ) $ 80,477 GROSS PROFIT 4,729 3,894 7 8,630 15,588 12,802 20 28,410 OPERATING INCOME (LOSS) $ 1,160 ($1,058 ) ($2,323 ) ($2,221 ) $ 4,255 ($181 ) ($8,056 ) ($3,982 ) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Connected RF Connected RF Solutions Solutions Corporate Total Solutions Solutions Corporate Total REVENUES $ 18,697 $ 9,283 ($48 ) $ 27,932 $ 52,409 $ 25,578 ($218 ) $ 77,769 GROSS PROFIT 5,803 5,584 7 11,394 16,635 15,171 20 31,826 OPERATING INCOME (LOSS) $ 2,262 $ 2,492 ($2,658 ) $ 2,096 $ 5,278 $ 5,150 ($8,209 ) $ 2,219Reconciliation 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 September 30, Nine Months Ended September 30,2015
2014
2015
2014
Operating Income (Loss) ($2,221 ) $ 2,096 ($3,982 ) $ 2,219 (a) Add: Amortization of intangible assets 1,125 465 2,963 1,503 Restructuring: -Cost of Goods Sold 132 0 246 0 -Restructuring 413 0 852 0 TelWorx investigation: -General & Administrative 9 188 100 686 Legal settlement: -General & Administrative 0 0 0 75 Stock Compensation: -Cost of Goods Sold 115 112 244 315 -Engineering 99 149 244 509 -Sales & Marketing 230 155 370 491 -General & Administrative 206 315 534 1,263 2,329 1,384 5,553 4,842 Non-GAAP Operating Income $ 108 $ 3,480 $ 1,571 $ 7,061 % of revenue 0.4 % 12.5 % 2.0 % 9.1 %Reconciliation of GAAP net loss to non-GAAP net income (b)
Three Months Ended September 30, Nine Months Ended September 30,2015
2014
2015
2014
Net Income (Loss) ($1,062 ) $ 2,218 ($748 ) $ 2,617 Adjustments: (a) Non-GAAP adjustment to operating income 2,329 1,384 5,553 4,842 (b) Other income related to SEC investigation of TelWorx (10 ) (188 ) (99 ) (660 ) (b) Legal Settlement - Amendment to Nexgen APA (500 ) 0 (2,660 ) 0 (b) Legal Settlement - other 0 0 0 (75 ) (b) Income Taxes (649 ) (545 ) (738 ) (932 ) 1,170 651 2,056 3,175 Non-GAAP Net Income $ 108 $ 2,869 $ 1,308 $ 5,792 Non-GAAP Earning per Share: Basic $ 0.01 $ 0.16 $ 0.07 $ 0.32 Diluted $ 0.01 $ 0.16 $ 0.07 $ 0.32 Weighed Average Shares: Basic 17,626 18,112 18,059 18,155 Diluted 17,809 18,271 18,428 18,346This 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 September 30, 2015 Nine Months Ended September 30, 2015 Connected RF Connected RF Solutions Solutions Corporate Total Solutions Solutions Corporate Total Operating Income (Loss) $ 1,160 ($1,058 ) ($2,323 ) ($2,221 ) $ 4,255 ($181 ) ($8,056 ) ($3,982 ) Add: Amortization of intangible assets 195 930 0 1,125 655 2,308 0 2,963 TelWorx investigation: -General & Administrative 0 0 9 9 0 0 100 100 Restructuring: -Cost of Goods Sold 132 0 0 132 246 0 0 246 -Restructuring charges 113 300 0 413 538 314 0 852 Stock Compensation: -Cost of Goods Sold 40 75 0 115 54 190 0 244 -Engineering (5 ) 104 0 99 55 189 0 244 -Sales & Marketing 88 142 0 230 173 197 0 370 -General & Administrative 16 44 146 206 6 43 485 534 579 1,595 155 2,329 1,727 3,241 585 5,553 Non-GAAP Operating Income (Loss) $ 1,739 $ 537 ($2,168 ) $ 108 $ 5,982 $ 3,060 ($7,471 ) $ 1,571 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Connected RF Connected RF Solutions Solutions Corporate Total Solutions Solutions Corporate Total Operating Income (Loss) $ 2,262 $ 2,492 ($2,658 ) $ 2,096 $ 5,278 $ 5,150 ($8,209 ) 2,219 Add: Amortization of intangible assets 261 204 0 465 891 612 0 1,503 TelWorx investigation: -General & Administrative 0 0 188 188 0 0 686 686 Legal settlement: -General & Administrative 0 0 0 0 0 0 75 75 Stock Compensation: -Cost of Goods Sold 58 54 0 112 157 158 0 315 -Engineering 63 86 0 149 229 280 0 509 -Sales & Marketing 122 33 0 155 401 90 0 491 -General & Administrative 54 31 230 315 202 98 963 1,263 558 408 418 1,384 1,880 1,238 1,724 4,842 Non-GAAP Operating Income (Loss) $ 2,820 $ 2,900 ($2,240 ) $ 3,480 $ 7,158 $ 6,388 ($6,485 ) $ 7,061This 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/20151103006864/en/
PCTEL, Inc.John SchoenCFO(630) 372-6800orJack SellerPublic Relations(630)372-6800Jack.seller@pctel.com
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