PCTEL reports USD 21.5m in Q2 revenue

PCTEL, Inc. (NASDAQ: PCTI), a provider of Performance Critical TELecom solutions, has announced its results for the second quarter and first half ended June 30, 2017, the company said.

The company sold its engineering services operations in July. At June 30, 2017 the assets sold were classified as assets held for sale and the services operations are accounted for as discontinued operations.

Revenue of USD 21.5 million in the second quarter and USD 44.5 million in the first half, a 1% increase in the quarter and a 10% increase in the half compared to last year. Connected Solutions revenue was up 7% in the quarter and 12% in the half. RF Solutions was down 16% in the quarter and up 3% in the half.
Gross profit margin of 41.7% in the second quarter and 41.4% in the first half, down 20 basis points in the quarter and up 90 basis points in the half compared to last year.

Net loss per share of USD 0.01 in the second quarter and break even in the first half, compared to a net loss of USD 0.49 per share in the quarter and USD 0.52 in the half last year.

Non-GAAP net income and adjusted EBITDA are measures the company uses to reflect the results of its core earnings. A reconciliation of those non-GAAP measures to our financial statements is provided later in the press release.
Non-GAAP net income of USD 0.05 per share in the second quarter and USD 0.10 in the first half compared to net income of USD 0.08 in the quarter and the half last year.

Adjusted EBITDA margin as a percent of revenue of 8% in the second quarter and the first half compared to 10% in the quarter and 7% in the half last year.
USD 34.2 million of cash and short-term investments at June 30, 2017. The company generated free cash flow (cash flow from operations less capital spending) of approximately USD 2.0 million in the quarter and USD 2.9 million in the half.

PCTEL delivers Performance Critical TELecom technology solutions to the wireless industry. We are a global supplier of antennas and wireless network testing solutions. PCTEL Connected Solutions designs and manufactures precision antennas.

PCTEL antennas are deployed in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the Industrial Internet of Things (IIoT). PCTEL RF Solutions provides test tools that improve the performance of wireless networks globally. Mobile operators, neutral hosts, and equipment manufacturers rely on PCTEL´s scanning receivers and testing solutions to analyze, design, and optimize next generation wireless networks.