Wireless Telecom Group announces Q1 2018 financial results

Wireless Telecom Group, Inc. (NYSE AMERICAN: WTT) has announced results for the 2018 first quarter ended March 31, 2018, the company said.

For the quarter ended March 31, 2018, the company reported consolidated net revenues of USD 13,264,000, compared to USD 9,549,000 for the same period in 2017, an increase of 38.9%.

Net revenues in the Network Solutions segment were USD 5,511,000, compared to USD 5,515,000 for the same period in 2017. Net revenues in the Test & Measurement segment were USD 3,763,000, compared to USD 3,037,000 for the same period in 2017, an increase of 23.9%. Net revenues in the Embedded Solutions segment were USD 3,990,000, compared to USD 997,000 for the same period in 2017, an increase of 300.2%.

The quarter ending March 31, 2018 included the CommAgility business in the Embedded Solutions segment for the full quarter while the year ago period included this business for the period of ownership from February 17, 2017 through March 31, 2017.

The company also reported consolidated gross profit of USD 6,268,000, or 47.3% of revenue, for the quarter ended March 31, 2018, compared to USD 4,332,000 or 45.4% of revenue, for the same period in 2017.

Gross profit in the Network Solutions segment was USD 2,442,000, or 44.3%, for the quarter ended March 31, 2018, compared to USD 2,460,000, or 44.6%, for the same period in 2017. Gross profit in the Test & Measurement segment was USD 1,845,000, or 49.0%, for the quarter ended March 31, 2018, compared to USD 1,334,000, or 43.9%, for the same period in 2017. Gross profit in the Embedded Solutions segment was USD 1,981,000, or 49.6%, for the full quarter of ownership ended March 31, 2018, compared to USD 538,000, or 54.0%, for the period of ownership in the prior year February 17, 2017 to March 31, 2017.

For the quarter ended March 31, 2018, the company reported consolidated operating expenses of USD 5,748,000, compared to USD 6,051,000 for the same period in 2017, a decrease of USD 303,000.

Included in 2018 consolidated operating expenses are the operating expenses of CommAgility of USD 1,371,000 for the three months of ownership ended March 31, 2018. Included in 2017 consolidated operating expenses are the operating expenses of CommAgility of USD 767,000 for the period of ownership February 17, 2016 through March 31, 2017 and USD 1,272,000 of expenses incurred by the company, primarily legal and other professional fees, related to the acquisition of CommAgility.

Wireless Telecom Group, Inc., comprised of Boonton Electronics, CommAgility, Microlab and Noisecom, is a global designer and manufacturer of advanced radio frequency and microwave components, modules, systems and instruments. Wireless Telecom Group´s website address is http://www.wirelesstelecomgroup.com.