Wireless Telecom Q4 net revenues up 14%

Wireless Telecom Group, Inc. (NYSE MKT: WTT) for the quarter ended December 31, 2016, reported consolidated net revenues of USD 9,004,000, compared to USD 7,929,000 for the same period in 2015, an increase of 14%, the company said.

For the 12 months ended December 31, 2016, the company reported consolidated net revenues of USD 31,327,000 compared to USD 33,109,000 for the same period in 2015, a decrease of 5%.

For the quarter ended December 31, 2016, net revenues in the Network Solutions segment were USD 5,003,000, compared to USD 4,827,000 for the same period in 2015, an increase of 3.6%. For the 12 months ended December 31, 2016, net revenues in the Network Solutions segment were USD 20,199,000 compared to USD 21,535,000 for the same period in 2015, a decrease of 6.2%.

For the quarter ended December 31, 2016, net revenues in the Test & Measurement segment were USD 4,002,000, compared to USD 3,102,000 for the same period in 2015, an increase of 29%. For the 12 months ended December 31, 2016, net revenues in the Test & Measurement segment were USD 11,128,000 compared to USD 11,574,000 for the same period in 2015, a decrease of 3.9%.

The net loss for the quarter-ended December 31, 2016 was (USD 1,159,000), compared to USD 24,000 of net income for the same period in 2015.

The net loss for the year-ended December 31, 2016 was (USD 1,832,000) compared to USD 377,000 of net income for the year-ended December 31, 2015.

The 2016 net loss included USD 800,000 of increased inventory obsolescence charges related, in part, to a change in accounting estimate, USD 1,208,000 of expenses in connection with the company´s M&A activities which were primarily professional fees, and an insurance settlement gain of USD 410,000, net of legal fees.

Wireless Telecom Group, Inc., comprised of Boonton Electronics, CommAgility, Microlab and Noisecom, is a global designer and manufacturer of advanced RF and microwave components, modules, systems and instruments. It is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support.