PCTEL, Inc. (PCTI) - 500 Beiträge pro Seite
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ISIN: US69325Q1058 · WKN: 928717 · Symbol: PCTI
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Profile:PCTEL, Inc. provides wireless connectivity products and technology to wireless carriers, aggregators of Internet connectivity, personal computer original equipment manufacturers (OEMs), wireless Internet service providers, and wireless equipment manufacturers. The company operates in three groups: Broadband Technology Group, the Mobility Solutions Group, and Licensing. The Broadband Technology Group designs, distributes, and supports antenna solutions for public safety applications, unlicensed and licensed wireless broadband, fleet management, network timing, and other GPS applications. This group offers portfolio of OEM receivers and interference management solutions, including software-defined radio products that are used to measure, monitor, and optimize cellular networks. It sells SeeGull OEM receivers, which collect and measure RF data, such as signal strength and base station identification in order to analyze wireless signals; and CLARIFY interference management product, a receiver system solution to identify and measure wireless network interference under the MAXRAD, Antenna Specialists, Micro-Pulse, and iVET brands. The Mobility Solutions Group produces mobility software products for WiFi, cellular, Internet protocol multimedia subsystem, and wired applications. The Licensing group holds an intellectual property portfolio primarily in analog modem technology. PCTEL sells its antenna products to end user customers and dealers through distributors, and via direct sales channels to wireless carriers and equipment manufacturers. The company was founded in 1994 and is headquartered in Chicago, Illinois.
http://www.pctel.com/index.cgi
http://www.pctel.com/index.cgi
PCTEL Posts $20.3 Million in Third Quarter Revenue
Wednesday October 24, 4:30 pm ET
Achieves $.03 GAAP Earnings
CHICAGO--(BUSINESS WIRE)--PCTEL, Inc. (NASDAQ:PCTI), a leader in wireless broadband solutions, announced results for the third quarter ended September 30, 2007. Financial highlights of the quarter were:
$20.3 million in revenue for the quarter compared to $20.5 million in the same quarter last year and 19.0 million in the prior quarter.
$17.4 million in revenue for the quarter from the Broadband Technology Group, compared to $17.8 million in the same quarter last year, but up from $16.2 million in the prior quarter. Gross profit improved to 45 percent, compared to 41 percent in the third quarter of last year. Gross profit improved in both the scanning receiver and antenna product lines.
$2.7 million in revenue for the quarter from the Mobility Solutions Group, compared to $2.4 million in the same quarter last year and $2.5 million in the prior quarter.
$0.2 million in licensing revenue for the quarter, compared to $0.4 million in the third quarter last year.
GAAP net income of $0.6 million for the quarter, or $0.03 per diluted share, compared to a net loss of $(20.7) million, or $(0.99) per basic share for the same period in 2006. The third quarter last year included $21.5 million of asset impairment and restructuring charges related to the closing of the Dublin antenna factory.
Non-GAAP net income of $2.4 million for the quarter, or $0.11 per diluted share compared to net income of $2.6 million, or $0.12 per diluted share for the same period in 2006. The Company’s reporting of non-GAAP income excludes expenses for restructuring, stock based compensation, amortization and impairment of intangible assets and goodwill related to the Company’s acquisitions, and non cash goodwill related income tax expense.
$65.9 million of cash and short-term investments at September 30, 2007, as compared to $68.6 million at the end of the second quarter 2007. The company repurchased 517,000 shares in the quarter for $4.1 million under its share repurchase plan. The shares were purchased at an average price of $7.84.
“We are beginning to see some positive results from our investment in distribution, our cost management in different areas of the business, and the organic development of new product lines,” said Marty Singer, PCTEL’s Chairman and CEO. “We see continued growth in the three major markets that we serve: WiMAX Networks, Private Networks, including both public safety and the enterprise, and Cellular Carrier markets. In each of these markets, we are able to offer propagation, optimization, and connection management solutions,” added Singer.
PCTEL’s management team will discuss the company’s results during its scheduled earnings teleconference today at 6:15 PM EDT.
CONFERENCE CALL / WEBCAST
The company will hold a conference call at 6:15 PM EDT (5:15 PM CDT) today, Wednesday, October 24, 2007 with Marty Singer, Chairman and Chief Executive Officer, and John Schoen, Chief Financial Officer. PCTEL will not be responding to inquiries regarding its financial results until the conference call. The session can be accessed by calling (888) 230-5496 (U.S. / Canada) or (913) 981-5530 (international).
To listen via the Internet, please visit, www.pctel.com, or http://investor.pctel.com/events.cfm
REPLAY: A replay will be available for two weeks after the call on PCTEL's web site at www.pctel.com or by calling (888) 203-1112 (U.S. / Canada) or (719) 457-0820 (international) access code: 9637084.
About PCTEL
PCTEL, Inc. (Nasdaq:PCTI - News), which is headquartered in Chicago, is a global leader in wireless broadband solutions. The company’s Broadband Technology Group (BTG) includes Antenna Products and RF Solutions. PCTEL's BTG designs, distributes, and supports innovative antenna solutions for public safety applications, unlicensed and licensed wireless broadband, fleet management, network timing, and other GPS applications. Its portfolio of OEM receivers, receiver based products and interference management solutions are used to measure, monitor and optimize cellular networks. PCTEL's Mobility Solutions' software tools provide secure, access independent, remote connectivity to the Internet and IMS software for converged handsets.
The company's products are sold or licensed to wireless carriers, wireless ISPs, distributors, system integrators, wireless test and measurement companies, wireless network equipment, handset manufacturers, and government agencies. PCTEL protects its technology with a strong intellectual property portfolio and broad cross-licensing agreements. For more information, please visit the company’s web site at: http://www.pctel.com.
PCTEL Safe Harbor Statement
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements regarding PCTEL’s expectations regarding the future sales growth and leveraging its customer base and technology investments 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 ability to successfully grow the wireless products business and the 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 Condensed Statements of Operations
(unaudited, in thousands, except per share information)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
REVENUES $ 20,318 $ 20,526 $ 58,231 $ 65,850
COST OF REVENUES 9,764 10,618 28,132 30,164
GROSS PROFIT 10,554 9,908 30,099 35,686
OPERATING EXPENSES:
Research and development 3,597 3,578 11,604 9,831
Sales and marketing 3,498 3,226 10,377 9,964
General and administrative 3,373 3,393 10,494 10,867
Amortization of other intangible assets 408 749 1,580 2,842
Impairment of goodwill and intangible assets -- 20,349 -- 20,349
Restructuring charges (152 ) 1,141 1,922 424
Gain on sale of assets and related royalties (250 ) (250 ) (750 ) (750 )
Total operating expenses 10,474 32,186 35,227 53,527
INCOME (LOSS) FROM OPERATIONS 80 (22,278 ) (5,128 ) (17,841 )
OTHER INCOME, NET 820 990 2,621 2,358
INCOME (LOSS) BEFORE INCOME TAXES 900 (21,288 ) (2,507 ) (15,483 )
PROVISION (BENEFIT) FOR INCOME TAXES 259 (541 ) 818 1,135
NET INCOME (LOSS) $ 641 $ (20,747 ) $ (3,325 ) $ (16,618 )
Basic income (loss) per share $ 0.03 $ (0.99 ) $ (0.16 ) $ (0.80 )
Shares used in computing basic income (loss) per share 20,823 20,941 20,981 20,753
Diluted income (loss) per share $ 0.03 $ (0.99 ) $ (0.16 ) $ (0.80 )
Shares used in computing diluted income (loss) per share 20,970 20,941 20,981 20,753
PCTEL Inc.
Consolidated Condensed Balance Sheets
(unaudited, in thousands)
September 30, December 31,
2007 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 65,898 $ 59,148
Short-term investments -- 11,623
Accounts receivable, net 14,877 14,034
Inventories, net 8,802 7,258
Prepaid expenses and other assets 2,030 2,059
Total current assets 91,607 94,122
PROPERTY AND EQUIPMENT, net 12,719 12,357
GOODWILL 17,641 17,569
OTHER INTANGIBLE ASSETS, net 4,774 7,451
OTHER ASSETS 1,091 1,221
TOTAL ASSETS $ 127,832 $ 132,720
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable 2,442 885
Deferred revenue 1,074 1,025
Accrued liabilities 6,411 6,964
Short term debt 1,092 869
Total current liabilities 11,019 9,743
LONG-TERM LIABILITIES 2,705 2,284
Total liabilities 13,724 12,027
STOCKHOLDERS’ EQUITY:
Common stock 22 22
Additional paid-in capital 164,020 165,556
Accumulated deficit (49,996 ) (46,671 )
Accumulated other comprehensive income 62 1,786
Total stockholders’ equity 114,108 120,693
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 127,832 $ 132,720
PCTEL, Inc.
Revenue & Gross Profit by Segment
(unaudited, in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
REVENUES:
Broadband Technology Group $ 17,454 $ 17,682 $ 49,970 $ 50,450
Mobility Solutions Group 2,693 2,407 7,490 7,191
Licensing 171 437 771 8,209
TOTAL REVENUES 20,318 20,526 58,231 65,850
GROSS PROFIT:
Broadband Technology Group $ 7,708 $ 7,085 $ 21,887 $ 20,345
Mobility Solutions Group 2,681 2,398 7,455 7,152
Licensing 165 425 757 8,189
TOTAL GROSS PROFIT 10,554 9,908 30,099 35,686
GROSS PROFIT %:
Broadband Technology Group 44.2 % 40.1 % 43.8 % 40.3 %
Mobility Solutions Group 99.6 % 99.6 % 99.5 % 99.5 %
Licensing 96.5 % 97.3 % 98.2 % 99.8 %
TOTAL GROSS PROFIT % 51.9 % 48.3 % 51.7 % 54.2 %
PCTEL, Inc.
Reconciliation of Non-GAAP to GAAP Revenue & Gross Profit by Segment
(unaudited, in thousands)
Three Months Ended September 30, 2007 Three Months Ended September 30, 2006
As Non-GAAP Non As Non-GAAP Non
Reported Adjustments (a)
GAAP Reported Adjustments (a) GAAP
REVENUES:
Broadband Technology Group 17,454 17,454 17,682 17,682
Mobility Solutions Group 2,693 2,693 2,407 2,407
Licensing 171 171 437 437
TOTAL REVENUES 20,318 20,318 20,526 20,526
GROSS PROFIT:
Broadband Technology Group 7,708 (131 ) (a) 7,839 7,085 (95 ) (a) 7,180
Mobility Solutions Group 2,681 2,681 2,398 2,398
Licensing 165 165 425 425
TOTAL GROSS PROFIT 10,554 (131 ) 10,685 9,908 (95 ) 10,003
GROSS PROFIT %:
Broadband Technology Group 44.2 % 44.9 % 40.1 % 40.6 %
Mobility Solutions Group 99.6 % 99.6 % 99.6 % 99.6 %
Licensing 96.5 % 96.5 % 97.3 % 97.3 %
TOTAL GROSS PROFIT % 51.9 % 52.6 % 48.3 % 48.7 %
(a) This adjustment reflects the non-cash stock based compensation expense for restricted grants, stock bonuses, and stock options awarded to the company's employees.
PCTEL, Inc.
Reconciliation of Non-GAAP to GAAP Revenue & Gross Profit by Segment
(unaudited, in thousands)
Nine Months Ended September 30, 2007 Nine Months Ended September 30, 2006
As Non-GAAP Non As Non-GAAP Non
Reported Adjustments (a) GAAP Reported Adjustments (a) GAAP
REVENUES:
Broadband Technology Group 49,970 49,970 50,450 50,450
Mobility Solutions Group 7,490 7,490 7,191 7,191
Licensing 771 771 8,209 8,209
TOTAL REVENUES 58,231 58,231 65,850 65,850
GROSS PROFIT:
Broadband Technology Group 21,887 (318 ) (a) 22,205 20,345 (258 ) (a) 20,603
Mobility Solutions Group 7,455 7,455 7,152 7,152
Licensing 757 757 8,189 8,189
TOTAL GROSS PROFIT 30,099 (318 ) 30,417 35,686 (258 ) 35,944
GROSS PROFIT %:
Broadband Technology Group 43.8 % 44.4 % 40.3 % 40.8 %
Mobility Solutions Group 99.5 % 99.5 % 99.5 % 99.5 %
Licensing 98.2 % 98.2 % 99.8 % 99.8 %
TOTAL GROSS PROFIT % 51.7 % 52.2 % 54.2 % 54.6 %
(a) This adjustment reflects the non-cash stock based compensation expense for restricted grants, stock bonuses, and stock options awarded to the company's employees.
Reconciliation Of Non GAAP To GAAP Results Of Operations (a)
(unaudited, in thousands)
Three Months Ended September 30, 2007
Three Months Ended September 30, 2006
As Non-GAAP Non As Non-GAAP Non
Reported Adjustments (a) GAAP Reported Adjustments (a) GAAP
REVENUES $ 20,318 $ 20,318 $ 20,526 $ 20,526
COST OF REVENUES 9,764 (131 ) (b) 9,633 10,618 (95 ) (b) 10,523
GROSS PROFIT 10,554 131 10,685 9,908 95 10,003
OPERATING EXPENSES:
Research and development 3,597 (198 ) (b) 3,399 3,578 (165 ) (b) 3,413
Sales and marketing 3,498 (125 ) (b) 3,373 3,226 (207 ) (b) 3,019
General and administrative 3,373 (763 ) (b) 2,610 3,393 (642 ) (b) 2,751
Amortization of other intangible assets 408 (408 ) - 749 (749 ) -
Impairment of intangible assets - - 20,349 (20,349 ) -
Restructuring charges (152 ) 152 - 1,141 (1,141 ) -
Gain on sale of assets and related royalties (250 ) (250 ) (250 ) (250 )
Total operating expenses 10,474 (1,342 ) 9,132 32,186 (23,253 ) 8,933
INCOME (LOSS) FROM OPERATIONS 80 1,473 1,553 (22,278 ) 23,348 1,070
OTHER INCOME, NET 820 820 990 990
INCOME (LOSS) BEFORE INCOME TAXES 900 1,473 2,373 (21,288 ) 23,348 2,060
PROVISION (BENEFIT) FOR INCOME TAXES 259 (236 ) 23 (541 ) (541 )
NET INCOME (LOSS) $ 641 $ 1,709 $ 2,350 $ (20,747 ) $ 23,348 $ 2,601
Earnings (loss) per share
Basic $ 0.03 $ 0.11 $ (0.99 ) $ 0.12
Diluted $ 0.03 $ 0.11 $ (0.99 ) $ 0.12
Shares used in computing EPS (in thousands)
Basic 20,823 20,823 20,941 20,941
Diluted 20,970 20,970 20,941 21,678
(a) These adjustments reconcile the company's GAAP results of operations to its non-GAAP results of operations. The company believes that presentation of results excluding items such as non-cash compensation expense, amortization of intangible assets, restructuring charges, and non-cash income tax expense 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.
(b) This adjustment reflects the non-cash stock based compensation expense for restricted grants, stock bonuses, and stock options awarded to the company's employees.
Reconciliation Of Non GAAP To GAAP Results Of Operations (a)
(unaudited, in thousands)
Nine Months Ended September 30, 2007 Nine Months Ended September 30, 2006
As Non-GAAP Non As Non-GAAP Non
Reported Adjustments (a) GAAP Reported Adjustments (a) GAAP
REVENUES $ 58,231 $ 58,231 $ 65,850 $ 65,850
COST OF REVENUES 28,132 (318 ) (b) 27,814 30,164 (258 ) (b) 29,906
GROSS PROFIT 30,099 318 30,417 35,686 258 35,944
OPERATING EXPENSES:
Research and development 11,604 (585 ) (b) 11,019 9,831 (472 ) (b) 9,359
Sales and marketing 10,377 (488 ) (b) 9,889 9,964 (645 ) (b) 9,319
General and administrative 10,494 (2,361 ) (b) 8,133 10,867 (1,948 ) (b) 8,919
Amortization of other intangible assets 1,580 (1,580 ) - 2,842 (2,842 ) -
Impairment of intangible assets - - 20,349 (20,349 ) -
Restructuring charges 1,922 (1,922 ) - 424 (424 ) -
Gain on sale of assets and related royalties (750 ) (750 ) (750 ) (750 )
Total operating expenses 35,227 (6,936 ) 28,291 53,527 (26,680 ) 26,847
INCOME (LOSS) FROM OPERATIONS (5,128 ) 7,254 2,126 (17,841 ) 26,938 9,097
OTHER INCOME, NET 2,621 2,621 2,358 2,358
INCOME (LOSS) BEFORE INCOME TAXES (2,507 ) 7,254 4,747 (15,483 ) 26,938 11,455
PROVISION (BENEFIT) FOR INCOME TAXES 818 (784 ) 34 1,135 1,135
NET INCOME (LOSS) $ (3,325 ) $ 8,038 $ 4,713 $ (16,618 ) $ 26,938 $ 10,320
Earnings (loss) per share
Basic $ (0.16 ) $ 0.22 $ (0.80 ) $ 0.50
Diluted $ (0.16 ) $ 0.22 $ (0.80 ) $ 0.48
Shares used in computing EPS (in thousands)
Basic 20,981 20,981 20,753 20,753
Diluted 20,981 21,636 20,753 21,531
(a) These adjustments reconcile the company's GAAP results of operations to its non-GAAP results of operations. The company believes that presentation of results excluding items such as non-cash compensation expense, amortization of intangible assets, restructuring charges, and non-cash income tax expense 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.
(b) This adjustment reflects the non-cash stock based compensation expense for restricted grants, stock bonuses, and stock options awarded to the company's employees.
Contact:
PCTEL, Inc.
John Schoen, CFO, 773-243-3000
or
Jack Seller, Public Relations, 773-243-3016
jack.seller@pctel.com
--------------------------------------------------------------------------------
Source: PCTEL, Inc.
Wednesday October 24, 4:30 pm ET
Achieves $.03 GAAP Earnings
CHICAGO--(BUSINESS WIRE)--PCTEL, Inc. (NASDAQ:PCTI), a leader in wireless broadband solutions, announced results for the third quarter ended September 30, 2007. Financial highlights of the quarter were:
$20.3 million in revenue for the quarter compared to $20.5 million in the same quarter last year and 19.0 million in the prior quarter.
$17.4 million in revenue for the quarter from the Broadband Technology Group, compared to $17.8 million in the same quarter last year, but up from $16.2 million in the prior quarter. Gross profit improved to 45 percent, compared to 41 percent in the third quarter of last year. Gross profit improved in both the scanning receiver and antenna product lines.
$2.7 million in revenue for the quarter from the Mobility Solutions Group, compared to $2.4 million in the same quarter last year and $2.5 million in the prior quarter.
$0.2 million in licensing revenue for the quarter, compared to $0.4 million in the third quarter last year.
GAAP net income of $0.6 million for the quarter, or $0.03 per diluted share, compared to a net loss of $(20.7) million, or $(0.99) per basic share for the same period in 2006. The third quarter last year included $21.5 million of asset impairment and restructuring charges related to the closing of the Dublin antenna factory.
Non-GAAP net income of $2.4 million for the quarter, or $0.11 per diluted share compared to net income of $2.6 million, or $0.12 per diluted share for the same period in 2006. The Company’s reporting of non-GAAP income excludes expenses for restructuring, stock based compensation, amortization and impairment of intangible assets and goodwill related to the Company’s acquisitions, and non cash goodwill related income tax expense.
$65.9 million of cash and short-term investments at September 30, 2007, as compared to $68.6 million at the end of the second quarter 2007. The company repurchased 517,000 shares in the quarter for $4.1 million under its share repurchase plan. The shares were purchased at an average price of $7.84.
“We are beginning to see some positive results from our investment in distribution, our cost management in different areas of the business, and the organic development of new product lines,” said Marty Singer, PCTEL’s Chairman and CEO. “We see continued growth in the three major markets that we serve: WiMAX Networks, Private Networks, including both public safety and the enterprise, and Cellular Carrier markets. In each of these markets, we are able to offer propagation, optimization, and connection management solutions,” added Singer.
PCTEL’s management team will discuss the company’s results during its scheduled earnings teleconference today at 6:15 PM EDT.
CONFERENCE CALL / WEBCAST
The company will hold a conference call at 6:15 PM EDT (5:15 PM CDT) today, Wednesday, October 24, 2007 with Marty Singer, Chairman and Chief Executive Officer, and John Schoen, Chief Financial Officer. PCTEL will not be responding to inquiries regarding its financial results until the conference call. The session can be accessed by calling (888) 230-5496 (U.S. / Canada) or (913) 981-5530 (international).
To listen via the Internet, please visit, www.pctel.com, or http://investor.pctel.com/events.cfm
REPLAY: A replay will be available for two weeks after the call on PCTEL's web site at www.pctel.com or by calling (888) 203-1112 (U.S. / Canada) or (719) 457-0820 (international) access code: 9637084.
About PCTEL
PCTEL, Inc. (Nasdaq:PCTI - News), which is headquartered in Chicago, is a global leader in wireless broadband solutions. The company’s Broadband Technology Group (BTG) includes Antenna Products and RF Solutions. PCTEL's BTG designs, distributes, and supports innovative antenna solutions for public safety applications, unlicensed and licensed wireless broadband, fleet management, network timing, and other GPS applications. Its portfolio of OEM receivers, receiver based products and interference management solutions are used to measure, monitor and optimize cellular networks. PCTEL's Mobility Solutions' software tools provide secure, access independent, remote connectivity to the Internet and IMS software for converged handsets.
The company's products are sold or licensed to wireless carriers, wireless ISPs, distributors, system integrators, wireless test and measurement companies, wireless network equipment, handset manufacturers, and government agencies. PCTEL protects its technology with a strong intellectual property portfolio and broad cross-licensing agreements. For more information, please visit the company’s web site at: http://www.pctel.com.
PCTEL Safe Harbor Statement
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements regarding PCTEL’s expectations regarding the future sales growth and leveraging its customer base and technology investments 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 ability to successfully grow the wireless products business and the 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 Condensed Statements of Operations
(unaudited, in thousands, except per share information)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
REVENUES $ 20,318 $ 20,526 $ 58,231 $ 65,850
COST OF REVENUES 9,764 10,618 28,132 30,164
GROSS PROFIT 10,554 9,908 30,099 35,686
OPERATING EXPENSES:
Research and development 3,597 3,578 11,604 9,831
Sales and marketing 3,498 3,226 10,377 9,964
General and administrative 3,373 3,393 10,494 10,867
Amortization of other intangible assets 408 749 1,580 2,842
Impairment of goodwill and intangible assets -- 20,349 -- 20,349
Restructuring charges (152 ) 1,141 1,922 424
Gain on sale of assets and related royalties (250 ) (250 ) (750 ) (750 )
Total operating expenses 10,474 32,186 35,227 53,527
INCOME (LOSS) FROM OPERATIONS 80 (22,278 ) (5,128 ) (17,841 )
OTHER INCOME, NET 820 990 2,621 2,358
INCOME (LOSS) BEFORE INCOME TAXES 900 (21,288 ) (2,507 ) (15,483 )
PROVISION (BENEFIT) FOR INCOME TAXES 259 (541 ) 818 1,135
NET INCOME (LOSS) $ 641 $ (20,747 ) $ (3,325 ) $ (16,618 )
Basic income (loss) per share $ 0.03 $ (0.99 ) $ (0.16 ) $ (0.80 )
Shares used in computing basic income (loss) per share 20,823 20,941 20,981 20,753
Diluted income (loss) per share $ 0.03 $ (0.99 ) $ (0.16 ) $ (0.80 )
Shares used in computing diluted income (loss) per share 20,970 20,941 20,981 20,753
PCTEL Inc.
Consolidated Condensed Balance Sheets
(unaudited, in thousands)
September 30, December 31,
2007 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 65,898 $ 59,148
Short-term investments -- 11,623
Accounts receivable, net 14,877 14,034
Inventories, net 8,802 7,258
Prepaid expenses and other assets 2,030 2,059
Total current assets 91,607 94,122
PROPERTY AND EQUIPMENT, net 12,719 12,357
GOODWILL 17,641 17,569
OTHER INTANGIBLE ASSETS, net 4,774 7,451
OTHER ASSETS 1,091 1,221
TOTAL ASSETS $ 127,832 $ 132,720
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable 2,442 885
Deferred revenue 1,074 1,025
Accrued liabilities 6,411 6,964
Short term debt 1,092 869
Total current liabilities 11,019 9,743
LONG-TERM LIABILITIES 2,705 2,284
Total liabilities 13,724 12,027
STOCKHOLDERS’ EQUITY:
Common stock 22 22
Additional paid-in capital 164,020 165,556
Accumulated deficit (49,996 ) (46,671 )
Accumulated other comprehensive income 62 1,786
Total stockholders’ equity 114,108 120,693
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 127,832 $ 132,720
PCTEL, Inc.
Revenue & Gross Profit by Segment
(unaudited, in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
REVENUES:
Broadband Technology Group $ 17,454 $ 17,682 $ 49,970 $ 50,450
Mobility Solutions Group 2,693 2,407 7,490 7,191
Licensing 171 437 771 8,209
TOTAL REVENUES 20,318 20,526 58,231 65,850
GROSS PROFIT:
Broadband Technology Group $ 7,708 $ 7,085 $ 21,887 $ 20,345
Mobility Solutions Group 2,681 2,398 7,455 7,152
Licensing 165 425 757 8,189
TOTAL GROSS PROFIT 10,554 9,908 30,099 35,686
GROSS PROFIT %:
Broadband Technology Group 44.2 % 40.1 % 43.8 % 40.3 %
Mobility Solutions Group 99.6 % 99.6 % 99.5 % 99.5 %
Licensing 96.5 % 97.3 % 98.2 % 99.8 %
TOTAL GROSS PROFIT % 51.9 % 48.3 % 51.7 % 54.2 %
PCTEL, Inc.
Reconciliation of Non-GAAP to GAAP Revenue & Gross Profit by Segment
(unaudited, in thousands)
Three Months Ended September 30, 2007 Three Months Ended September 30, 2006
As Non-GAAP Non As Non-GAAP Non
Reported Adjustments (a)
GAAP Reported Adjustments (a) GAAP
REVENUES:
Broadband Technology Group 17,454 17,454 17,682 17,682
Mobility Solutions Group 2,693 2,693 2,407 2,407
Licensing 171 171 437 437
TOTAL REVENUES 20,318 20,318 20,526 20,526
GROSS PROFIT:
Broadband Technology Group 7,708 (131 ) (a) 7,839 7,085 (95 ) (a) 7,180
Mobility Solutions Group 2,681 2,681 2,398 2,398
Licensing 165 165 425 425
TOTAL GROSS PROFIT 10,554 (131 ) 10,685 9,908 (95 ) 10,003
GROSS PROFIT %:
Broadband Technology Group 44.2 % 44.9 % 40.1 % 40.6 %
Mobility Solutions Group 99.6 % 99.6 % 99.6 % 99.6 %
Licensing 96.5 % 96.5 % 97.3 % 97.3 %
TOTAL GROSS PROFIT % 51.9 % 52.6 % 48.3 % 48.7 %
(a) This adjustment reflects the non-cash stock based compensation expense for restricted grants, stock bonuses, and stock options awarded to the company's employees.
PCTEL, Inc.
Reconciliation of Non-GAAP to GAAP Revenue & Gross Profit by Segment
(unaudited, in thousands)
Nine Months Ended September 30, 2007 Nine Months Ended September 30, 2006
As Non-GAAP Non As Non-GAAP Non
Reported Adjustments (a) GAAP Reported Adjustments (a) GAAP
REVENUES:
Broadband Technology Group 49,970 49,970 50,450 50,450
Mobility Solutions Group 7,490 7,490 7,191 7,191
Licensing 771 771 8,209 8,209
TOTAL REVENUES 58,231 58,231 65,850 65,850
GROSS PROFIT:
Broadband Technology Group 21,887 (318 ) (a) 22,205 20,345 (258 ) (a) 20,603
Mobility Solutions Group 7,455 7,455 7,152 7,152
Licensing 757 757 8,189 8,189
TOTAL GROSS PROFIT 30,099 (318 ) 30,417 35,686 (258 ) 35,944
GROSS PROFIT %:
Broadband Technology Group 43.8 % 44.4 % 40.3 % 40.8 %
Mobility Solutions Group 99.5 % 99.5 % 99.5 % 99.5 %
Licensing 98.2 % 98.2 % 99.8 % 99.8 %
TOTAL GROSS PROFIT % 51.7 % 52.2 % 54.2 % 54.6 %
(a) This adjustment reflects the non-cash stock based compensation expense for restricted grants, stock bonuses, and stock options awarded to the company's employees.
Reconciliation Of Non GAAP To GAAP Results Of Operations (a)
(unaudited, in thousands)
Three Months Ended September 30, 2007
Three Months Ended September 30, 2006
As Non-GAAP Non As Non-GAAP Non
Reported Adjustments (a) GAAP Reported Adjustments (a) GAAP
REVENUES $ 20,318 $ 20,318 $ 20,526 $ 20,526
COST OF REVENUES 9,764 (131 ) (b) 9,633 10,618 (95 ) (b) 10,523
GROSS PROFIT 10,554 131 10,685 9,908 95 10,003
OPERATING EXPENSES:
Research and development 3,597 (198 ) (b) 3,399 3,578 (165 ) (b) 3,413
Sales and marketing 3,498 (125 ) (b) 3,373 3,226 (207 ) (b) 3,019
General and administrative 3,373 (763 ) (b) 2,610 3,393 (642 ) (b) 2,751
Amortization of other intangible assets 408 (408 ) - 749 (749 ) -
Impairment of intangible assets - - 20,349 (20,349 ) -
Restructuring charges (152 ) 152 - 1,141 (1,141 ) -
Gain on sale of assets and related royalties (250 ) (250 ) (250 ) (250 )
Total operating expenses 10,474 (1,342 ) 9,132 32,186 (23,253 ) 8,933
INCOME (LOSS) FROM OPERATIONS 80 1,473 1,553 (22,278 ) 23,348 1,070
OTHER INCOME, NET 820 820 990 990
INCOME (LOSS) BEFORE INCOME TAXES 900 1,473 2,373 (21,288 ) 23,348 2,060
PROVISION (BENEFIT) FOR INCOME TAXES 259 (236 ) 23 (541 ) (541 )
NET INCOME (LOSS) $ 641 $ 1,709 $ 2,350 $ (20,747 ) $ 23,348 $ 2,601
Earnings (loss) per share
Basic $ 0.03 $ 0.11 $ (0.99 ) $ 0.12
Diluted $ 0.03 $ 0.11 $ (0.99 ) $ 0.12
Shares used in computing EPS (in thousands)
Basic 20,823 20,823 20,941 20,941
Diluted 20,970 20,970 20,941 21,678
(a) These adjustments reconcile the company's GAAP results of operations to its non-GAAP results of operations. The company believes that presentation of results excluding items such as non-cash compensation expense, amortization of intangible assets, restructuring charges, and non-cash income tax expense 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.
(b) This adjustment reflects the non-cash stock based compensation expense for restricted grants, stock bonuses, and stock options awarded to the company's employees.
Reconciliation Of Non GAAP To GAAP Results Of Operations (a)
(unaudited, in thousands)
Nine Months Ended September 30, 2007 Nine Months Ended September 30, 2006
As Non-GAAP Non As Non-GAAP Non
Reported Adjustments (a) GAAP Reported Adjustments (a) GAAP
REVENUES $ 58,231 $ 58,231 $ 65,850 $ 65,850
COST OF REVENUES 28,132 (318 ) (b) 27,814 30,164 (258 ) (b) 29,906
GROSS PROFIT 30,099 318 30,417 35,686 258 35,944
OPERATING EXPENSES:
Research and development 11,604 (585 ) (b) 11,019 9,831 (472 ) (b) 9,359
Sales and marketing 10,377 (488 ) (b) 9,889 9,964 (645 ) (b) 9,319
General and administrative 10,494 (2,361 ) (b) 8,133 10,867 (1,948 ) (b) 8,919
Amortization of other intangible assets 1,580 (1,580 ) - 2,842 (2,842 ) -
Impairment of intangible assets - - 20,349 (20,349 ) -
Restructuring charges 1,922 (1,922 ) - 424 (424 ) -
Gain on sale of assets and related royalties (750 ) (750 ) (750 ) (750 )
Total operating expenses 35,227 (6,936 ) 28,291 53,527 (26,680 ) 26,847
INCOME (LOSS) FROM OPERATIONS (5,128 ) 7,254 2,126 (17,841 ) 26,938 9,097
OTHER INCOME, NET 2,621 2,621 2,358 2,358
INCOME (LOSS) BEFORE INCOME TAXES (2,507 ) 7,254 4,747 (15,483 ) 26,938 11,455
PROVISION (BENEFIT) FOR INCOME TAXES 818 (784 ) 34 1,135 1,135
NET INCOME (LOSS) $ (3,325 ) $ 8,038 $ 4,713 $ (16,618 ) $ 26,938 $ 10,320
Earnings (loss) per share
Basic $ (0.16 ) $ 0.22 $ (0.80 ) $ 0.50
Diluted $ (0.16 ) $ 0.22 $ (0.80 ) $ 0.48
Shares used in computing EPS (in thousands)
Basic 20,981 20,981 20,753 20,753
Diluted 20,981 21,636 20,753 21,531
(a) These adjustments reconcile the company's GAAP results of operations to its non-GAAP results of operations. The company believes that presentation of results excluding items such as non-cash compensation expense, amortization of intangible assets, restructuring charges, and non-cash income tax expense 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.
(b) This adjustment reflects the non-cash stock based compensation expense for restricted grants, stock bonuses, and stock options awarded to the company's employees.
Contact:
PCTEL, Inc.
John Schoen, CFO, 773-243-3000
or
Jack Seller, Public Relations, 773-243-3016
jack.seller@pctel.com
--------------------------------------------------------------------------------
Source: PCTEL, Inc.
4:52PM PC-TEL beats by $0.02, beats on revs (PCTI) 7.86 -0.09 : Reports Q3 (Sep) earnings of $0.11 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of $0.09; revenues fell 1.0% year/year to $20.3 mln vs the $19.9 mln consensus.
PCTEL Rings NASDAQ Opening Bell on October 26, 2007
Thursday October 25, 8:50 am ET
CHICAGO--(BUSINESS WIRE)--PCTEL, Inc. (NASDAQ: PCTI - News), a leader in Wireless Broadband Solutions, announced today that PCTEL’s Chairman and CEO, Marty Singer, will ring the NASDAQ Stock Market Opening Bell in Times Square, on Friday, October 26, 2007 at 9:30 a.m. EDT. He will be joined by representatives from management and the PCTEL Board of Directors.
“Six years ago this month, PCTEL’s management team initiated the transition from a commodity-based modem business to a leader in simplifying mobility. The company that will ring the NASDAQ bell on Friday now develops and delivers leadership products in propagation, optimization and wireless connection management,” said Marty Singer, PCTEL’s Chairman and CEO. “Opening NASDAQ on Friday will be a real honor for the PCTEL management team and punctuates our transition over the past few years,” added Singer.
To view the NASDAQ Market Open "live" on October 26, 2007, at 9:30 a.m. EDT, visit http://www.nasdaq.com/reference/marketsite_about.stm. Scroll to the bottom of the page to access the MarketSite Live web cam link. Windows Media Player is required to view the web cam.
About PCTEL
PCTEL, Inc. (NASDAQ:PCTI - News), which is headquartered in Chicago, is a global leader in wireless broadband solutions. The company’s Broadband Technology Group (BTG) includes Antenna Products and RF Solutions. PCTEL's BTG designs, distributes, and supports innovative antenna solutions for public safety applications, unlicensed and licensed wireless broadband, fleet management, network timing, and other GPS applications. Its portfolio of OEM receivers, receiver based products and interference management solutions are used to measure, monitor and optimize cellular networks. PCTEL's Mobility Solutions' software tools provide secure, access independent, remote connectivity to the Internet and IMS software for converged handsets.
The company's products are sold or licensed to wireless carriers, wireless ISPs, distributors, system integrators, wireless test and measurement companies, wireless network equipment, handset manufacturers, and government agencies. PCTEL protects its technology with a strong intellectual property portfolio and broad cross-licensing agreements. For more information, please visit the company’s web site at: http://www.pctel.com.
Contact:
PCTEL, Inc.
John Schoen
CFO
(773) 243-3000
or
Jack Seller
Public Relations
(773) 243-3016
jack.seller@pctel.com
--------------------------------------------------------------------------------
Source: PCTEL, Inc.
Thursday October 25, 8:50 am ET
CHICAGO--(BUSINESS WIRE)--PCTEL, Inc. (NASDAQ: PCTI - News), a leader in Wireless Broadband Solutions, announced today that PCTEL’s Chairman and CEO, Marty Singer, will ring the NASDAQ Stock Market Opening Bell in Times Square, on Friday, October 26, 2007 at 9:30 a.m. EDT. He will be joined by representatives from management and the PCTEL Board of Directors.
“Six years ago this month, PCTEL’s management team initiated the transition from a commodity-based modem business to a leader in simplifying mobility. The company that will ring the NASDAQ bell on Friday now develops and delivers leadership products in propagation, optimization and wireless connection management,” said Marty Singer, PCTEL’s Chairman and CEO. “Opening NASDAQ on Friday will be a real honor for the PCTEL management team and punctuates our transition over the past few years,” added Singer.
To view the NASDAQ Market Open "live" on October 26, 2007, at 9:30 a.m. EDT, visit http://www.nasdaq.com/reference/marketsite_about.stm. Scroll to the bottom of the page to access the MarketSite Live web cam link. Windows Media Player is required to view the web cam.
About PCTEL
PCTEL, Inc. (NASDAQ:PCTI - News), which is headquartered in Chicago, is a global leader in wireless broadband solutions. The company’s Broadband Technology Group (BTG) includes Antenna Products and RF Solutions. PCTEL's BTG designs, distributes, and supports innovative antenna solutions for public safety applications, unlicensed and licensed wireless broadband, fleet management, network timing, and other GPS applications. Its portfolio of OEM receivers, receiver based products and interference management solutions are used to measure, monitor and optimize cellular networks. PCTEL's Mobility Solutions' software tools provide secure, access independent, remote connectivity to the Internet and IMS software for converged handsets.
The company's products are sold or licensed to wireless carriers, wireless ISPs, distributors, system integrators, wireless test and measurement companies, wireless network equipment, handset manufacturers, and government agencies. PCTEL protects its technology with a strong intellectual property portfolio and broad cross-licensing agreements. For more information, please visit the company’s web site at: http://www.pctel.com.
Contact:
PCTEL, Inc.
John Schoen
CFO
(773) 243-3000
or
Jack Seller
Public Relations
(773) 243-3016
jack.seller@pctel.com
--------------------------------------------------------------------------------
Source: PCTEL, Inc.
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