Parsippany, New Jersey, USA, July 21, 2021 (GLOBE NEWSWIRE) — Wi-fi Telecom Group, Inc. (NYSE American: WTT) (the “Firm”), introduced at present that based mostly on preliminary unaudited outcomes for the three months ended June 30, 2021, the Firm estimates revenues of roughly $12.0 million, in comparison with $11.1 million for identical interval in 2020, a rise of $900,000, or 8%. Administration additionally expects bookings of roughly $14.5 million for the quarter ended June 30, 2021, in comparison with $12.8 million of bookings for the quarter ended March 31, 2021, a sequential enhance of $1.7 million, or 13%. As well as, administration expects to finish the second quarter with a backlog of roughly $12.5 million, in comparison with $10.0 million at March 31, 2021 and $8.3 million at December 31, 2020.
Moreover, as of June 30, 2021 the complete quantity of the Firm’s excellent mortgage of $2.0 million beneath the Paycheck Safety Program (“PPP”) of the 2020 Coronavirus Assist, Aid and Financial Safety Act (the “CARES Act”) has been forgiven and regarded paid in full (together with relevant curiosity). The PPP Mortgage had beforehand been recorded as debt on the Firm’s steadiness sheet.
Tim Whelan, CEO of Wi-fi Telecom Group, Inc. acknowledged, “We’re happy with the accelerating momentum underway throughout our enterprise, as preliminary second quarter outcomes present continued income and backlog progress. As well as, our outlook stays constructive and is supported by our fifth straight quarter of robust bookings and a constructive book-to-bill ratio. The standard of our new bookings included power throughout all our product teams in addition to one other quarter of two new 5G software program clients.”
Mr. Whelan continued, “We’re very enthusiastic about our future, and we proceed to make progress executing our long-term technique of driving double-digit income progress and bettering working margins.”
Our monetary statements for the three months ended June 30, 2021 should not but out there. Accordingly, the data offered above displays our preliminary estimates topic to the completion of our monetary closing procedures. In consequence, these preliminary estimates might differ from the precise outcomes that will likely be mirrored in our monetary statements when they’re accomplished and publicly disclosed. These preliminary estimates might change and people adjustments could also be materials.
Our expectations with respect to our preliminary estimates for the three months ended June 30, 2021 are based mostly upon administration estimates and are the accountability of administration. Our unbiased registered public accounting agency has not audited, reviewed or carried out any procedures with respect to those preliminary outcomes and, accordingly, doesn’t specific an opinion or every other type of assurance about them.
These estimates shouldn’t be considered as an alternative to our full interim or annual monetary statements ready in accordance with GAAP. Accordingly, you shouldn’t place undue reliance on these preliminary monetary outcomes. These estimated preliminary outcomes ought to be learn at the side of the “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” and “Danger Elements” sections of our historic consolidated monetary statements, together with the notes thereto, in our Annual Report on Kind 10-Ok filed with the Securities and Change Fee on March 19, 2021 and in different experiences that we filed with the Securities and Change Fee.
This press launch comprises “forward-looking statements” throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. In some instances, such forward-looking statements could also be recognized by phrases comparable to imagine, count on, search, might, will, intend, mission, anticipate, plan, estimate, steering or comparable phrases. Ahead-looking statements embrace, amongst others, our expectation to proceed to make progress executing our long-term technique of driving double-digit income progress and bettering working margins. Traders are cautioned that such forward-looking statements should not ensures of future efficiency and contain plenty of dangers and uncertainties that might materially have an effect on precise outcomes, together with however should not restricted to, the continued influence that the COVID-19 pandemic might have on our enterprise, together with on our provide chain, and the overall financial system sooner or later, our dependency on capital spending on information and communication networks by our clients and finish customers, our dependency on the deployment of 4G LTE and 5G NR personal networks and associated providers to develop our enterprise, the influence of the lack of any important clients, the flexibility of our administration to efficiently implement our marketing strategy and technique, our potential to lift further capital to fund our operations given our diploma of leverage, product demand and improvement of aggressive applied sciences in our market sector, the influence of aggressive merchandise and pricing, our skills to guard our mental property rights and our potential to handle dangers associated to our info expertise and cyber safety, amongst others. Ought to a number of of those dangers or uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes might differ materially from these anticipated, estimated or projected. These dangers and uncertainties are disclosed in our Annual Report on Kind 10-Ok for the yr ended December 31, 2020. The Firm’s forward-looking statements communicate solely as of the date of this launch. The Firm undertakes no obligation to publicly replace or evaluation any forward-looking statements, whether or not on account of new info, future developments or in any other case, besides as required by regulation.
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About Wi-fi Telecom Group
Wi-fi Telecom Group, Inc., comprised of Boonton, CommAgility, Holzworth, Microlab, and Noisecom, is a worldwide designer and producer of superior RF and microwave elements, modules, methods, and devices. Serving the wi-fi, telecommunication, satellite tv for pc, navy, aerospace, semiconductor, and medical industries, Wi-fi Telecom Group merchandise allow innovation throughout current and rising wi-fi applied sciences. With a product portfolio together with peak energy meters, sign turbines, part noise analyzers, sign processing modules, LTE PHY/stack software program, energy splitters and combiners, GPS repeaters, public security elements, noise sources, and programmable noise turbines, Wi-fi Telecom Group helps the event, testing, and deployment of wi-fi applied sciences across the globe. Wi-fi Telecom Group, Inc.’s web site tackle is wirelesstelecomgroup.com.
Andrew M. Berger
SM Berger& Firm
Michael Kandell: +1 (973) 386-9696
25 Eastmans Street
Parsippany, NJ 07054
Tel: (973) 386-9696
Fax: (973) 386-9191