pcti-8k_20180315.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported)

March 15, 2018

 

 

PCTEL, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

Delaware

 

000-27115

 

77-0364943

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

471 Brighton Drive

Bloomingdale, Illinois 60108

(Address of Principal Executive Offices, including Zip Code)

(630) 372-6800

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b))

 

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 

 

 

 



 

 

Item 2.02 Results of Operations and Financial Condition

The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On March 15, 2018, PCTEL, Inc. issued a press release regarding its financial results for the fourth quarter and the full year ended December 31, 2017.  The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

 

 

 

(d)

Exhibits.

 

 

 

99.1

Press release, dated March 15, 2018, of PCTEL, Inc. announcing its financial results for the fourth quarter and the full year ended December 31, 2017.

 

 

 

 



 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  March 16, 2018

 

 

 

 

 

 

 

 

 

PCTEL, INC.

 

 

By:

 

/s/ John W. Schoen

 John W. Schoen, Chief Financial Officer

 

pcti-ex991_6.htm

EXHIBIT 99.1

  

PCTEL Reports $23.3 Million in Fourth Quarter Revenue

$91.4 Million for the Full Year

BLOOMINGDALE, Ill. – March 15, 2018 – PCTEL, Inc. (Nasdaq: PCTI), a leader in Performance Critical TELecom solutions, announced its results for the fourth quarter and the full year ended December 31, 2017.

 

Highlights from Continuing Operations

 

 

Revenue of $23.3 million in the quarter and $91.4 million for the year, down 1% in the quarter and up 8% for the year compared to last year. Connected Solutions revenue was down 9% in the quarter and up 4% for the year. RF Solutions was up 25% in the quarter and up 19% for the year.

 

 

Gross profit margin of 44.0% in the quarter and 42.4% for the year, up 265 basis points in the quarter and up 200 basis points for the year compared to last year.

 

 

Net income per diluted share of $0.19 in the fourth quarter and $0.24 for the year, an improvement of $0.47 per share in the quarter and $1.03 per share in the year. Approximately $0.03 per share of the improvement in the quarter and $0.13 per share in the year are attributed to improved operating results. The remainder is a result of non-cash changes in the Company’s deferred tax assets and related valuation allowance.

 

 

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 per diluted share of $0.08 in the fourth quarter and $0.28 for the year, unchanged in the quarter and up $0.07 for the year compared to last year.

 

 

Adjusted EBITDA margin as a percent of revenue of 10% in the fourth quarter and 9% for the year, up 55 basis points in the quarter and 95 basis points for the year compared to last year.

 

 

$38.1 million of cash and short-term investments and no debt at December 31, 2017. The Company generated free cash flow (cash flow from operations less capital spending) from continuing operations of approximately $2.1 million in the quarter and $7.1 million for the year.

 

“We are pleased to see revenue growth in both segments. Fleet and utilities markets continue to lead the growth in antennas and we closed several large scanning receiver deals through our OEM partners in the quarter,” said David Neumann, PCTEL’s CEO. “PCTEL is well positioned to take advantage of the long-term growth

 


 

opportunities in Industrial IoT and 5G, which require both performance critical antenna solutions across multiple vertical markets and RF test equipment.”

 

 

 

CONFERENCE CALL / WEBCAST  

PCTEL’s management team will discuss the Company’s results today at 4:30 p.m. ET. The call can be accessed by dialing (888) 782-2072 (U.S. / Canada) or (706) 679-6397 (International), conference ID: 47850719. The call will also be webcast at http://investor.pctel.com/events.cfm.

 

REPLAY: A replay will be available for two weeks after the call on either the website listed above or by calling (855) 859-2056 (U.S./Canada), or International (404) 537-3406, conference ID: 47850719.

 

About PCTEL

PCTEL, Inc. provides Performance Critical TELecom technology solutions. We are a leading global supplier of antennas and wireless network testing solutions. Our precision 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). We offer in-house design, testing, radio integration, and manufacturing capabilities for our antenna customers. PCTEL’s test and measurement tools improve the performance of wireless networks globally, with a focus on LTE, public safety, and emerging 5G technologies. Network operators, neutral hosts, and equipment manufacturers rely on our scanning receivers and testing solutions to analyze, design, and optimize their networks.

 

For more information, please visit our website at http://www.pctel.com/.

 

PCTEL Safe Harbor Statement

This press release and our related comments in our earnings conference call contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements regarding our future financial performance, growth of our Connected Solutions and RF Solutions businesses, anticipated demand for certain products and the anticipated growth of public and private wireless systems 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 impact of data densification and IoT on capacity and coverage demand, impact of 5G, customer demand for these types of products and services generally, growth and continuity in PCTEL’s vertical markets, and PCTEL’s ability to grow its wireless products business and create, protect and implement new technologies and solutions. 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.

 

# # #

For further information contact:

 

John SchoenMichael Rosenberg

 


 

CFODirector of Marketing

PCTEL, Inc.PCTEL, Inc.

(630) 372-6800(301) 444-2046

public.relations@pctel.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

PCTEL, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

 

2017

 

 

2016

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,559

 

 

$

14,855

 

Short-term investment securities

 

 

32,499

 

 

 

18,456

 

Accounts receivable, net of allowance for doubtful accounts of $319 and $273 at

   December 31, 2017 and December 31, 2016, respectively

 

 

18,427

 

 

 

19,101

 

Inventories, net

 

 

12,756

 

 

 

14,442

 

Prepaid expenses and other assets

 

 

1,605

 

 

 

1,498

 

Current assets held for sale

 

 

0

 

 

 

50

 

Total current assets

 

 

70,846

 

 

 

68,402

 

Property and equipment, net

 

 

12,369

 

 

 

11,833

 

Goodwill

 

 

3,332

 

 

 

3,332

 

Intangible assets, net

 

 

2,113

 

 

 

3,275

 

Deferred tax assets, net

 

 

7,734

 

 

 

4,512

 

Other noncurrent assets

 

 

72

 

 

 

36

 

Non-current assets held for sale

 

 

0

 

 

 

776

 

TOTAL ASSETS

 

$

96,466

 

 

$

92,166

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,471

 

 

$

6,073

 

Accrued liabilities

 

 

7,284

 

 

 

7,177

 

Total current liabilities

 

 

12,755

 

 

 

13,250

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

392

 

 

 

391

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

13,147

 

 

 

13,641

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized, 17,806,792 and 17,335,122

   shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively

 

 

18

 

 

 

17

 

Additional paid-in capital

 

 

134,505

 

 

 

134,480

 

Accumulated deficit

 

 

(51,258

)

 

 

(55,590

)

Accumulated other comprehensive loss

 

 

54

 

 

 

(382

)

Total stockholders’ equity

 

 

83,319

 

 

 

78,525

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

96,466

 

 

$

92,166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

PCTEL, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

 

December 31,

 

 

December 31,

 

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

23,301

 

 

$

23,623

 

 

$

91,437

 

 

$

85,006

 

 

COST OF REVENUES

 

 

13,056

 

 

 

13,860

 

 

 

52,626

 

 

 

50,595

 

 

GROSS PROFIT

 

 

10,245

 

 

 

9,763

 

 

 

38,811

 

 

 

34,411

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,002

 

 

 

2,577

 

 

 

11,142

 

 

 

10,158

 

 

Sales and marketing

 

 

3,236

 

 

 

3,646

 

 

 

12,630

 

 

 

12,716

 

 

General and administrative

 

 

3,028

 

 

 

2,873

 

 

 

13,110

 

 

 

11,905

 

 

Amortization of intangible assets

 

 

124

 

 

 

124

 

 

 

496

 

 

 

531

 

 

Restructuring expenses

 

 

0

 

 

 

0

 

 

 

0

 

 

 

234

 

 

Total operating expenses

 

 

9,390

 

 

 

9,220

 

 

 

37,378

 

 

 

35,544

 

 

OPERATING INCOME (LOSS)

 

 

855

 

 

 

543

 

 

 

1,433

 

 

 

(1,133

)

 

Other income, net

 

 

32

 

 

 

63

 

 

 

105

 

 

 

112

 

 

INCOME (LOSS) BEFORE INCOME TAXES

 

 

887

 

 

 

606

 

 

 

1,538

 

 

 

(1,021

)

 

(Benefit) expense for income taxes

 

 

(2,402

)

 

 

5,173

 

 

 

(2,471

)

 

 

11,776

 

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

3,289

 

 

 

(4,567

)

 

 

4,009

 

 

 

(12,797

)

 

NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT

 

 

(39

)

 

 

(760

)

 

 

(187

)

 

 

(4,884

)

 

NET INCOME (LOSS)

 

$

3,250

 

 

$

(5,327

)

 

$

3,822

 

 

$

(17,681

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) per Share From Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.19

 

 

$

(0.28

)

 

$

0.24

 

 

$

(0.79

)

 

Diluted

 

$

0.19

 

 

$

(0.28

)

 

$

0.24

 

 

$

(0.79

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss per Share From Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.00

)

 

$

(0.05

)

 

$

(0.01

)

 

$

(0.30

)

 

Diluted

 

$

(0.00

)

 

$

(0.05

)

 

$

(0.01

)

 

$

(0.30

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.19

 

 

$

(0.33

)

 

$

0.23

 

 

$

(1.09

)

 

Diluted

 

$

0.19

 

 

$

(0.33

)

 

$

0.23

 

 

$

(1.09

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

16,926

 

 

 

16,194

 

 

 

16,626

 

 

 

16,151

 

 

Diluted

 

 

17,299

 

 

 

16,194

 

 

 

16,913

 

 

 

16,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend per share

 

$

0.055

 

 

$

0.05

 

 

$

0.210

 

 

$

0.20

 

 

 

 


 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

.

 

2017

 

 

2016

 

 

Operating Activities:

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

4,009

 

 

$

(12,797

)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation

 

 

2,567

 

 

 

2,629

 

 

Intangible asset amortization

 

 

1,162

 

 

 

1,198

 

 

Stock-based compensation

 

 

3,005

 

 

 

3,847

 

 

Loss on disposal/sale of property and equipment

 

 

18

 

 

 

2

 

 

Restructuring costs

 

 

(78

)

 

 

30

 

 

Deferred tax provision

 

 

(2,647

)

 

 

11,048

 

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

853

 

 

 

1,695

 

 

Inventories

 

 

1,970

 

 

 

2,863

 

 

Prepaid expenses and other assets

 

 

(121

)

 

 

44

 

 

Accounts payable

 

 

(1,037

)

 

 

(484

)

 

Income taxes payable

 

 

(199

)

 

 

81

 

 

Other accrued liabilities

 

 

182

 

 

 

929

 

 

Deferred revenue

 

 

85

 

 

 

40

 

 

Net cash provided by operating activities

 

 

9,769

 

 

 

11,125

 

 

 

 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(2,666

)

 

 

(1,739

)

 

Proceeds from disposal of property and equipment

 

 

1

 

 

 

15

 

 

Purchases of investments

 

 

(49,009

)

 

 

(74,264

)

 

Redemptions/maturities of short-term investments

 

 

34,966

 

 

 

80,536

 

 

Net cash (used in) provided by investing activities

 

 

(16,708

)

 

 

4,548

 

 

 

 

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

 

1,975

 

 

 

649

 

 

Payments for repurchase of common stock

 

 

0

 

 

 

(4,095

)

 

Payment of withholding tax on stock-based compensation

 

 

(1,298

)

 

 

(426

)

 

Principle payments on capital leases

 

 

(98

)

 

 

(51

)

 

Cash dividends

 

 

(3,705

)

 

 

(3,456

)

 

Net cash used in financing activities

 

 

(3,126

)

 

 

(7,379

)

 

 

 

.

 

 

 

 

 

 

Cash flows from discontinued operations:

 

 

 

 

 

 

 

 

 

      Net cash used in operating activities

 

 

(795

)

 

 

(242

)

 

      Net cash provided by (used in) investing activities

 

 

1,434

 

 

 

(173

)

 

Net cash provided by (used in) discontinued operations

 

 

639

 

 

 

(415

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

(9,426

)

 

 

7,879

 

 

Effect of exchange rate changes on cash

 

 

130

 

 

 

(79

)

 

Cash and cash equivalents, beginning of year

 

 

14,855

 

 

 

7,055

 

 

Cash and Cash Equivalents, End of Period

 

$

5,559

 

 

$

14,855

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

PCTEL, INC.

 

P&L INFORMATION BY SEGMENT - Continuing Operations (unaudited)

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2017

 

 

Year Ended December 31, 2017

 

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

16,487

 

 

$

6,861

 

 

$

(47

)

 

$

23,301

 

 

$

68,612

 

 

$

23,019

 

 

$

(194

)

 

$

91,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

5,157

 

 

 

5,077

 

 

 

11

 

 

 

10,245

 

 

 

22,439

 

 

 

16,354

 

 

 

18

 

 

 

38,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING (LOSS) INCOME

 

$

1,517

 

 

$

1,869

 

 

$

(2,531

)

 

$

855

 

 

$

8,304

 

 

$

4,177

 

 

$

(11,048

)

 

$

1,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2016

 

 

Year Ended December 31, 2016

 

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

18,147

 

 

$

5,488

 

 

$

(12

)

 

$

23,623

 

 

$

65,763

 

 

$

19,419

 

 

$

(176

)

 

$

85,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

5,671

 

 

 

4,070

 

 

 

22

 

 

 

9,763

 

 

 

20,706

 

 

 

13,690

 

 

 

15

 

 

 

34,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING (LOSS) INCOME

 

$

2,177

 

 

$

701

 

 

$

(2,335

)

 

$

543

 

 

$

7,804

 

 

$

1,042

 

 

$

(9,979

)

 

$

(1,133

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Reconciliation of GAAP to non-GAAP Results - Continuing Operations (unaudited)

 

(in thousands except per share information)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP operating income (loss) to non-GAAP operating income - Continuing Operations (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

$

855

 

 

$

543

 

 

$

1,433

 

 

$

(1,133

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

167

 

 

 

167

 

 

 

666

 

 

 

668

 

 

     -Operating expenses

 

 

124

 

 

 

124

 

 

 

496

 

 

 

531

 

 

Restructuring

 

 

0

 

 

 

0

 

 

 

0

 

 

 

234

 

 

TelWorx investigation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -General & administrative

 

 

0

 

 

 

0

 

 

 

0

 

 

 

4

 

 

Stock Compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

68