pcti-8k_20181108.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)

November 8, 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 November 8, 2018, PCTEL, Inc. issued a press release regarding its financial results for the third quarter ended September 30, 2018.  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 November 8, 2018, of PCTEL, Inc. announcing its financial results for the third quarter ended September 30, 2018.

 

 

 

 



 

 

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:  November 9, 2018

 

 

 

 

 

 

 

 

 

PCTEL, INC.

 

 

By:

 

/s/ John W. Schoen

 John W. Schoen, Chief Financial Officer

 

pcti-ex991_6.htm

EXHIBIT 99.1

  

PCTEL Reports $18.4 Million in Third Quarter Revenue

BLOOMINGDALE, Illinois – November 8, 2018 – PCTEL, Inc. (Nasdaq: PCTI), a leader in Performance Critical TELecom solutions, announced its results for the third quarter ended September 30, 2018.

 

Highlights from Continuing Operations

 

 

Revenue of $18.4 million in the quarter and $61.7 million year to date, 22% lower in the quarter and 9% lower year-to-date compared to last year. Revenue was lower in both the antenna and test & measurement product lines in the quarter and year to date.

 

 

Gross profit margin of 36.5% in the quarter and 36.3% year to date, down 6.4% in the quarter and 5.6% year-to-date compared to last year. The two primary reasons for the decrease in both the quarter and year-to-date are lower test & measurement product revenue which has higher margin compared to antenna products, and price erosion in the small cell antenna market.

 

 

Net loss per share of $0.10 in the quarter and $0.22 year to date, compared to net income of $0.04 per share in the quarter and year-to-date last year.

 

 

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 loss per share of $0.06 in the quarter and a net loss of $0.07 year to date compared to net income of $0.09 in the quarter and $0.20 year-to-date last year. The third quarter of this year included $0.04 non-GAAP restructuring charges related to the Company’s recent reorganization.

 

 

Adjusted EBITDA margin as a percent of revenue of negative 3% in the quarter and positive 1% year to date compared to 11% in the quarter and 9% year-to-date last year.

 

 

$37.1 million of cash and short-term investments at September 30, 2018 and no debt.

 

“Our small cell revenue has stabilized with wins in China, North American and Europe, and we are encouraged with the early 5G deployment activity,” said David Neumann, PCTEL’s CEO. “However, carrier spending was down on legacy networks and several antenna projects were completed in Q2, which negatively affected the quarter and 2018 year to date results. We believe that improving market conditions and our recent reorganization to improve business development will position PCTEL to take advantage of the long-term growth opportunities in 5G, antennas, and industrial IoT.”

 


 

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: 1369318. The call will also be webcast at http://investor.pctel.com/news-events/webcasts-presentations.

 

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: 1369318.

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 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 https://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 antenna solutions and test and measurement businesses, anticipated demand for certain products including those related to antennas, the industrial IoT and the rollout of 5G, our expectations regarding increasing capital expenditures in 2019 by wireless operators, the impact of tariffs on certain imports from China, 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 including demand from customers in China, 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.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

 

 

 

(Unaudited)

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,377

 

 

$

5,559

 

Short-term investment securities

 

 

31,770

 

 

 

32,499

 

Accounts receivable, net of allowances of $278 and $319 at September 30, 2018 and

   December 31, 2017, respectively

 

 

13,261

 

 

 

18,624

 

Inventories, net

 

 

12,691

 

 

 

12,756

 

Prepaid expenses and other assets

 

 

1,185

 

 

 

1,605

 

Total current assets

 

 

64,284

 

 

 

71,043

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

12,491

 

 

 

12,369

 

Goodwill

 

 

3,332

 

 

 

3,332

 

Intangible assets, net

 

 

1,280

 

 

 

2,113

 

Deferred tax assets, net

 

 

8,685

 

 

 

7,734

 

Other noncurrent assets

 

 

52

 

 

 

72

 

TOTAL ASSETS

 

$

90,124

 

 

$

96,663

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,392

 

 

$

5,471

 

Accrued liabilities

 

 

5,069

 

 

 

7,481

 

Total current liabilities

 

 

10,461

 

 

 

12,952

 

Long-term liabilities

 

 

383

 

 

 

392

 

Total liabilities

 

 

10,844

 

 

 

13,344

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized, 18,318,141 and 17,806,792

   shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively

 

 

18

 

 

 

18

 

Additional paid-in capital

 

 

134,455

 

 

 

134,505

 

Accumulated deficit

 

 

(54,920

)

 

 

(51,258

)

Accumulated other comprehensive (loss) income

 

 

(273

)

 

 

54

 

Total stockholders’ equity

 

 

79,280

 

 

 

83,319

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

90,124

 

 

$

96,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

18,426

 

 

$

23,665

 

 

$

61,739

 

 

$

68,136

 

COST OF REVENUES

 

 

11,705

 

 

 

13,515

 

 

 

39,355

 

 

 

39,570

 

GROSS PROFIT

 

 

6,721

 

 

 

10,150

 

 

 

22,384

 

 

 

28,566

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,028

 

 

 

2,757

 

 

 

9,021

 

 

 

8,141

 

Sales and marketing

 

 

2,957

 

 

 

3,230

 

 

 

9,059

 

 

 

9,394

 

General and administrative

 

 

3,029

 

 

 

3,146

 

 

 

9,172

 

 

 

10,081

 

Amortization of intangible assets

 

 

85

 

 

 

124

 

 

 

333

 

 

 

372

 

Total operating expenses

 

 

9,099

 

 

 

9,257

 

 

 

27,585

 

 

 

27,988

 

OPERATING (LOSS) INCOME

 

 

(2,378

)

 

 

893

 

 

 

(5,201

)

 

 

578

 

Other income, net

 

 

226

 

 

 

32

 

 

 

486

 

 

 

74

 

(LOSS) INCOME BEFORE INCOME TAXES

 

 

(2,152

)

 

 

925

 

 

 

(4,715

)

 

 

652

 

(Benefit) expense for income taxes

 

 

(482

)

 

 

206

 

 

 

(961

)

 

 

(68

)

(LOSS) INCOME FROM CONTINUING OPERATIONS

 

 

(1,670

)

 

 

719

 

 

 

(3,754

)

 

 

720

 

NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT

 

 

0

 

 

 

236

 

 

 

0

 

 

 

(148

)

NET (LOSS) INCOME

 

$

(1,670

)

 

$

955

 

 

$

(3,754

)

 

$

572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income per Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.10

)

 

$

0.04

 

 

$

(0.22

)

 

$

0.04

 

Diluted

 

$

(0.10

)

 

$

0.04

 

 

$

(0.22

)

 

$

0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.00

 

 

$

0.01

 

 

$

0.00

 

 

$

(0.01

)

Diluted

 

$

0.00

 

 

$

0.01

 

 

$

0.00

 

 

$

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.10

)

 

$

0.06

 

 

$

(0.22

)

 

$

0.03

 

Diluted

 

$

(0.10

)

 

$

0.06

 

 

$

(0.22

)

 

$

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

17,234

 

 

 

16,757

 

 

 

17,145

 

 

 

16,526

 

Diluted

 

 

17,234

 

 

 

17,065

 

 

 

17,145

 

 

 

16,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend per share

 

$

0.055

 

 

$

0.055

 

 

$

0.155

 

 

$

0.155

 

 

 

 

 

 

 

 

 


 

 

 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

 

 

Nine Months Ended September 30,

 

.

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

 

 

Net (loss) income from continuing operations

 

$

(3,754

)

 

$

720

 

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

2,088

 

 

 

1,913

 

Intangible asset amortization

 

 

833

 

 

 

872

 

Stock-based compensation

 

 

2,572

 

 

 

2,458

 

Loss on disposal of property and equipment

 

 

11

 

 

 

18

 

Restructuring costs

 

 

(28

)

 

 

(88

)

Bad debt provision

 

 

248

 

 

 

38

 

Deferred tax provision

 

 

(868

)

 

 

(282

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

4,968

 

 

 

672

 

Inventories

 

 

(173

)

 

 

1,809

 

Prepaid expenses and other assets

 

 

425

 

 

 

509

 

Accounts payable

 

 

255

 

 

 

(1,078

)

Income taxes payable

 

 

(39

)

 

 

(154

)

Other accrued liabilities

 

 

(2,395

)

 

 

(426

)

Deferred revenue

 

 

(43

)

 

 

95

 

Net cash provided by operating activities

 

 

4,100

 

 

 

7,076

 

Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(2,205

)

 

 

(2,097

)

Proceeds from disposal of property and equipment

 

 

14

 

 

 

1

 

Purchases of investments

 

 

(33,978

)

 

 

(37,579

)

Redemptions/maturities of short-term investments

 

 

34,707

 

 

 

26,056

 

Net cash used in investing activities

 

 

(1,462

)

 

 

(13,619

)

Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

 

686

 

 

 

1,375

 

Payment of withholding tax on stock-based compensation

 

 

(301

)

 

 

(1,190

)

Principle payments on capital leases

 

 

(91

)

 

 

(64

)

Cash dividends

 

 

(3,007

)

 

 

(2,730

)

Net cash used in financing activities

 

 

(2,713

)

 

 

(2,609

)

Cash flows from discontinued operations:

 

 

 

 

 

 

 

 

      Net cash used in operating activities

 

 

0

 

 

 

(697

)

      Net cash provided by investing activities

 

 

0

 

 

 

1,434

 

Net cash flows provided by discontinued operations

 

0

 

 

 

737

 

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(75

)

 

 

(8,415

)

Effect of exchange rate changes on cash

 

 

(107

)

 

 

87

 

Cash and cash equivalents, beginning of period

 

 

5,559

 

 

 

14,855

 

Cash and Cash Equivalents, End of Period

 

$

5,377

 

 

$

6,527

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

PCTEL, INC.

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

(in thousands)

 

 

 

Three Months Ended September 30, 2018

 

 

Nine Months Ended September 30, 2018

 

 

 

Antenna Products

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

 

Antenna Products

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

REVENUES

 

$

14,877

 

 

$

3,556

 

 

$

(7

)

 

$

18,426

 

 

$

50,120

 

 

$

11,691

 

 

$

(72

)

 

$

61,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

$

4,504

 

 

$

2,201

 

 

$

16

 

 

$

6,721

 

 

$

14,734

 

 

$

7,627

 

 

$

23

 

 

$

22,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT %

 

 

30.3

%

 

 

61.9

%

 

 

 

 

 

 

36.5

%

 

 

29.4

%

 

 

65.2

%

 

 

 

 

 

 

36.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2017

 

 

Nine Months Ended September 30, 2017

 

 

 

Antenna Products

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

 

Antenna Products

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

REVENUES

 

$

17,988

 

 

$

5,739

 

 

$

(62

)

 

$

23,665

 

 

$

52,125

 

 

$

16,157

 

 

$

(146

)

 

$

68,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

$

6,148

 

 

$

4,006

 

 

$

(4

)

 

$

10,150

 

 

$

17,283

 

 

$

11,275

 

 

$

8

 

 

$

28,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT %

 

 

34.2

%

 

 

69.8

%

 

 

 

 

 

 

42.9

%

 

 

33.2

%

 

 

69.8

%

 

 

 

 

 

 

41.9

%

 

 

 

 

 

 

 

 

 


 

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

 

(in thousands except per share information)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

$

(2,378

)

 

$

893

 

 

$

(5,201

)

 

$

578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

167

 

 

 

167

 

 

 

500

 

 

 

500

 

 

     -Operating expenses

 

 

85

 

 

 

124

 

 

 

333

 

 

 

372

 

 

Stock Compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

(50

)

 

 

68

 

 

 

131

 

 

 

200

 

 

         -Engineering

 

 

165

 

 

 

128

 

 

 

462

 

 

 

394

 

 

     -Sales & marketing

 

 

174

 

 

 

116

 

 

 

462

 

 

 

362

 

 

         -General & administrative

 

 

496

 

 

 

349

 

 

 

1,517

 

 

 

1,501

 

 

 

 

 

1,037

 

 

 

952

 

 

 

3,405

 

 

 

3,329

 

 

Non-GAAP Operating (Loss) Income

 

$

(1,341

)

 

$

1,845

 

 

$

(1,796

)

 

$

3,907

 

 

% of revenue

 

 

-7.3

%

 

 

7.8

%

 

 

-2.9

%

 

 

5.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(1,670

)

 

$

719

 

 

$

(3,754

)

 

$

720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Non-GAAP adjustment to operating loss

 

 

1,037

 

 

 

952

 

 

 

3,405

 

 

 

3,329

 

 

Income Taxes

 

 

(393

)

 

 

(132

)

 

 

(856

)

 

 

(785

)

 

 

 

 

644

 

 

 

820

 

 

 

2,549

 

 

 

2,544

 

 

Non-GAAP Net (Loss) Income

 

$

(1,026

)

 

$

1,539

 

 

$

(1,205

)

 

$

3,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP (Loss) Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.06

)

 

$

0.09

 

 

$

(0.07

)

 

$

0.20

 

 

Diluted

 

$

(0.06

)

 

$

0.09

 

 

$

(0.07

)

 

$

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighed Average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

17,234

 

 

 

16,757

 

 

 

17,145

 

 

 

16,526

 

 

Diluted

 

 

17,234

 

 

 

17,065

 

 

 

17,145

 

 

 

16,830

 

 

This schedule reconciles the Company's GAAP operating loss to its non-GAAP operating (loss) income.  The Company believes that presentation of this schedule 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.

 

The adjustments to GAAP operating loss (a) consist of stock compensation expense and amortization of intangible assets.  The adjustments to GAAP net loss include the non-GAAP adjustments to operating loss as well as adjustments for (b) non-cash income tax expense.

 

 

 


 

PCTEL, Inc.

Reconciliation of GAAP operating (loss) to Adjusted EBITDA - Continuing Operations

(unaudited, in thousands)

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

2018

 

 

2017