pcti-8k_20210225.htm
false 0001057083 0001057083 2021-02-25 2021-02-25

 

 

 

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) February 25, 2021

 

 

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)

 

 

 

(Zip Code)

Registrant’s telephone number, including area code: (630) 372-6800

 

 

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 Instructions 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)

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))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

PCTI

 

Nasdaq Global Select Market

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

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 February 25, 2021, PCTEL, Inc. issued a press release regarding its financial results for the fourth quarter and full year ended December 31, 2020.  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 February 25, 2021, of PCTEL, Inc. announcing its financial results for the fourth quarter and full year results ended December 31, 2020.

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

 



 

 

 

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:  February 26, 2021

 

 

 

 

 

 

 

 

 

PCTEL, INC.

 

 

By:

 

/s/ Kevin J. McGowan

 Kevin J. McGowan, Chief Financial Officer

 

pcti-ex991_6.htm

EXHIBIT 99.1

  

PCTEL Reports Fourth Quarter and Full Year Financial Results

BLOOMINGDALE, Illinois – February 25, 2021 – PCTEL, Inc. (Nasdaq: PCTI) announced its results for the fourth quarter and full year ended December 31, 2020.

 

Highlights

 

 

Revenue of $21.2 million in the quarter and $77.5 million for the year, 7.5% lower compared to the fourth quarter 2019 and 14.5% lower in the year compared to 2019. Revenue was higher by 9.5% for the test and measurement product line, and lower by 15.2% for the antenna product line compared to the fourth quarter 2019. For the year, revenue was lower by 2.0% for the test and measurement product line and lower by 19.4% for the antenna product line.

 

 

Gross profit margin of 50.1% in the fourth quarter and 49.0% for the year, down 0.2% compared to the gross profit margin in the fourth quarter 2019 and up 3.2% in the year compared to 2019. The gross profit percentage in the fourth quarter reflects a higher mix of higher margin test and measurement products, offsetting lower gross margin percentages for both test and measurement products and antenna products.

 

 

GAAP net income per diluted share of $0.10 in the fourth quarter and $0.18 in the year compared to GAAP net income per share of $0.10 in the fourth quarter 2019 and $0.21 for the year in 2019.

 

 

Non-GAAP net income and adjusted EBITDA are metrics the Company uses to measure its core earnings. A reconciliation of those non-GAAP measures to our GAAP financial statements is provided later in the press release.

 

 

Non-GAAP net income per diluted share of $0.12 in the fourth quarter and $0.31 for the year compared to Non-GAAP net income per diluted share of $0.16 in the fourth quarter 2019 and $0.47 for the year in 2019.

 

 

Adjusted EBITDA as a percent of revenue of 15.1% in the fourth quarter and 11.7% in the year compared to 16.3% in the fourth quarter and 12.4% for the year in 2019.

 

 

$41.0 million of cash and investments (including long-term investments) and no debt at December 31, 2020 compared to $41.3 million and no debt at September 30, 2020.

 

“We’re pleased with the strong performance for both our antenna and scanning receiver product lines in the fourth quarter. We saw improvements in revenue and earnings in the second half of the year and incoming orders were at the highest level since the second quarter of 2019,” said David Neumann, PCTEL’s CEO. “We expect demand to increase for our antennas, IoT devices and 5G solutions through the year as market conditions improve.”

 

 


 

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) 506-0062 (United States/Canada) or (973) 528-0011 (International), PIN number: 528059. The call will also be webcast at https://investor.pctel.com/news-events/webcasts-events.

 

REPLAY: A replay will be available for two weeks after the call on either the website listed above or by calling (877) 481-4010 (United States /Canada), or (919) 882-2331 (International), PIN number: 40038.

About PCTEL

PCTEL is a leading global provider of wireless technology, including purpose-built Industrial IoT devices, antenna systems, and test and measurement solutions. Trusted by our customers for over 25 years, we solve complex wireless challenges to help organizations stay connected, transform, and grow.

 

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 about the Company’s expectations regarding the impact of the COVID-19 pandemic; our future financial performance; growth of our antenna solutions and test and measurement businesses; the impact of our transition plan for manufacturing inside and outside China; the anticipated demand for certain products including those related to public safety, Industrial IoT, 5G and intelligent transportation; 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 disruptions to the Company’s workforce, operations, supply chain and customer demand caused by the COVID-19 pandemic and impact of the pandemic on the Company’s results of operations, financial condition and stock price; the impact of data densification and IoT on capacity and coverage demand; the impact of 5G; customer demand and growth generally in the Company’s defined market segments, including demand from customers in China; the impact of the uncertainty regarding renewal of our lease of our Tianjin, China manufacturing premises; the impact of tariffs on certain imports from China; and the Company’s ability to grow its 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.

 

# # #

 

 

PCTEL is a registered trademark of PCTEL, Inc. © 2021 PCTEL, Inc. All rights reserved.

 

 

 

 

 


 

For further information contact:

 

Kevin McGowan

CFO

PCTEL, Inc.

(630) 339-2051

 

Suzanne Cafferty

Vice President, Global Marketing

PCTEL, Inc.

(630) 339-2107

public.relations@pctel.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PCTEL, INC.


 

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

December 31, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,761

 

 

$

7,094

 

Short-term investment securities

 

 

30,582

 

 

 

32,556

 

Accounts receivable, net of allowances of $113 and $104 at December 31, 2020 and

   December 31, 2019, respectively

 

 

16,601

 

 

 

17,380

 

Inventories, net

 

 

9,984

 

 

 

11,935

 

Prepaid expenses and other assets

 

 

1,685

 

 

 

1,842

 

Total current assets

 

 

64,613

 

 

 

70,807

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

12,505

 

 

 

11,985

 

Long-term investment securities

 

 

4,640

 

 

 

0

 

Goodwill

 

 

3,332

 

 

 

3,332

 

Intangible assets, net

 

 

0

 

 

 

144

 

Other noncurrent assets

 

 

2,441

 

 

 

2,969

 

TOTAL ASSETS

 

$

87,531

 

 

$

89,237

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,430

 

 

$

3,190

 

Accrued liabilities

 

 

7,316

 

 

 

9,382

 

Total current liabilities

 

 

11,746

 

 

 

12,572

 

Long-term liabilities

 

 

4,387

 

 

 

3,315

 

Total liabilities

 

 

16,133

 

 

 

15,887

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 50,000,000 and 100,000,000 shares authorized at

 

 

 

 

 

 

 

 

December 31, 2020 and December 31, 2019, respectively, and 18,429,350 and 18,611,289

 

 

 

 

 

 

 

 

shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

18

 

 

 

19

 

Additional paid-in capital

 

 

128,269

 

 

 

133,954

 

Accumulated deficit

 

 

(56,907

)

 

 

(60,305

)

Accumulated other comprehensive loss

 

 

18

 

 

 

(318

)

Total stockholders’ equity

 

 

71,398

 

 

 

73,350

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

87,531

 

 

$

89,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PCTEL, INC.


 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

21,185

 

 

$

22,898

 

 

$

77,456

 

 

$

90,617

 

COST OF REVENUES

 

 

10,569

 

 

 

11,385

 

 

 

39,529

 

 

 

49,105

 

GROSS PROFIT

 

 

10,616

 

 

 

11,513

 

 

 

37,927

 

 

 

41,512

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,204

 

 

 

3,048

 

 

 

12,519

 

 

 

12,272

 

Sales and marketing

 

 

2,924

 

 

 

3,424

 

 

 

11,103

 

 

 

12,254

 

General and administrative

 

 

2,522

 

 

 

3,072

 

 

 

10,828

 

 

 

13,452

 

Amortization of intangible assets

 

 

0

 

 

 

49

 

 

 

32

 

 

 

219

 

Restructuring expenses

 

 

0

 

 

 

213

 

 

 

124

 

 

 

507

 

Total operating expenses

 

 

8,650

 

 

 

9,806

 

 

 

34,606

 

 

 

38,704

 

OPERATING INCOME

 

 

1,966

 

 

 

1,707

 

 

 

3,321

 

 

 

2,808

 

Other (expense) income, net

 

 

(110

)

 

 

107

 

 

 

106

 

 

 

982

 

INCOME BEFORE INCOME TAXES

 

 

1,856

 

 

 

1,814

 

 

 

3,427

 

 

 

3,790

 

Expense for income taxes

 

 

4

 

 

 

16

 

 

 

29

 

 

 

40

 

NET INCOME

 

$

1,852

 

 

$

1,798

 

 

$

3,398

 

 

$

3,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.10

 

 

$

0.10

 

 

$

0.19

 

 

$

0.21

 

Diluted

 

$

0.10

 

 

$

0.10

 

 

$

0.18

 

 

$

0.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

18,149

 

 

 

18,034

 

 

 

18,207

 

 

 

17,853

 

Diluted

 

 

18,297

 

 

 

18,461

 

 

 

18,399

 

 

 

18,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend per share

 

$

0.055

 

 

$

0.055

 

 

$

0.220

 

 

$

0.220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PCTEL, INC.


 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

 

 

Years Ended December 31,

 

.

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

3,398

 

 

$

3,750

 

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

 

 

 

 

 

 

 

 

    Depreciation and amortization

 

 

3,019

 

 

 

2,870

 

    Intangible asset amortization

 

 

144

 

 

 

885

 

    Stock-based compensation

 

 

2,479

 

 

 

4,133

 

    Loss on disposal of property and equipment

 

 

21

 

 

 

97

 

    Restructuring costs

 

 

(29

)

 

 

(33

)

Bad debt recovery

 

 

(151

)

 

 

(2

)

  Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

    Accounts receivable

 

 

960

 

 

 

(1,532

)

    Inventories

 

 

2,076

 

 

 

873

 

    Prepaid expenses and other assets

 

 

638

 

 

 

385

 

    Accounts payable

 

 

1,086

 

 

 

(2,841

)

    Income taxes payable

 

 

(10

)

 

 

(22

)

    Other accrued liabilities

 

 

(231

)

 

 

2,263

 

    Deferred revenue

 

 

1

 

 

 

92

 

      Net cash provided by operating activities

 

 

13,401

 

 

 

10,918

 

Investing Activities:

 

 

 

 

 

 

 

 

  Capital expenditures

 

 

(4,093

)

 

 

(2,263

)

  Purchase of investments

 

 

(49,701

)

 

 

(48,245

)

  Redemptions/maturities of short-term investments

 

 

47,035

 

 

 

46,559

 

      Net cash used in investing activities

 

 

(6,759

)

 

 

(3,949

)

Financing Activities:

 

 

 

 

 

 

 

 

  Proceeds from issuance of common stock

 

 

870

 

 

 

1,183

 

  Proceeds from Paycheck Protection Program Loan

 

 

3,500

 

 

 

0

 

  Repayment of Paycheck Protection Program Loan

 

 

(3,500

)

 

 

0

 

  Payment of withholding tax on stock-based compensation

 

 

(1,119

)

 

 

(1,152

)

  Principle payments on finance leases

 

 

(78

)

 

 

(99

)

  Purchase of common stock from repurchase program

 

 

(3,808

)

 

 

0

 

  Cash dividends

 

 

(4,108

)

 

 

(4,068

)

      Net cash used in financing activities

 

 

(8,243

)

 

 

(4,136

)

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

(1,601

)

 

 

2,833

 

Effect of exchange rate changes on cash

 

 

268

 

 

 

(68

)

Cash and cash equivalents, beginning of period

 

 

7,094

 

 

 

4,329

 

Cash and Cash Equivalents, End of Period

 

$

5,761

 

 

$

7,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PCTEL, INC.


 

P&L INFORMATION BY PRODUCT LINE - Continuing Operations (unaudited)

(in thousands)

 

 

 

Three Months Ended December 31, 2020

 

 

Year Ended December 31, 2020

 

 

 

Antenna Products

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

 

Antenna Products

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

REVENUES

 

$

12,844

 

 

$

8,554

 

 

$

(213

)

 

$

21,185

 

 

$

50,540

 

 

$

27,565

 

 

$

(649

)

 

$

77,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

$

4,437

 

 

$

6,135

 

 

$

44

 

 

$

10,616

 

 

$

17,665

 

 

$

20,244

 

 

$

18

 

 

$

37,927

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT %

 

 

34.5

%

 

 

71.7

%

 

 

 

 

 

 

50.1

%

 

 

35.0

%

 

 

73.4

%

 

 

 

 

 

 

49.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2019

 

 

Year Ended December 31, 2019

 

 

 

Antenna Products

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

 

Antenna Products

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

REVENUES

 

$

15,144

 

 

$

7,814

 

 

$

(60

)

 

$

22,898

 

 

$

62,708

 

 

$

28,115

 

 

$

(206

)

 

$

90,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

$

5,700

 

 

$

5,806

 

 

$

7

 

 

$

11,513

 

 

$

21,841

 

 

$

19,640

 

 

$

31

 

 

$

41,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT %

 

 

37.6

%

 

 

74.3

%

 

 

 

 

 

 

50.3

%

 

 

34.8

%

 

 

69.9

%

 

 

 

 

 

 

45.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Reconciliation of GAAP to non-GAAP Results (unaudited)

 

(in thousands except per share information)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP operating income to non-GAAP operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

1,966

 

 

$

1,707

 

 

$

3,321

 

 

$

2,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

0

 

 

 

167

 

 

 

111

 

 

 

666

 

 

     -Operating expenses

 

 

0

 

 

 

49

 

 

 

32

 

 

 

219

 

 

Restructuring

 

 

0

 

 

 

213

 

 

 

124

 

 

 

507

 

 

Stock Compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

65

 

 

 

116

 

 

 

272

 

 

 

408

 

 

     -Engineering

 

 

128

 

 

 

145

 

 

 

530

 

 

 

652

 

 

-Sales & marketing

 

 

130

 

 

 

151

 

 

 

559

 

 

 

673

 

 

     -General & administrative

 

 

161

 

 

 

475

 

 

 

1,119

 

 

 

2,401

 

 

 

 

 

484

 

 

 

1,316

 

 

 

2,747

 

 

 

5,526

 

 

Non-GAAP Operating Income

 

$

2,450

 

 

$

3,023

 

 

$

6,068

 

 

$

8,334

 

 

% of revenue

 

 

11.6

%

 

 

13.2

%

 

 

7.8

%

 

 

9.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP net income to non-GAAP net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Net Income

 

$

1,852

 

 

$

1,798

 

 

$

3,398

 

 

$

3,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Non-GAAP adjustments to operating income

 

 

484

 

 

 

1,316

 

 

 

2,747

 

 

 

5,526

 

 

Income Taxes

 

 

(183

)

 

 

(233

)

 

 

(465

)

 

 

(705

)

 

 

 

 

301

 

 

 

1,083

 

 

 

2,282

 

 

 

4,821

 

 

Non-GAAP Net Income

 

$

2,153

 

 

$

2,881

 

 

$

5,680

 

 

$

8,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.12

 

 

$

0.16

 

 

$

0.31

 

 

$

0.48

 

 

Diluted

 

$

0.12

 

 

$

0.16

 

 

$

0.31

 

 

$

0.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

18,149

 

 

 

18,034

 

 

 

18,207

 

 

 

17,853

 

 

Diluted

 

 

18,297

 

 

 

18,461

 

 

 

18,399

 

 

 

18,159

 

 

This schedule reconciles the Company's GAAP operating income to its non-GAAP operating 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 income (a) consist of stock compensation expense and amortization of intangible assets.  The adjustments to GAAP net income include the non-GAAP adjustments to operating income as well as adjustments for (b) non-cash income tax expense.

 

 

 


 

PCTEL, Inc.

 

 

Reconciliation of GAAP operating income to Adjusted EBITDA

 

 

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,