false 0001057083 0001057083 2021-11-04 2021-11-04






Washington, DC 20549







Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported) November 4, 2021




(Exact name of registrant as specified in its charter)














(State or Other Jurisdiction

of Incorporation)



File Number)


(IRS Employer

Identification No.)


471 Brighton Drive

Bloomingdale, Illinois





(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





Name of each exchange on which registered

Common Stock




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 November 4, 2021, PCTEL, Inc. issued a press release regarding its financial results for the third quarter ended September 30, 2021.  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










Press release dated November 4, 2021, of PCTEL, Inc. announcing its financial results for the third quarter ended September 30, 2021.


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











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 5, 2021















/s/ Kevin J. McGowan

 Kevin J. McGowan, Chief Financial Officer



Exhibit 99.1

PCTEL Reports Third Quarter Financial Results

BLOOMINGDALE, Illinois – November 4, 2021 – PCTEL, Inc. (Nasdaq: PCTI) announced its results for the third quarter ended September 30, 2021.





Revenue of $22.4 million in the third quarter, 18.4% higher compared to the third quarter 2020 and $0.7 million higher compared to the second quarter 2021.



Gross profit margin of 45.8% in the third quarter compared to 50.6% in the third quarter 2020 and 45.9% in the second quarter 2021. The decline from the third quarter of 2020 is primarily due to a higher mix of antennas and Industrial IoT devices.



GAAP net income per diluted share of $0.04 in the third quarter compared to $0.06 in the third quarter 2020 and ($0.01) in the second quarter 2021.



Non-GAAP net income and adjusted EBITDA are metrics the Company uses to measure its core earnings.



Non-GAAP net income per diluted share of $0.08 in the third quarter compared to Non-GAAP net income per diluted share of $0.08 in the third quarter 2020 and $0.07 in the second quarter 2021.



Adjusted EBITDA as a percent of revenue of 10.4% in the third quarter compared to 12.4% in the third quarter 2020 and 10.2% in the second quarter 2021.



$32.5 million of cash and investments and $0.1 million of debt at September 30, 2021 compared to $41.0 million and no debt at December 31, 2020.


“Despite the significant supply chain issues that impacted our revenues, we’re encouraged that our earnings were within our guidance and our revenue was modestly below guidance,” said David Neumann, PCTEL’s CEO. “Demand for our products remains strong as evidenced by another sequential increase in orders. We continue to invest in exciting new 5G products, including the Gflex™ scanning receiver, new 5G/IoT antenna platforms and industrial IoT devices. The Gflex scanning receiver opens new opportunities in the government signal intelligence

market and we believe market demand for our 5G, vehicular and IIoT products will remain high through next year.





PCTEL’s management team will discuss the Company’s results today at 4:30 p.m. ET. The call can be accessed by dialing (877) 545-0320 (United States/Canada) or (973) 528-0002 (International), PIN number: 570294. 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: 43360.


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 Industrial IoT business and our test and measurement business; the impact of the acquisition of Smarteq on the Company’s ability to offer additional products, expand in the European market, and generate revenue; 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 (e.g., the Gflex scanning receiver) and intelligent transportation; and the anticipated growth of public and private wireless systems are forward-looking statements. 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 and ensuing supply chain disruption 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; the Company’s ability to access the government market and create demand for its products; the Company’s ability to integrate Smarteq, expand its European presence and benefit from additional antenna and Industrial IoT product offerings; 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.


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



For further information contact:


Kevin McGowanSuzanne Cafferty

CFOVice President, Global Marketing


(630) 339-2051(630) 339-2107