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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021 

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to           

Commission File Number 000-27115

 

PCTEL, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

77-0364943

(State or Other Jurisdiction of

 

(I.R.S. Employer

Incorporation or Organization)

 

Identification Number)

 

 

 

471 Brighton Drive,

 

 

Bloomingdale, IL

 

60108

(Address of Principal Executive Office)

 

(Zip Code)

 

Registrant's Telephone Number, Including Area Code: (630) 372-6800

 

 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definition of “large accelerated filer,” "accelerated filer,” “smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act: 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes     No   

 

As of November 9, 2021, the registrant had 18,239,387 shares of common stock, $0.001 par value per share, outstanding.

2


PCTEL, INC.

Form 10-Q

For the Quarterly Period Ended September 30, 2021

TABLE OF CONTENTS

 

PART I

 

FINANCIAL INFORMATION

 

Page

Item 1

 

Financial Statements (unaudited)

 

4

 

 

Condensed Consolidated Balance Sheets

 

4

 

 

Condensed Consolidated Statements of Operations

 

5

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

 

6

 

 

Condensed Consolidated Statements of Stockholders' Equity

 

7

 

 

Condensed Consolidated Statements of Cash Flows

 

8

 

 

Notes to the Condensed Consolidated Financial Statements

 

9

Item 2

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

32

Item 3

 

Quantitative and Qualitative Disclosures about Market Risk

 

39

Item 4

 

Controls and Procedures

 

39

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

40

Item 1

 

Legal Proceedings

 

40

Item 1A

 

Risk Factors

 

40

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

41

Item 3

 

Defaults Upon Senior Securities

 

41

Item 4

 

Mine Safety Disclosures

 

41

Item 5

 

Other Information

 

41

Item 6

 

Exhibits

 

42

Signatures

 

 

 

43

 

 

3


 

PART I – FINANCIAL INFORMATION

Item 1: Financial Statements (unaudited)

PCTEL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

9,772

 

 

$

5,761

 

Short-term investment securities

 

 

22,680

 

 

 

30,582

 

Accounts receivable, net of allowances of $62 and $113 at September 30, 2021 and

 

 

 

 

 

 

 

 

December 31, 2020, respectively

 

 

15,846

 

 

 

16,601

 

Inventories, net

 

 

12,983

 

 

 

9,984

 

Prepaid expenses and other assets

 

 

1,282

 

 

 

1,685

 

Total current assets

 

 

62,563

 

 

 

64,613

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

12,369

 

 

 

12,505

 

Long-term investment securities

 

 

0

 

 

 

4,640

 

Goodwill

 

 

6,429

 

 

 

3,332

 

Intangible assets, net

 

 

1,727

 

 

 

0

 

Other noncurrent assets

 

 

2,479

 

 

 

2,441

 

TOTAL ASSETS

 

$

85,567

 

 

$

87,531

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,615

 

 

$

4,430

 

Accrued liabilities

 

 

10,269

 

 

 

7,316

 

Total current liabilities

 

 

14,884

 

 

 

11,746

 

Long-term liabilities

 

 

4,238

 

 

 

4,387

 

Total liabilities

 

 

19,122

 

 

 

16,133

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

September 30, 2021 and December 31, 2020, respectively, and 18,159,628 and 18,429,350

 

 

 

 

 

 

 

 

shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

18

 

 

 

18

 

Additional paid-in capital

 

 

123,702

 

 

 

128,250

 

Accumulated deficit

 

 

(57,055

)

 

 

(56,888

)

Accumulated other comprehensive (loss) income

 

 

(220

)

 

 

18

 

Total stockholders’ equity

 

 

66,445

 

 

 

71,398

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

85,567

 

 

$

87,531

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

22,411

 

 

$

18,923

 

 

$

61,799

 

 

$

56,271

 

COST OF REVENUES

 

 

12,157

 

 

 

9,348

 

 

 

33,266

 

 

 

28,960

 

GROSS PROFIT

 

 

10,254

 

 

 

9,575

 

 

 

28,533

 

 

 

27,311

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,338

 

 

 

3,216

 

 

 

9,754

 

 

 

9,315

 

Sales and marketing

 

 

3,347

 

 

 

2,640

 

 

 

9,497

 

 

 

8,179

 

General and administrative

 

 

2,817

 

 

 

2,559

 

 

 

9,228

 

 

 

8,306

 

Amortization of intangible assets

 

 

80

 

 

 

0

 

 

 

135

 

 

 

32

 

Restructuring expenses

 

 

(1

)

 

 

25

 

 

 

59

 

 

 

124

 

Total operating expenses

 

 

9,581

 

 

 

8,440

 

 

 

28,673

 

 

 

25,956

 

OPERATING INCOME (LOSS)

 

 

673

 

 

 

1,135

 

 

 

(140

)

 

 

1,355

 

Other (expense) income, net

 

 

(4

)

 

 

(84

)

 

 

(10

)

 

 

216

 

INCOME (LOSS) BEFORE INCOME TAXES

 

 

669

 

 

 

1,051

 

 

 

(150

)

 

 

1,571

 

Expense for income taxes

 

 

5

 

 

 

9

 

 

 

17

 

 

 

25

 

NET INCOME (LOSS)

 

$

664

 

 

$

1,042

 

 

$

(167

)

 

$

1,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.06

 

 

$

(0.01

)

 

$

0.09

 

Diluted

 

$

0.04

 

 

$

0.06

 

 

$

(0.01

)

 

$

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

17,945

 

 

 

18,199

 

 

 

18,078

 

 

 

18,184

 

Diluted

 

 

17,962

 

 

 

18,311

 

 

 

18,078

 

 

 

18,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend per share

 

$

0.055

 

 

$

0.055

 

 

$

0.165

 

 

$

0.165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

5


 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)

(in thousands)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

664

 

 

$

1,042

 

 

$

(167

)

 

$

1,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE (LOSS) INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(152

)

 

 

206

 

 

 

(238

)

 

 

132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

 

$

512

 

 

$

1,248

 

 

$

(405

)

 

$

1,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

6


 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

Total

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

Stockholders'

 

 

 

Common

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Equity of

 

 

 

Stock

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

PCTEL, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE at JUNE 30, 2021

 

$

19

 

 

$

126,791

 

 

$

(57,719

)

 

$

(68

)

 

$

69,023

 

Stock-based compensation expense

 

 

0

 

 

 

372

 

 

 

0

 

 

 

0

 

 

 

372

 

Repurchase of common stock

 

 

(1

)

 

 

(2,459

)

 

 

0

 

 

 

0

 

 

 

(2,460

)

Dividends paid ($0.055 per share)

 

 

0

 

 

 

(1,002

)

 

 

0

 

 

 

0

 

 

 

(1,002

)

Net income

 

 

0

 

 

 

0

 

 

 

664

 

 

 

0

 

 

 

664

 

Change in cumulative translation adjustment, net

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(152

)

 

 

(152

)

BALANCE at SEPTEMBER 30, 2021

 

$

18

 

 

$

123,702

 

 

$

(57,055

)

 

$

(220

)

 

$

66,445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE at JUNE 30, 2020

 

$

19

 

 

$

130,853

 

 

$

(59,801

)

 

$

(392

)

 

$

70,679

 

Stock-based compensation expense

 

 

0

 

 

 

433

 

 

 

0

 

 

 

0

 

 

 

433

 

Issuance of shares for stock purchase plans and stock options

 

 

0

 

 

 

8

 

 

 

0

 

 

 

0

 

 

 

8

 

Cancellation of shares for payment of withholding tax

 

 

0

 

 

 

(2

)

 

 

0

 

 

 

0

 

 

 

(2

)

Dividends paid ($0.055 per share)

 

 

0

 

 

 

(1,025

)

 

 

0

 

 

 

0

 

 

 

(1,025

)

Net income

 

 

0

 

 

 

0

 

 

 

1,042

 

 

 

0

 

 

 

1,042

 

Change in cumulative translation adjustment, net

 

 

0

 

 

 

0

 

 

 

0

 

 

 

206

 

 

 

206

 

BALANCE at SEPTEMBER 30, 2020

 

$

19

 

 

$

130,267

 

 

$

(58,759

)

 

$

(186

)

 

$

71,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE at DECEMBER 31, 2020

 

$

18

 

 

$

128,250

 

 

$

(56,888

)

 

$

18

 

 

$

71,398

 

Stock-based compensation expense

 

 

1

 

 

 

2,028

 

 

 

0

 

 

 

0

 

 

 

2,029

 

Issuance of shares for stock purchase plans and stock options

 

 

0

 

 

 

418

 

 

 

0

 

 

 

0

 

 

 

418

 

Cancellation of shares for payment of withholding tax

 

 

0

 

 

 

(782

)

 

 

0

 

 

 

0

 

 

 

(782

)

Repurchase of common stock

 

 

(1

)

 

 

(3,192

)

 

 

0

 

 

 

0

 

 

 

(3,193

)

Dividends paid ($0.165 per share)

 

 

0

 

 

 

(3,020

)

 

 

0

 

 

 

0

 

 

 

(3,020

)

Net loss

 

 

0

 

 

 

0

 

 

 

(167

)

 

 

0

 

 

 

(167

)

Change in cumulative translation adjustment, net

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(238

)

 

 

(238

)

BALANCE at SEPTEMBER 30, 2021

 

$

18

 

 

$

123,702

 

 

$

(57,055

)

 

$

(220

)

 

$

66,445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE at DECEMBER 31, 2019

 

$

19

 

 

$

133,954

 

 

$

(60,305

)

 

$

(318

)

 

$

73,350

 

Stock-based compensation expense

 

 

1

 

 

 

1,995

 

 

 

0

 

 

 

0

 

 

 

1,996

 

Issuance of shares for stock purchase plans and stock options

 

 

0

 

 

 

504

 

 

 

0

 

 

 

0

 

 

 

504

 

Cancellation of shares for payment of withholding tax

 

 

0

 

 

 

(1,108

)

 

 

0

 

 

 

0

 

 

 

(1,108

)

Repurchase of common stock

 

 

(1

)

 

 

(1,999

)

 

 

0

 

 

 

0

 

 

 

(2,000

)

Dividends paid ($0.165 per share)

 

 

0

 

 

 

(3,079

)