UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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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):
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Securities registered pursuant to Section 12(b) of the Act:
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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 24, 2022, PCTEL, Inc. issued a press release regarding its financial results for the fourth quarter and full year ended December 31, 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
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Exhibits. |
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99.1 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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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 25, 2022
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PCTEL, INC. |
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By: |
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/s/ Kevin J. McGowan |
Kevin J. McGowan, Chief Financial Officer
EXHIBIT 99.1
PCTEL Reports Fourth Quarter and Full Year Financial Results
BLOOMINGDALE, Illinois – February 24, 2022 – PCTEL, Inc. (Nasdaq: PCTI) announced its results for the fourth quarter and full year ended December 31, 2021.
Highlights
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GAAP net income per diluted share of $0.02 in the fourth quarter and $0.01 for the year, compared to $0.10 in the fourth quarter 2020 and $0.19 for the full year 2020. The Company recorded restructuring expenses of $0.8 million during the fourth quarter 2021 related to the transition to contract manufacturers in China and related to eliminating headcount positions in Beijing. |
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Non-GAAP net income and adjusted EBITDA are metrics the Company uses to measure its core earnings. |
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Adjusted EBITDA as a percent of revenue of 11.8% in the fourth quarter and 9.6% for the year, compared to 15.2% in the fourth quarter 2020 and 11.8% for the full year 2020. |
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$30.8 million of cash and investments and $0.1 million of debt at December 31, 2021 compared to $41.0 million and no debt at December 31, 2020. During 2021, the Company used $6.3 million net of cash acquired for the acquisition of Smarteq, $4.0 million for dividends, and $3.2 million for share repurchases. |
“We live in an increasingly wireless world. PCTEL’s high-performance products are critical components that ensure reliable wireless connectivity across a wide range of applications,” said David Neumann, PCTEL’s CEO. “We’re pleased with our strong performance in the fourth quarter with record orders and backlog, most of which will convert to revenue in the first half of 2022. Our strategies to expand in Europe through acquisitions, to increase our use of channel partners and to invest in new products such as industrial IoT devices and advanced scanning receivers contributed to our success in 2021 and will generate growth for years to come.”
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: 546427. 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: 44649.
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 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 impact of the COVID-19 pandemic and the ensuing supply chain disruptions; and the anticipated demand for certain products, including those related to public safety, Industrial IoT, 5G (e.g., the Gflex scanning receiver) and intelligent transportation, 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 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. © 2022 PCTEL, Inc. All rights reserved.
For further information contact:
Kevin McGowanSuzanne Cafferty
CFOVice President, Global Marketing
PCTEL, Inc.PCTEL, Inc.
(630) 339-2051(630) 339-2107
public.relations@pctel.com
