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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 June 30, 2022 

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 August 9, 2022, the registrant had 18,677,851 shares of common stock, $0.001 par value per share, outstanding.

 

 

 


 

 

PCTEL, INC.

Form 10-Q

For the Quarterly Period Ended June 30, 2022

TABLE OF CONTENTS

 

PART I

 

FINANCIAL INFORMATION

 

Page

Item 1

 

Financial Statements (unaudited)

 

1

 

 

Condensed Consolidated Balance Sheets

 

1

 

 

Condensed Consolidated Statements of Operations

 

2

 

 

Condensed Consolidated Statements of Comprehensive (Loss) Income

 

3

 

 

Condensed Consolidated Statements of Stockholders' Equity

 

4

 

 

Condensed Consolidated Statements of Cash Flows

 

5

 

 

Notes to the Condensed Consolidated Financial Statements

 

6

Item 2

 

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

 

27

Item 3

 

Quantitative and Qualitative Disclosures about Market Risk

 

35

Item 4

 

Controls and Procedures

 

35

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

36

Item 1

 

Legal Proceedings

 

36

Item 1A

 

Risk Factors

 

36

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

36

Item 3

 

Defaults Upon Senior Securities

 

36

Item 4

 

Mine Safety Disclosures

 

36

Item 5

 

Other Information

 

36

Item 6

 

Exhibits

 

36

Signatures

 

 

 

37

 

 

 


 

 

PART I – FINANCIAL INFORMATION

Item 1: Financial Statements (unaudited)

PCTEL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,797

 

 

$

8,192

 

Short-term investment securities

 

 

22,276

 

 

 

22,562

 

Accounts receivable, net of allowances of $79 and $64 at June 30, 2022 and

 

 

 

 

 

 

 

 

December 31, 2021, respectively

 

 

19,311

 

 

 

18,905

 

Inventories, net

 

 

14,189

 

 

 

13,691

 

Prepaid expenses and other assets

 

 

1,774

 

 

 

1,747

 

Total current assets

 

 

63,347

 

 

 

65,097

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

10,784

 

 

 

11,949

 

Long-term investment securities

 

 

250

 

 

 

0

 

Goodwill

 

 

5,986

 

 

 

6,334

 

Intangible assets, net

 

 

1,231

 

 

 

1,579

 

Other noncurrent assets

 

 

2,314

 

 

 

2,438

 

TOTAL ASSETS

 

$

83,912

 

 

$

87,397

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,630

 

 

$

5,360

 

Accrued liabilities

 

 

9,867

 

 

 

11,117

 

Total current liabilities

 

 

15,497

 

 

 

16,477

 

Long-term liabilities

 

 

3,732

 

 

 

3,999

 

Total liabilities

 

 

19,229

 

 

 

20,476

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

June 30, 2022 and December 31, 2021, respectively, and 18,677,851 and 18,238,030

 

 

 

 

 

 

 

 

shares issued and outstanding at June 30, 2022 and December 31, 2021

 

 

19

 

 

 

18

 

Additional paid-in capital

 

 

123,844

 

 

 

123,998

 

Accumulated deficit

 

 

(57,888

)

 

 

(56,735

)

Accumulated other comprehensive loss

 

 

(1,292

)

 

 

(360

)

Total stockholders’ equity

 

 

64,683

 

 

 

66,921

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

83,912

 

 

$

87,397

 

 

 

 

 

 

 

 

 

 

 

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

 

1


 

 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

24,976

 

 

$

21,681

 

 

$

47,518

 

 

$

39,388

 

COST OF REVENUES

 

 

13,549

 

 

 

11,739

 

 

 

26,758

 

 

 

21,108

 

GROSS PROFIT

 

 

11,427

 

 

 

9,942

 

 

 

20,760

 

 

 

18,280

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,356

 

 

 

3,221

 

 

 

6,605

 

 

 

6,416

 

Sales and marketing

 

 

3,908

 

 

 

3,388

 

 

 

7,310

 

 

 

6,151

 

General and administrative

 

 

3,451

 

 

 

3,335

 

 

 

6,694

 

 

 

6,411

 

Amortization of intangible assets

 

 

67

 

 

 

55

 

 

 

138

 

 

 

55

 

Restructuring expenses

 

 

317

 

 

 

60

 

 

 

1,252

 

 

 

60

 

Total operating expenses

 

 

11,099

 

 

 

10,059

 

 

 

21,999

 

 

 

19,093

 

OPERATING INCOME (LOSS)

 

 

328

 

 

 

(117

)

 

 

(1,239

)

 

 

(813

)

Other income (expense), net

 

 

114

 

 

 

(45

)

 

 

125

 

 

 

(6

)

INCOME (LOSS) BEFORE INCOME TAXES

 

 

442

 

 

 

(162

)

 

 

(1,114

)

 

 

(819

)

Expense for income taxes

 

 

31

 

 

 

7

 

 

 

39

 

 

 

12

 

NET INCOME (LOSS)

 

$

411

 

 

$

(169

)

 

$

(1,153

)

 

$

(831

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.02

 

 

$

(0.01

)

 

$

(0.06

)

 

$

(0.05

)

Diluted

 

$

0.02

 

 

$

(0.01

)

 

$

(0.06

)

 

$

(0.05

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

18,157

 

 

 

18,241

 

 

 

18,065

 

 

 

18,158

 

Diluted

 

 

18,157

 

 

 

18,241

 

 

 

18,065

 

 

 

18,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

2


 

 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited)

(in thousands)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

411

 

 

$

(169

)

 

$

(1,153

)

 

$

(831

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE LOSS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(706

)

 

 

(70

)

 

 

(932

)

 

 

(86

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE LOSS

 

$

(295

)

 

$

(239

)

 

$

(2,085

)

 

$

(917

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

3


 

 

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 MARCH 31, 2022

 

$

18

 

 

$

123,379

 

 

$

(58,299

)

 

$

(586

)

 

$

64,512

 

Stock-based compensation expense

 

 

1

 

 

 

1,085

 

 

 

0

 

 

 

0

 

 

 

1,086

 

Issuance of shares for stock purchase plans and stock options

 

 

0

 

 

 

404

 

 

 

0

 

 

 

0

 

 

 

404

 

Cancellation of shares for payment of withholding tax

 

 

0

 

 

 

(4

)

 

 

0

 

 

 

0

 

 

 

(4

)

Dividends paid ($0.055 per share)

 

 

0

 

 

 

(1,020

)

 

 

0

 

 

 

0

 

 

 

(1,020

)

Net income

 

 

0

 

 

 

0

 

 

 

411

 

 

 

0

 

 

 

411

 

Change in cumulative translation adjustment, net

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(706

)

 

 

(706

)

BALANCE at JUNE 30, 2022

 

$

19

 

 

$

123,844

 

 

$

(57,888

)

 

$

(1,292

)

 

$

64,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE at MARCH 31, 2021

 

$

19

 

 

$

127,174

 

 

$

(57,550

)

 

$

2

 

 

 

69,645

 

Stock-based compensation expense

 

 

0

 

 

 

1,039

 

 

 

0

 

 

 

0

 

 

 

1,039

 

Issuance of shares for stock purchase plans and stock options

 

 

0

 

 

 

410

 

 

 

0

 

 

 

0

 

 

 

410

 

Cancellation of shares for payment of withholding tax

 

 

0

 

 

 

(123

)

 

 

0

 

 

 

0

 

 

 

(123

)

Repurchase of common stock

 

 

0

 

 

 

(702

)

 

 

0

 

 

 

0

 

 

 

(702

)

Dividends paid ($0.055 per share)

 

 

0

 

 

 

(1,007

)

 

 

0

 

 

 

0

 

 

 

(1,007

)

Net income

 

 

0

 

 

 

0

 

 

 

(169

)

 

 

0

 

 

 

(169

)

Change in cumulative translation adjustment, net

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(70

)

 

 

(70

)

BALANCE at JUNE 30, 2021

 

$

19

 

 

$

126,791

 

 

$

(57,719

)

 

$

(68

)

 

$

69,023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE at DECEMBER 31, 2021

 

$

18

 

 

$

123,998

 

 

$

(56,735

)

 

$

(360

)

 

$

66,921

 

Stock-based compensation expense

 

 

1

 

 

 

1,859

 

 

 

0

 

 

 

0

 

 

 

1,860

 

Issuance of shares for stock purchase plans and stock options

 

 

0

 

 

 

404

 

 

 

0

 

 

 

0

 

 

 

404

 

Cancellation of shares for payment of withholding tax

 

 

0

 

 

 

(396

)

 

 

0

 

 

 

0

 

 

 

(396

)

Dividends paid ($0.11 per share)

 

 

0

 

 

 

(2,021

)

 

 

0

 

 

 

0

 

 

 

(2,021

)

Net loss

 

 

0

 

 

 

0

 

 

 

(1,153

)

 

 

0

 

 

 

(1,153

)

Change in cumulative translation adjustment, net

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(932

)

 

 

(932

)

BALANCE at JUNE 30, 2022

 

$

19

 

 

$

123,844

 

 

$

(57,888

)

 

$

(1,292

)

 

$

64,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE at DECEMBER 31, 2020

 

$

18

 

 

$

128,250

 

 

$

(56,888

)

 

$

18

 

 

$

71,398

 

Stock-based compensation expense

 

 

1

 

 

 

1,656

 

 

 

0

 

 

 

0

 

 

 

1,657

 

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

 

 

0

 

 

 

(733

)

 

 

0

 

 

 

0

 

 

 

(733

)

Dividends paid ($0.11 per share)

 

 

0

 

 

 

(2,018

)

 

 

0