UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
For the quarterly period ended
OR
For the transition period from to
Commission File Number
(Exact Name of Registrant as Specified in Its Charter)
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(State or Other Jurisdiction of |
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(I.R.S. Employer |
Incorporation or Organization) |
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Identification Number) |
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(Address of Principal Executive Office) |
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(Zip Code) |
Registrant's Telephone Number, Including Area Code: (
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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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.
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).
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 |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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, 2023, the registrant had
PCTEL, INC.
Form 10-Q
For the Quarterly Period Ended June 30, 2023
TABLE OF CONTENTS
PART I |
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Item 1 |
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1 |
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1 |
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2 |
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Condensed Consolidated Statements of Comprehensive Income (Loss) |
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5 |
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Item 2 |
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Management's Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3 |
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31 |
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Item 4 |
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31 |
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PART II |
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32 |
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Item 1 |
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32 |
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Item 1A |
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32 |
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Item 2 |
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32 |
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Item 3 |
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32 |
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Item 4 |
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32 |
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Item 5 |
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32 |
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Item 6 |
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32 |
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33 |
PART I – FINANCIAL INFORMATION
Item 1: Financial Statements (unaudited)
PCTEL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share data)
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June 30 |
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December 31, |
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2023 |
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2022 |
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ASSETS |
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Cash and cash equivalents |
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$ |
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$ |
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Short-term investment securities |
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Accounts receivable, net of allowances of $ |
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December 31, 2022, respectively |
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Inventories, net |
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Prepaid expenses and other assets |
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Total current assets |
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Property and equipment, net |
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Goodwill |
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Intangible assets, net |
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Other noncurrent assets |
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TOTAL ASSETS |
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$ |
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$ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Accounts payable |
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$ |
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$ |
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Accrued liabilities |
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Total current liabilities |
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Long-term liabilities |
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Total liabilities |
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Stockholders’ equity: |
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Common stock, $ |
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June 30, 2023 and December 31, 2022, and |
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shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
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Additional paid-in capital |
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Accumulated deficit |
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Accumulated other comprehensive loss |
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Total stockholders’ equity |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
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$ |
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$ |
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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)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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REVENUES |
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$ |
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$ |
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$ |
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$ |
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COST OF REVENUES |
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GROSS PROFIT |
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OPERATING EXPENSES: |
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Research and development |
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Sales and marketing |
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General and administrative |
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Amortization of intangible assets |
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Restructuring expenses |
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Total operating expenses |
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OPERATING INCOME (LOSS) |
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Other income, net |
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INCOME (LOSS) BEFORE INCOME TAXES |
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Expense for income taxes |
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NET INCOME (LOSS) |
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$ |
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$ |
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$ |
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Net Income (Loss) per Share: |
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Basic |
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$ |
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$ |
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Diluted |
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$ |
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Weighted Average Shares: |
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Basic |
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Diluted |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
2
PCTEL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
(in thousands)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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NET INCOME (LOSS) |
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$ |
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$ |
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$ |
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OTHER COMPREHENSIVE LOSS: |
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Foreign currency translation adjustments |
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COMPREHENSIVE INCOME (LOSS) |
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$ |
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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)
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Accumulated |
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Total |
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Additional |
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Other |
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Stockholders' |
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Common |
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Paid-In |
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Accumulated |
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Comprehensive |
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Equity of |
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Stock |
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Capital |
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Deficit |
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Loss |
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PCTEL, Inc. |
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BALANCE at MARCH 31, 2023 |
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$ |
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$ |
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$ |
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Stock-based compensation expense |
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Issuance of shares for stock purchase plans and stock options |
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Cancellation of shares for payment of withholding tax |
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Dividends paid ($ |
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Net income |
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Change in cumulative translation adjustment, net |
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BALANCE at JUNE 30, 2023 |
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$ |
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$ |
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$ |
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$ |
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$ |
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BALANCE at MARCH 31, 2022 |
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$ |
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$ |
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$ |
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Stock-based compensation expense |
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Issuance of shares for stock purchase plans and stock options |
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Cancellation of shares for payment of withholding tax |
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Dividends paid ($ |
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Net income |
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Change in cumulative translation adjustment, net |
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BALANCE at JUNE 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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BALANCE at DECEMBER 31, 2022 |
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$ |
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$ |
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Stock-based compensation expense |
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Issuance of shares for stock purchase plans and stock options |
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Cancellation of shares for payment of withholding tax |
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Dividends paid ($ |
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Net income |
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Change in cumulative translation adjustment, net |
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BALANCE at JUNE 30, 2023 |
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$ |
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$ |
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BALANCE at DECEMBER 31, 2021 |
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$ |
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$ |
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Stock-based compensation expense |
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Issuance of shares for stock purchase plans and stock options |
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Cancellation of shares for payment of withholding tax |
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Dividends paid ($ |
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