UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
July 25, 2014
PCTEL, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 000-27115 | 77-0364943 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
471 Brighton Drive
Bloomingdale, Illinois 60108
(Address of Principal Executive Offices, including Zip Code)
(630) 372-6800
(Registrants telephone number, including area code)
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 Instruction 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(b)) |
¨ | 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)) |
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 July 29, 2014, PCTEL, Inc. issued a press release regarding its financial results for its second fiscal quarter ended June 30, 2014. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 8.01 Other Events
The following information is intended to be furnished under Item 8.01 of Form 8-K, Other Events. 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 July 25, 2014, PCTEL, Inc. announced the declaration of its regular quarterly dividend of $0.04 per share on its common stock, payable August 15, 2014 to shareholders of record at the close of business on August 8, 2014. 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
(d) | Exhibits. |
99.1 | Press release, dated July 29, 2014, of PCTEL, Inc. announcing its financial results for its second fiscal quarter ended June 30, 2014. | |
99.2 | Press release, dated July 25, 2014, of PCTEL, Inc. announcing its regular quarterly dividend of $0.04 per share. |
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: July 30, 2014
PCTEL, INC. | ||
By: | /s/ John W. Schoen | |
John W. Schoen, Chief Financial Officer |
EXHIBIT INDEX
Exhibit |
Description | |
Exhibit 99.1 | Press release, dated July 29, 2014, of PCTEL, Inc. announcing its financial results for its second fiscal quarter ended June 30, 2014. | |
Exhibit 99.2 | Press release, dated July 25, 2014, of PCTEL, Inc. announcing its regular quarterly dividend of $0.04 per share. |
Exhibit 99.1
PCTEL Achieves $26.2 Million in Second Quarter Revenue
$2.5 Million Sequential Increase Over First Quarter
BLOOMINGDALE, IL. July 29, 2014 PCTEL, Inc. (NASDAQ:PCTI), a leader in performance critical telecom solutions, announced its 2014 second quarter results.
Second Quarter Highlights
| $26.2 million in revenue for the quarter, a decrease of two percent from the same period last year. |
| Gross profit margin of 41 percent in the quarter, compared to 39 percent in the same period last year. |
| GAAP operating margin from continuing operations of two percent for the quarter, compared to operating margin of one percent for the same period last year. |
| GAAP net income from continuing operations of $545,000 for the quarter, or $0.03 per diluted share, compared to net income of $187,000 from continuing operations, or $0.01 per diluted share for the same period last year. |
| Non-GAAP operating profit and net income are measures the company uses to reflect the results of its core earnings. The Companys reporting of Non-GAAP net income excludes expenses for restructuring, gain or loss on sale of assets, stock based compensation, amortization and impairment of intangible assets and goodwill related to the Companys acquisitions, and non-cash related income tax expense. |
| Non-GAAP operating margin from continuing operations of nine percent in the quarter, unchanged from the same period last year. |
| Non-GAAP net income from continuing operations of $2.0 million or $0.11 per diluted share in the quarter, unchanged from the same period last year. |
| $53.9 million of cash, short-term investments at June 30, 2014, a decrease of approximately $(2.3) million from the preceding quarter. During the quarter the company repurchased approximately 216,000 of its common shares for $1.65 million, paid $750,000 in dividends, and generated $100,000 of cash and investments from all other sources. |
Our core antenna business rebounded in the second quarter, recovering from weather-related delays and soft economic conditions. We received our single largest order in the companys history for delivery next quarter, we initiated delivery of scanning receivers to China Telecom and our network engineering services business is now at a $10 million annual run rate, said Marty Singer, PCTELs Chairman and CEO. We look forward to executing against our small cell site forecast, expanding our tower business, growing our core antenna sales into key vertical markets, and fully exploiting the LTE and TD-LTE scanning receiver market, added Singer.
CONFERENCE CALL / WEBCAST
PCTELs management team will discuss the Companys results today at 5:15 PM ET. The call can be accessed by dialing (877) 734-5369 (U.S. / Canada) or (706) 679-6397 (International), conference ID: 70082603. The call will also be webcast at http://investor.pctel.com/events.cfm.
REPLAY: A replay will be available for two weeks after the call on either the website listed above or by calling (855) 859-2056 (U.S./Canada), or International (404) 537-3406, conference ID: 70082603.
About PCTEL
PCTEL delivers Performance Critical Telecom solutions. RF Solutions develops and provides test equipment, software and engineering services for wireless networks. Engineers rely upon PCTEL to optimize, visualize, and benchmark wireless networks. Connected Solutions designs and delivers performance critical antennas and site solutions for wireless networks globally. Our antennas support evolving wireless standards for cellular, private, and broadband networks. PCTEL antennas and site solutions support networks worldwide, including SCADA for oil, gas and utilities, fleet management, industrial operations, health care, small cell and network timing deployment, defense, public safety, education, and broadband access.
PCTELs performance critical products include its SeeGull® scanning receivers, SeeHawk® analytic software and CW systems, and its SeeWave interference detection systems. PCTEL is recognized globally for its industry leading-edge IBflex, EXflex, and MX scanning receivers and its sophisticated in-building Network Engineering Services (NES).
PCTELs performance critical MAXRAD® and Bluewave antenna solutions include high rejection and high performance GPS and GNSS products, the industry leading Yagi portfolio, mobile and indoor LTE, broadband, and LMR antennas and PIM-rated antennas for transit, in-building, and small cell applications. We provide performance critical mobile towers for demanding emergency and oil and gas network applications and leverage our design, logistics, and support capabilities to deliver performance critical site solutions into carrier, railroad, and utility applications.
PCTELs products are sold worldwide through direct and indirect channels. For more information, please visit the companys web sites www.pctel.com, www.antenna.com, or www.rfsolutions.pctel.com.
PCTEL Safe Harbor Statement
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements regarding the growth of PCTELs in-building engineering services and scanning receiver sales, the performance of the Connected Solutions business and the anticipated success of our new antenna and scanning receiver products, are forward-looking statements within the meaning of the safe harbor. These statements are based on managements current expectations and actual results may differ materially from those projected as a result of certain risks and uncertainties, including the ability to successfully grow the wireless products business and the ability to implement new technologies and obtain protection for the related intellectual property. These and other risks and uncertainties are detailed in PCTELs 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.
For further information contact:
John Schoen | Jack Seller | |||
CFO | Public Relations | |||
PCTEL, Inc. | PCTEL, Inc. | |||
(630) 372-6800 | (630)372-6800 | |||
Jack.seller@pctel.com |
PCTEL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited) | ||||||||
June 30, 2014 |
December 31, 2013 |
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ASSETS | ||||||||
Cash and cash equivalents |
$ | 14,123 | $ | 21,790 | ||||
Short-term investment securities |
39,771 | 36,105 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $132 and $130 at June 30, 2014 and December 31, 2013, respectively |
20,253 | 18,603 | ||||||
Inventories, net |
16,862 | 14,535 | ||||||
Deferred tax assets, net |
1,629 | 1,629 | ||||||
Prepaid expenses and other assets |
1,342 | 3,166 | ||||||
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Total current assets |
93,980 | 95,828 | ||||||
Property and equipment, net |
14,961 | 14,971 | ||||||
Goodwill |
161 | 161 | ||||||
Intangible assets, net |
3,566 | 4,604 | ||||||
Deferred tax assets, net |
11,692 | 11,827 | ||||||
Other noncurrent assets |
37 | 41 | ||||||
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TOTAL ASSETS |
$ | 124,397 | $ | 127,432 | ||||
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LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
Accounts payable |
$ | 4,473 | $ | 4,440 | ||||
Accrued liabilities |
7,988 | 7,803 | ||||||
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Total current liabilities |
12,461 | 12,243 | ||||||
Other long-term liabilities |
1,345 | 3,137 | ||||||
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Total liabilities |
13,806 | 15,380 | ||||||
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Stockholders equity: |
||||||||
Common stock, $0.001 par value, 100,000,000 shares authorized, 18,448,137 and 18,566,119 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively |
18 | 19 | ||||||
Additional paid-in capital |
143,244 | 143,572 | ||||||
Accumulated deficit |
(32,835 | ) | (31,748 | ) | ||||
Accumulated other comprehensive income |
164 | 209 | ||||||
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Total stockholders equity |
110,591 | 112,052 | ||||||
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TOTAL LIABILITIES AND EQUITY |
$ | 124,397 | $ | 127,432 | ||||
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PCTEL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share data)
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
REVENUES |
$ | 26,182 | $ | 26,746 | $ | 49,837 | $ | 51,818 | ||||||||
COST OF REVENUES |
15,331 | 16,198 | 29,405 | 31,672 | ||||||||||||
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GROSS PROFIT |
10,851 | 10,548 | 20,432 | 20,146 | ||||||||||||
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OPERATING EXPENSES: |
||||||||||||||||
Research and development |
3,069 | 2,683 | 6,311 | 5,233 | ||||||||||||
Sales and marketing |
3,303 | 3,054 | 6,258 | 6,075 | ||||||||||||
General and administrative |
3,470 | 3,825 | 6,702 | 8,456 | ||||||||||||
Amortization of intangible assets |
464 | 604 | 1,038 | 1,209 | ||||||||||||
Restructuring charges |
0 | 124 | 0 | 225 | ||||||||||||
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Total operating expenses |
10,306 | 10,290 | 20,309 | 21,198 | ||||||||||||
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OPERATING INCOME (LOSS) |
545 | 258 | 123 | (1,052 | ) | |||||||||||
Other income, net |
334 | 57 | 531 | 4,389 | ||||||||||||
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INCOME BEFORE INCOME TAXES |
879 | 315 | 654 | 3,337 | ||||||||||||
Expense for income taxes |
334 | 128 | 255 | 1,198 | ||||||||||||
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NET INCOME FROM CONTINUING OPERATIONS |
545 | 187 | 399 | 2,139 | ||||||||||||
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LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT |
0 | (22 | ) | 0 | (109 | ) | ||||||||||
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NET INCOME |
$ | 545 | $ | 165 | $ | 399 | $ | 2,030 | ||||||||
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Earnings per Share from Continuing Operations: |
||||||||||||||||
Basic |
$ | 0.03 | $ | 0.01 | $ | 0.02 | $ | 0.12 | ||||||||
Diluted |
$ | 0.03 | $ | 0.01 | $ | 0.02 | $ | 0.12 | ||||||||
Loss per Share from Discontinued Operations: |
||||||||||||||||
Basic |
$ | 0.00 | $ | 0.00 | $ | 0.00 | ($ | 0.01 | ) | |||||||
Diluted |
$ | 0.00 | $ | 0.00 | $ | 0.00 | ($ | 0.01 | ) | |||||||
Earnings per Share: |
||||||||||||||||
Basic |
$ | 0.03 | $ | 0.01 | $ | 0.02 | $ | 0.11 | ||||||||
Diluted |
$ | 0.03 | $ | 0.01 | $ | 0.02 | $ | 0.11 | ||||||||
Weighed Average Shares: |
||||||||||||||||
Basic |
18,165 | 17,790 | 18,166 | 17,731 | ||||||||||||
Diluted |
18,291 | 18,075 | 18,350 | 17,973 | ||||||||||||
Cash dividend per share |
$ | 0.040 | $ | 0.035 | $ | 0.080 | $ | 0.070 |
PCTEL, INC.
P&L INFORMATION BY SEGMENTContinuing Operations
(in thousands)
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||
Connected Solutions |
RF Solutions | Consolidating | Total | Connected Solutions |
RF Solutions |
Consolidating | Total | |||||||||||||||||||||||||
REVENUES |
$ | 17,715 | $ | 8,574 | ($ | 107 | ) | $ | 26,182 | $ | 33,712 | $ | 16,295 | ($ | 170 | ) | $ | 49,837 | ||||||||||||||
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GROSS PROFIT |
5,716 | 5,129 | 6 | 10,851 | 10,832 | 9,587 | 13 | 20,432 | ||||||||||||||||||||||||
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OPERATING INCOME (LOSS) |
$ | 1,845 | $ | 1,645 | ($ | 2,945 | ) | $ | 545 | $ | 3,015 | $ | 2,659 | ($ | 5,551 | ) | $ | 123 | ||||||||||||||
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Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Connected Solutions |
RF Solutions | Consolidating | Total | Connected Solutions |
RF Solutions |
Consolidating | Total | |||||||||||||||||||||||||
REVENUES |
$ | 19,199 | $ | 7,602 | ($ | 55 | ) | $ | 26,746 | $ | 38,555 | $ | 13,374 | ($ | 111 | ) | $ | 51,818 | ||||||||||||||
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GROSS PROFIT |
5,662 | 4,876 | 10 | 10,548 | 11,673 | 8,457 | 16 | 20,146 | ||||||||||||||||||||||||
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OPERATING INCOME (LOSS) |
$ | 1,374 | $ | 2,072 | ($ | 3,188 | ) | $ | 258 | $ | 3,132 | $ | 3,042 | ($ | 7,226 | ) | ($ | 1,052 | ) | |||||||||||||
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Reconciliation GAAP To non-GAAP Results Of Continuing Operations (unaudited)
(in thousands except per share information)
Reconciliation of GAAP operating income to non-GAAP operating income (a) from Continuing Operations
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating Income (Loss) |
$ | 545 | $ | 258 | $ | 123 | ($ | 1,052 | ) | |||||||
(a) Add: |
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Amortization of intangible assets |
464 | 604 | 1,038 | 1,209 | ||||||||||||
TelWorx restructuring: |
||||||||||||||||
-Restructuring charges |
0 | 124 | 0 | 225 | ||||||||||||
-Cost of Goods Sold |
0 | 284 | 0 | 284 | ||||||||||||
TelWorx investigation: |
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-General & Administrative |
263 | 100 | 498 | 1,491 | ||||||||||||
Legal settlement |
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-General & Administrative |
75 | 0 | 75 | 0 | ||||||||||||
Stock Compensation: |
||||||||||||||||
-Cost of Goods Sold |
117 | 107 | 203 | 191 | ||||||||||||
-Engineering |
187 | 178 | 360 | 322 | ||||||||||||
-Sales & Marketing |
189 | 154 | 336 | 261 | ||||||||||||
-General & Administrative |
603 | 660 | 948 | 947 | ||||||||||||
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1,898 | 2,211 | 3,458 | 4,930 | |||||||||||||
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Non-GAAP Operating Income |
$ | 2,443 | $ | 2,469 | $ | 3,581 | $ | 3,878 | ||||||||
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% of revenue |
9.3 | % | 9.2 | % | 7.2 | % | 7.5 | % |
Reconciliation of GAAP net income to non-GAAP net income (b) from Continuing Operations
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Income from Continuing Operations |
$ | 545 | $ | 187 | $ | 399 | $ | 2,139 | ||||||||
Adjustments: |
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(a) Non-GAAP adjustment to operating income |
1,898 | 2,211 | 3,458 | 4,930 | ||||||||||||
Other income related to the TelWorx settlement and TelWorx SEC investigation |
(252 | ) | (49 | ) | (472 | ) | (4,379 | ) | ||||||||
Legal settlement |
(75 | ) | 0 | (75 | ) | 0 | ||||||||||
(b) Income Taxes |
(107 | ) | (318 | ) | (387 | ) | 498 | |||||||||
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1,464 | 1,844 | 2,524 | 1,049 | |||||||||||||
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Non-GAAP Net Income from Continuing Operations |
$ | 2,009 | $ | 2,031 | $ | 2,923 | $ | 3,188 | ||||||||
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Non-GAAP Earning per Share: |
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Basic |
$ | 0.11 | $ | 0.11 | $ | 0.16 | $ | 0.18 | ||||||||
Diluted |
$ | 0.11 | $ | 0.11 | $ | 0.16 | $ | 0.18 | ||||||||
Weighed Average Shares: |
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Basic |
18,165 | 17,790 | 18,166 | 17,731 | ||||||||||||
Diluted |
18,291 | 18,075 | 18,350 | 17,973 |
This schedule reconciles the Companys GAAP operating income and GAAP net income to its non-GAAP operating income and non-GAAP net income. The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Companys core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Companys
GAAP results.
(a) These adjustments reflect stock based compensation expense, amortization of intangible assets, restructuring charges, and general and administrative expenses associated with the TelWorx investigation.
(b) These adjustments include the items described in footnote (a) as well as other income for the TelWorx legal settlement and insurance claims related to the TelWorx investigation, and non-cash income tax expense.
Reconciliation GAAP To non-GAAP SEGMENT INFORMATION (unaudited) (a) - Continuing Operations
(in thousands except per share information)
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||
Connected Solutions |
RF Solutions | Consolidating | Total | Connected Solutions |
RF Solutions |
Consolidating | Total | |||||||||||||||||||||||||
Operating Income (Loss) |
$ | 1,845 | $ | 1,645 | ($ | 2,945 | ) | $ | 545 | $ | 3,015 | $ | 2,659 | ($ | 5,551 | ) | $ | 123 | ||||||||||||||
Add: |
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Amortization of intangible assets |
260 | 204 | 0 | 464 | 630 | 408 | 0 | 1,038 | ||||||||||||||||||||||||
TelWorx restructuring: |
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-Restructuring charges |
0 | 0 | 0 | 0 | | 0 | 0 | | ||||||||||||||||||||||||
-Cost of Goods Sold |
0 | 0 | 0 | 0 | | 0 | 0 | | ||||||||||||||||||||||||
TelWorx investigation: |
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-General & Administrative |
0 | 0 | 263 | 263 | 0 | 0 | 498 | 498 | ||||||||||||||||||||||||
Legal settlement |
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-General & Administrative |
0 | 0 | 75 | 75 | 0 | 0 | 75 | 75 | ||||||||||||||||||||||||
Stock Compensation: |
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-Cost of Goods Sold |
54 | 63 | 0 | 117 | 99 | 104 | 0 | 203 | ||||||||||||||||||||||||
-Engineering |
86 | 101 | 0 | 187 | 166 | 194 | 0 | 360 | ||||||||||||||||||||||||
-Sales & Marketing |
150 | 39 | 0 | 189 | 279 | 57 | 0 | 336 | ||||||||||||||||||||||||
-General & Administrative |
63 | 36 | 504 | 603 | 149 | 67 | 732 | 948 | ||||||||||||||||||||||||
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613 | 443 | 842 | 1,898 | 1,323 | 830 | 1,305 | 3,458 | |||||||||||||||||||||||||
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Non-GAAP Operating Income (Loss) |
$ | 2,458 | $ | 2,088 | ($ | 2,103 | ) | $ | 2,443 | $ | 4,338 | $ | 3,489 | ($ | 4,246 | ) | $ | 3,581 | ||||||||||||||
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Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Connected Solutions |
RF Solutions | Consolidating | Total | Connected Solutions |
RF Solutions |
Consolidating | Total | |||||||||||||||||||||||||
Operating Income (Loss) |
$ | 1,374 | $ | 2,072 | ($ | 3,188 | ) | $ | 258 | $ | 3,132 | $ | 3,042 | ($ | 7,226 | ) | ($ | 1,052 | ) | |||||||||||||
Add: |
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Amortization of intangible assets |
394 | 210 | 0 | 604 | 790 | 419 | 0 | 1,209 | ||||||||||||||||||||||||
TelWorx restructuring: |
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-Restructuring charges |
124 | 0 | 0 | 124 | 225 | 0 | 0 | 225 | ||||||||||||||||||||||||
-Cost of Goods Sold |
284 | 0 | 0 | 284 | 284 | 0 | 0 | 284 | ||||||||||||||||||||||||
TelWorx investigation: |
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-General & Administrative |
0 | 0 | 100 | 100 | 0 | 0 | 1,491 | 1,491 | ||||||||||||||||||||||||
Stock Compensation: |
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-Cost of Goods Sold |
39 | 68 | 0 | 107 | 65 | 126 | 0 | 191 | ||||||||||||||||||||||||
-Engineering |
76 | 102 | 0 | 178 | 131 | 191 | 0 | 322 | ||||||||||||||||||||||||
-Sales & Marketing |
122 | 32 | 0 | 154 | 200 | 61 | 0 | 261 | ||||||||||||||||||||||||
-General & Administrative |
89 | 26 | 545 | 660 | 155 | 42 | 750 | 947 | ||||||||||||||||||||||||
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1,128 | 438 | 645 | 2,211 | 1,850 | 839 | 2,241 | 4,930 | |||||||||||||||||||||||||
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Non-GAAP Operating Income (Loss) |
$ | 2,502 | $ | 2,510 | ($ | 2,543 | ) | $ | 2,469 | $ | 4,982 | $ | 3,881 | ($ | 4,985 | ) | $ | 3,878 | ||||||||||||||
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This schedule reconciles the Companys GAAP operating income by segment to its non-GAAP operating income and non-GAAP net income. The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Companys core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Companys GAAP results.
(a) These adjustments reflect stock based compensation expense, amortization of intangible assets, restructuring charges, and general and administrative expenses associated with the TelWorx investigation.
Exhibit 99.2
PCTEL Declares Regular Quarterly Dividend
BLOOMINGDALE, IL July 25, 2014 PCTEL, Inc. (NASDAQ:PCTI), a leader in simplifying wireless and site solutions for private and public networks, announced today the declaration of its regular quarterly dividend of $0.04 per share on its common stock. This dividend will be payable on August 15, 2014 to shareholders of record at the close of business on August 8, 2014.
About PCTEL
PCTEL, Inc. (NASDAQ: PCTI), develops antenna, scanning receiver, and engineered site solutions and services for public and private networks. PCTEL RF Solutions enables superior utilization of wireless spectrum for cellular and WiFi networks. The RF Solutions services team specializes in the design, testing, and optimization of in-building, small cell, and traditional wireless networks. PCTEL RF Solutions develops and supports specialized network test equipment for LTE FDD, TD-LTE, WCDMA, GSM, CDMA, EV-DO, TD-SCDMA, and WiFi networks. The companys SeeGull® scanning receivers and SeeHawk® visualization tool measure and analyze wireless signals for efficient cellular network planning, deployment, and optimization. Its IBflex simplifies in-building wireless network testing and SeeWave identifies and locates interference sources that impair network throughput.
PCTEL Connected Solutions simplifies network and site deployment for wireless data and communications applications for private and public networks, public safety, and government customers. PCTEL Connected Solutions develops and delivers high-value YAGI, Land Mobile Radio, WiFi, GPS, Subway, and broadband antennas (parabolic and flat panel) through its MAXRAD®, Bluewave, and Wi-Sys product lines. PCTEL also designs specialized towers, enclosures, and cable assemblies for custom engineered site solutions. PCTEL delivers site solutions composed of PCTEL and third party sourced material to allow customers to cost effectively deploy and upgrade networks. The companys vertical markets include SCADA, Health Care, Smart Grid, Positive Train Control, Precision Agriculture, Indoor Wireless, Telemetry, Off-loading, and Wireless Backhaul. PCTELs products are sold worldwide through direct and indirect channels. For Great Reception, please visit the companys web sites www.pctel.com, www.antenna.com, or www.rfsolutions.pctel.com.
# # #
For further information contact:
Jack Seller
Public Relations
PCTEL, Inc.
(630)339-2116
jack.seller@pctel.com
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