PCTEL Releases Second-Quarter Financials
Friday, August 07, 2020 | Comments

PCTEL announced its results for the second quarter of 2020, ended on June 30.

The company recorded revenue of $19.8 million, which was 16% lower compared to the same period last year. Revenue for the test and measurement product line was lower by 19%, while revenue for the antenna product line was 13% lower than the same period last year.

Gross profit margin for the quarter was 48%, which was up 2.5% compared to the previous year’s quarter. The percentage increase was a result of higher gross margin percentages for both of the product lines.

Generally accepted accounting principles (GAAP) income per share was $0.07 in the second quarter compared to GAAP net income of $0.05 in the same quarter of 2019.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was 14.4% of revenue in the second quarter compared to 12.8% in the second quarter of 2019. The company had $39.6 million in cash and investments and no debt as of June 30, compared to $38.3 million and no debt on March 31.

“We’re pleased with this sequential growth in revenue, non-GAAP earnings per share and in overall gross margins in the second quarter, especially given the challenges presented with the COVID pandemic,” said PCTEL CEO David Neumann. “We continue to focus on the health and well-being of our employees and to support our customers that rely on us for connectivity solutions. We’re confident in our long-term gr prospects with strong 5G test and measurement demand, success with our industrial IoT products and a strong balance sheet to support inorganic growth.”

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