PCTEL Announces 2020 Fourth-Quarter, Full-Year Results
Thursday, February 25, 2021 | Comments

PCTEL announced revenues of $21.2 million in the fourth quarter of 2020 and $77.5 million for the full year, 7.5% lower compared to the fourth quarter 2019 and 14.5% lower for the year compared to 2019.

Revenue was higher by 9.5% for the test and measurement product line, and lower by 15.2% for the antenna product line compared to the fourth quarter 2019. For the year, revenue was lower by 2% for the test and measurement product line and lower by 19.4% for the antenna product line.

Gross profit margin was 50.1% in the fourth quarter and 49.% for the year, down 0.2% compared to the gross profit margin in the fourth quarter 2019 and up 3.2% in the year compared to 2019. The gross profit percentage in the fourth quarter reflects a higher mix of higher margin test and measurement products, offsetting lower gross margin percentages for both test and measurement products and antenna products.

Generally accepted accounting principles (GAAP) net income per diluted share was $0.10 in the fourth quarter and $0.18 in the year compared to GAAP net income per share of $0.10 in the fourth quarter 2019 and $0.21 for the year in 2019.

Non-GAAP net income per diluted share was $0.12 in the fourth quarter and $0.31 for the year compared to non-GAAP net income per diluted share of $0.16 in the fourth quarter 2019 and $0.47 for the year in 2019.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as a percent of revenue was 15.1% in the fourth quarter and 11.7% in the year compared to 16.3% in the fourth quarter and 12.4% for the year in 2019.

The company had $41 million of cash and investments, including long-term investments, and no debt on December 31, compared to $41.3 million and no debt at September 30.

“We’re pleased with the strong performance for both our antenna and scanning receiver product lines in the fourth quarter,” said David Neumann, PCTEL CEO. “We saw improvements in revenue and earnings in the second half of the year and incoming orders were at the highest level since the second quarter of 2019. We expect demand to increase for our antennas, internet of things (IoT) devices and 5G solutions through the year as market conditions improve.”

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