News Column

Westell Technologies Releases 3rd Quarter Fiscal 2014 Financial Results

February 6, 2014

Westell Technologies, Inc. , a company focusing on intelligent site and outside plant solutions, announced results for its fiscal 2014 third quarter ended Dec. 31, 2013 . In a release on Feb. 3 , the Company said consolidated revenue was $25.2 million , led by $14.7 million in sales of intelligent site management solutions, as well as continued strong demand for tower mounted amplifiers (TMAs) and distributed antenna systems (DAS) interface panels. On a GAAP basis, the Company recorded net income in the quarter ended Dec. 31, 2013 , of $1.9 million or $0.03 per share, compared to a net loss of $2.0 million or $0.03 per share in the year-ago quarter. On a non-GAAP basis, the Company recorded net income of $4.2 million or $0.07 per share, compared to a non-GAAP net loss of $1.0 million or $0.02 per share in the year-ago quarter. Cash and short-term investments were $86.8 million at Dec. 31, 2013 , compared to $81.5 million at Sept. 30, 2013 . Improved net income and working capital contributed to the increased cash position. "Despite the typical seasonal aspects of the December quarter, we continued to experience strong demand for our wireless products, which exceeded 70 percent of revenue in the third fiscal quarter. Our financial results also included consolidated gross margins of 48.5 percent and GAAP earnings of 3 cents per share," said Chairman and CEO Rick Gilbert . "We believe our results for this quarter position us to achieve our financial goals for fiscal 2014. We also expect our recently announced new product offerings, including Mobile Applications for the Optima Management System and the Kentrox Remote RMC-700, to drive further growth into fiscal 2015." Westell Technologies is headquartered in Aurora, Ill. More information: www.westell.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Manufacturing Close - Up


Story Tools