PCTEL (PCTI) Reports In-Line Q4 EPS, Slight Miss on Revenues

Note: EPS may not be comparable

PCTEL (NASDAQ: PCTI) reported Q4 EPS of $0.08, in-line with the analyst estimate of $0.08. Revenue for the quarter came in at $23.3 million versus the consensus estimate of $23.71 million.

Highlights from Continuing Operations

• Revenue of $23.3 million in the quarter and $91.4 million for the year, down 1% in the quarter and up 8% for the year compared to last year. Connected Solutions revenue was down 9% in the quarter and up 4% for the year. RF Solutions was up 25% in the quarter and up 19% for the year.
• Gross profit margin of 44.0% in the quarter and 42.4% for the year, up 265 basis points in the quarter and up 200 basis points for the year compared to last year.
• Net income per diluted share of $0.19 in the fourth quarter and $0.24 for the year, an improvement of $0.47 per share in the quarter and $1.03 per share in the year. Approximately $0.03 per share of the improvement in the quarter and $0.13 per share in the year are attributed to improved operating results. The remainder is a result of non-cash changes in the Company’s deferred tax assets and related valuation allowance.
• Non-GAAP net income and adjusted EBITDA are measures the company uses to reflect the results of its core earnings. A reconciliation of those non-GAAP measures to our financial statements is provided later in the press release.
• Non-GAAP net income per diluted share of $0.08 in the fourth quarter and $0.28 for the year, unchanged in the quarter and up $0.07 for the year compared to last year.
• Adjusted EBITDA margin as a percent of revenue of 10% in the fourth quarter and 9% for the year, up 55 basis points in the quarter and 95 basis points for the year compared to last year.
• $38.1 million of cash and short-term investments and no debt at December 31, 2017. The Company generated free cash flow (cash flow from operations less capital spending) from continuing operations of approximately $2.1 million in the quarter and $7.1 million for the year.

For earnings history and earnings-related data on PCTEL (PCTI) click here.

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