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Westell Technologies, Inc.$1.78($.05)(2.73%)

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 Westell Reports Fiscal Fourth Quarter 2017 Revenue of $15.4 Million
   Wednesday, May 24, 2017 9:01:12 AM ET

Westell Technologies, Inc. (WSTL ), a leading provider of high-performance wireless infrastructure solutions, announced results for its fiscal 2017 fourth quarter ended March 31, 2017 (4Q17). Management will host a conference call to discuss financial and business results after market close today, Wednesday, May 24, 2017 at 4:30 PM Eastern Time (details below).

Consolidated revenue for 4Q17 was $15.4 million, and consisted of $6.9 million from the In-Building Wireless (IBW) segment, $4.5 million from the Intelligent Site Management and Services (ISMS) segment, and $3.9 million from the Communication Network Solutions (CNS) segment.

IBW recorded its highest quarterly revenue since December 2015, including record quarterly sales of the Universal DAS Interface Tray (UDIT) and first revenue for the recently announced two-watt public safety repeater. Also up sequentially were product sales within ISMS driven by software revenue and sales of integrated cabinets within CNS driven by new projects.

                            4Q17           3Q17           + favorable /
                            3 months ended 3 months ended - unfavorable
                            03/31/17       12/31/16
Consolidated Revenue        $15.4M         $15.0M         +3%
Net Income (Loss)           ($0.6M)        ($1.8M)        +69%
Gross Margin                44.0%          40.4%          +3.6%
Earnings (Loss) Per Share   ($0.01)        ($0.03)        +69%
Non-GAAP Net Income         $1.0M          $0.2M          +375%
Non-GAAP Earnings Per Share $0.02          $--            +375%
Non-GAAP Adjusted EBITDA    $1.2M          $0.5M          +142%
(1)  Please refer to the schedule at the end of this press release for a complete GAAP to non-GAAP
reconciliation and other information related to non-GAAP financial measures.

"We once again delivered sequential bottom-line improvements in 4Q17, as GAAP performance was better by $1.3 million and non-GAAP performance, positive for the second consecutive quarter, improved $0.8 million. Highlights included sequential revenue growth, gross margin increase, and continuous expense control," said Kirk Brannock, President and CEO of Westell Technologies. "Our top priority is driving revenue growth. We continue to expand our IBW public safety product portfolio. We also expect the emerging centralized radio access network (CRAN) architecture to present us with growth opportunities for both our ISMS and CNS products and solutions."

GAAP operating expenses were $7.4 million in 4Q17, a 6% reduction compared to $7.8 million in 3Q17. Non-GAAP operating expenses, which exclude stock-based compensation, amortization of acquired intangible assets, and restructuring charges, were $5.9 million in 4Q17, flat compared to 3Q17.

Cash was $21.8 million at March 31, 2017 compared to $23.8 million at December 31, 2016 and $20.9 million at September 30, 2016. Cash decreased $2.1 million in 4Q17 due primarily to a lower accounts payable and higher receivables at March 31, as well as employee severance payments. Cash increased $0.9 million during the second half of fiscal 2017, the period in which the majority of our cost and expense reset took effect.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">In-Building Wireless (IBW) Segment</span>

IBW’s sequential revenue increase was driven by higher sales for all product lines in the segment, led by record quarterly sales of UDIT. IBW’s gross margin increase was driven primarily by the higher revenue and lower product costs.

                         4Q17           3Q17           + favorable /
                         3 months ended 3 months ended - unfavorable
                         03/31/17       12/31/16
IBW Segment Revenue      $6.9M          $6.2M          +12%
IBW Segment Gross Margin 42.2%          40.3%          +1.9%
IBW Segment R&D Expense  $1.5M          $1.3M          -13%
IBW Segment Profit       $1.5M          $1.2M          +21%

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Intelligent Site Management & Services (ISMS) Segment</span>

ISMS’s sequential revenue decrease was due to lower services revenue, partially offset by higher sales of both our remote monitoring units and management systems. ISMS’s gross margin increase was driven primarily by a more favorable mix and lower costs.

                          4Q17           3Q17           + favorable /
                          3 months ended 3 months ended - unfavorable
                          03/31/17       12/31/16
ISMS Segment Revenue      $4.5M          $5.5M          -18%
ISMS Segment Gross Margin 56.2%          50.6%          +5.6%
ISMS Segment R&D Expense  $0.6M          $0.8M          +23%
ISMS Segment Profit       $1.9M          $2.0M          -3%

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Communication Network Solutions Group (CNS) Segment</span>

CNS’s sequential revenue increase was driven primarily by higher sales of integrated cabinets. CNS’s gross margin increase was driven by the higher revenue and lower costs.

                         4Q17           3Q17           + favorable /
                         3 months ended 3 months ended - unfavorable
                         03/31/17       12/31/16
CNS Segment Revenue      $3.9M          $3.2M          +20%
CNS Segment Gross Margin 32.7%          23.1%          +9.6%
CNS Segment R&D Expense  $0.3M          $0.3M          +15%
CNS Segment Profit       $1.0M          $0.4M          +128%

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Conference Call Information</span>

Management will discuss financial and business results during the quarterly conference call on Wednesday, May 24, 2017, at 4:30 PM Eastern Time. Investors may quickly register online in advance of the call at https://www.conferenceplus.com/westell. After registering, participants receive dial-in numbers, a passcode and a registration ID that is used to uniquely identify their presence and automatically join them into the audio conference. A participant may also register by telephone on May 24 by dialing (888) 206-4065 no later than 4:15 PM Eastern Time and providing the operator confirmation number 44880238.

This news release and related information that may be discussed on the conference call, will be posted on the Investor Relations section of Westell’s website: http://www.westell.com . A digital recording of the entire conference will be available for replay on Westell’s website by approximately 7:00 PM Eastern Time after the call ends.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">About Westell</span>

Westell is a leading provider of high-performance wireless infrastructure solutions focused on innovation and differentiation at the edge of communication networks where end users connect. The Company’s portfolio of products and solutions enable service providers and network operators to improve performance and reduce operating expenses. With millions of products successfully deployed worldwide, Westell is a trusted partner for transforming networks into high-quality reliable systems. For more information, please visit www.westell.com.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995</span>

Certain statements contained herein that are not historical facts or that contain the words "believe," "expect," "intend," "anticipate," "estimate," "may," "will," "plan," "should," or derivatives thereof and other words of similar meaning are forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, product demand and market acceptance risks, customer spending patterns, need for financing and capital, economic weakness in the United States ("U.S.") economy and telecommunications market, the effect of international economic conditions and trade, legal, social and economic risks (such as import, licensing and trade restrictions), the impact of competitive products or technologies, competitive pricing pressures, customer product selection decisions, product cost increases, component supply shortages, new product development, excess and obsolete inventory, commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing and selling new products and technologies), the ability to successfully consolidate and rationalize operations, the ability to successfully identify, acquire and integrate acquisitions, the effect of the Company’s accounting policies, retention of key personnel and other risks more fully described in the Company’s SEC filings, including the Form 10-K for the fiscal year ended March 31, 2016, under Item 1A - Risk Factors. The Company undertakes no obligation to publicly update these forward-looking statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, or otherwise.

Financial Tables to Follow:

Westell Technologies, Inc.
Condensed Consolidated Statement of Operations
(Amounts in thousands, except per share amounts)
(Unaudited)
                                                                  Three months ended                                    Twelve months ended
                                                                  March 31,         December 31,      March 31,         March 31,          March 31,
                                                                  2017              2016              2016              2017               2016
Revenue:
Products                                                          $      14,290     $      12,746     $      19,748     $      56,530      $      81,238
Services                                                          1,096             2,237             1,156             6,435              6,965
Total revenue                                                     $      15,386     $      14,983     $      20,904     $      62,965      $      88,203
Cost of revenue:
Products                                                          8,331             7,807             12,566            36,119             50,332
Services                                                          292               1,122             445               3,097              3,355
Total cost of revenue                                             8,623             8,929             13,011            39,216             53,687
Gross profit                                                      6,763             6,054             7,893             23,749             34,516
Gross margin                                                      44.0          %   40.4          %   37.8          %   37.7           %   39.1           %
Operating expenses:
Research & development                                            2,349             2,414             4,713             12,367             19,317
Sales & marketing                                                 2,124             1,943             4,608             10,344             15,817
General & administrative                                          1,651             1,777             1,747             7,991              9,836
Intangibles amortization                                          1,151             1,212             1,305             4,764              5,554
Restructuring                                                     100               490               731               3,155              748
Long-lived assets impairment                                      --                --                --                1,181              --
Total operating expenses                                          7,375             7,836             13,104            39,802             51,272
Operating income (loss) from continuing operations                (612          )   (1,782        )   (5,211        )   (16,053        )   (16,756        )
Other income (expense), net                                       94                (15           )   107               170                169
Income (loss) before income taxes and discontinued operations     (518          )   (1,797        )   (5,104        )   (15,883        )   (16,587        )
Income tax benefit (expense)                                      (38           )   (10           )   27                (58            )   102
Net income (loss) from continuing operations                      (556          )   (1,807        )   (5,077        )   (15,941        )   (16,485        )
Income (loss) from discontinued operations, net of income tax     --                --                1                 --                 273
Net income (loss)                                                 $      (556   )   $      (1,807 )   $      (5,076 )   $      (15,941 )   $      (16,212 )
Basic and diluted net income (loss) per share:
Basic and diluted net income (loss) from continuing operations    $      (0.01  )   $      (0.03  )   $      (0.08  )   $      (0.26   )   $      (0.27   )
Basic and diluted net income (loss) from discontinued operations  --                --                --                --                 --
Basic and diluted net income (loss)                               $      (0.01  )   $      (0.03  )   $      (0.08  )   $      (0.26   )   $      (0.27   )
Weighted-average number of shares outstanding:
Basic and diluted                                                 61,725            61,564            60,847            61,376             60,786
The Company recorded restructuring expense relating to severance costs for terminated employees and abandonment of excess office space at  its headquarters and in New Hampshire.
The Company recorded restructuring expense primarily relating to severance costs for terminated employees.
Non-cash impairment related to long-lived assets associated with the previously announced strategic decision related to the discontinuation of ClearLink DAS.
Income from discontinued operations resulted from the expiration of indemnity periods and release of contingency reserves related to the sale of ConferencePlus.
Westell Technologies, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
Assets:                                     March 31, 2017  March 31, 2016
                                            (Unaudited)
Cash and cash equivalents                   $   21,778      $   19,169
Short-term investments                          --              10,555
Accounts receivable, net                        12,075          16,361
Inventories                                     12,511          13,498
Prepaid expenses and other current assets       1,409           1,900
Total current assets                            47,773          61,483
Property and equipment, net                     1,984           3,977
Intangible assets, net                          15,624          20,388
Other non-current assets                        160             183
Total assets                                $   65,541      $   86,031
Liabilities and Stockholders’ Equity:
Accounts payable                            $   4,163       $   7,856
Accrued expenses                                4,273           5,932
Accrued restructuring                           1,171           1,537
Contingent consideration                        --              311
Deferred revenue                                2,359           1,601
Total current liabilities                       11,966          17,237
Deferred revenue non-current                    1,102           1,236
Net deferred income tax liability               --              10
Accrued restructuring non-current               63              550
Other non-current liabilities                   236             314
Total liabilities                               13,367          19,347
Total stockholders’ equity                      52,174          66,684
Total liabilities and stockholders’ equity  $   65,541      $   86,031
Westell Technologies, Inc.
Condensed Consolidated Statement of Cash Flows
(Amounts in thousands)
                                                                                      Three months    Six months      Twelve months ended March 31,
                                                                                      ended March 31, ended March 31,
Cash flows from operating activities:                                                 2017            2017            2017               2016
                                                                                      (Unaudited)     (Unaudited)     (Unaudited)
Net income (loss)                                                                     $     (556   )  $     (2,363 )  $    (15,941 )     $    (16,212 )
Reconciliation of net income to net cash provided by (used in) operating activities:
Depreciation and amortization                                                         1,430           2,914           6,144              7,098
Long-lived assets impairment                                                          --              --              1,181              --
Stock-based compensation                                                              248             501             1,594              1,265
Restructuring                                                                         100             590             3,155              748
Deferred taxes                                                                        (30          )  (24          )  (10          )     (36          )
Loss (gain) on sale of fixed assets                                                   (28          )  16              27                 14
Exchange rate loss (gain)                                                             2               2               2                  (38          )
Changes in assets and liabilities:
Accounts receivable                                                                   (817         )  1,559           4,281              (4,476       )
Inventories                                                                           478             167             987                2,707
Accounts payable and accrued expenses                                                 (2,768       )  (3,661       )  (9,570       )     2,192
Other                                                                                 (34          )  1,278           1,139              1,131
Net cash provided by (used in) operating activities                                   (1,975       )  979             (7,011       )     (5,607       )
Cash flows from investing activities:
Net purchases of short-term investments and debt securities                           --              --              10,555             13,351
Proceeds from sale of assets                                                          --              --              --                 264
Purchases of property and equipment                                                   (69          )  (98          )  (596         )     (1,932       )
Net cash provided by (used in) investing activities                                   (69          )  (98          )  9,959              11,683
Cash flows from financing activities:
Payment of contingent consideration                                                   --              --              (175         )     (808         )
Purchases of treasury stock                                                           (17          )  (22          )  (163         )     (108         )
Net cash provided by (used in) financing activities                                   (17          )  (22          )  (338         )     (916         )
Gain (loss) of exchange rate changes on cash                                          (3           )  2               (1           )     (17          )
Net increase (decrease) in cash and cash equivalents                                  (2,064       )  861             2,609              5,143
Cash and cash equivalents, beginning of period                                        23,842          20,917          19,169             14,026
Cash and cash equivalents, end of period                                              $     21,778    $     21,778    $    21,778        $    19,169
Westell Technologies, Inc.
Segment Statement of Operations
(Amounts in thousands)
(Unaudited)
Sequential Quarter Comparison
                        Three months ended March 31, 2017                    Three months ended December 31, 2016
                        IBW          ISMS         CNS          Total         IBW          ISMS         CNS          Total
Revenue                 $  6,944     $  4,548     $  3,894     $  15,386     $  6,224     $  5,525     $  3,234     $  14,983
Cost of revenue         4,011        1,991        2,621        8,623         3,713        2,730        2,486        8,929
Gross profit            2,933        2,557        1,273        6,763         2,511        2,795        748          6,054
Gross margin            42.2     %   56.2     %   32.7     %   44.0      %   40.3     %   50.6     %   23.1     %   40.4      %
Research & development  1,473        619          257          2,349         1,307        805          302          2,414
Segment profit          $  1,460     $  1,938     $  1,016     $  4,414      $  1,204     $  1,990     $  446       $  3,640
Year-over-Year Quarter Comparison
                        Three months ended March 31, 2017                    Three months ended March 31, 2016
                        IBW          ISMS         CNS          Total         IBW          ISMS         CNS          Total
Revenue                 $  6,944     $  4,548     $  3,894     $  15,386     $  5,838     $  5,245     $  9,821     $   20,904
Cost of revenue         4,011        1,991        2,621        8,623         3,761        2,436        6,814        13,011
Gross profit            2,933        2,557        1,273        6,763         2,077        2,809        3,007        7,893
Gross margin            42.2     %   56.2     %   32.7     %   44.0      %   35.6     %   53.6     %   30.6     %   37.8       %
Research & development  1,473        619          257          2,349         2,421        1,471        821          4,713
Segment profit (loss)   $  1,460     $  1,938     $  1,016     $  4,414      $  (344  )   $  1,338     $  2,186     $   3,180
Full-Year Comparison
                        Twelve months ended March 31, 2017                         Twelve months ended March 31, 2016
                        IBW            ISMS          CNS            Total          IBW            ISMS           CNS            Total
Revenue                 $   25,933     $  19,321     $   17,711     $   62,965     $   34,407     $   21,783     $   32,013     $   88,203
Cost of revenue         17,262         9,543         12,411         39,216         20,463         10,661         22,563         53,687
Gross profit            8,671          9,778         5,300          23,749         13,944         11,122         9,450          34,516
Gross margin            33.4       %   50.6      %   29.9       %   37.7       %   40.5       %   51.1       %   29.5       %   39.1       %
Research & development  6,738          3,955         1,674          12,367         11,059         5,417          2,841          19,317
Segment profit          $   1,933      $  5,823      $   3,626      $   11,382     $   2,885      $   5,705      $   6,609      $   15,199
Reconciliation of GAAP to non-GAAP IBW Segment Gross Margin
                          Twelve months ended March 31, 2017          Twelve months ended March 31, 2016
                          Revenue        Gross Profit   Gross Margin  Revenue        Gross Profit    Gross Margin
GAAP - IBW segment        $     25,933   $     8,671    33.4   %      $     34,407   $     13,944    40.5   %
ClearLink DAS E&O         --             1,581                        --             --
Stock-based compensation  --             9                            --             (3           )
Non-GAAP - IBW segment    $     25,933   $     10,261   39.6   %      $     34,407   $     13,941    40.5   %
Excess and Obsolete inventory charges on ClearLink DAS inventory and firm purchase commitments.
Stock-based compensation is a non-cash expense incurred in accordance with share-based compensation accounting standards.
Westell Technologies, Inc.
Reconciliation of GAAP to non-GAAP Financial Measures
(Amounts in thousands, except per share amounts)
(Unaudited)
                             Three months ended                     Three months ended                     Three months ended
                             March 31, 2017                         December 31, 2016                      March 31, 2016
                             Revenue     Gross Profit Gross Margin  Revenue     Gross Profit Gross Margin  Revenue     Gross Profit     Gross Margin
GAAP - Consolidated          $  15,386   $    6,763   44.0   %      $  14,983   $    6,054   40.4   %      $  20,904   $    7,893       37.8   %
Deferred revenue adjustment  64          64                         64          64                         63          63
Stock-based compensation     --          10                         --          10                         --          (29        )
Non-GAAP - Consolidated      $  15,450   $    6,837   44.3   %      $  15,047   $    6,128   40.7   %      $  20,967   $    7,927       37.8   %
                             Twelve months ended                     Twelve months ended
                             March 31, 2017                          March 31, 2016
                             Revenue     Gross Profit  Gross Margin  Revenue     Gross Profit      Gross Margin
GAAP - Consolidated          $  62,965   $    23,749   37.7   %      $  88,203   $    34,516       39.1   %
Deferred revenue adjustment  254         254                         281         281
ClearLink DAS E&O            --          1,581                       --          --
Stock-based compensation     --          34                          --          (5          )
Non-GAAP - Consolidated      $  63,219   $    25,618   40.5   %      $  88,484   $    34,792       39.3   %
                                           Three months ended                              Twelve months ended
                                           March 31,      December 31,     March 31,       March 31,       March 31,
                                           2017           2016             2016            2017            2016
GAAP consolidated operating expenses       $   7,375      $    7,836       $   13,104      $   39,802      $   51,272
Adjustments:
Stock-based compensation                   (238      )    (243       )     (320       )    (1,560     )    (1,270     )
Long-lived asset impairment                --             --               --              (1,181     )    --
Amortization of intangibles                (1,151    )    (1,212     )     (1,305     )    (4,764     )    (5,554     )
Restructuring, separation, and transition  (100      )    (490       )     (799       )    (3,155     )    (1,022     )
Total adjustments                          (1,489    )    (1,945     )     (2,424     )    (10,660    )    (7,846     )
Non-GAAP consolidated operating expenses   $   5,886      $    5,891       $   10,680      $   29,142      $   43,426
                                                                          Three months ended                               Twelve months ended
                                                                          March 31,      December 31,      March 31,       March 31,        March 31,
                                                                          2017           2016              2016            2017             2016
GAAP consolidated net income (loss)                                       $   (556  )    $    (1,807 )     $   (5,076 )    $   (15,941 )    $   (16,212 )
Income tax benefit (expense)                                              (38       )    (10         )     27              (58         )    102
Other income (expense), net                                               94             (15         )     107             170              169
GAAP consolidated operating profit (loss)                                 $   (612  )    $    (1,782 )     $   (5,210 )    $   (16,053 )    $   (16,483 )
Adjustments:
Deferred revenue adjustment                                               64             64                63              254              281
ClearLink DAS E&O                                                         --             --                --              1,581            --
Stock-based compensation                                                  248            253               291             1,594            1,265
Long-lived asset impairment                                               --             --                --              1,181            --
Amortization of intangibles                                               1,151          1,212             1,305           4,764            5,554
Restructuring, separation, and transition                                 100            490               799             3,155            1,022
Total adjustments                                                         1,563          2,019             2,458           12,529           8,122
Non-GAAP consolidated operating profit (loss) from continuing operations  $   951        $    237          $   (2,752 )    $   (3,524  )    $   (8,361  )
Depreciation                                                              279            272               458             1,380            1,544
Non-GAAP consolidated Adjusted EBITDA  from continuing operations         $   1,230      $    509          $   (2,294 )    $   (2,144  )    $   (6,817  )
                                                           Three months ended                               Twelve months ended
                                                           March 31,      December 31,      March 31,       March 31,        March 31,
                                                           2017           2016              2016            2017             2016
GAAP consolidated net income (loss)                        $   (556  )    $    (1,807 )     $   (5,076 )    $   (15,941 )    $   (16,212 )
Adjustments:
Deferred revenue adjustment                                64             64                63              254              281
ClearLink DAS E&O                                          --             --                --              1,581            --
Stock-based compensation                                   248            253               291             1,594            1,265
Long-lived asset impairment                                --             --                --              1,181            --
Amortization of intangibles                                1,151          1,212             1,305           4,764            5,554
Restructuring, separation, and transition                  100            490               799             3,155            1,022
(Income) loss from discontinued operations                 --             --                (1         )    --               (273        )
Total adjustments                                          1,563          2,019             2,457           12,529           7,849
Non-GAAP consolidated net income (loss)                    $   1,007      $    212          $   (2,619 )    $   (3,412  )    $   (8,363  )
GAAP consolidated net income (loss) per common share:
Diluted                                                    $   (0.01 )    $    (0.03  )     $   (0.08  )    $   (0.26   )    $   (0.27   )
Non-GAAP consolidated net income (loss) per common share:
Diluted                                                    $   0.02       $    --           $   (0.04  )    $   (0.06   )    $   (0.14   )
Average number of common shares outstanding:
Diluted                                                    62,115         61,700            60,847          61,376           60,786

The Company conforms to U.S. Generally Accepted Accounting Principles (GAAP) in the preparation of its financial statements. The schedules above reconcile the Company’s non-GAAP financial measures to the most directly comparable GAAP measure. The adjustments share one or more of the following characteristics: they are unusual and the Company does not expect them to recur in the ordinary course of its business; they do not involve the expenditure of cash; they are unrelated to the ongoing operation of the business in the ordinary course; or their magnitude and timing is largely outside of the Company’s control. Management believes that the non-GAAP financial information provides meaningful supplemental information to investors. Management also believes the non-GAAP financial information reflects the Company’s core ongoing operating performance and facilitates comparisons across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results. Non-GAAP measures should not be viewed as a substitute for the Company’s GAAP results.

Footnotes:

On April 1, 2013, the Company purchased Kentrox. The acquisition required the step-down on acquired deferred revenue, which resulted in lower revenue that will not recur once those liabilities have fully settled. The adjustment removes the step-down on acquired deferred revenue that was recognized.

Non-recurring excess and obsolete inventory charges on inventory and firm purchase commitments associated with the previously announced strategic decision related to the discontinuation of ClearLink DAS.

Stock-based compensation is a non-cash expense incurred in accordance with share-based compensation accounting standards.

Non-cash impairment related to tangible long-lived assets associated with the previously announced strategic decision related to the discontinuation of ClearLink DAS.

Amortization of intangibles is a non-cash expense arising from previously acquired intangible assets.

Restructuring expenses are not directly related to the ongoing performance of our fundamental business operations, including costs relating to abandonment of excess office space at our headquarters and in New Hampshire, and severance costs for terminated employees. This adjustment also includes severance benefits related to the departure of certain former executives.

EBITDA is a non-GAAP measure that represents Earnings Before Interest, Taxes, Depreciation, and Amortization. The Company presents Adjusted EBITDA.

This adjustment is a non-recurring charge related to the release of contingent liabilities related to the sale of ConferencePlus, which is presented as discontinued operations.

For additional information, contact:

Tom Minichiello
Chief Financial Officer
Westell Technologies, Inc.
+1 (630) 375-4740
 tminichiello@westell.com

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