Westell Technologies exceeds 2014 goals

Westell Technologies, Inc. (NASDAQ: WSTL) said its consolidated revenue for the fourth quarter was USD24.4m, led by revenue of USD17.4m for the Westell segment, including record quarterly sales of tower mounted amplifiers and distributed antenna systems interface panels.

Consolidated revenue for the full year was USD102.1m, comprised of USD52.2m for the Westell segment, USD46.2m for the Kentrox segment, and USD3.7m for the Cellular Specialties, Inc. (CSI) segment, which was acquired on March 1, 2014.

“Fiscal 2014 was a great year for Westell Technologies. We met or exceeded our said goals including achieving USD102m in annual revenue, 41 percent consolidated gross margin, positive operating cash flow, and significant organic and inorganic growth in the wireless market,” said Rick Gilbert, CEO of Westell Technologies.

On a GAAP basis, the company recorded net income in the quarter ended March 31, 2014 of USD4.9m or USD0.08 per share, compared to a net loss of USD38.2m or USD0.66 per share in the year-ago quarter. For the year ended March 31, 2014, the company recorded net income of USD5.4m or USD0.09 per share, compared to a net loss of USD44.0m or USD0.73 per share in the prior year. The fiscal 2014 fourth quarter and full year included non-cash acquisition-related tax accounting benefits of USD9.1m. The prior year comparative periods included non-cash tax and goodwill impairment charges totaling USD36.9m.

On a non-GAAP basis, the company recorded a net loss in the quarter ended March 31, 2014 of USD1.3m or USD0.02 per share, compared to a net loss of USD0.1m or USD0.00 per share in the year-ago quarter. For the year ended March 31, 2014, the company recorded non-GAAP net income of USD7.6m or USD0.13 per share, compared to a net loss of USD3.2m or USD0.05 per share in the prior year. The primary items excluded from the company´s non-GAAP results were related to acquisitions, stock-based compensation, and taxes. For a complete GAAP to non-GAAP reconciliation and other information related to non-GAAP measures, please refer to the schedule at the end of this release.

Westell Technologies, Inc., headquartered in Aurora, Illinois, is a leader of intelligent site management, in-building wireless, cell site optimization, and outside plant solutions focused on wireless innovation at your network´s edge. For more information, visit www.westell.com.

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