PCTEL Reports Third Quarter Financial Results

PCTEL, Inc. (Nasdaq: PCTI) (“PCTEL” or the “Company”), a leading global provider of wireless technology solutions, today reported results for the third quarter ended September 30, 2023.

As previously announced, on October 13, 2023, the Company entered into an Agreement and Plan of Merger with Amphenol Corporation and a wholly owned subsidiary of Amphenol Corporation. Under the terms of the agreement, Amphenol is to acquire all outstanding shares of the Company, and the Company’s stockholders will receive $7.00 in cash for each share of common stock they own. The transaction is expected to close in the fourth quarter of 2023 or early 2024, subject to customary closing conditions, including approval by the Company’s stockholders. Upon completion of the transaction, the Company will no longer be listed on any public market.

Third Quarter 2023 Highlights

Revenues of $17.4 million
GAAP gross profit margin of 43.8%
GAAP net loss of $0.1 million or $0.01 per diluted share
Operating loss of $0.3 million
Break-even on a Non-GAAP basis
Adjusted EBITDA, a non-GAAP financial measure, of $0.3 million