PCTEL reports fiscal year revenue drop
BLOOMINGDALE -- PCTEL Inc. Friday reported revenue of $77.5 million for the fiscal year, 14.5% lower compared to 2019. Fourth-quarter revenue of $21.2 million was 7.5% lower than the prior year, the company said.
For the year, revenue was lower by 2.0% for the test and measurement product line and lower by 19.4% for the antenna product line.
The company said it had $41 million of cash and investments (including long-term investments) on hand and no debt as of Dec. 31, compared to $41.3 million and no debt at the beginning of the fourth quarter.
"We're pleased with the strong performance for both our antenna and scanning receiver product lines in the fourth quarter. We saw improvements in revenue and earnings in the second half of the year and incoming orders were at the highest level since the second quarter of 2019," said David Neumann, PCTEL's CEO. "We expect demand to increase for our antennas, (internet) devices and 5G solutions through the year as market conditions improve."
PCTEL is a global provider of wireless technology, including purpose-built industrial internet devices, antenna systems, and test and measurement solutions.