PCTEL Posts Narrower Loss in 4th Quarter

PCTEL Inc., a supplier of wireless service-related products, reported that it narrowed its loss in the fourth quarter because

The company posted a loss of $572,000, or 3 cents a share, for the quarter, compared with a loss of $10.7 million, or 61 cents per share, for the same quarter of the prior year.

PCTEL said the roughly $11 million year-over-year difference is due primarily to a charge in the prior-year's quarter for goodwill impairment. The most recent results also include adjustments for restructuring charges, compensation and other expenses.

Adjusted for these items, the company earned $662,000, or 4 cents per share, for the quarter, compared with $568,000, or 3 cents per share, in the same period of the prior year.

Revenue from continuing operations fell to $14.8 million from $18.3 million.

During the quarter, the company acquired Ascom's scanning receiver operation and the rights associated with Wider Networks' interference management product line, but they had no significant impact on operating results due to the timing of the deals.

Marty Singer, PCTEL's chairman and CEO, said the company was pleased to see demand for some of its products grow.

For the full year, the company reported a loss of $4.5 million, or 26 cents per share, compared with a profit of $38.3 million, or $1.99 per share.

Adjusted for special items, the company earned $2.2 million, or 12 cents per share, compared with $8.7 million, or 44 cents per share, in 2008.

Revenue fell to $56 million for the year, from $77 million in the prior year.

Shares of PCTEL fell 21 cents, or 3.2 percent, to $6.30 in afternoon trading.