Wireless Telecom Group Inc. (NYSE MKT:WTT) Q4 2019 Earnings Conference Call - Final Transcript
Mar 19, 2020 • 08:30 am ET
Good morning, ladies and gentlemen, and welcome to the Q4 Earnings Conference Call. [Operator Instructions] And the floor will be opened for your questions and comments after the presentation.
It is now my pleasure to turn the floor over to your host, Mike Kandell. Sir, the floor is yours.
Thanks, Paul. Good morning, everyone and thank you for joining us for our fourth quarter 2019 earnings call. Before we begin, I would like to remind everyone on the call that our remarks today could include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. The company's forward-looking statements are based on management's current expectations and assumptions regarding the company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Important factors that could cause the company's actual results to differ materially from those in its forward-looking statements include those risk factors set forth in the company's annual report on Form 10-K filed with the SEC. The company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events or otherwise.
Also, we want to point out that in addition to GAAP information, we will provide information related to certain non-GAAP measures. We believe that presenting these non-GAAP or adjusted measures provides additional meaningful information to investors which reflect how management views the business. Detailed reconciliations of non-GAAP measures to GAAP measures are set forth in a reconciliation table in our press release issued earlier this morning and furnished with the Form 8-K filed this morning with the SEC.
I will now turn the call over to Tim Whelan, our Chief Executive Officer.
Thank you, Mike. Good morning, everyone. Thank you for joining us. As you know, 2019 proved to be a more challenging year than expected. We realized unexpected disruption and delays to large projects in Network Solutions due to uncertainty over the T-Mobile merger, delayed purchase orders from the Navy for bid awards in Test and Measurement and lower-than-expected hardware card demand from our largest customer in Embedded Solutions. We have taken actions to reduce our expenses in light of these declines, and Mike will discuss more of that later. The good news is that we are seeing Q1 order flow for the large venue projects we were expecting last year, and we are seeing project spend driven by T-Mobile also begin to shake loose. These are encouraging signs that the Network Solutions pullback in 2019 was more of a timing issue.
Further, in Q1 of this year, we have realized a new customer win and success with our SMART Passives Public Safety Solutions, which were launched in the first quarter of 2019. This product release