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Westell Reports Fiscal Fourth Quarter 2017 Revenue of $15.4 Million

Sequential revenue growth and gross margin increase drives EPS improvement

AURORA, Ill., May 24, 2017 (GLOBE NEWSWIRE) -- Westell Technologies, Inc. (NASDAQ:WSTL), a leading provider of high-performance wireless infrastructure solutions, announced results for its fiscal 2017 fourth quarter ended March 31, 2017 (4Q17).  Management will host a conference call to discuss financial and business results after market close today, Wednesday, May 24, 2017 at 4:30 PM Eastern Time (details below).

Consolidated revenue for 4Q17 was $15.4 million, and consisted of $6.9 million from the In-Building Wireless (IBW) segment, $4.5 million from the Intelligent Site Management and Services (ISMS) segment, and $3.9 million from the Communication Network Solutions (CNS) segment. 

IBW recorded its highest quarterly revenue since December 2015, including record quarterly sales of the  Universal DAS Interface Tray (UDIT) and first revenue for the recently announced two-watt public safety repeater.  Also up sequentially were product sales within ISMS driven by software revenue and sales of integrated cabinets within CNS driven by new projects.

  4Q17
3 months ended
03/31/17
3Q17
3 months ended
12/31/16
+ favorable /
- unfavorable
Consolidated Revenue $15.4M $15.0M +3%
Net Income (Loss)
($0.6M) ($1.8M) +69%
Gross Margin 44.0%
40.4%
+3.6%
Earnings (Loss) Per Share ($0.01)
($0.03)
+69%
Non-GAAP Net Income (1)
$1.0M $0.2M +375%
Non-GAAP Earnings Per Share (1) $0.02
$—
+375%
Non-GAAP Adjusted EBITDA (1) $1.2M $0.5M +142%
(1)  Please refer to the schedule at the end of this press release for a complete GAAP to non-GAAP
reconciliation and other information related to non-GAAP financial measures.

“We once again delivered sequential bottom-line improvements in 4Q17, as GAAP performance was better by $1.3 million and non-GAAP performance, positive for the second consecutive quarter, improved $0.8 million.  Highlights included sequential revenue growth, gross margin increase, and continuous expense control,” said Kirk Brannock, President and CEO of Westell Technologies.  “Our top priority is driving revenue growth.  We continue to expand our IBW public safety product portfolio.  We also expect the emerging centralized radio access network (CRAN) architecture to present us with growth opportunities for both our ISMS and CNS products and solutions.”

GAAP operating expenses were $7.4 million in 4Q17, a 6% reduction compared to $7.8 million in 3Q17.  Non-GAAP operating expenses, which exclude stock-based compensation, amortization of acquired intangible assets, and restructuring charges, were $5.9 million in 4Q17, flat compared to 3Q17.

Cash was $21.8 million at March 31, 2017 compared to $23.8 million at December 31, 2016 and $20.9 million at September 30, 2016.  Cash decreased $2.1 million in 4Q17 due primarily to a lower accounts payable and higher receivables at March 31, as well as employee severance payments.  Cash increased $0.9 million during the second half of fiscal 2017, the period in which the majority of our cost and expense reset took effect.

In-Building Wireless (IBW) Segment

IBW’s sequential revenue increase was driven by higher sales for all product lines in the segment, led by record quarterly sales of UDIT.  IBW’s gross margin increase was driven primarily by the higher revenue and lower product costs.

  4Q17
3 months ended
03/31/17
3Q17
3 months ended
12/31/16
+ favorable /
- unfavorable
IBW Segment Revenue $6.9M $6.2M +12%
IBW Segment Gross Margin 42.2%
40.3%
+1.9%
IBW Segment R&D Expense $1.5M $1.3M -13%
IBW Segment Profit $1.5M $1.2M +21%

Intelligent Site Management & Services (ISMS) Segment

ISMS’s sequential revenue decrease was due to lower services revenue, partially offset by higher sales of both our remote monitoring units and management systems.  ISMS’s gross margin increase was driven primarily by a more favorable mix and lower costs.

  4Q17
3 months ended
03/31/17
3Q17
3 months ended
12/31/16
+ favorable /
- unfavorable
ISMS Segment Revenue $4.5M $5.5M -18%
ISMS Segment Gross Margin 56.2%
50.6%
+5.6%
ISMS Segment R&D Expense $0.6M $0.8M +23%
ISMS Segment Profit $1.9M $2.0M -3%

Communication Network Solutions Group (CNS) Segment

CNS’s sequential revenue increase was driven primarily by higher sales of integrated cabinets.  CNS’s gross margin increase was driven by the higher revenue and lower costs.

  4Q17
3 months ended
03/31/17
3Q17
3 months ended
12/31/16
+ favorable /
- unfavorable
CNS Segment Revenue $3.9M $3.2M +20%
CNS Segment Gross Margin 32.7%
23.1%
+9.6%
CNS Segment R&D Expense $0.3M $0.3M +15%
CNS Segment Profit $1.0M $0.4M +128%

Conference Call Information

Management will discuss financial and business results during the quarterly conference call on Wednesday, May 24, 2017, at 4:30 PM Eastern Time.  Investors may quickly register online in advance of the call at https://www.conferenceplus.com/westell.  After registering, participants receive dial-in numbers, a passcode and a registration ID that is used to uniquely identify their presence and automatically join them into the audio conference.  A participant may also register by telephone on May 24 by dialing (888) 206-4065 no later than 4:15 PM Eastern Time and providing the operator confirmation number 44880238.  

This news release and related information that may be discussed on the conference call, will be posted on the Investor Relations section of Westell's website: http://www.westell.com.  A digital recording of the entire conference will be available for replay on Westell's website by approximately 7:00 PM Eastern Time after the call ends.

About Westell

Westell is a leading provider of high-performance wireless infrastructure solutions focused on innovation and differentiation at the edge of communication networks where end users connect.  The Company's portfolio of products and solutions enable service providers and network operators to improve performance and reduce operating expenses.  With millions of products successfully deployed worldwide, Westell is a trusted partner for transforming networks into high-quality reliable systems. For more information, please visit www.westell.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

Certain statements contained herein that are not historical facts or that contain the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” “will,” “plan,” “should,” or derivatives thereof and other words of similar meaning are forward-looking statements that involve risks and uncertainties.  Actual results may differ materially from those expressed in or implied by such forward-looking statements.  Factors that could cause actual results to differ materially include, but are not limited to, product demand and market acceptance risks, customer spending patterns, need for financing and capital, economic weakness in the United States (“U.S.”) economy and telecommunications market, the effect of international economic conditions and trade, legal, social and economic risks (such as import, licensing and trade restrictions), the impact of competitive products or technologies, competitive pricing pressures, customer product selection decisions, product cost increases, component supply shortages, new product development, excess and obsolete inventory, commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing and selling new products and technologies), the ability to successfully consolidate and rationalize operations, the ability to successfully identify, acquire and integrate acquisitions, the effect of the Company's accounting policies, retention of key personnel and other risks more fully described in the Company's SEC filings, including the Form 10-K for the fiscal year ended March 31, 2016, under Item 1A - Risk Factors.  The Company undertakes no obligation to publicly update these forward-looking statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, or otherwise.

Financial Tables to Follow:


Westell Technologies, Inc.
Condensed Consolidated Statement of Operations
(Amounts in thousands, except per share amounts)
(Unaudited)
 
    Three months ended   Twelve months ended  
    March 31,
2017
  December 31,
2016
  March 31,
2016
  March 31,
2017
  March 31,
2016
 
Revenue:                      
Products   $ 14,290     $ 12,746     $ 19,748     $ 56,530     $ 81,238    
Services   1,096     2,237     1,156     6,435     6,965    
Total revenue   $ 15,386     $ 14,983     $ 20,904     $ 62,965     $ 88,203    
Cost of revenue:                                                    
Products   8,331     7,807     12,566     36,119     50,332    
Services   292     1,122     445     3,097     3,355    
Total cost of revenue   8,623     8,929     13,011     39,216     53,687    
Gross profit   6,763     6,054     7,893     23,749     34,516    
Gross margin   44.0 %   40.4 %   37.8 %   37.7 %   39.1 %  
Operating expenses:                                                  
Research & development   2,349     2,414     4,713     12,367     19,317    
Sales & marketing   2,124     1,943     4,608     10,344     15,817    
General & administrative   1,651     1,777     1,747     7,991     9,836    
Intangibles amortization   1,151     1,212     1,305     4,764     5,554    
Restructuring   100   (1 ) 490   (1 ) 731   (2 ) 3,155   (1 ) 748   (2 )
Long-lived assets impairment
              1,181   (3 )    
Total operating expenses   7,375     7,836     13,104     39,802     51,272    
Operating income (loss) from continuing operations   (612 )   (1,782 )   (5,211 )   (16,053 )   (16,756 )  
Other income (expense), net   94     (15 )   107     170     169    
Income (loss) before income taxes and discontinued operations   (518 )   (1,797 )   (5,104 )   (15,883 )   (16,587 )  
Income tax benefit (expense)   (38 )   (10 )   27     (58 )   102    
Net income (loss) from continuing operations   (556 )   (1,807 )   (5,077 )   (15,941 )   (16,485 )  
Income (loss) from discontinued operations, net of income tax (4)           1         273    
Net income (loss)   $ (556 )   $ (1,807 )   $ (5,076 )   $ (15,941 )   $ (16,212 )  
Basic and diluted net income (loss) per share:                                                    
Basic and diluted net income (loss) from continuing operations   $ (0.01 )   $ (0.03 )   $ (0.08 )   $ (0.26 )   $ (0.27 )  
Basic and diluted net income (loss) from discontinued operations                      
Basic and diluted net income (loss)   $ (0.01 )   $ (0.03 )   $ (0.08 )   $ (0.26 )   $ (0.27 )  
Weighted-average number of shares outstanding:                                                    
Basic and diluted   61,725     61,564     60,847     61,376     60,786    
 
(1)  The Company recorded restructuring expense relating to severance costs for terminated employees and abandonment of excess office space at  its headquarters and in New Hampshire.
 
(2)  The Company recorded restructuring expense primarily relating to severance costs for terminated employees.
 
(3)  Non-cash impairment related to long-lived assets associated with the previously announced strategic decision related to the discontinuation of ClearLink DAS.
 
(4)  Income from discontinued operations resulted from the expiration of indemnity periods and release of contingency reserves related to the sale of ConferencePlus.
 



Westell Technologies, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
 
Assets:   March 31, 2017
(Unaudited)
  March 31, 2016
Cash and cash equivalents   $ 21,778       $ 19,169    
Short-term investments             10,555    
Accounts receivable, net     12,075         16,361    
Inventories     12,511         13,498    
Prepaid expenses and other current assets     1,409         1,900    
Total current assets     47,773         61,483    
Property and equipment, net     1,984         3,977    
Intangible assets, net     15,624         20,388    
Other non-current assets     160         183    
Total assets   $ 65,541       $ 86,031    
Liabilities and Stockholders’ Equity:                    
Accounts payable   $ 4,163       $ 7,856    
Accrued expenses     4,273         5,932    
Accrued restructuring     1,171         1,537    
Contingent consideration             311    
Deferred revenue     2,359         1,601    
Total current liabilities     11,966         17,237    
Deferred revenue non-current     1,102         1,236    
Net deferred income tax liability             10    
Accrued restructuring non-current     63         550    
Other non-current liabilities     236         314    
Total liabilities     13,367         19,347    
Total stockholders’ equity     52,174         66,684    
Total liabilities and stockholders’ equity   $ 65,541       $ 86,031    


Westell Technologies, Inc.
Condensed Consolidated Statement of Cash Flows
(Amounts in thousands)
 
    Three months
ended March 31,
  Six months
ended March 31,
  Twelve months ended March 31,
Cash flows from operating activities:   2017
 (Unaudited)
  2017
 (Unaudited)
  2017
(Unaudited)
  2016
Net income (loss)   $ (556 )   $ (2,363 )   $ (15,941 )   $ (16,212 )
Reconciliation of net income to net cash provided by (used in) operating activities:                
Depreciation and amortization   1,430     2,914     6,144     7,098  
Long-lived assets impairment           1,181      
Stock-based compensation   248     501     1,594     1,265  
Restructuring   100     590     3,155     748  
Deferred taxes   (30 )   (24 )   (10 )   (36 )
Loss (gain) on sale of fixed assets   (28 )   16     27     14  
Exchange rate loss (gain)   2     2     2     (38 )
Changes in assets and liabilities:                
Accounts receivable   (817 )   1,559     4,281     (4,476 )
Inventories   478     167     987     2,707  
Accounts payable and accrued expenses   (2,768 )   (3,661 )   (9,570 )   2,192  
Other   (34 )   1,278     1,139     1,131  
Net cash provided by (used in) operating activities   (1,975 )   979     (7,011 )   (5,607 )
Cash flows from investing activities:                
Net purchases of short-term investments and debt securities           10,555     13,351  
Proceeds from sale of assets               264  
Purchases of property and equipment   (69 )   (98 )   (596 )   (1,932 )
Net cash provided by (used in) investing activities   (69 )   (98 )   9,959     11,683  
Cash flows from financing activities:                
Payment of contingent consideration           (175 )   (808 )
Purchases of treasury stock   (17 )   (22 )   (163 )   (108 )
Net cash provided by (used in) financing activities   (17 )   (22 )   (338 )   (916 )
Gain (loss) of exchange rate changes on cash   (3 )   2     (1 )   (17 )
Net increase (decrease) in cash and cash equivalents   (2,064 )   861     2,609     5,143  
Cash and cash equivalents, beginning of period   23,842     20,917     19,169     14,026  
Cash and cash equivalents, end of period   $ 21,778     $ 21,778     $ 21,778     $ 19,169  



Westell Technologies, Inc.
Segment Statement of Operations
(Amounts in thousands)
(Unaudited)
 
Sequential Quarter Comparison
 
    Three months ended March 31, 2017   Three months ended December 31, 2016
    IBW   ISMS   CNS   Total   IBW   ISMS   CNS   Total
Revenue   $ 6,944     $ 4,548     $ 3,894     $ 15,386     $ 6,224     $ 5,525     $ 3,234     $ 14,983  
Cost of revenue   4,011     1,991     2,621     8,623     3,713     2,730     2,486     8,929  
Gross profit   2,933     2,557     1,273     6,763     2,511     2,795     748     6,054  
Gross margin   42.2 %   56.2 %   32.7 %   44.0 %   40.3 %   50.6 %   23.1 %   40.4 %
Research & development   1,473     619     257     2,349     1,307     805     302     2,414  
Segment profit   $ 1,460     $ 1,938     $ 1,016     $ 4,414     $ 1,204     $ 1,990     $ 446     $ 3,640  

/EIN News/ --

Year-over-Year Quarter Comparison
 
    Three months ended March 31, 2017   Three months ended March 31, 2016
    IBW   ISMS   CNS   Total   IBW   ISMS   CNS   Total
Revenue   $ 6,944     $ 4,548     $ 3,894     $ 15,386     $ 5,838     $ 5,245     $ 9,821     $ 20,904  
Cost of revenue   4,011     1,991     2,621     8,623     3,761     2,436     6,814     13,011  
Gross profit   2,933     2,557     1,273     6,763     2,077     2,809     3,007     7,893  
Gross margin   42.2 %   56.2 %   32.7 %   44.0 %   35.6 %   53.6 %   30.6 %   37.8 %
Research & development   1,473     619     257     2,349     2,421     1,471     821     4,713  
Segment profit (loss)   $ 1,460     $ 1,938     $ 1,016     $ 4,414     $ (344 )   $ 1,338     $ 2,186     $ 3,180  


Full-Year Comparison
 
    Twelve months ended March 31, 2017   Twelve months ended March 31, 2016
    IBW   ISMS   CNS   Total   IBW   ISMS   CNS   Total
Revenue   $ 25,933     $ 19,321     $ 17,711     $ 62,965     $ 34,407     $ 21,783     $ 32,013     $ 88,203  
Cost of revenue   17,262     9,543     12,411     39,216     20,463     10,661     22,563     53,687  
Gross profit   8,671     9,778     5,300     23,749     13,944     11,122     9,450     34,516  
Gross margin   33.4 %   50.6 %   29.9 %   37.7 %   40.5 %   51.1 %   29.5 %   39.1 %
Research & development   6,738     3,955     1,674     12,367     11,059     5,417     2,841     19,317  
Segment profit   $ 1,933     $ 5,823     $ 3,626     $ 11,382     $ 2,885     $ 5,705     $ 6,609     $ 15,199  


Reconciliation of GAAP to non-GAAP IBW Segment Gross Margin
 
    Twelve months ended March 31, 2017   Twelve months ended March 31, 2016
    Revenue   Gross Profit   Gross Margin   Revenue   Gross Profit   Gross Margin
GAAP - IBW segment   $ 25,933     $ 8,671     33.4 %   $ 34,407     $ 13,944     40.5 %
ClearLink DAS E&O (1)       1,581                      
Stock-based compensation (2)       9               (3 )      
Non-GAAP - IBW segment   $ 25,933     $ 10,261     39.6 %   $ 34,407     $ 13,941     40.5 %
(1)  Excess and Obsolete inventory charges on ClearLink DAS inventory and firm purchase commitments.
(2)  Stock-based compensation is a non-cash expense incurred in accordance with share-based compensation accounting standards.


Westell Technologies, Inc.
Reconciliation of GAAP to non-GAAP Financial Measures
(Amounts in thousands, except per share amounts)
(Unaudited)
 
    Three months ended
March 31, 2017
  Three months ended
 December 31, 2016
  Three months ended
 March 31, 2016
    Revenue   Gross Profit   Gross Margin   Revenue   Gross Profit   Gross Margin   Revenue   Gross Profit   Gross Margin
GAAP - Consolidated   $ 15,386     $ 6,763     44.0 %   $ 14,983     $ 6,054     40.4 %   $ 20,904     $ 7,893     37.8 %
Deferred revenue adjustment (1)   64     64           64     64           63     63        
Stock-based compensation (3)       10               10               (29 )      
Non-GAAP - Consolidated   $ 15,450     $ 6,837     44.3 %   $ 15,047     $ 6,128     40.7 %   $ 20,967     $ 7,927     37.8 %


    Twelve months ended
March 31, 2017
  Twelve months ended
 March 31, 2016
    Revenue   Gross Profit   Gross Margin   Revenue   Gross Profit   Gross Margin
GAAP - Consolidated   $ 62,965     $ 23,749     37.7 %   $ 88,203     $ 34,516     39.1 %
Deferred revenue adjustment (1)   254     254           281     281        
ClearLink DAS E&O (2)       1,581                      
Stock-based compensation (3)       34               (5 )      
Non-GAAP - Consolidated   $ 63,219     $ 25,618     40.5 %   $ 88,484     $ 34,792     39.3 %


    Three months ended   Twelve months ended
    March 31,   December 31,   March 31,   March 31,   March 31,
    2017   2016   2016   2017   2016
GAAP consolidated operating expenses   $ 7,375     $ 7,836     $ 13,104     $ 39,802     $ 51,272  
Adjustments:                    
Stock-based compensation (3)   (238 )   (243 )   (320 )   (1,560 )   (1,270 )
Long-lived asset impairment (4)               (1,181 )    
Amortization of intangibles (5)   (1,151 )   (1,212 )   (1,305 )   (4,764 )   (5,554 )
Restructuring, separation, and transition (6)   (100 )   (490 )   (799 )   (3,155 )   (1,022 )
Total adjustments   (1,489 )   (1,945 )   (2,424 )   (10,660 )   (7,846 )
Non-GAAP consolidated operating expenses   $ 5,886     $ 5,891     $ 10,680     $ 29,142     $ 43,426  


    Three months ended   Twelve months ended
    March 31,   December 31,   March 31,   March 31,   March 31,
    2017   2016   2016   2017   2016
GAAP consolidated net income (loss)   $ (556 )   $ (1,807 )   $ (5,076 )   $ (15,941 )   $ (16,212 )
Income tax benefit (expense)   (38 )   (10 )   27     (58 )   102  
Other income (expense), net   94     (15 )   107     170     169  
GAAP consolidated operating profit (loss)   $ (612 )   $ (1,782 )   $ (5,210 )   $ (16,053 )   $ (16,483 )
Adjustments:                    
Deferred revenue adjustment (1)   64     64     63     254     281  
ClearLink DAS E&O (2)               1,581      
Stock-based compensation (3)   248     253     291     1,594     1,265  
Long-lived asset impairment (4)               1,181      
Amortization of intangibles (5)   1,151     1,212     1,305     4,764     5,554  
Restructuring, separation, and transition (6)   100     490     799     3,155     1,022  
Total adjustments   1,563     2,019     2,458     12,529     8,122  
Non-GAAP consolidated operating profit (loss) from continuing operations   $ 951     $ 237     $ (2,752 )   $ (3,524 )   $ (8,361 )
Depreciation   279     272     458     1,380     1,544  
Non-GAAP consolidated Adjusted EBITDA (7) from continuing operations   $ 1,230     $ 509     $ (2,294 )   $ (2,144 )   $ (6,817 )


    Three months ended   Twelve months ended
    March 31,   December 31,   March 31,   March 31,   March 31,
    2017   2016   2016   2017   2016
GAAP consolidated net income (loss)   $ (556 )   $ (1,807 )   $ (5,076 )   $ (15,941 )   $ (16,212 )
Adjustments:                    
Deferred revenue adjustment (1)   64     64     63     254     281  
ClearLink DAS E&O (2)               1,581      
Stock-based compensation (3)   248     253     291     1,594     1,265  
Long-lived asset impairment (4)               1,181      
Amortization of intangibles (5)   1,151     1,212     1,305     4,764     5,554  
Restructuring, separation, and transition (6)   100     490     799     3,155     1,022  
(Income) loss from discontinued operations (8)           (1 )       (273 )
Total adjustments   1,563     2,019     2,457     12,529     7,849  
Non-GAAP consolidated net income (loss)   $ 1,007     $ 212     $ (2,619 )   $ (3,412 )   $ (8,363 )
GAAP consolidated net income (loss) per common share:                    
Diluted   $ (0.01 )   $ (0.03 )   $ (0.08 )   $ (0.26 )   $ (0.27 )
Non-GAAP consolidated net income (loss) per common share:                    
Diluted   $ 0.02     $     $ (0.04 )   $ (0.06 )   $ (0.14 )
Average number of common shares outstanding:                    
Diluted   62,115     61,700     60,847     61,376     60,786  

The Company conforms to U.S. Generally Accepted Accounting Principles (GAAP) in the preparation of its financial statements.  The schedules above reconcile the Company's non-GAAP financial measures to the most directly comparable GAAP measure.  The adjustments share one or more of the following characteristics: they are unusual and the Company does not expect them to recur in the ordinary course of its business; they do not involve the expenditure of cash; they are unrelated to the ongoing operation of the business in the ordinary course; or their magnitude and timing is largely outside of the Company's control.  Management believes that the non-GAAP financial information provides meaningful supplemental information to investors.  Management also believes the non-GAAP financial information reflects the Company's core ongoing operating performance and facilitates comparisons across reporting periods.  The Company uses these non-GAAP measures when evaluating its financial results.  Non-GAAP measures should not be viewed as a substitute for the Company's GAAP results.

Footnotes:

(1)  On April 1, 2013, the Company purchased Kentrox.  The acquisition required the step-down on acquired deferred revenue, which resulted in lower revenue that will not recur once those liabilities have fully settled.  The adjustment removes the step-down on acquired deferred revenue that was recognized.
(2)  Non-recurring excess and obsolete inventory charges on inventory and firm purchase commitments associated with the previously announced strategic decision related to the discontinuation of ClearLink DAS.
(3)  Stock-based compensation is a non-cash expense incurred in accordance with share-based compensation accounting standards.
(4)  Non-cash impairment related to tangible long-lived assets associated with the previously announced strategic decision related to the discontinuation of ClearLink DAS.
(5)  Amortization of intangibles is a non-cash expense arising from previously acquired intangible assets.
(6)  Restructuring expenses are not directly related to the ongoing performance of our fundamental business operations, including costs relating to abandonment of excess office space at our headquarters and in New Hampshire, and severance costs for terminated employees.  This adjustment also includes severance benefits related to the departure of certain former executives.
(7)  EBITDA is a non-GAAP measure that represents Earnings Before Interest, Taxes, Depreciation, and Amortization.  The Company presents Adjusted EBITDA.
(8)  This adjustment is a non-recurring charge related to the release of contingent liabilities related to the sale of ConferencePlus, which is presented as discontinued operations.

For additional information, contact:

Tom Minichiello
Chief Financial Officer 
Westell Technologies, Inc. 
+1 (630) 375-4740
 tminichiello@westell.com

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