Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

RELM Wireless Corporation (NYSEMKT:RWC)

Q4 2012 Earnings Call

March 6, 2013 9:00 AM ET

Executives

David Storey – President and CEO

Bill Kelly – EVP and CFO

Analysts

Mark Jordan – Noble Financial

Sam Bergman – Bayberry Asset Management

Doug Ruth – Lenox Financial Services

Alexander – American Capital Partners

Operator

Good morning, ladies and gentlemen, and welcome to the RELM Wireless Corporation’s fourth quarter and full-year 2012 conference call. This call is being recorded. At this time, all participants have been placed in a listen-only mode. Following management’s formal remarks, the call will be opened to questions.

Before turning the call over to Mr. Storey for opening remarks, I would like to remind you that statements made during this conference call that are not based on historical facts are forward-looking statements. These statements are made in reliance on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to known and unknown factors and risks.

The company’s actual results, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements. Some of the factors and risks that could cause or contribute to such material differences have been described in yesterday’s press release and in RELM’s Annual Report on Form 10-K for the year ended December 31, 2012 as filed with the SEC.

Additional factors and risks maybe described from time to time in the company’s subsequent filings with the SEC. We refer you to these sources for additional information. I would also like to point out that the remarks made during this conference call are based on the information and understandings that are believed to be accurate as of today, March 6, 2013.

RELM does not undertake any duty to update any forward-looking statements. This call is the property of RELM Wireless Corporation. Any distribution, transmission, broadcast or re-broadcast of this call in any form without the expressed written consent of the company is prohibited.

A replay of this call will be available one hour after the conference call through Friday, March 15, 2013. To access this replay, dial 877-344-7529 or 412-317-0088 for international callers and enter the code 10024413 or visit RELM’s website. Thereafter the call will be archived on RELM’s website.

In addition, if you would like a copy of the company’s press release announcing its fourth quarter and full-year 2012 financial and operating results, please contact RELM Wireless at 321-984-1414.

I will now turn the call over to Mr. David Storey, President and CEO of RELM Wireless Corporation. Mr. Storey, you may begin.

David Storey

Thank you, Emily, and welcome to the RELM Wireless conference call for the fourth quarter and full-year ended December 31, 2012. Entering 2012, we were determined to realize three primary goals; sales growth, improved gross profit margins, and a return to profitability. I am pleased to report that we achieved all of these goals and more during the year.

Sales for 2012 totaled $27.6 million, an improvement of over 14% from the previous year. Gross profit margins improved by 5% from 2011, finishing at a respectable 47.4%. With decreasing SG&A expenses and a solid gross margin performance, we attained our best profitability and earnings since 2009, producing operating income of $2.9 million and closed the year with three consecutive quarters of profitable performance.

Sales growth is our top priority and remains the primary engine to pair a success and goal achievements. Underlying the increase in total sales were encouraging metrics of progress. Let me share some with you. Public safety bookings including federal, state and local represented 95% of our total bookings in 2012. APCO P25 digital bookings represented 68% of total bookings and improved by 51% over 2011 levels.

The two product lines that contributed to our digital success are the legacy D-Series, a strictly VHF conventional solution, which by the way is the radio of choice of our legacy customers like the Forest Service and the Department of Interior. And the new expansive KNG line of over 100 products offered in VHF, UHF, P-Band and 700, 800 megahertz in both conventional and P25 trunking that we develop to aggressively attack the market strong hauls of our competition.

The legacy D-Series grew by 54% over 2011 and the KNG Series grew by 60% over 2011. Important to note, the success realized in 2012 with our new feature-rich KNG line is at revenues were generated outside of our traditional VHF frequency space. VHF represented 53% of our KNG revenues, UHF represented 30% of our KNG revenues and 700, 800 represented 17% of our KNG revenues.

An encouraging balance that had not been seen in the years passed and an encouraging statistics as we target our goals of 5% market capture of all of these frequency market opportunities, awesome. The transformative development of P25 trunking by our engineering team, a technology that we own, contributed over $4 million in revenue which was an improvement of a 115% from 2011, the first year of its introduction.

The RELM team has worked tirelessly and received not only approval but attained outstanding performance levels on all of our competitors infrastructure and has been certified on the DHS Responder Knowledge Database along with numerous state and local systems. You have heard me saying many times the development of APCO P25 trunking is the most market expanding development in the company’s 65 year history.

On our manufacturing operations front, we also realized significant improvement to our gross profit margins which increased by over 5% from the previous year. Our team has done a remarkable job of refining the production of the KNG and D-Series product lines resulting in improved efficiencies and lower cost. Higher manufacturing volumes also helped us to more fully absorb our base of manufacturing and support expenses.

We have active and ongoing programs designed to drive further efficiencies and cost benefits. We continue to manage our selling, general and administrative expenses with a disciplined approach spending to support growth related initiatives or otherwise keeping a conservative posture with general and administrative costs. In addition to solid profitability, our positive operating results for 2012, has strengthened our balance sheet with positive cash flow and a growing working capital position with no debt.

In summary, 2012 was a good year and a solid turnaround from 2010 and 2011, but in our view, this is just the start. From 2003 through 2007, we ran off 15 consecutive quarters of profitability and did so with far fewer products and much less technology than we have today. Additionally, I believe our entire team in sales, manufacturing and engineering is stronger and more capable.

Our value proposition has never been better or more needed. For all these reasons I believe that 2012 will prove to be the launch of another series of profitable years and sales growth. It won’t be easy. Competition is unrelenting and there is a high level of uncertainties surrounding the economy and government spending. However, this environment of budget cuts and sequestration plays perfectly to our value proposition, a proposition that enables our customers to get more with their limited funds.

We are looking forward to vigorously delivering this message to the marketplace in 2013 and turning a lean fiscal year into increased market share and growth for RELM and our shareholders. This concludes my overview this morning, and I would now like to turn the call over to our Chief Financial Officer, Bill Kelly, who will review the results for the fourth quarter and year-ended December 31, 2012. Afterwards, I will make some closing remarks and address your questions. Bill?

Bill Kelly

Thank you, Dave. Our financial and operating results for the fourth quarter and year ended December 31, 2012 are as follows. Net sales for the year ended December 31, 2012 increased 14.4% to approximately $27.6 million, compared with $24.1 million in 2011. Sales of P25 digital products in 2012 increased 16.5% to approximately $17.9 million compared with $15.4 million last year.

The increase in total sales was attributed primarily to our P25 digital products, both KNG and legacy models. The KNG line increased our addressable market in frequencies and technologies where we previously were unable to compete, allowing us to secure new customers which included state and local government agencies, as well as international customers. These sales were supplemented by those from our federal legacy customers.

Fourth quarter 2012 net sales totaled approximately $5.8 million versus $5.7 million for the prior year quarter. Our gross profit margin in 2012 increased over five percentage points to 47.4% of sales, compared with 42% in 2011. For 2012, gross margins reflected increased total sales and a favorable sales mix, more heavily weighted towards P25 digital products.

We also benefited from continued refinements in our manufacturing operations and lastly increased manufacturing volumes even that improved efficiency in utilization of our manufacturing and support overhead. For the fourth quarter 2012, gross profit margins were 47.3% of sales versus 41.2% in the corresponding quarter of the previous year. For 2012, SG&A expenses decreased 5.7% or $613,000 totaling $10.2 million or 36.9% of sales. This compares with $10.8 million or 44.7% of sales last year.

Engineering and product development costs in 2012 decreased by approximately $728,000 or 16.6% compared with last year, as the new product development projects were completed and expenses were reduced. Marketing and selling expenses in 2012 increased slightly by approximately $29,000 or 0.8% compared with the previous year.

The increase related primarily the sales, commissions and incentives resulting from sales growth. These were partially offset by expense reductions implemented last year and maintained thereafter.

General and administrative expenses increased by approximately $86,000 or 3.1% in 2012 compared with 2011 due to headquarters and public company related expenses. For the fourth quarter 2012, SG&A expenses totaled approximately $2.6 million compared with $2.5 million in the fourth quarter of 2011.

Pre-tax income for 2012 increased to approximately $2.9 million or 10.4% of sales compared with a pre-tax loss of $766,000 or 3.2% of sales last year. For the fourth quarter of 2012, we reported pre-tax income of $156,000 compared with a pre-tax loss of $162,000 for the fourth quarter last year. The improvement in pre-tax income for the year and the fourth quarter reflects increased sales and lower product and operating costs.

For 2012, we recognized income tax expense of approximately $816,000 compared with an income tax benefit of $273,000 in 2011. For the fourth quarter 2012, we recognized an income tax benefit totaling $180,000 compared with a benefit of $298,000 for the same quarter last year. Our income tax expense and benefits are primarily non-cash.

For 2012, net income improved to approximately $2.1 million or $0.15 per diluted share versus a loss of $493,000 or $0.04 per share for the prior year, a year-over-year increase of $0.19 per share. We reported net income in the fourth quarter of $336,000 or $0.02 per diluted share compared with $136,000 or $0.01 per diluted share for the fourth quarter last year.

We ended 2012 with working capital totaling $23.6 million, of which $8.6 million was comprised of cash and trade receivables. This compares with working capital of $19.5 million and $6.8 million in cash and trade receivables at the end of 2011. As of December 31, 2012 we had no borrowings outstanding under our revolving credit facility.

I’ll now turn the call back over to Dave.

David Storey

Thank you, Bill. We have now posted three consecutive quarters of profits and realized significant improvements in our annual operating performance compared to the last two years. These are all positives. As I mentioned earlier however, our view is that this is just a start. I believe we can still do better.

We are keenly aware of the importance of not only sustaining, but increasing this momentum. I am convinced we are poised to do just that. Our products, our team, our technology and our value proposition are better than ever. The seeds sown in 2012, the beachheads we have established in new markets and with new customers help raise our profile and build our reputation, all of which enhance our prospects to profitable growth.

We will now move on to the question and answer portion of today’s conference call. I will like to remind everyone that the company does not provide financial and operating guidance on a quarterly or annual basis. And accordingly, we will not address questions in that regard. Emily, we are now ready to open the floor for questions.

Question-and-Answer Session

Operator

Thank you. We will now begin the question-and-answer session. (Operator Instructions) At this time, we will pause momentarily to assemble our roster. And our first question will come from Mark Jordan of Noble Financial. Please go ahead.

Mark Jordan – Noble Financial

Good morning, David.

David Storey

Good morning, Mark.

Mark Jordan – Noble Financial

Congratulations on a profitable year.

David Storey

Thank you.

Mark Jordan – Noble Financial

I would like to ask question as you sort of ran through the various segments of operating expense, two things were clear that R&D came down in 2012 as you’ve sort of completed sort of massive wave of new product design, and that marketing was relatively flat year-over-year. I guess my question is with the full product line you have currently, when would you see a positive or expect to have a positive return and plan on potentially being more aggressive on the marketing front, where we might see higher expenditures in that area with hopefully greater payback?

David Storey

Well as I mentioned during that part of – in the earlier part of my discussion, where we look at – we try to take that be as aggressive as possible with opportunities that are – that would face with it. It’s not about seeing how closely we can control those costs. It’s about analyzing the opportunities and applying the resources when necessary. And we have done that. There is a few – we actually spend some money in sales and marketing pursuing some opportunities internationally of late and of course with our state and local entities.

The Harris County win last year was a nice win for our team line [ph]. We have had some state and local business with California and maybe other states with our legacy products and we created specific solutions for them which we invested in. I think it’s about wise investment more than anything else. So we are looking – we certainly have the mining resources to do that. We certainly have the support of the Board of Directors to do that.

I think it’s just doing it in a wise and prudent fashion. And as the sales team and I analyze the opportunities we’re going to invest in them. So we’re not trying to hold at certain line there but we are very careful about analyzing how we spend our money and what we’re going after and there has to be a payback, I mean we look at the management team for a business plan with every opportunity that we’re pursuing, how viable is it and how much will it return to the top line and to our investor.

And so that is our approach in doing it. It’s always more comfortable when you have more money to do that with. And as you see, we’ve grown with our working capital, and as I said, I think this is – I think 2012 is a start of another growth spurt for this company. And we have much more products – many more products and much more technology, and more importantly this new team line we spent the last few years getting it in customers hands. They are getting familiar with it. They are seeing the performance levels of it, and of course we continue to add more and more to it. It’s a very software rich product, very robust software rich and capable.

We could do a lot with this product moving forward. But it really is targeted for markets that we’ve never played in, in the past and that had been – that we were the market leaders, especially the two market leaders that had been the dominant force. So it takes a lot of work to do that. And I wish there was a magic number that said if I spend that much, I would get automatically the revenues would grow, but I’m afraid that I haven’t seen that magic number yet. Hope that answers your question.

Mark Jordan – Noble Financial

A follow-up question relative to the FCC has regulation to stop your manufacture and sale of broadband units and now you’re limited to more narrowband. Do you see that shift to only having a global [ph] the more narrowband radios went to stimulate the business in the market overall as people using older broadband units can no longer get replacement radios?

David Storey

Yes, I do. There was – the mandate was for everyone to be on 12.5 by the end of last year. There were a lot of waivers that were issued to major metropolitan areas like New York, Philadelphia, Chicago and many other areas in the country by the FCC, because people didn’t have the funds, so there is still a huge market opportunity to bring those customers into the narrowband regulatory requirements.

And RELM has an active effort to do that. We believe we offer a fair price with great value, and that train has not pulled out of the station. And we intend to sell a lot into that area. Also when you talk about narrowbanding, there is a future requirement, CDMA requirements to move to 6.25, just so our – all of our investors know we have moved, believe me great strides in that area. Our 800 megahertz products are hardware capable today for CDMA 6.25. And our software is moving well ahead of schedule – software development and it can be flashed into those radios.

800 megahertz has a mandate of 2017 which will probably slip as these mandates tend to do, but the exciting thing for RELM is that we are technologically in step with the market leader. I don’t know where everyone is with that evolution, but we stay in a good shape.

Mark Jordan – Noble Financial

Okay. Related to the waivers that were issued, I think it – well, New York and other states will be allowed to continue to use their broadband, or legacy radios, they can no longer procure any new replacements. Is that correct, because manufacturers...

David Storey

I believe that is correct. I believe that is correct, yes. Yes, you really can’t – you certainly can’t get them FCC approved any more.

Mark Jordan – Noble Financial

Okay. Thank you very much.

David Storey

You’re welcome.

Operator

Our next question is from Sam Bergman of Bayberry Asset Management. Please go ahead.

Sam Bergman – Bayberry Asset Management

Good morning David, Bill. How are you?

David Storey

Good morning, Sam.

Bill Kelly

Good morning. Good morning, Sam.

Sam Bergman – Bayberry Asset Management

Couple of questions. First of all, can you tell me, did any orders slip from the fourth quarter and were shift into the first quarter, and can you also give us some color in terms of proposals of the funneled business and perhaps any designed in projects whether there is short-term or long-term that is new to the company?

David Storey

Okay, so you want me to kind of dance around the flame of guidance here. Well order slip all the time. That happens to us and all of our competition. The great thing about the year and believe me 2012 was not a layoff, 2012 was lot of hard work that went into it. But there is a balance for the first time I see a great balance, all this investment in this new product and these other frequencies starting to pay off which is great. And shipments are scraping [ph] the surface of that.

So I see a nice balance and growth in our federal legacy customers and our new federal customers in state and local activity, and also our dealer network. We seem to have struck a price that is generating more revenues then. So the fourth quarter what you see at least in the RELM profile and probably in others too, is the second and third quarters are the growth quarters were public safety spending takes place.

And the fourth quarter is usually it starts to lag and the first quarter is slowly comes up. So you see the huge bell curve. So yes, did we see some slippages? We did. Are we working on opportunities that have potential? Absolutely, both in the state and local and the federal arena. But everything has affected obviously, by everything that’s going on, sequestration.

We were actually up at along with a lot of competitors. We were up at the Industry Day [ph] for DHS TacCom, which is a contract vehicle that we’ve had many good audiences with, the end-users that are going to buy, buy all that contract. They seem aware that they have to save money in this new environment of fiscal responsibility and RELM fits the bill to satisfy that need.

So we’re getting positive meetings, we’re chasing some pro forma dollars. I can’t say exactly what they are but it’s a richer environment than we’d ever seen. Why? Because we have a better solution and more of them to offer to all of these needs. But even if there is a nice balance between state and local and federal and even some international. So they are a little bit longer shot, but so we’re working on all that, Sam. And I am seeing positive signs, we’re getting positive reception. And of course, like all of our shareholders you’ll see the announcements as they come.

Sam Bergman – Bayberry Asset Management

And the last question, I know the Board filed or there was an 8-K filed in December but perhaps a share buyback that was allowed. Is that at all in the works or is that being talked about more so that before, can you give us an update?

David Storey

I would say yes to both of those questions. We are at least in the works and the Board is in the process of discussing it. It’s interesting to that point that a new wrinkle has occurred with the recent escalation of our stock price to closer to its book value which is great. We’re very happy about that. We think that the stock is undervalued, but the Board is very serious about this option and they are meeting on it and there should be some information one way or another coming out about it shortly.

Sam Bergman – Bayberry Asset Management

Okay.

Operator

Our next question is from Doug Ruth of Lenox Financial Services. Please go ahead.

Doug Ruth – Lenox Financial Services

Hi David and Bill, congratulations on the good quarter and the good year.

David Storey

Thank you, Doug.

Doug Ruth – Lenox Financial Services

When do you expect that there would be an update on the Maryland sales – the Maryland State contract?

David Storey

Well my northeast regional guy, right now the way the Mid-Atlantic States have been hit by snow, there has been all sorts of delays. That’s an important contract, it’s a contract that – it’s a state that we weren’t – we didn’t have a contract vehicle in for years. They could usually buy out some other vehicles but this is – we feel that’s important. We think it will result in some opportunities this year, but they are really ill-defined at this moment, Doug.

Again this is one of those hunting license, indefinite delivery, indefinite quantity contracts, but we do have a northeast regional guy who – he submits every week he submit his prospect list that he is – where he is hunting sales. The Maryland State contract was a focus of ours to get on directly, and we are on it and it will be – it’s all according to the funding for all those counties and cities that are going to be buying all of that contract. So it’s starting – those opportunities are starting to form up, but I really don’t have anything to report on that now.

Doug Ruth – Lenox Financial Services

Okay. And what about – is there any update at all on the IRS contract. We haven’t heard anything there for a while?

David Storey

Yes, the IRS contract I would say is virtually dead. Again, very disappointing contract. We see this a lot, there are other contracts being that we are actually working on state department and treasury, seem to be – again when you think treasury, why wouldn’t they just use the IRS contract, but they are creating new vehicles. DHS TacCom is certainly open for everybody to purchase off of, although that seems to be exclusively the contract for the Department of Homeland Security.

So the IRS contract, I believe nothing is going to come out of that. We’ve talked to the people that manage it and it has never really produced any results. I don’t think it has produced any results for anyone.

Doug Ruth – Lenox Financial Services

Okay. And what about the Department of Defense seem to be pretty happy with some of the radios that they bought, is there been any follow-up, I mean are they interested in buying more?

David Storey

They are. Our Vice President is in-charge of that account. He is pursuing some opportunities, some offshore, I don’t want to say exactly where. The Afghanistan initiative is downsizing for sure. But we have offered them some nice enticements to bring those radios back and we would recognize a value for them, so they could integrate them into their base radio program.

We are pursuing base radios still and some opportunities with the National Guard and other opportunities within the DoD, so that continues.

Doug Ruth – Lenox Financial Services

And how would (inaudible).

Operator

Our next question comes from Alexander [ph] of American Capital Partners. Please go ahead.

Alexander – American Capital Partners

Yes, gentlemen good morning, congratulations. Good to hear we’re giving some serious consideration to limited stock buyback. I think that would be a good signal to the marketplace.

David Storey

I think it has to.

Alexander – American Capital Partners

Yes.

David Storey

Management certainly look for it [ph].

Alexander – American Capital Partners

Yes, with respect to the announcements with regard to Harris County, is that kind of a preliminary effort? Do we expect more to come from them? Could you talk about that a bit please?

David Storey

I can. This is my view of it and my understanding of it, and Harris County has been – first of all, it’s been a great experience. This government entity [ph] really has their act together. They have a tremendous technical team, great end-users and it’s a third largest County in United States. So they have over 70,000 users. So this is an exciting initiative. We spend a lot of time there. Then this contract – this contract was initiated so that they could be more exclusive now with certain suppliers.

So there are three suppliers that are on this contract that supply land mobile radio products, we’re one of them. How I see this unfolding. It’s a one year IDIQ with four one-year extensions, but how I see this happening is that as money, grant money and other moneys free up, mostly grant money I would assume, frees up and they will utilize this contract to execute their plan to upgrade their network.

So right now, as we said in the press release a million dollars has been freed up for this initiative. And I know there is activities involved in producing requirements associated with that. We’ve actually expected them earlier in the quarter. They haven’t materialized yet, but they are still certainly on the short range radar screen for us. So that’s exciting, but more exciting is as they execute their plan to get more money, they will – my vision is they will utilize this contract to buy products.

So we have spent a lot of time with them. We have worked to their requirements. They seem to like our solution and our products, and we’re going to continue to foster that opportunity.

Alexander – American Capital Partners

Okay. And just one quick follow-up question, Dave, you alluded to the fact that the value proposition seems to be meeting with the more receptive audience at this time.

David Storey

Yes.

Alexander – American Capital Partners

Could you talk a little bit more about that?

David Storey

Well I can, having been now with RELM for 15 years and as CEO 13, I’ve spent a lot of time with the customers, I mean that’s been the challenge of RELM, the top line. And changing the phase of what we are and how we are perceived. We are always perceived as sort of a supplier of just – to the Forest Service and the people who fight the wildfires. Now we’ve expanded our position in their eyes. In the past, we were kind of bust aside, yes, interesting, come back when you have something that’s a little more modern looking. While this team line and please I welcome everybody to visit our website and review some of the products and the expanding product lines that we have. It’s exciting, but so there we come to market with these products and just recently in my travel since December that with the secret service and some customs people up in Washington D.C. representatives of the TacCom, DHS, the Coast Guard.

We have had very, very good receptions from these organizations where they have spend a lot of time with us. They have given us more than the allotted time and they are interested in saving money. And they realize that they can’t afford just the top dollar product in the marketplace. One of the great things about APCO P25 and about DHS compliance testing on P25 trunking is it, we were able to take our technology and get it approved on all of our competitors systems. That’s a very positive thing. We prove it, it works and we’ve been continue to pursue that. But just the tone of the meetings has been more receptive and more positive.

Alexander – American Capital Partners

Great. Okay, good luck and thanks for your time. Bye-bye.

David Storey

Thank you.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Storey for any closing remarks.

David Storey

Thank you, Emily. And I would like to thank everyone for participating in today’s call. We look forward to visiting with you again when we report our first quarter results in May 2013. Good bye and have a good day.

Operator

The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: RELM Wireless' CEO Discusses Q4 2012 Results - Earnings Call Transcript
This Transcript
All Transcripts