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To: Sergio H who wrote (1219)	2/1/2003 8:35:04 AM
From: Densiebj	Respond to of 23958

DFIB.........very nice breakout d

To: Sergio H who wrote (1219)	2/2/2003 9:00:50 PM
From: JoeinIowa	Read Replies (1) \| Respond to of 23958

Sergio, These guys are still looking good. Nice quarter. Joe PCTEL Announces Strong Fourth Quarter Results; 2002 Revenues Up 19 Percent Over 2001 Wednesday January 29, 4:31 pm ET Company Increases Fourth Quarter Revenue by 117 Percent Compared to Same Quarter in 2001 CHICAGO, Jan. 29 /PRNewswire-FirstCall/ -- PCTEL, Inc. (Nasdaq: PCTI - News), a leading provider of Internet access products and 802.11 mobility software, today announced financial results for the fourth quarter of 2002. Total revenue was $16.3 million for the fourth quarter of 2002 compared to $7.5 million reported in the fourth quarter of 2001. Net income for the fourth quarter of 2002 was $2.6 million, or $0.13 per diluted share, compared to a net loss of $(6.1) million, or $(0.31) per share reported in the fourth quarter of 2001. The company has now delivered its fifth sequential improvement in quarterly product revenues. ADVERTISEMENT Total fourth quarter revenue increased $3.8 million, or 30 percent from $12.5 million in the third quarter of 2002 due to stronger modem sales. The company's HSP product sales enabled the utilization of $1.9 million of inventory that was previously reserved as excess in the third quarter of 2001. This utilization of reserved inventory favorably impacted product margins and net income for the quarter. In addition, product margins were favorably impacted by $1.0 million in licensing revenue that was generated in the fourth quarter of 2002. Cash and short-term investments ended the quarter at $111.7 million compared to $112.2 million at the end of the third quarter 2002. During the fourth quarter the company used $4.5 million of cash to purchase 650,000 shares of the company's stock pursuant to a one million-share stock buyback program announced in August 2002. The company plans to continue its share buyback program. For the year, the company's revenue was $48.8 million, an increase of $7.8 million or 19% over last year. Operating expenses declined from $61.2 million to $24.8 million from 2001 to 2002, and earnings grew to $6.2 million compared to a loss of $58.2 million in 2001. During 2002, the company shipped approximately 12 million HSP modems and initial shipments of its Segue(TM) Roaming Client and Segue(TM) Network Gateways, its Wi-Fi infrastructure product. "The third quarter results suggested that our revenue and earnings were beginning to reflect the company's efforts over the past year," said Marty Singer, PCTEL's Chairman and CEO. "The fourth quarter results confirm that we are, indeed, making progress. We continue to manage our costs as we develop revenue momentum, and we appear to have secured a significant share of the notebook computer soft modem market. We now look forward to achieving traction with our new Wi-Fi products. We hope that 2003 will be a year of strategic as well as tactical progress."