JOHNS CREEK, Ga., June 15
/PRNewswire-FirstCall/ -- Wegener Corporation (Other OTC: WGNR), a
leading provider of products for television, audio and data
distribution networks worldwide, today announced preliminary
operating results for the third quarter ended May 28, 2010. Final results for the third quarter
of fiscal 2010 will be released on July 12,
2010.
Preliminary operating results for the third quarter of fiscal
2010 were revenues of $2.1 million
and a net loss of approximately $(487,000) or $(0.04) per share compared to revenues of
$2.9 million and a net loss of
$(883,000) or $(0.07) per share for the same period in fiscal
2009.
Wegener Corporation's eighteen-month backlog was $6.5 million at May 28,
2010, compared to $5.0 million
at May 29, 2009. The total multi-year
backlog at May 28, 2010, was
approximately $7.2 million compared
to $8.2 million at May 29, 2009. Bookings for the third quarter of
fiscal 2010 were approximately $3.0
million compared to $1.1
million for the same period in fiscal 2009.
"Our bookings performance in the third quarter was an
improvement over the first and second quarters of fiscal 2010, but
there is significant room for improvement," stated Troy Woodbury, President and CEO of Wegener
Corporation. "We continue to focus on booking new orders, lowering
our breakeven point, conserving cash, and improving our internal
operating processes. WEGENER has built its reputation on
customer service over the years, and our goal is to improve product
quality to better serve our current and new customers. To
that end, we are strengthening our testing procedures in
engineering, systems, and operations.
"While the revenues do not yet reflect it, we are making
progress. During the third quarter, we booked a two million dollar multi-year order with an
international customer. The sales team and I are focused on
booking orders. We are traveling extensively to meet with
customers and new prospects as we work to strengthen our position
as their strategic partner.
"Although we are disappointed that our current revenue and
earnings performance do not currently reflect our intensified
efforts, we are not discouraged. WEGENER has many strong
opportunities both internationally and domestically. Our team
is determined to work successfully to book these new opportunities
and improve our operating performance in the future."
Wegener Corporation will host a conference call on Monday, July 12, 2010, at 4:15 PM Eastern Time to discuss its financial
results. To join the conference call, dial 866.788.0540 or
857.350.1678 and enter participant code 76893884. Wegener
Corporation intends to discuss financial and other operational
information on this conference call. In addition, this call is
being webcast by Thomson/CCBN and can be accessed from the
Company's website at www.wegener.com. It will be archived on
WEGENER's website at www.wegener.com and the replay will be
available within one hour after the conference call.
ABOUT WEGENER
WEGENER® (Wegener Communications, Inc.), a wholly-owned
subsidiary of Wegener Corporation (OTCQB: WGNR.PK), is an
international provider of digital video and audio solutions for
broadcast television, radio, telco, private and cable networks.
With over 30 years experience in optimizing point-to-multipoint
multimedia distribution over satellite, fiber, and IP networks,
WEGENER offers a comprehensive product line that handles the
scheduling, management and delivery of media rich content to
multiple devices, including video screens, computers and audio
devices. WEGENER focuses on long- and short-term strategies
for bandwidth savings, dynamic advertising, live events and
affiliate management.
WEGENER's product line includes: iPump® media servers for
file-based and live broadcasts; COMPEL® Network Control and COMPEL®
Conditional Access for dynamic command, monitoring and addressing
of multi-site video, audio, and data networks; and the Unity®
satellite media receivers for live radio and video broadcasts.
Applications served include: digital signage, linear
and file-based TV distribution, linear and file-based radio
distribution, Nielsen rating information, broadcast news
distribution, business music distribution, corporate
communications, video and audio simulcasts.
WEGENER® can be reached at (770) 814-4000 or at
www.wegener.com.
WEGENER, COMPEL, COMPEL CONTROL, iPUMP, MEDIAPLAN, UNITY,
ASSURED FILE DELIVERY, PANDA, PROSWITCH, VIDATA, the stylized
W-design logo (for WEGENER®), the stylized C-design logo (for
Compel®) and the stylized PANDA design logo are all registered
trademarks of WEGENER®. All Rights Reserved.
This news release may contain forward-looking statements
within the meaning of applicable securities laws, including the
Private Securities Litigation Reform Act of 1995, and the Company
intends that such forward-looking statements are subject to the
safe harbors created thereby. Forward-looking statements may
be identified by words such as "believes," "expects," "projects,"
"plans," "anticipates," and similar expressions, and include, for
example, statements relating to expectations regarding future
sales, income and cash flows. Forward-looking statements are
based upon the Company's current expectations and assumptions,
which are subject to a number of risks and uncertainties including,
but not limited to: customer acceptance and effectiveness of
recently introduced products, development of additional business
for the Company's digital video and audio transmission product
lines, effectiveness of the sales organization, the successful
development and introduction of new products in the future, delays
in the conversion by private and broadcast networks to next
generation digital broadcast equipment, acceptance by various
networks of standards for digital broadcasting, the Company's
liquidity position and capital resources, general market conditions
which may not improve during fiscal year 2010 and beyond, and
success of the Company's research and development efforts aimed at
developing new products. Discussion of these and other risks
and uncertainties are provided in detail in the Company's periodic
filings with the SEC, including the Company's most recent Annual
Report on Form 10-K. Since these statements involve risks and
uncertainties and are subject to change at any time, the Company's
actual results could differ materially from expected results.
Forward-looking statements speak only as of the date the statement
was made. The Company does not undertake any obligation to
update any forward-looking statements.
SOURCE Wegener Corporation