Wegener Corporation (OTCQB: WGNR), a leading provider of
products for television, audio and data distribution networks
worldwide, today announced final operating results for the third
quarter ended May 28, 2010.
Final 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. The operating results for the nine
months ended May 28, 2010 were revenues of $6.3 million and a net
loss of approximately of $(2.0) million or $(0.16) per share
compared to revenues of $9.8 million and a loss of approximately
$(2.1) million or $(0.16) per share for the same period ended May
29, 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. We are traveling
extensively to meet with customers and new prospects as we work to
strengthen our position as their strategic partner. It is worth
noting that the bookings for the first nine months of this fiscal
year are $6.9 million compared to $5.5 million for all of fiscal
2009. The third quarter bookings of $3.0 million are 55% of the
total bookings for fiscal 2009. The bookings during each of the
first three quarters of fiscal 2010 have improved over the
comparable quarter one year ago.
“Although we are disappointed that our current revenue and
earnings performance do not currently reflect our intensified
efforts, we remain cautiously optimistic. WEGENER has a number of
significant opportunities both internationally and domestically and
our team is highly motivated to book these orders and improve our
operating performance. We also believe that new bookings will be
forthcoming as we close the deals currently in process; it will
clearly demonstrate our ability to be a viable strategic partner
with existing and new customers.”
Wegener Corporation will host a conference call today, 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.
WEGENER CORPORATION AND SUBSIDIARY CONSOLIDATED
BALANCE SHEETS (in $000's except share data)
May
28, August 28,
2010 2009
(Unaudited)
Assets
Current assets Cash
$ 589 $ 3 Accounts receivable,
net
1,291 1,582 Inventories, net
3,422 4,464 Other
177
172 Total current assets
5,479 6,221
Property and equipment, net
1,530 1,720 Capitalized
software costs, net
1,267 1,265 Other assets, net
299 336
Total assets
$
8,575 $ 9,542
Liabilities and
Shareholders' Equity Current liabilities Line of credit
and note payable
$ 4,250 $ 2,799 Accounts payable
1,608 1,964 Accrued expenses
1,704 1,524 Deferred
revenue
398 569 Customer deposits
432 504
Total current liabilities
8,392 7,360 Commitments
and contingencies Shareholders’ equity Common stock, $.01
par value; 30,000,000 shares authorized; 12,647,051 shares issued
and outstanding
126 126 Additional paid-in capital
20,007 20,007 Accumulated deficit
(19,950 ) (17,951 )
Total shareholders’ equity
183
2,182 Total liabilities and
shareholders' equity
$ 8,575
$ 9,542 WEGENER CORPORATION AND
SUBSIDIARIES
Summarized Operations Data
(in $000's except per share amounts) (Unaudited)
Three Months Ended Nine Months Ended
May 28, May 29,
May 28, May 29,
2010 2009
2010 2009
Revenues, net
$ 2,075 $ 2,947
$
6,344 $ 9,781 Net loss
$
(487 ) $ (883 )
$ (1,999 ) $
(2,067 ) Net loss per share Basic and diluted
$
(0.04 ) $ (0.07 )
$ (0.16 ) $
(0.16 ) Shares used in per share calculation Basic and
diluted
12,647 12,647
12,647 12,647
Wegener (PK) (USOTC:WGNR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wegener (PK) (USOTC:WGNR)
Historical Stock Chart
From Jul 2023 to Jul 2024