Wegener Corporation (OTCQB: WGNR.PK), a leading provider of
products for television, audio and data distribution networks
worldwide, today announced operating results for the first quarter
of fiscal 2011, which ended December 3, 2010.
Operating results for the first quarter of fiscal 2011 were
revenues of approximately $3.0 million and a net loss of
approximately $(26,000) or less than $(0.01) per share compared to
revenues of $1.9 million and a net loss of $(990,000) or $(0.08)
per share for the same period in fiscal 2010.
Wegener Corporation’s eighteen-month backlog was approximately
$6.3 million at December 3, 2010, compared to $4.2 million at
November 27, 2009. The total multi-year backlog at December 3,
2010, was approximately $6.3 million compared to $6.6 million at
November 27, 2009. Bookings for the first quarter of fiscal 2011
were approximately $3.2 million compared to $1.8 million for the
same period in fiscal 2010.
“We are determined to provide quality products, build strategic
alliances with our customers, both existing and new, and serve the
needs of our shareholders,” stated Troy Woodbury, President and CEO
of Wegener Corporation. “We have many strong opportunities
domestically and internationally and I am committed to helping our
team convert these opportunities into successful bookings.
“The improvement in bookings that we saw in fiscal 2010 has
continued into fiscal 2011. Our fiscal 2011 first quarter booking
and revenue performance exceeded each of the quarters of fiscal
2010, and the first quarter operating loss was less than any of the
quarters in fiscal 2010. While the direction of this trend has
provided our team with a strong incentive, significant shippable
bookings are required for the second quarter and the remainder of
fiscal 2011. As is the nature of our business, should any of the
significant orders currently targeted for the second quarter not
close on a timely basis, we would have an operating loss for the
quarter.
“Our Compensation and Incentive Plan Committee of our Board of
Directors has recently granted 1,163,700 shares in stock options
and restricted stock to senior executives, all other employees, and
members of the Board pursuant to our 2010 Incentive Plan. The
Committee feels strongly that the interests of our senior
executives, all other employees, and board members should be
closely aligned to those of our shareholders. We believe this grant
will motivate and reward the efforts of the entire company as we
work to improve WEGENER during this time of rebuilding.”
Wegener Corporation will host a conference call on Monday,
January 17, 2011, at 4:15 PM Eastern Time to discuss its financial
results. To join the conference call, dial 800.638.5495, or
617.614.3946 for international dial in, and enter participant code
76640112. 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 2011 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 SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS (in $000's except share data)
December 3, September 3,
2010
2010
(Unaudited)
Assets Current assets Cash
$ 164 $ 231
Accounts receivable, net
2,536 1,634 Inventories, net
2,077 3,145 Other
173
235 Total current assets
4,950 5,245 Property and equipment, net
1,569
1,618 Capitalized software costs, net
1,262 1,263 Other
assets
225
235 Total assets
$ 8,006
$ 8,361
Liabilities and
Capital Deficit Current liabilities Line of
credit-related party
$ 3,800 $ 3,850 Accounts payable
1,723 2,142 Accrued expenses
1,959 1,732 Deferred
revenue
450 529 Customer deposits
232 240 Total
current liabilities
8,164
8,493 Commitments and contingencies
Capital deficit
Common stock, $.01 par value; 30,000,000
shares authorized; 12,647,051 shares issued and outstanding
126 127 Additional paid-in capital
20,007 20,006
Accumulated deficit
(20,291 )
(20,265 ) Total capital deficit
(158 ) (132 )
Total liabilities and capital deficit
$
8,006 $ 8,361 WEGENER
CORPORATION AND SUBSIDIARY
Summarized Operations Data (in
$000's except per share amounts) (Unaudited)
Three Months Ended
December 3, November
27,
2010 2009 Revenues, net
$
2,970 $ 1,918 Net loss
$
(26 ) $ (990 ) Net loss per share Basic and
diluted
$
*
$ (0.08 ) Shares used in per share calculation Basic
and diluted
12,647 12,647
* Less than $(0.01) per share
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