Wegener Corporation (OTCQB: WGNR) (PINKSHEETS: WGNR), a leading
provider of products for television, audio and data distribution
networks worldwide, today announced operating results for the first
quarter of fiscal 2012, which ended December 2, 2011.
Operating results for the first quarter of fiscal 2012 were
revenues of approximately $1.4 million and a net loss of
approximately $857,000 or $(0.07) per share compared to revenues of
approximately $3.0 million and a net loss of approximately
$(26,000) or less than $(0.01) per share for the same period in
fiscal 2011.
Wegener Corporation's eighteen-month backlog was approximately
$3.6 million at December 2, 2011, compared to $6.3 million at
December 3, 2010. The total multi-year backlog at December 2, 2011,
was approximately $3.6 million compared to $6.3 million at December
3, 2010. Bookings for the first quarter of fiscal 2012 were
approximately $884,000 compared to $3.2 million for the same period
in fiscal 2011.
"We are very displeased with our bookings and operating
performance in the first quarter of fiscal 2012. We know that this
disappointing level of performance cannot continue and we are
working diligently to improve our performance in coming quarters. I
do remain encouraged by the increased business opportunities we are
seeing in several sectors and while no assurances can be given, I
have reason to believe that bookings will increase in the coming
quarters," stated Troy Woodbury, President and CEO of Wegener
Corporation.
Wegener Corporation will host a conference call on Tuesday,
January 17, 2012, at 4:15 PM Eastern Time to discuss its financial
results. To join the conference call, dial 888.873.4896 or
617.213.8850 for international dial in, and enter participant code
40454546. 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) (PINKSHEETS: WGNR),
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 2012 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)
December 2, September 2,
2011 2011
(Unaudited)
------------ ------------
Assets
Current assets
Cash $ 976 $ 476
Accounts receivable, net 1,299 2,056
Inventories, net 1,744 1,530
Other 248 268
------------ ------------
Total current assets 4,267 4,330
Property and equipment, net 1,428 1,469
Capitalized software costs, net 1,279 1,288
Other assets 187 197
------------ ------------
Total assets $ 7,161 $ 7,284
============ ============
Liabilities and Capital Deficit
Current liabilities
Line of credit-related party $ 4,250 $ 4,250
Accounts payable 1,821 1,813
Accrued expenses 2,170 2,070
Deferred revenue 543 401
Customer deposits 721 237
------------ ------------
Total current liabilities 9,505 8,771
------------ ------------
Commitments and contingencies
Capital deficit
Preferred stock, $20.00 par value; 250,000
shares authorized; none issued and outstanding - -
Common stock, $.01 par value; 30,000,000 shares
authorized; 13,147,051 shares issued and
outstanding 131 131
Additional paid-in capital 20,113 20,113
Accumulated deficit (22,588) (21,731)
------------ ------------
Total capital deficit (2,344) (1,487)
------------ ------------
Total liabilities and capital deficit $ 7,161 $ 7,284
============ ============
WEGENER CORPORATION AND SUBSIDIARY
Summarized Operations Data
(in $000's except per share amounts)
(Unaudited)
Three Months Ended
December 2, December 3,
2011 2010
------------ ------------
Revenues, net $ 1,383 $ 2,970
------------ ------------
Net loss $ (857) $ (26)
------------ ------------
Net loss per share
Basic and diluted $ (0.07) $ *
------------ ------------
Shares used in per share calculation
Basic and diluted 13,147 12,647
------------ ------------
* Less than $(0.01) per share
INVESTOR RELATIONS CONTACT: Jim Traicoff CFO Wegener
Corporation (770) 814-4000 FAX (770) 623-9648 Email Contact
Wegener (PK) (USOTC:WGNR)
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