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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Wegener Corp (PK) | USOTC:WGNR | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.012 | 0.013 | 0.0298 | 0.00 | 12:07:10 |
From Jul 2019 to Jul 2024
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
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