Wegener Corporation Reports Preliminary Results for Second Quarter, Fiscal Year 2010
DULUTH, Ga., March 9 /PRNewswire-FirstCall/ — Wegener Corporation, (Nasdaq: WGNR) a leading provider of products for television, audio and data distribution networks worldwide, today announced preliminary operating results for the second quarter ended February 26, 2010. Final results for the second quarter of fiscal 2010 will be released on April 12, 2010.
Preliminary operating results for the second quarter of fiscal 2010 were revenues of $2.4 million and a net loss of approximately $(533,000) or $(0.04) per share compared to revenues of $4.5 million and net earnings of $8,000 or less than $0.01 per share for the same period in fiscal 2009.
Wegener Corporation’s eighteen-month backlog was $4.5 million at February 26, 2010, compared to $5.9 million at February 27, 2009. The total multi-year backlog at February 26, 2010, was approximately $6.2 million compared to $9.7 million at February 27, 2009. Bookings for the second quarter of fiscal 2010 were approximately $2.1 million compared to $1.8 million for the same period in fiscal 2009.
“Our performance in the second quarter was certainly an improvement over the first quarter of fiscal 2010, but I am far from satisfied with our operating results,” stated Troy Woodbury, President and CEO of Wegener Corporation. “As we strive for improvements in revenue and earnings, we continue to focus our attention in four key areas: booking new orders, lowering our breakeven point, conserving cash, and improving our internal operating processes.
“During the first week of our current 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 and are traveling extensively to meet with our customers. I am pleased with the progress we are making to reconfirm to our customers that WEGENER’s goal is to be a strategic partner and provide products and control software that can be an efficient and effective tool for their businesses. We believe this effort will result in Wegener Corporation’s improved performance in the future.”
Wegener Corporation will host a conference call on Monday, April 19, 2010, at 4:15 PM Eastern Time, (subsequent to the NAB Show, April 12th -15th), to discuss its financial results and the NAB Show. To join the conference call, dial 1-866-713-8565 or 1-617-597-5324 and enter participant code 53917446. 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.
WEGENERÃ‚® (Wegener Communications, Inc.), a wholly-owned subsidiary of Wegener Corporation (Nasdaq: 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: iPumpÃ‚® media servers for file-based and live broadcasts; COMPELÃ‚® Network Control and COMPELÃ‚® Conditional Access for dynamic command, monitoring and addressing of multi-site video, audio, and data networks; and the UnityÃ‚® 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.
WEGENERÃ‚® 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 WEGENERÃ‚®), the stylized C-design logo (for CompelÃ‚®) and the stylized PANDA design logo are all registered trademarks of WEGENERÃ‚®. 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