Wegener Corporation Reports Preliminary Results for Fourth Quarter and Fiscal Year 2010
September 23 2010 - 6:17PM
Business Wire
Wegener Corporation (OTCQB: WGNR.PK), a leading provider of
products for television, audio and data distribution networks
worldwide, today announced preliminary operating results for the
fourth quarter and fiscal year 2010 ended September 3, 2010. Final
results will be released on November 15, 2010.
Preliminary operating results for the fourth quarter of fiscal
2010 were revenues of approximately $2.6 million and a net loss of
approximately $(336,000) or $(0.03) per share compared to revenues
of $2.9 million and a net loss of $(538,000) or $(0.04) per share
for the same period in fiscal 2009. Preliminary operating results
for fiscal 2010 were revenues of approximately $9.0 million and a
net loss of approximately $(2.3) million or $(0.18) per share
compared to revenues of $12.7 million and a net loss of $(2.6)
million or $(0.21) per share for the same period in fiscal
2009.
Wegener Corporation’s eighteen-month backlog was approximately
$6.0 million at September 3, 2010, compared to $4.3 million at
August 28, 2009. The total multi-year backlog at September 3, 2010,
was approximately $6.1 million compared to $6.8 million at August
28, 2009. Bookings for the fourth quarter and fiscal 2010 were
approximately $1.4 million and $8.4 million compared to $1.3
million and $5.5 million for the same periods in fiscal 2009.
“Our bookings and revenue performance in the fourth quarter fell
short of our objectives primarily due to several orders being
delayed. We believe these orders will book in the first quarter of
fiscal 2011 which ends on December 3, 2010. The bookings for fiscal
2010 were 52% higher than the bookings in fiscal 2009. While I am
pleased with the increase in bookings there is significant room for
improvement,” stated Troy Woodbury, President and CEO of Wegener
Corporation. “Our purpose is to serve our customers. Our reputation
over the years shows that we believe in standing by our products
and doing what is best for our customers. We continue to focus on
improving WEGENER and our ability to serve our customers.
“Our fourth quarter revenue was the highest of the quarters in
fiscal 2010. We came very close to achieving our goal of breakeven
revenue and would have, had several orders not been delayed. There
is no substitute for booking orders. The sales team and I are
focused on the opportunities we have and are traveling extensively
to meet with customers and new prospects as we work to strengthen
our position as their strategic partner.
“I continue to be encouraged by the progress we are making as an
organization and with our customers. WEGENER has many strong
opportunities domestically and in various areas of the world. We
are determined to work successfully to book these new opportunities
and continue to improve our operating performance in the
future.”
Wegener Corporation will host a conference call on Monday,
November 15, 2010, at 4:15 PM Eastern Time to discuss its financial
results. To join the conference call, dial 866.804.6925, or
857.350.1671 for international dial in, and enter participant code
13280383. 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.
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