JOHNS CREEK, GA--(Marketwired - May 7, 2013) - Wegener Corporation (
Final operating results for the second quarter of fiscal 2013 were revenues of approximately $1.2 million and a net loss of approximately $(592,000) or $(0.05) per share, compared to revenues of approximately $2.4 million and a net loss of approximately $(364,000) or $(0.03) per share for the same period in fiscal 2012. The final operating results for the first six months of fiscal 2013 were revenues of approximately $2.6 million and a net loss of approximately $(1.0) million or $(0.08) per share, compared to revenues of approximately $3.8 million and a net loss of approximately $(1.2) million or $(0.09) per share for the same period in fiscal 2012.
Wegener Corporation's eighteen-month and total multi-year backlog were approximately $2.4 million and 3.0 million at March 1, 2013, compared to $2.6 million and 2.6 million at March 2, 2012. Bookings for the second quarter and the first six months of fiscal 2013 were approximately $1.2 million and $2.0 million compared to $987,000 and $1.9 million for the same periods in fiscal 2012.
"We were very pleased with both the Digital Signage Expo and the NAB show that we have attended recently. We met some very good new contacts and our new products were well received, stated Troy Woodbury, President and CEO of Wegener Corporation. "We continue to see expansion of customer networks in Latin America and are working to establish a stronger presence in the domestic digital signage market. We will be reporting an operating loss for the third quarter of fiscal 2013, and our cash flow continues to be very tight. We have continued to reduce our breakeven point and are keeping tight control on expenses as we seek additional financing for the Company."
ABOUT WEGENER
WEGENER® (Wegener Communications, Inc.), a wholly-owned subsidiary of Wegener Corporation (
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 is on Twitter. Sign up to follow @WEGENER at http://twitter.com/wegener .
WEGENER, COMPEL, COMPEL CONTROL, iPUMP, MEDIAPLAN, UNITY, ASSURED FILE DELIVERY, PROSWITCH, VIDATA, the stylized W-design logo (for WEGENER®), and the stylized C-design logo (for Compel®) 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 2013 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 reports. 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) | ||||||||||
| March 1, | August 31, | |||||||||
| 2013 | 2012 | |||||||||
| (Unaudited) | (Unaudited) | |||||||||
| Assets | ||||||||||
| Current assets | ||||||||||
| Cash | $ | 514 | $ | 194 | ||||||
| Accounts receivable, net | 683 | 1,244 | ||||||||
| Inventories, net | 779 | 1,228 | ||||||||
| Other | 232 | 225 | ||||||||
| Total current assets | 2,208 | 2,891 | ||||||||
| Property and equipment, net | 1,236 | 1,320 | ||||||||
| Capitalized software costs, net | 346 | 551 | ||||||||
| Other assets | 134 | 152 | ||||||||
| Total assets | $ | 3,924 | $ | 4,914 | ||||||
| Liabilities and Capital Deficit | ||||||||||
| Current liabilities | ||||||||||
| Line of credit-related party | $ | 4,250 | $ | 4,250 | ||||||
| Accounts payable | 1,251 | 2,075 | ||||||||
| Accrued expenses | 2,503 | 2,286 | ||||||||
| Deferred revenue | 455 | 367 | ||||||||
| Customer deposits | 734 | 205 | ||||||||
| Total current liabilities | 9,193 | 9,183 | ||||||||
| Commitments and contingencies | ||||||||||
| Capital deficit | ||||||||||
| Preferred stock, $20.00 par value; 250,000 shares authorized; none issued and outstanding | - | - | ||||||||
| Common stock, $.01 par value; 100,000,000 shares authorized; 13,147,051 shares issued and outstanding | 131 | 131 | ||||||||
| Additional paid-in capital | 20,113 | 20,113 | ||||||||
| Accumulated deficit | (25,513 | ) | (24,513 | ) | ||||||
| Total capital deficit | (5,269 | ) | (4,269 | ) | ||||||
| Total liabilities and capital deficit | $ | 3,924 | $ | 4,914 | ||||||
| WEGENER CORPORATION AND SUBSIDIARY | |||||||||||||||||
| Summarized Operations Data | |||||||||||||||||
| (in $000's except per share amounts) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| March 1, | March 2, | March 1, | March 2, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Revenues, net | $ | 1,162 | $ | 2,369 | $ | 2,599 | $ | 3,751 | |||||||||
| Net loss | $ | (592 | ) | $ | (364 | ) | $ | (1,000 | ) | $ | (1,220 | ) | |||||
| Net loss per share | |||||||||||||||||
| Basic and diluted | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.08 | ) | $ | (0.09 | ) | |||||
| Shares used in per share calculation | |||||||||||||||||
| Basic and diluted | 13,147 | 13,147 | 13,147 | 13,147 | |||||||||||||
INVESTOR RELATIONS CONTACT: Jim Traicoff CFO Wegener Corporation (770) 814-4000 FAX (770) 623-9648 Email Contact
