SOURCE: WEGENER

WEGENER

February 06, 2013 16:30 ET

Wegener Corporation Reports Final Results for First Quarter of Fiscal Year 2013

JOHNS CREEK, GA--(Marketwire - Feb 6, 2013) - Wegener Corporation (PINKSHEETS: WGNR), a provider of products for television, audio and data distribution networks worldwide, today announced final operating results for the first quarter of fiscal 2013 ended November 30, 2012. 

Final operating results for the first quarter of fiscal 2013 were revenues of approximately $1.4 million and a net loss of approximately $(408,000) or $(0.03) per share, compared to revenues of approximately $1.4 million and a net loss of approximately $(857,000) or $(0.07) per share for the same period in fiscal 2012. 

Wegener Corporation's eighteen-month and total multi-year backlog was approximately $2.5 million and $2.7 million at November 30, 2012, compared to $3.6 million and $3.6 million at December 2, 2011. Bookings for the first quarter of 2013 were approximately $784,000 compared to approximately $884,000 for the same period in fiscal 2012. 

First quarter bookings were characterized by continuing support from domestic customers and customers in Latin America and Europe who continue to maintain and expand their networks utilizing Wegener products and control technology.

"I am very optimistic about near-term opportunities which include continued growth in Latin America and a stronger presence in the domestic digital signage market," stated Ken Leffingwell, Vice President Worldwide Sales. "Projects that have been stalled in the sluggish economy are showing renewed activity while new projects are being uncovered. Our efforts over the past year to develop and support sales channels are beginning to pay off."

"Wegener is very focused on the upcoming Digital Signage Expo in Las Vegas and we will be making some exciting announcements in the next few weeks prior to the show. These include both new product introductions as well as technology partnerships," stated Troy Woodbury, President and CEO of Wegener Corporation. 

"Although our financial results do not yet reflect it, we are making progress. We will be reporting an operating loss for the second quarter of fiscal 2013, and our cash flow continues to be very tight. We 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 (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, 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)  
             
    November 30,     August 31,  
    2012     2012  
    (Unaudited)     (Unaudited)  
Assets                
                 
Current assets                
  Cash   $ 162     $ 194  
  Accounts receivable, net     1,197       1,244  
  Inventories, net     899       1,228  
  Other     141       225  
                   
    Total current assets     2,399       2,891  
                 
Property and equipment, net     1,278       1,320  
Capitalized software costs, net     444       551  
Other assets     143       152  
                 
Total assets   $ 4,264     $ 4,914  
                 
Liabilities and Capital Deficit                
                 
Current liabilities                
  Line of credit-related party   $ 4,250     $ 4,250  
  Accounts payable     1,597       2,075  
  Accrued expenses     2,292       2,286  
  Deferred revenue     532       367  
  Customer deposits     269       205  
                   
    Total current liabilities     8,940       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 sharesauthorized; 13,147,051 shares issued andoutstanding    

131
     

131
 
  Additional paid-in capital     20,113       20,113  
  Accumulated deficit     (24,920 )     (24,513 )
                 
    Total capital deficit     (4,676 )     (4,269 )
                 
Total liabilities and capital deficit   $ 4,264     $ 4,914  
                 
WEGENER CORPORATION AND SUBSIDIARY  
Summarized Operations Data  
(in $000's except per share amounts)  
(Unaudited)  
             
             
    Three Months Ended  
             
    November 30,     December 2,  
    2012     2011  
             
             
Revenues, net   $ 1,437     $ 1,383  
                 
                 
Net loss   $ (408 )   $ (857 )
                 
Net loss per share                
  Basic and diluted   $ (0.03 )   $ (0.07 )
                 
Shares used in per share calculation                
  Basic and diluted     13,147       13,147  
                   

Contact Information

  • INVESTOR RELATIONS CONTACT:
    Jim Traicoff
    CFO
    Wegener Corporation
    (770) 814-4000
    FAX (770) 623-9648
    Email Contact