SOURCE: WEGENER

WEGENER

May 07, 2013 13:00 ET

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

JOHNS CREEK, GA--(Marketwired - May 7, 2013) - Wegener Corporation (PINKSHEETS: WGNR), a provider of products for television, audio and data distribution networks worldwide, today announced final operating results for the second quarter and first six months of fiscal 2013 ended March 1, 2013.

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 (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 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  
                                   
                                   
                                   

Contact Information

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