Wegener Corporation (PINKSHEETS: WGNR), a provider of products for
television, audio and data distribution networks worldwide, today
announced final operating results for the fourth quarter and fiscal
2012 ended August 31, 2012.
Final operating results for the fourth quarter of fiscal 2012
were revenues of approximately $1.5 million and a net loss of
approximately $(433,000) or $(0.03) per share, compared to revenues
of approximately $2.5 million and net earnings of approximately
$33,000 or less than $0.01 per share for the same period in fiscal
2011. The final operating results for fiscal 2012 were revenues of
approximately $7.2 million and a net loss of approximately $(2.8)
million or $(0.21) per share, compared to revenues of approximately
$9.1 million and a net loss of approximately $(1.5) million or
$(0.11) per share for the same period in fiscal 2011.
Wegener Corporation's eighteen-month backlog was approximately
$2.7 million at August 31, 2012, compared to $3.5 million at
September 2, 2011. The total multi-year backlog at August 31, 2012,
was approximately $3.2 million compared to $3.5 million at
September 2, 2011. Bookings for the fourth quarter and fiscal 2012
were approximately $3.0 million and $5.8 million compared to
approximately $1.0 million and $6.5 million for the same periods in
fiscal 2011.
The Company previously announced on November 19, 2012 that the
Company's Board of Directors had unanimously determined that
termination of the Company's registration as a public company under
the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), was in the Company's best interests. The Board reached its
determination after a careful analysis of the benefits of public
registration versus the significant on-going costs of registration,
particularly for smaller registrants such as the Company. The
Company filed a Certification and Notice of Termination of
Registration on Form 15 with the Securities and Exchange Commission
("SEC") on Monday, November 19, 2012. The Company's duty to file
any reports required under Section 13(a) of the Exchange Act with
the SEC was suspended immediately upon that filing. Official
termination of the Company's registration shall take effect 90 days
after such filing, or such shorter period as the SEC may
determine.
The Company's stock, symbol WGNR, continues to trade on the OTC
Pink Sheets and the Company intends to make its unaudited annual
and quarterly financial information publicly available through the
OTC Disclosure & News Service as provided by the OTC Markets
Group. This information will be accessible at the OTC Markets
website: www.otcmarkets.com. The Company will continue issuing
press releases and will have an annual meeting in 2013 and each
year thereafter as required by the Delaware General Corporation
Law. The date and time of the 2013 annual meeting will be announced
in the future. The quarterly conference calls are being
discontinued.
"While we were pleased with the increase in bookings in the
fourth quarter of fiscal 2012 as compared to each of the previous
six quarters, our bookings and revenue levels continue to fall
short of projections. We will be reporting an operating loss for
the first quarter of fiscal 2013, ended November 30, 2012," stated
Troy Woodbury, President and CEO of Wegener Corporation.
"Our cash flow continues to be very tight even after significant
reductions in our personnel levels; however, we are continuing to
pursue all booking opportunities as we seek additional financing
for the Company. We believe there are good domestic and
international opportunities for Wegener products and services in
the radio, broadcast television, business networks, and digital
signage markets. Our goals are to focus on business opportunities
and keep a tight control on expenses as we move forward."
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 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.
WEGENER CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(in $000's except share data)
August 31, September 2,
2012 2011
(Unaudited)
--------------------------------------------- ------------- --------------
Assets
Current assets
Cash $ 194 $ 476
Accounts receivable, net 1,244 2,056
Inventories, net 1,228 1,530
Other 225 268
--------------------------------------------- ------------- --------------
Total current assets 2,891 4,330
Property and equipment, net 1,320 1,469
Capitalized software costs, net 551 1,288
Other assets 152 197
--------------------------------------------- ------------- --------------
Total assets $ 4,914 $ 7,284
============================================= ============= ==============
Liabilities and Capital Deficit
Current liabilities
Line of credit-related party $ 4,250 $ 4,250
Accounts payable 2,075 1,813
Accrued expenses 2,286 2,070
Deferred revenue 367 401
Customer deposits 205 237
--------------------------------------------- ------------- --------------
Total current liabilities 9,183 8,771
--------------------------------------------- ------------- --------------
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
and 30,000,000 shares authorized;
13,147,051 shares issued and outstanding 131 131
Additional paid-in capital 20,113 20,113
Accumulated deficit (24,513) (21,731)
--------------------------------------------- ------------- --------------
Total capital deficit (4,269) (1,487)
--------------------------------------------- ------------- --------------
Total liabilities and capital deficit $ 4,914 $ 7,284
============================================= ============= ==============
WEGENER CORPORATION AND SUBSIDIARY
Summarized Operations Data
(in $000's except per share amounts)
Three Months Ended Twelve Months Ended
(Unaudited)
August 31, September 2, August 31, September 2,
2012 2011 2012 2011
(Unaudited)
Revenues, net $ 1,530 $ 2,493 $ 7,195 $ 9,111
---------- ------------ ----------- ------------
Operating (loss) income (338) 122 (2,413) (1,100)
Net (loss) earnings $ (433) $ 33 $ (2,782) $ (1,466)
---------- ------------ ----------- ------------
Net (loss) earnings per
share
Basic and diluted $ (0.03) $ - * $ (0.21) $ (0.11)
---------- ------------ ----------- ------------
Shares used in per
share calculation
Basic and diluted 13,147 13,147 13,147 13,019
---------- ------------ ----------- ------------
* Less than $ 0.01 per share
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INVESTOR RELATIONS CONTACT: Jim Traicoff CFO Wegener
Corporation (770) 814-4000 FAX (770) 623-9648 Email Contact
Wegener (PK) (USOTC:WGNR)
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