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
------------ ------------
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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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