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


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© Marketwire 2013
2013-02-06 22:35:20 -

JOHNS CREEK, GA -- (Marketwire) -- 02/06/13 -- 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 : 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 : www2.marketwire.com/mw/emailprcntct?id=D967541488B4AF2A



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