Wegener Breaks Even in Fiscal 2Q09
April 14, 2009
DULUTH, GA.: Wegener Corp. is getting wrung by the current economic environment along with the rest of the industry. The satellite transport provider broke even in its second fiscal quarter of 2009, ending Feb. 27, but expects to post an operating loss in 3Q, company chairman and CEO Robert Placek said.
“Revenues were almost double the level in the first quarter and we do not anticipate returning to the Q1 revenue level,” he said. “We expect an operating loss in the third quarter and are focused on controlling costs to see us through these challenging times.”
Wegener (NASDAQ: WGNR) posted net earnings of $8,000 on revenues of $4.5 million for the quarter, compared to earnings of $336,000 on revenues of $6.7 million the same period a year earlier.
For the six months ending Feb. 27, WGNR posted a net loss of $1.2 million on revenues of $6.8 million, compared to net earnings of $286,000 on revenues of $11.7 million a year earlier.
Wegener’s 18-month backlog was $5.9 million at the end of February, compared to $9.8 million last year. The total backlog as of Feb. 29 was $9.7 million, compared to $15.7 million a year earlier. Bookings for 2Q09 came to $1.8 million compared to $5.8 million the year before.