11.15.2010 02:00 PM
Wegener Finishes Fiscal 2010 in the Red
JOHNS CREEK, GA.: Wegener Corp. ended fiscal 2010 with a loss of $2.3 million on revenues of $8.9 million. Net loss was 18 cents a share. The results compare to fiscal 2009 when the content distributor lost $2.6 million or 21 cents a share, on revenues of $12.7 million.

Wegener’s 18-month backlog was $6 million as of Sept. 3, 2010 compared to $4.3 million on Aug. 28, 2010. Total, multi-year backlog was $6.1 million compared to $6.8 million. Bookings for fiscal 2010 were around $8.3 million compared to $5.5 million for the same periods in fiscal 2009.

“Although the bookings for fiscal 2010 were approximately 51 percent higher than the bookings in fiscal 2009, our bookings and revenue performance in the fourth quarter fell short of our objectives primarily due to several orders being delayed,” Wegener chief Troy Woodbury said.

For fiscal 4Q, Wegener posted a $315,000 net loss on revenues of $2.6 million, compared to a loss of $538,000 on revenues of $2.9 million a year earlier. F4Q10 bookings were $1.4 million compared to $1.3 million.

“While I am pleased with the increase in bookings there is significant room for improvement,” Woodbury said. “Our fourth-quarter revenue was the highest of the quarters in fiscal 2010. The sales team and I are focused on the opportunities we have, and are traveling extensively to meet with customers and new prospects to strengthen and fully establish our position as their strategic partner.”

“Although delays of several orders beyond the fourth quarter resulted in a loss for the quarter, I continue to be encouraged by the progress we are making as an organization and with our customers,” he said. “While our forecast shows that we will have an operating loss for the first quarter of fiscal 2011, Wegener has many strong opportunities, domestically and internationally, and we are determined to build partnerships that will help us improve our operating performance in the future.”

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