Wegener’s Fiscal 3Q Revenues Down 34 Percent
DULUTH, GA.: Quarterly revenues fall by more than a third for content and data distributor Wegener Corp. The company generated $2.9 million for its third fiscal ’09 quarter ending May 29, compared to $4.4 million for the same period a year earlier. Net loss was $883,000, or 7 cents a share, compared to a net loss of $775,000 or 6 cents a share a year ago. The results included a $188,000 one-time severance expense.
Wegener’s (NASDAQ: WGNR) 18-month backlog was $5 million at the end of 3Q09, compared to $8.2 million last year. The total multi-year backlog was approximately $8.2 million compared to $13.6 million. Bookings were $1.1 million compared to $1.9 million a year ago.
“Our third quarter results were down from prior years but did fall in line with our expectations for the quarter given the economic climate,” said Robert Placek, chairman and CEO of Wegener. “Based on the realities of the market conditions, we made cost reductions in the organization in the third quarter to better align our cost structure with currently achievable revenue levels. We do expect an operating loss in the fourth quarter of fiscal 2009.
-- Deborah D. McAdams