Wegener Cuts Losses

Preliminary F2Q10 results show improvement over first quarter
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DULUTH. GA.: Content distributor Wegener Corp. posted a preliminary loss of 4 cents a share for the quarter ending Feb. 26, 2010--half that of the previous quarter.

Fiscal 2Q10 revenues were $2.4 million; net loss was around $533,000, yielding 4 cents a share. The F1Q10 loss totaled $900,000, or 8 cents a share on revenues of $1.9 million. Revenues in the year-ago period were $4.5 million, with net earnings of $8,000 or less than a penny a share.

Wegener’s 18-month backlog was $4.5 million as of Feb. 26, 2010, compared to $5.9 million a year earlier. The total multi-year backlog was approximately $6.2 million compared to $9.7 million last year. Bookings were around $2.1 million compared to $1.8 million a year earlier.

“Our performance in the second quarter was certainly an improvement over the first quarter of fiscal 2010, but I am far from satisfied with our operating results,” stated Troy Woodbury, president and CEO of Wegener. “As we strive for improvements in revenue and earnings, we continue to focus our attention in four key areas: booking new orders, lowering our breakeven point, conserving cash, and improving our internal operating processes.”

Wegener (NASDAQ: WGNR) booked a $2 million multi-year order with an international customer during the first week of its current fiscal third quarter. Final F2Q10 results will be released April 12.