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Wegener Reports Final F1Q10 Results

DULUTH: Wegener Corp.’s final results for the first quarter of its fiscal 2010 were in line with its preliminaries. Wegener posted a net loss of $990,000, or 8 cents a share, on revenues of $1.9 million in the quarter ending Nov. 27, 2009. Year-earlier net loss was $1.2 million on revenues of $2.3 million.

The 18-month backlog was $4.2 million at the end of F1Q10, compared to $8.1 million F1Q09. Total backlog was $6.6 million compared to $12.5 million. Bookings in the most recently completed quarter were $1.8 million compared to $1.3 million a year earlier.

“As mentioned when we released the preliminary results for first quarter, we continued to cut costs in the first quarter and the fiscal 2010 first quarter operating results reflect approximately $247,000 in severance costs compared to $24,000 in the first quarter of fiscal 2009,” said Troy Woodbury, president and CEO of Wegener.

Wegener was delisted from the NASDAQ (WGNR) in December for noncompliance. Wegener executives will appear before a NASDAQ hearings panel Jan. 13 to present a plan for meeting listing requirements.

“I believe that our plan is reasonable and is achievable,” Woodbury said. “Also, while I am not giving specific earnings guidance, I do believe the second quarter of fiscal 2010 will have improved operating results over the first quarter.”

More on Wegener:

December 3, 2009:NASDAQ Prepares to Drop Wegener"

December 1, 2009:
Wegener Nets $534,000 Order

November 30, 2009: “Wegener Swings to $2.6 Million Loss for FY2009”

October 14, 2009“Wegener Lands $4 Million in Financing”

September 17, 2009: “Sencore Deal to Buy Wegener Cancelled

July 21, 2009: “Sencore Aims to take Wegener in $6 Million Deal”

July 14, 2009: “Wegener’s Fiscal 3Q Revenues Down 34 Percent”

April 14, 2009: “Wegener Breaks Even in Fiscal 2Q09