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Wegener Reports Preliminary Results for FY1Q10

DULUTH, GA.:Wegener Corp. issued preliminary operating results for the first quarter ended Nov. 27, 2009.

Preliminary F1Q10 revenues of $1.9 million, with a net loss of approximately $992,000 or 8 cents per share compared to revenues of $2.3 million and a net loss of $1.2 million or 9 cents a share a year earlier.

Wegener’s 18-month backlog was $4.2 million as of Nov. 27, 2009, compared to $8.1 million a year earlier. The total multi-year backlog was approximately $6.6 million compared to $12.5 million last year. Bookings totaled $1.8 million compared to $1.3 million. Final first quarter fiscal 2010 numbers will be released in January 2010.

“As we have previously discussed, our first quarter performance was very disappointing,” stated Troy Woodbury, Wegener president and CEO. “During October of this year we reduced our headcount by 19 percent as we have continued to lower our breakeven point. The fiscal 2010 first quarter operating results reflect approximately $250,000 in severance costs compared to $24,000 in the first quarter of fiscal 2009.”

“During the past eight weeks, I have met or talked with a number of our key customers to ascertain what will be required to increase bookings,” he said. “We have received some excellent feedback and are very focused on implementing changes that we believe will result in improved performance in the future.”

Wegener was delisted from the NASDAQ earlier this month.

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