JOHNS CREEK, GA — (Marketwire) — 12/17/12 — Wegener Corporation (PINKSHEETS: WGNR), a provider of products for television, audio and data distribution networks worldwide, today announced final operating results for the fourth quarter and fiscal 2012 ended August 31, 2012.
Final operating results for the fourth quarter of fiscal 2012 were revenues of approximately $1.5 million and a net loss of approximately $(433,000) or $(0.03) per share, compared to revenues of approximately $2.5 million and net earnings of approximately $33,000 or less than $0.01 per share for the same period in fiscal 2011. The final operating results for fiscal 2012 were revenues of approximately $7.2 million and a net loss of approximately $(2.8) million or $(0.21) per share, compared to revenues of approximately $9.1 million and a net loss of approximately $(1.5) million or $(0.11) per share for the same period in fiscal 2011.
Wegener Corporation-s eighteen-month backlog was approximately $2.7 million at August 31, 2012, compared to $3.5 million at September 2, 2011. The total multi-year backlog at August 31, 2012, was approximately $3.2 million compared to $3.5 million at September 2, 2011. Bookings for the fourth quarter and fiscal 2012 were approximately $3.0 million and $5.8 million compared to approximately $1.0 million and $6.5 million for the same periods in fiscal 2011.
The Company previously announced on November 19, 2012 that the Company-s Board of Directors had unanimously determined that termination of the Company-s registration as a public company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), was in the Company-s best interests. The Board reached its determination after a careful analysis of the benefits of public registration versus the significant on-going costs of registration, particularly for smaller registrants such as the Company. The Company filed a Certification and Notice of Termination of Registration on Form 15 with the Securities and Exchange Commission (“SEC”) on Monday, November 19, 2012. The Company-s duty to file any reports required under Section 13(a) of the Exchange Act with the SEC was suspended immediately upon that filing. Official termination of the Company-s registration shall take effect 90 days after such filing, or such shorter period as the SEC may determine.
The Company-s stock, symbol WGNR, continues to trade on the OTC Pink Sheets and the Company intends to make its unaudited annual and quarterly financial information publicly available through the OTC Disclosure & News Service as provided by the OTC Markets Group. This information will be accessible at the OTC Markets website: . The Company will continue issuing press releases and will have an annual meeting in 2013 and each year thereafter as required by the Delaware General Corporation Law. The date and time of the 2013 annual meeting will be announced in the future. The quarterly conference calls are being discontinued.
“While we were pleased with the increase in bookings in the fourth quarter of fiscal 2012 as compared to each of the previous six quarters, our bookings and revenue levels continue to fall short of projections. We will be reporting an operating loss for the first quarter of fiscal 2013, ended November 30, 2012,” stated Troy Woodbury, President and CEO of Wegener Corporation.
“Our cash flow continues to be very tight even after significant reductions in our personnel levels; however, we are continuing to pursue all booking opportunities as we seek additional financing for the Company. We believe there are good domestic and international opportunities for Wegener products and services in the radio, broadcast television, business networks, and digital signage markets. Our goals are to focus on business opportunities and keep a tight control on expenses as we move forward.”
WEGENER® (Wegener Communications, Inc.), a wholly-owned subsidiary of Wegener Corporation (PINKSHEETS: WGNR), is an international provider of digital video and audio solutions for broadcast television, radio, telco, private and cable networks. With over 30 years experience in optimizing point-to-multipoint multimedia distribution over satellite, fiber, and IP networks, WEGENER offers a comprehensive product line that handles the scheduling, management and delivery of media rich content to multiple devices, including video screens, computers and audio devices. WEGENER focuses on long- and short-term strategies for bandwidth savings, dynamic advertising, live events and affiliate management.
WEGENER-s product line includes: iPump® media servers for file-based and live broadcasts; COMPEL® Network Control and COMPEL® Conditional Access for dynamic command, monitoring and addressing of multi-site video, audio, and data networks; and the Unity® satellite media receivers for live radio and video broadcasts. Applications served include: digital signage, linear and file-based TV distribution, linear and file-based radio distribution, Nielsen rating information, broadcast news distribution, business music distribution, corporate communications, video and audio simulcasts.
WEGENER® can be reached at (770) 814-4000 or at .
Jim Traicoff
CFO
Wegener Corporation
(770) 814-4000
FAX (770) 623-9648
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