WGNR .90/.93 Nasdaq...much talk again this am about digital TV and Feds mandating compliance by ALL to the new deadline...digital tuner stocks are up and WGNR stands smack in the middle of this whole sector...plus, they have growing rev and profits:
(COMTEX) B: WEGENER Reports Third Quarter Growth and Positive Earnings
B: WEGENER Reports Third Quarter Growth and Positive Earnings
DULUTH, Ga., Jun 24, 2002 /PRNewswire-FirstCall via COMTEX/ -- WEGENER
Corporation (Nasdaq: WGNR) today announced results for the third quarter ended
May 31, 2002. WEGENER's revenues for the third quarter of fiscal 2002 were $6.3
million, with net earnings of $379,000, or $0.03 per share, compared to revenues
of $5.4 million, with a net loss of $436,000, or $(0.04) per share, for the
third quarter of fiscal year 2001. The Company's eighteen-month order backlog
was $13.0 million at May 31, 2002.
Results for the first nine months of fiscal year 2002 showed revenue growth of
29% compared with fiscal year 2001. Actual revenues were $18.2 million with net
earnings of $768,000, or $0.06 per share, compared to revenues of $14.1 million
and a net loss of $2.2 million, or $(0.19) per share, for the first nine months
of fiscal year 2001.
"This was a great quarter both for revenue growth and earnings," stated WEGENER
President and CEO, Robert A. Placek. "While quarterly results in our business
can be uneven, our efforts to improve operational efficiency are more
consistently creating positive operating results. Improvements were seen in
gross profit margins and free cash flow compared to the same period in fiscal
year 2001. We have a strong cash position and balance sheet."
Mr. Placek continued, "The FCC's commitment to make HDTV a standard is creating
great interest in our new DTV700 digital television processor. During this
quarter we received initial orders for this new product -- the DTV700 is on
track to be both a success for the Company and an important product for the
cable industry. The Company enjoyed ongoing success in the third quarter in
private network activity. Shipments continued for Roberts Communications
Network, an industry leader in the distribution of horse racing video via
satellite. We are pursuing several customers that would give the Company
opportunities for sustained growth in the private network sector."
WEGENER Communications is an international provider of digital solutions for IP
data, video and audio networks. Applications include IP data delivery, broadcast
television, cable television, radio networks, business television, distance
education, business music, satellite paging and financial information
distribution. COMPEL, WEGENER's patented network control system provides
networks with unparalleled ability to regionalize programming and commercials
through total receiver control. COMPEL network control capability is integrated
into WEGENER digital satellite receivers. WEGENER Communications can be reached
at +1.770.814.4000 or on the World Wide Web at www.wegener.com .
COMPEL, ENVOY, UNITY, UNITY.IP and iPump are trademarks of WEGENER
Communications, Inc. All Rights Reserved.
This news release contains statements, which may be forward-looking within the
meaning of applicable securities laws, including the Private Securities
Litigation Reform Act of 1995. The statements may include projections regarding
future sales results, expected contributions to margins and earnings and market
opportunities, and are based upon the Company's current expectations and
assumptions, which are subject to a number of risks and uncertainties including,
but not limited to: customer acceptance and effectiveness of recently introduced
UNITY digital video products, development of additional business for the WEGENER
digital and analog video and audio transmission product lines, effectiveness of
the revitalized international sales organization, the successful development and
introduction of new products in the future, delays in the conversion by private
and broadcast networks to digital broadcast equipment, acceptance by various
networks of standards for digital broadcasting, general market conditions which
may not improve during fiscal year 2002 and beyond, and success of WEGENER's
research and development efforts aimed at developing new products. Discussion of
these and other risks and uncertainties are provided in detail in the Company's
periodic filings with the SEC, including the Form 10-K. The Company intends that
such forward-looking statements are subject to the safe harbors created thereby.
Since these statements involve risks and uncertainties and are subject to change
at any time, the Company's actual results could differ materially from expected
or inferred results. Forward-looking statements speak only as of the date the
statement was made. WEGENER Corporation does not undertake and specifically
disclaims any obligation to update any forward- looking statements.
WEGENER CORPORATION AND SUBSIDIARIES
Summarized Operations Data
(in $000s except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
May 31, June 1, May 31, June 1,
2002 2001 2002 2001
Revenue $6,291 $5,365 $18,184 $14,128
Earnings (loss) before
income taxes 605 (679) 1,221 (3,508)
Income tax expense (benefit) 226 (243) 453 (1,262)
Net earnings (loss) $379 $(436) $768 $(2,246)
Net earnings (loss) per share
Basic $0.03 $(0.04) $0.06 $(0.19)
Diluted $0.03 $(0.04) $0.06 $(0.19)
Shares used in per share
calculation
Basic 12,186 11,943 12,138 11,892
Diluted 12,351 11,943 12,160 11,892
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SOURCE WEGENER Corporation
CONTACT: C. Troy Woodbury, Jr., Treasurer and Chief Financial Officer
WEGENER Corporation, +1-770-814-4000, or fax, +1-770-623-9648
info@wegener.com
URL: wegener.com
prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.
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KEYWORD: Georgia
INDUSTRY KEYWORD: TLS
MLM
CPR
ARO
SUBJECT CODE: ERN
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