Winland Electronics Inc (WEX, Financial) filed Quarterly Report for the period ended 2010-09-30.
Winland Electronics Inc has a market cap of $2.7 million; its shares were traded at around $0.73 with and P/S ratio of 0.1.
Net sales for the three months ended September 30, 2010 were $4,378,000, down $744,000 from the same period in 2009. EMS net sales of $3,540,000 were down $688,000 compared to the same period last year, a 16% decrease. Sales to Customer A, a Minnesota based onboard fleet management solutions provider, were down $884,000. Sales to Customer B, a Florida based medical products company, decreased $137,000. Customer C, a global leader in the manufacture of compact, professional test tools based in Washington, had sales decrease $221,000. Sales to new customers, acquired within the past twelve months, were $1,075,000 for the three months ended September 30, 2010. These sales are the culmination of a long sales cycle and qualification builds for these customers. Net sales of Proprietary Products for the three months ended September 30, 2010 were $838,000, down 6% from the same period in 2009.
Net sales for the nine months ended September 30, 2010 were $14,053,000, down $3,955,000 from the same period in 2009. EMS net sales of $11,603,000 were down $4,033,000 compared to the same period last year, a 26% decrease. Sales to Customer A, B and C were down $2,343,000, $672,000 and $609,000, respectively, compared to the same period a year ago. Sales to new customers, acquired within the past twelve months, were $2,226,000. Net sales of Proprietary Products increased $78,000 or 3% to $2,450,000.
General and Administrative expenses were $368,000 for the three months ended September 30, 2010 compared to $468,000 for the same period a year ago, primarily the result of headcount reductions totaling $64,000 of reduced wages and benefits. General and Administrative expenses were $1,339,000 for the nine months ended September 30, 2010 compared to $1,636,000 for the same period a year ago, due to cost controlling measures including headcount reductions reducing wages and benefits by $181,000, more effective and inexpensive investor relations spending reducing expenses by $17,000, reducing office supply inventories and expenses by $11,000 and diligent spending of dues and subscriptions expenses reducing costs by $7,000 partially offset by increased professional expenses of $24,000.
Research and Development expenses were $72,000 for the three months ended September 30, 2010 compared to $143,000 for the same period a year ago, the result of reduced wages and benefits of $92,000 partially offset by reduced labor and overhead expenses transferred to Engineering Cost of Goods Sold of $31,000. Research and Development expenses were $290,000 for the nine months ended September 30, 2010 compared to $394,000 for the same period a year ago, the result of reduced wages and benefits of $201,000, reduced new product development expense of $15,000 partially offset by reduced labor and overhead expenses transferred to Engineering Cost of Goods Sold of $129,000.
Operating activities used cash of $155,000 and $209,000 for the nine months ended September 30, 2010 and 2009, respectively. For the nine months ended September 30, 2010, the net loss of $1,667,000 and increased inventory balances of $280,000 for new product introductions were partially offset by collection of 2009 loss carry-back from the IRS of $628,000, non-cash depreciation expense of $589,000, collection of $297,000 accounts receivable balances in excess of third quarter sales as a result of the improvement in days sales outstanding of 4 days and increased accounts payable balances of $324,000 due to increased raw material inventory levels. For the nine months ended September 30, 2009, the $1,534,000 net loss and payments to vendors of $929,000 of the accounts payable balance in excess of receipts were partially offset by collection of $968,000 of accounts receivable balances in excess of sales for the third quarter of 2009, depreciation expense of $615,000 and sales of $520,000 of inventory in excess of production for customer order requirements.
Read the The complete Report
Winland Electronics Inc has a market cap of $2.7 million; its shares were traded at around $0.73 with and P/S ratio of 0.1.
Highlight of Business Operations:
The Company reported a net loss of $305,000 or $0.08 per basic and diluted share for the three months ended September 30, 2010 compared to a net loss of $695,000 or $0.19 per basic and diluted share for the same period in 2009. The Company reported a net loss of $1,667,000 or $0.45 per basic and diluted share for the nine months ended September 30, 2010 compared to a net loss of $1,534,000 or $0.42 per basic and diluted share for the same period in 2009.Net sales for the three months ended September 30, 2010 were $4,378,000, down $744,000 from the same period in 2009. EMS net sales of $3,540,000 were down $688,000 compared to the same period last year, a 16% decrease. Sales to Customer A, a Minnesota based onboard fleet management solutions provider, were down $884,000. Sales to Customer B, a Florida based medical products company, decreased $137,000. Customer C, a global leader in the manufacture of compact, professional test tools based in Washington, had sales decrease $221,000. Sales to new customers, acquired within the past twelve months, were $1,075,000 for the three months ended September 30, 2010. These sales are the culmination of a long sales cycle and qualification builds for these customers. Net sales of Proprietary Products for the three months ended September 30, 2010 were $838,000, down 6% from the same period in 2009.
Net sales for the nine months ended September 30, 2010 were $14,053,000, down $3,955,000 from the same period in 2009. EMS net sales of $11,603,000 were down $4,033,000 compared to the same period last year, a 26% decrease. Sales to Customer A, B and C were down $2,343,000, $672,000 and $609,000, respectively, compared to the same period a year ago. Sales to new customers, acquired within the past twelve months, were $2,226,000. Net sales of Proprietary Products increased $78,000 or 3% to $2,450,000.
General and Administrative expenses were $368,000 for the three months ended September 30, 2010 compared to $468,000 for the same period a year ago, primarily the result of headcount reductions totaling $64,000 of reduced wages and benefits. General and Administrative expenses were $1,339,000 for the nine months ended September 30, 2010 compared to $1,636,000 for the same period a year ago, due to cost controlling measures including headcount reductions reducing wages and benefits by $181,000, more effective and inexpensive investor relations spending reducing expenses by $17,000, reducing office supply inventories and expenses by $11,000 and diligent spending of dues and subscriptions expenses reducing costs by $7,000 partially offset by increased professional expenses of $24,000.
Research and Development expenses were $72,000 for the three months ended September 30, 2010 compared to $143,000 for the same period a year ago, the result of reduced wages and benefits of $92,000 partially offset by reduced labor and overhead expenses transferred to Engineering Cost of Goods Sold of $31,000. Research and Development expenses were $290,000 for the nine months ended September 30, 2010 compared to $394,000 for the same period a year ago, the result of reduced wages and benefits of $201,000, reduced new product development expense of $15,000 partially offset by reduced labor and overhead expenses transferred to Engineering Cost of Goods Sold of $129,000.
Operating activities used cash of $155,000 and $209,000 for the nine months ended September 30, 2010 and 2009, respectively. For the nine months ended September 30, 2010, the net loss of $1,667,000 and increased inventory balances of $280,000 for new product introductions were partially offset by collection of 2009 loss carry-back from the IRS of $628,000, non-cash depreciation expense of $589,000, collection of $297,000 accounts receivable balances in excess of third quarter sales as a result of the improvement in days sales outstanding of 4 days and increased accounts payable balances of $324,000 due to increased raw material inventory levels. For the nine months ended September 30, 2009, the $1,534,000 net loss and payments to vendors of $929,000 of the accounts payable balance in excess of receipts were partially offset by collection of $968,000 of accounts receivable balances in excess of sales for the third quarter of 2009, depreciation expense of $615,000 and sales of $520,000 of inventory in excess of production for customer order requirements.
Read the The complete Report
