Wegener Corp. (WGNR, Financial) filed Quarterly Report for the period ended 2010-12-03.
Wegener Corp has a market cap of $1.39 million; its shares were traded at around $0 with and P/S ratio of 0.16.
Our backlog is comprised of undelivered, firm customer orders, which are scheduled to ship within eighteen months. WCI s backlog scheduled to ship within eighteen months was approximately $6.3 million at December 3, 2010, compared to $6.0 million at September 3, 2010, and $4.2 million at November 27, 2009. Two customers accounted for approximately 40.8%and 32.4%, respectively, of the backlog at December 3, 2010. The total multi-year backlog at December 3, 2010 was approximately $6.3 million, compared to $6.1 million at September 3, 2010 and $6.6 million at November 27, 2009. Approximately $3.3 million of the December 3, 2010 backlog is scheduled to ship during fiscal 2011.
Cost of products sold in the first quarter of fiscal 2011 included capitalized software amortization expense of $224,000 compared to $211,000 for the same period of fiscal 2010. Inventory reserve and warranty provisions included in cost of products sold were $35,000 and $20,000, respectively, in the first quarter of fiscal 2011, compared to $15,000 and none in the same period of fiscal 2010. Severance costs charged to cost of products sold in the first quarter of fiscal 2010 were $51,000 compared to none in the first quarter of fiscal 2011.
Selling, General and Administrative - Selling, general and administrative (SG&A) expenses decreased $160,000, or 16.7%, to $801,000 in the first quarter of fiscal 2011 from $962,000 in the first quarter of fiscal 2010. Corporate SG&A expenses in the first quarter of fiscal 2011 decreased $34,000, or 23.7%, to $108,000 from $142,000 in same period of fiscal 2010, mainly due to a decrease in professional fees. WCI s SG&A expenses decreased $127,000, or 15.4%, to $693,000 in the first quarter of fiscal 2011 from $820,000 in the same period of fiscal 2010. WCI s SG&A severance expenses in the first quarter of fiscal 2011 decreased $147,000 to $24,000 from $171,000 in the same period of fiscal 2010. Additional decreases in SG&A expenses included professional fees of $25,000 and general overhead costs of $36,000 due to lower amortization expense and overall cost reduction efforts. These expense reductions were offset by increases in bad debt expense of $40,000 and in-house commission expense of $16,000 due to an increase in bookings. As a percentage of revenues, SG&A expenses were 27.0% for the three month period ended December 3, 2010, compared to 50.1% for the same period ended November 27, 2009.
Our backlog scheduled to ship within eighteen months was approximately $6.3 million at December 3, 2010, compared to $6.0 million at September 3, 2010, and $4.2 million at November 27, 2009. The total multi-year backlog at December 3, 2010 was approximately $6.3 million, compared to $6.1 million at September 3, 2010 and $6.6 million at November 27, 2009. Approximately $3.3 million of the December 3, 2010 backlog is scheduled to ship during fiscal 2011.
During the first quarter of fiscal 2011, operating activities provided $209,000 of cash. Net loss adjusted for expense provisions and depreciation and amortization (before working capital changes) provided cash of $370,000, while changes in accounts receivable, deferred revenue and customer deposit balances used $1,045,000 of cash. Changes in accounts payable and accrued expenses used $212,000 of cash, while changes in inventories and other assets provided $1,096,000 of cash. Cash used by investing activities was $226,000, which consisted of capitalized software additions of $222,000 and equipment additions of $4,000. Financing activities used $50,000 of cash for net line of credit payments.
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Wegener Corp has a market cap of $1.39 million; its shares were traded at around $0 with and P/S ratio of 0.16.
Highlight of Business Operations:
Revenues for the first quarter of fiscal 2011 increased $1,052,000, or 54.9%, to $2,970,000 from $1,918,000 for the same period in fiscal 2010. The operating results for the three month period ended December 3, 2010, were a net loss of $(26,000) or less than $(0.01) per share, compared to a net loss of $(990,000) or $(0.08) per share, for the three month period ended November 27, 2009.Our backlog is comprised of undelivered, firm customer orders, which are scheduled to ship within eighteen months. WCI s backlog scheduled to ship within eighteen months was approximately $6.3 million at December 3, 2010, compared to $6.0 million at September 3, 2010, and $4.2 million at November 27, 2009. Two customers accounted for approximately 40.8%and 32.4%, respectively, of the backlog at December 3, 2010. The total multi-year backlog at December 3, 2010 was approximately $6.3 million, compared to $6.1 million at September 3, 2010 and $6.6 million at November 27, 2009. Approximately $3.3 million of the December 3, 2010 backlog is scheduled to ship during fiscal 2011.
Cost of products sold in the first quarter of fiscal 2011 included capitalized software amortization expense of $224,000 compared to $211,000 for the same period of fiscal 2010. Inventory reserve and warranty provisions included in cost of products sold were $35,000 and $20,000, respectively, in the first quarter of fiscal 2011, compared to $15,000 and none in the same period of fiscal 2010. Severance costs charged to cost of products sold in the first quarter of fiscal 2010 were $51,000 compared to none in the first quarter of fiscal 2011.
Selling, General and Administrative - Selling, general and administrative (SG&A) expenses decreased $160,000, or 16.7%, to $801,000 in the first quarter of fiscal 2011 from $962,000 in the first quarter of fiscal 2010. Corporate SG&A expenses in the first quarter of fiscal 2011 decreased $34,000, or 23.7%, to $108,000 from $142,000 in same period of fiscal 2010, mainly due to a decrease in professional fees. WCI s SG&A expenses decreased $127,000, or 15.4%, to $693,000 in the first quarter of fiscal 2011 from $820,000 in the same period of fiscal 2010. WCI s SG&A severance expenses in the first quarter of fiscal 2011 decreased $147,000 to $24,000 from $171,000 in the same period of fiscal 2010. Additional decreases in SG&A expenses included professional fees of $25,000 and general overhead costs of $36,000 due to lower amortization expense and overall cost reduction efforts. These expense reductions were offset by increases in bad debt expense of $40,000 and in-house commission expense of $16,000 due to an increase in bookings. As a percentage of revenues, SG&A expenses were 27.0% for the three month period ended December 3, 2010, compared to 50.1% for the same period ended November 27, 2009.
Our backlog scheduled to ship within eighteen months was approximately $6.3 million at December 3, 2010, compared to $6.0 million at September 3, 2010, and $4.2 million at November 27, 2009. The total multi-year backlog at December 3, 2010 was approximately $6.3 million, compared to $6.1 million at September 3, 2010 and $6.6 million at November 27, 2009. Approximately $3.3 million of the December 3, 2010 backlog is scheduled to ship during fiscal 2011.
During the first quarter of fiscal 2011, operating activities provided $209,000 of cash. Net loss adjusted for expense provisions and depreciation and amortization (before working capital changes) provided cash of $370,000, while changes in accounts receivable, deferred revenue and customer deposit balances used $1,045,000 of cash. Changes in accounts payable and accrued expenses used $212,000 of cash, while changes in inventories and other assets provided $1,096,000 of cash. Cash used by investing activities was $226,000, which consisted of capitalized software additions of $222,000 and equipment additions of $4,000. Financing activities used $50,000 of cash for net line of credit payments.
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