Wegener Says Preliminary Q1 Results are a Significant Improvement

Posted by Joe Zaller
Dec 10 2010

Wegener today issued preliminary results for the first quarter of fiscal 2011, which ended December 3, 2010.  The company, which called the results a significant improvement, said that it lost approximately $26,000 on revenue of $3m compared to revenues of $1.9m and a net loss of $990,000 during the same period last year. Final results will be released on January 17, 2011.

The company said its 18-month backlog was approximately $6.3m at the end of the quarter, compared to $4.2 million at the end of the first quarter of the previous fiscal year.

Company president & CEO Troy Woodbury said that while he was not satisfied with the company’s performance, he is pleased with the real progress the Wegener team is making.  “Our bookings and revenue performance in the first quarter of fiscal 2011 was a strong improvement over each of the quarters of fiscal 2010 and the first quarter operating loss was less than any of the quarters in fiscal 2010,” said Woodbury.

The company also said that it has recently granted 1.16m shares in stock options and restricted stock to senior executives, all other employees, and members of its board.

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You can read the full Wegener preliminary Q1 2011 earnings press release here.

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