Wegener Into the Red in 3Q7/09/2004 6:55 AM Eastern
Wegener Corp. posted a net loss of $357,000, or $0.03 per share, for its fiscal third quarter ended May 28, versus net income of $123,000 ($0.01) in the prior-year quarter.
The networking-solutions vendor’s third-quarter revenue fell to $4.8 million from $6.3 million in the year-earlier quarter.
For the first nine months of its fiscal year, Wegener posted revenues of $14.2 million and a net loss of $1.5 million, or $0.12 per share, versus revenues of $15.4 million and a net loss of $130,000 ($0.01) for the first nine months of fiscal-year 2003.
“We believe we have the right products for growth in the markets that we serve,” CEO Robert Placek said in a prepared statement. “Our bookings and operational performance so far this fiscal year, however, have not met our expectations, due primarily to a longer sales cycle for our new products than anticipated.”