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 FCCÕs 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 Š 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 RobertÕs Communication Network, an industry leader in the distribution of horse racing video via satellite. We are pursing several customers that give the company the opportunity 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.
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