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Winland Electronics, Inc. Reports Second Quarter 2010 Results

Six Month Results

For the first six months of 2010, sales totaled $9.7 million versus $12.9 million in the comparable period in 2009, a decrease of 24.9 percent on a year-over-year basis. The Company reported a net loss of $1.4 million, or $0.37 a share, in the first six months of 2010 versus a loss of $839,000, or $0.23 a share in the comparable period in 2009.

EMS sales during the first half of 2010 totaled $8.1 versus $11.4 million in 2009. Proprietary Products sales totaled $1.6 million in the first half of 2010 versus $1.4 million in the comparable period in 2009. Winland’s EMS business recorded an operating loss of $248,000 in the first six months of 2010 versus an operating profit of $628,000 in the comparable period of 2009. In its Proprietary Products segment, the company recorded an operating profit of $118,000 versus an operating profit of $162,000 in the first half of 2009.

EMS sales from customers acquired more recently are up $1.0 million and $1.2 million for the three and six months ended June 30, 2010, respectively, as they move new products to Winland or transition products from other suppliers.

Sales of Winland’s Proprietary Products increased modestly over last year, due in part to investment in sales and marketing, as well as increasing demand from the food safety, medical, pharmaceutical and commercial markets Winland serves. During the first half of 2010, design engineering sales have come primarily from a number of smaller design projects for multiple customers.

“We continue to be optimistic about our customers and the long-term opportunities they present,” de Petra said. “During the second quarter, Winland continued to convert customers’ products from the new product introduction stage to production builds, but at a slower rate than expected due to a push out of customer demand.”

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