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Winland Electronics, Inc. Reports Fourth Quarter, Full-Year 2010 Results

Stocks in this article: WEX

Winland Electronics, Inc. (AMEX: WEX) today announced net sales of its Proprietary Environmental Monitoring products for the fourth quarter of 2010 were $868,000, up 6 percent over the comparable period of 2009. The Company reported a net loss of $1.9 million or $0.50 per basic and diluted share for the quarter.

As announced on January 3, 2011, the Company completed the sale of its Electronic Manufacturing Services (EMS) business unit to Nortech Systems, Incorporated. The EMS business is reported as discontinued operations.

The Company recorded an operating loss for the fourth quarter of 2010 of $858,000 versus an operating loss of $284,000 for the same period in 2009. Gross margins were significantly impacted by under utilization of manufacturing costs dropping from 36.3 percent to 21.0 percent. Operating expenses for the fourth quarter of 2010 were $1.0 million, a 79 percent increase over 2009 fourth quarter. The substantial increase was primarily due to net effect of severance packages paid to the Company’s previous chief executive and chief financial officer and increased professional fees.

“Our investment in sales and marketing continued to increase market awareness of the solutions our products offer in monitoring critical environments,” said Brian Lawrence, Chief Financial Officer and Senior Vice President. “Sales were up 6 percent over 2009 and have returned to levels consistent with 2008, but were not enough to offset one-time charges related to the sale of our EMS business.”

Full Year results

Proprietary Products net sales for the year ended December 31, 2010 were $3.3 million, up $126,000, or 4 percent, versus the year ended December 31, 2009. The increased sales were the result primarily of a 5 percent increase in sales to the Company’s largest distributor. The Company reported a net loss (including discontinued operations) of $3.5 million, or $0.96 per basic and diluted share for the year ended December 31, 2010, compared to the $1.5 million net loss, or $0.42 per basic and diluted share, for the same period of 2009.

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