On an operating basis, Winland reported a loss of $1.9 million and $1.8 million for the years ended December 31, 2010 and 2009, respectively. The Company’s gross margin was 35.6 percent in 2010, down from the 41.6 percent reported for 2009, the result of capacity utilization-related factors.General and Administrative expenses were $2.1 million for the year ended December 31, 2010, an increase of $79,000 compared to the same time period a year ago. The increase was primarily due to increased salary expenses of $162,000 relating to severance packages of $358,000 for the Company’s previous chief executive officer and chief financial officer, offset by other reduced salaries expenses of $196,000 from headcount reductions. In addition, the Company incurred increased professional fees of $56,000 primarily related to engaging financial management consultants throughout the year.
Winland Electronics, Inc. Reports Fourth Quarter, Full-Year 2010 Results
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