Winland Electronics Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2012
Winland Electronics Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company has posted net sales were $807,000 against $920,000 a year ago. Operating loss was $182,000 against $161,000 a year ago. Loss from continuing operations was $115,000 or $0.03 per basic and diluted against $192,000 or $0.06 basic and diluted per share a year ago. Loss from continuing operations before income taxes was $115,000 against $183,000 a year ago. Net loss was $115,000 or $0.03 basic and diluted per share against $206,000 or $0.06 basic and diluted per share a year ago. Net cash used in operating activities was $217,000 against $699,000 a year ago. Purchases of property and equipment were $5,000 against $5,000 a year ago. Results on a year-over-year basis reflected a significant reduction in sales to large customer, which restructured its restocking program. In spite of the impact this had on results, sales to other ten customers increased collectively by 13% over the same period a year ago.