Winland Electronics Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2012
August 14, 2012 at 10:34 am
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Winland Electronics Inc. reported unaudited earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company has reported net sales of $819,000 against $984,000 a year ago. Operating loss was $121,000 against $250,000 a year ago. Loss from continuing operations was $52,000 or $0.02 per basic and diluted against $252,000 or $0.07 basic and diluted per share a year ago. Loss from continuing operations before income taxes was $52,000 against $252,000 a year ago. Net loss was $52,000 or $0.02 basic and diluted per share against $140,000 or $0.04 basic and diluted per share a year ago. The decline in the quarter was primarily attributable to a shortfall in demand from company's distributor of $72,000 and a non-recurring customer project in 2011 that totaled $72,000.
For the six months, the company has reported net sales of $1,626,000 against $1,904,000 a year ago. Operating loss was $303,000 against $411,000 a year ago. Loss from continuing operations was $167,000 or $0.05 per basic and diluted against $444,000 or $0.12 basic and diluted per share a year ago. Loss from continuing operations before income taxes was $167,000 against $435,000 a year ago. Net loss was $167,000 or $0.05 basic and diluted per share against $346,000 or $0.09 basic and diluted per share a year ago. Net cash used in operating activities was $420,000 against $581,000 a year ago. Purchases of property and equipment were $5,000 against $10,000 a year ago. The decrease was primarily related to a decrease in sales to the company's distributor of $205,000 and the non-recurring customer project in 2011.
Winland Holdings Corporation is a holding company. The Company operates through its wholly owned subsidiaries, which include Winland Electronics, Inc. (Winland Electronics), Winland Capital Corporation (Winland Capital Corp.), and Winland Mining LLC (Winland Mining). Winland Electronics is engaged in critical condition monitoring devices, which include EnviroAlert, WaterBug, and TempAlert that are designed in-house to monitor critical conditions and protect against loss of assets due to damage from water, excess humidity, extremes of temperature, and loss of power, among others, across industries. It also offers a critical environment monitoring solution called INSIGHT, an automated, cloud-based platform that provides early alerting, reporting, and logging services designed to ensure regulatory compliance. Winland Mining is the Companyâs cryptocurrency mining business and operates over 200 Bitmain S19 95 TH/S and 32 Canaan Avalon Miner 1246 90 TH/S cryptocurrency miners.