PHAZAR CORP Reports Fourth Quarter And Fiscal Year 2010 Financial Results
PHAZAR CORP, (NASDAQ: ANTP) designs, manufactures and markets antennas, wireless mesh network solutions, towers, support structures, masts and communication accessories worldwide. Today, PHAZAR CORP announces the audited results of operations for the three and twelve month periods ended May 31, 2010.
Fourth Quarter Fiscal Year 2010
Revenues of $1,732,834 for the fourth quarter increased 4% compared to $1,660,513 for the same period last year. Commercial Wireless sales have made a good recovery, showing gains in excess of 75% over the fourth quarter last year. Sales from our new mesh wireless product became noticeable for the first time as well. But our traditional governmental related categories showed continued sluggish demand, falling 29%.
The net loss in the fourth quarter of fiscal year 2010 is attributed to a 20% increase in cost of goods sold and a 43% increase in sales and administration expense compared to the same three month period in prior year.The $224,251, or 20% increase in cost of goods sold is largely attributed to a $203,000 warranty reserve for an ongoing voluntary recall of safety climb components and a replacement of a specific production run of a new antenna design that was found to have a manufacturing defect, which has since been rectified. Excluding that reserve charge, ongoing gross profit margins continued the improved pattern seen in prior quarters. The $314,846, or 43% increase in sales and administration expense reflects higher compensation costs associated with employees working on our mesh radio wireless network product line and indirect labor costs. Research and development costs of $159,533 were down $205,529, or 56% for the three months ended May 31, 2010 compared to $365,062 in the prior year, but that is essentially a timing issue as R&D is flat for the full fiscal year. The Company recognized a net loss of $569,397, or $.25 per share for the fourth quarter, compared to net loss of $282,245, or $.12 per share, in last year's fiscal fourth quarter.
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