PHAZAR CORP Reports Fourth Quarter And Fiscal Year 2010 Financial Results
Fiscal Year Ending May 31, 2010
The Company reported revenues for the fiscal year 2010 of $7,638,611, an increase of 4% compared to $7,310,281 for the comparable period last year. The pattern of sales for the fiscal year was similar to the fourth quarter; steady accelerating recovery and growth in commercial lines and meaningful mesh sales, albeit from a very small base, offset by subdued governmental customer demand.
Net loss for fiscal year 2010 was $937,994, or $.41 per share compared to net loss of $582,195, or $.25 per share for the comparable period last year.
Backlog of OrdersThe Company's backlog of orders on May 31, 2010, totaled approximately $2,907,590 compared to $1,741,746 at May 31, 2009, an increase of 67%. Incoming orders for the year ended May 31, 2010 totaled $8,846,659 versus $6,662,609 for the comparable period last year, an increase of 33%. Commenting on the quarter and year, Garland P. Asher, Chairman and CEO, said, “No one likes to report a loss year and PHAZAR CORP is no exception. Having said that, there was progress made on several fronts. First the backlog is $1.17 million larger at the start of Fiscal 2011 than it was at the start of Fiscal 2010, a hopeful sign. Second, we were able to maintain our R&D investment and continue to invest in new products which are fueling our growth in commercial sales. And last, we have been able to maintain our gross margin improvement, which should positively impact profitability when and as revenue trends improve.” More information and analysis of PHAZAR CORP’s financial results will be provided in the management discussion and analysis of financial condition and results of operations in the Form 10-K for the year ended May 31, 2010, estimated to be filed with the Securities and Exchange Commission on or around August 29, 2010.
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