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PHAZAR CORP Reports Fourth Quarter And Fiscal Year 2010 Financial Results

The Form 10-K will be available at the SEC’s website at www.sec.gov and PHAZAR CORP’S website at www.phazarcorp.com .

Product information is available at www.antennaproducts.com, www.truemeshnetworks.com and www.phazar.com.

The common stock of PHAZAR CORP is listed on the NASDAQ Capital Market under the trading symbol “ANTP.” This press release contains forward-looking information within the meaning of Section 29A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performances and underlying assumption and other statements, which are other than statements of historical facts. Certain statements contained herein are forward-looking statements and, accordingly, involve risks and uncertainties, which could cause actual results, or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including without limitations, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties, but there can be no assurance that management’s expectations, beliefs or projections will result, or be achieved, or accomplished.

PHAZAR CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE PERIODS ENDED MAY 31, 2010 AND 2009
       
 
 
Three Months Ended Year-To-Date

May 31,

 

May 31,

May 31,

May 31,

2010 2009 2010 2009
(Unaudited) (Audited) (Unaudited) (Audited)
Sales and contract revenues $ 1,732,834 $ 1,660,513 $ 7,638,611 $ 7,310,281

Cost of sales and contracts

  1,364,312     1,140,061     4,364,102     4,910,677  
 
Gross Profit 368,522 520,452 3,274,509 2,399,604
Gross Profit Margin 21.2 % 31.3 % 42.9 % 32.8 %
 
Selling, general and administration expenses (1,054,505 ) (739,659 ) (3,683,471 ) (2,555,693 )

Research and development costs

  (159,533 )   (365,062 )   (1,051,021 )   (1,093,462 )
Total selling, general and administration expenses   1,214,038     1,104,721     4,734,492     3,649,155  
 
Operating Loss (845,516 ) (584,269 ) (1,459,983 ) (1,249,551 )
 
Other Income
Interest income (25,154 ) 19,929 11,195 154,691
Other income   8,361     1,007     27,999     42,076  
 
Total Other Income   (16,793 )   20,936     39,194     196,767  
 
Loss from operations before income taxes (862,309 ) (563,333 ) (1,420,789 ) (1,052,784 )
 
 
Income tax benefit   (292,912 )   (281,088 )   (482,795 )   (470,589 )
 
Net loss $ (569,397 ) $ (282,245 ) $ (937,994 ) $ (582,195 )
 
 
 
 
Basic loss per common share $ (.25 ) $ (.12 ) $ (.41 ) $ (.25 )
 
Diluted loss per common share $ (.25 ) $ (.12 ) $ (.41 ) $ (.25 )
 
 
 
Weighted Average Shares Outstanding
Basic 2,302,995 2,338,315 2,300,191 2,358,101
Diluted 2,302,995 2,338,315 2,300,191 2,358,101

   

PHAZAR CORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

MAY 31, 2010 AND 2009

 

ASSETS

 
May 31, 2010 May 31, 2009
(Unaudited) (Audited)
CURRENT ASSETS
Cash and cash equivalents $ 2,030,774 $ 3,320,647
Accounts receivable:

Trade, net of allowance for doubtful accounts of $0 as of May 31, 2010 and $1,120 as of May 31, 2009

748,671 663,499
Inventories 3,481,074 2,531,816
Prepaid expenses and other assets 95,586 76,261
Income taxes receivable 316,374 343,145
Note receivable 432,146 -
Deferred income taxes   105,314     74,853  
Total current assets 7,209,939 7,010,221
 
Property and equipment, net 1,170,090 1,140,141

 

Long – term deferred income tax   232,188     116,995  
TOTAL ASSETS $ 8,612,217   $ 8,267,357  
 

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES
Accounts payable $ 477,111 $ 215,840
Accrued liabilities 899,072 486,666
Deferred revenues   207,514     16,884  
Total current liabilities 1,583,697 719,390
 
TOTAL LIABILITIES   1,583,697     719,390  
 
COMMITMENTS AND CONTINGENCIES - -
 

SHAREHOLDERS’ EQUITY

Preferred Stock, $1 par, 2,000,000 shares authorized, none issued or outstanding, attributes to be determined when issued

- -

Common stock, $0.01 par, 6,000,000 shares authorized 2,378,428 and 2,371,728 issued and outstanding

23,785 23,718
Additional paid in capital 4,403,261 3,974,476
Treasury stock , at cost, 71,341 shares in 2010 (215,918 ) (205,611 )
Retained earnings   2,817,392     3,755,384  
Total shareholders’ equity   7,028,520     7,547,967  
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 8,612,217   $ 8,267,357  

 

PHAZAR CORP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED MAY 31, 2010 AND 2009

   
2010 2009
(Unaudited) (Audited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (937,994 ) $ (582,195 )

Adjustments to reconcile net loss to net cash provided (used) by

Operating activities:
Depreciation 142,299 115,854

 

 

Stock based compensation 428,855 251,338
Tax benefit for employee stock options (145,810 ) (87,283 )
Deferred federal income tax (145,655 ) (48,487 )
Changes in operating assets and liabilities:
Accounts receivable (85,172 ) 323,759
Inventory (949,258 ) (754,481 )
Income taxes receivable 26,771 (173,548 )
Prepaid expenses (19,325 ) (28,498 )
Accounts payable 261,271 (82,352 )
Accrued expenses 412,406 23,987
Deferred revenue   190,630     (298,770 )
Net cash used by operating activities (820,982 ) (1,340,678 )
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Funding of Note Receivable (432,146 ) -
Redemption of marketable securities - 2,650,000
Purchase of property and equipment (172,248 ) (316,911 )
Purchase of treasury stock   (10,307 )   (205,611 )
Net cash provided by (used in) investing activities (614,701 ) 2,127,478
 
CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

Federal income tax benefit-stock options expensed   145,810     87,283  
Net cash provided by financing activities 145,810 87,283
 
Net increase (decrease) in cash and cash equivalents   (1,289,873 )   874,084  
 
CASH AND CASH EQUIVALENTS, beginning of year   3,320,647     2,446,563  
 
CASH AND CASH EQUIVALENTS, end of year $ 2,030,774   $ 3,320,647  
 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW

INFORMATION:

Cash paid during the period for:
Interest expense $ 6,666 $ 5,521
 
Income taxes $ - $ -




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