PHAZAR CORP (Nasdaq: ANTP) announced today the unaudited results of operations for the quarter ended December 31, 2010.
Second Quarter Fiscal Year 2011
Revenues for the quarter were $2,321,528 up $173,242, or 8% from the $2,148,286 recast second quarter of fiscal year 2010. Prior year’s numbers are recast to reflect the change in our fiscal year end to June 30th from May 31st.
The gross profit margin for the quarter, at 38%, is down 18 percentage points from the 56% gross margin reported in the comparable period last year. Start up expenses related to new tower designs for a customer order was the primary factor in the decline.
Sales and administrative expenses were down 21% to $657,772 from $832,699 in the prior year, reflecting continued increase in plant utilization rates. Research and development costs of $234,135 were also down $92,502, or 28% from $326,637 last year.
The Company recognized a net income of $23,682, or $0.01 per share for the second quarter, compared to a net loss of $1,888, or $0.00 per share, in last year’s fiscal second quarter.
Six Month Period Ending December 31, 2010
The Company reported revenues for the six-month period of $4,857,832, an increase of $845,135, or 21% compared to $4,012,697 for the comparable period last year. Net income for the six-month period was $276,385, or $0.12 per share compared to a net loss of $287,494, or $0.13 per share for the comparable period last year.
Backlog of Orders
The Company’s backlog of orders on December 31, 2010, totaled $2,815,511 up 68% compared to backlog of $1,671,359 at December 31, 2009 and down 3% from May 31, 2010.
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-Q for the second quarter ended December 31, 2010, estimated to be filed with the Securities and Exchange Commission in late February, 2011.