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 results of operations for the three and twelve month periods ended June 30, 2011 and the one month period ended June 30, 2010.
Fourth Quarter Fiscal Year 2011
Revenues of $1,728,076 for the fourth quarter increased 22% compared to $1,415,297 for the same three month period last year. Sales from our shipboard product line were up $489,464 during the fourth quarter compared to the same period last year, offset by a $257,006 decline in the commercial wireless sales quarter over quarter.
The $262,279, or 21% decrease in cost of goods sold is largely attributed to a non-recurring $203,000 adjustment to the warranty reserve in the fourth quarter in fiscal year 2010. The warranty charge was 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. The fourth quarter fiscal year 2011 gross profit margin improved over patterns seen earlier in the year.The $177,639, or 19% decrease in sales and administration expense reflects a $203,383 non-recurring stock compensation charge in the fourth quarter of prior year. Research and development costs of $63,748 were up $47,828, for the three months ended June 30, 2011 compared to $15,920 in the prior year. The increase represents continued product development for the commercial wireless product line. The Company recognized a net loss of $52,060, or $.02 per share for the fourth quarter, compared to net loss of $569,397, or $.25 per share, in last year's fiscal fourth quarter. One Month Period Ended June 30, 2010 The Company reported revenues for the one month period ended June 30, 2010 of $1,002,331 with a gross profit margin of 56%. Net income for the one month period was $36,489, or $.02 per share.