PHAZAR CORP Reports First Quarter Fiscal Year 2012 Financial Results
PHAZAR CORP, (NASDAQ: ANTP) designs, manufactures and markets antennas, towers, support structures, masts and communication accessories worldwide. Today, PHAZAR CORP announces the results of operations for the three month period ended September 30, 2011 and 2010, respectively.
First Quarter Fiscal Year 2012
Revenues of $1,415,218 for the first quarter decreased 44% compared to $2,524,139 for the same three month period last year. Sales from our Instrument Landing System (ILS) and commercial wireless product lines are down $896,275 and $298,254, respectively quarter over quarter.
The $480,448, or 38% decrease in cost of goods sold is largely attributed to the lower level of revenues for the quarter ended September 30, 2011 compared to the prior year. The 45% gross profit margin for the first quarter fiscal year 2012 is down five basis points on the 50% gross profit margin seen in the first quarter of fiscal year 2011.The $164,227 or 28% increase in sales and administration expense for the three month period ended September 30, 2011 reflects a higher level of marketing wages, professional charges and trade show activity. Research and development costs of $99,462 were up $85,198, for the three months ended September 30, 2011 compared to $14,264 in the prior year. The increase represents continued product development for the commercial wireless product line and the redesign of an existing Instrument Landing System antenna. The Company recognized a net loss of $120,255, or $.05 per share for the first quarter, compared to net income of $252,703, or $.11 per share, in last year's fiscal first quarter. Backlog of Orders The Company's backlog of orders on September 30, 2011, totaled approximately $2,552,385 compared to $2,277,566 at June 30, 2011, an increase of 12.1%. Incoming orders for the three month period ended September 30, 2011 totaled $1,724,724 versus $3,298,468 for the three month period ended September 30, 2010, a decrease of 47.7%.
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