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PHAZAR CORP Announces Fiscal Second Quarter 2012 Financial Results

Stocks in this article: ANTP

PHAZAR CORP, (NASDAQ: ANTP) designs, manufactures and markets antennas, towers, support structures, masts and communication accessories worldwide. Today, PHAZAR CORP announces the unaudited results of operations for the three and six month periods ended December 31, 2011.

Second Quarter Fiscal Year 2012

Revenues for the quarter were $2,092,367 down $66,460, or 3% from $2,158,827 for the second quarter of fiscal year 2011. The sales declines are largely attributable to the same factors that impacted first fiscal quarter, significantly lower FAA related sales and lower commercial sales as wireless antenna projects continued to be delayed because of the now canceled ATT-T Mobile combination. The gross profit margin for the quarter, at 39% is down 3 basis points from the 42% gross margin reported in the comparable period last year.

Sales and administrative expenses were up 29% to $719,588 from $555,949 in the prior year, reflecting a higher level of marketing wages and commission expense. Research and development costs of $127,398 were also up $112,422 from $14,976 last year primarily due to engineering costs on new antenna designs.

The Company recognized net income of $4,471, or $0.00 per share for the second quarter, compared to a net income of $23,682, or $0.01 per share, in last year’s fiscal second quarter.

Six Month Period Ending December 31, 2011

The Company reported revenues for the six-month period of $3,507,585, a decrease of $1,175,381, or 25% compared to $4,682,966 for the comparable period last year. Net loss for the six-month period was $115,784, or $0.05 per share compared to a net income of $276,385, or $0.12 per share for the comparable period last year.

Backlog of Orders

The Company’s backlog of orders on December 31, 2011, totaled $1,442,802, down 49% compared to backlog of $2,815,511 at December 31, 2010 and down 37% from June 30, 2011. Incoming orders for the six-month period ended December 31, 2011 totaled $2,693,051 versus $5,138,588 for the six-month period ended December 31, 2010, a decrease of 48% year over year.

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