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PHAZAR CORP Announces Fiscal Second Quarter 2012 Financial Results

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, 2011, estimated to be filed with the Securities and Exchange Commission in late February, 2012.

The Form 10-Q will also 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 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 STATEMENTS OF OPERATIONS
       
Three Months Ended Six Months Ended
December 31, December 31,
2011     2010 2011     2010
    (Unaudited)       (Unaudited)
Sales and contract revenues $ 2,092,367 $ 2,158,827 $ 3,507,585 $ 4,682,966
Cost of sales and contracts     1,273,062         1,244,188           2,052,381         2,503,955  
Gross profit 819,305 914,639 1,455,204 2,179,011
Gross profit margin % 39 % 42 % 41 % 47 %
 
Selling, general and administration expenses 719,588 555,949 1,464,958 1,137,092
Research and development costs     127,398         14,976           226,860         29,240  
Total selling, general and administration expenses 846,986 570,925 1,691,818 1,166,332
 
Operating income (loss) (27,681 ) 343,714 (236,614 ) 1,012,679
 
Other income
Interest income (net) 29,585 14,257 67,877 27,546
Other income     4,871         9,096           11,351         21,770  
Total other income 34,456 23,353 79,228 49,316
 
Income (loss) from operations before income taxes 6,775 367,067 (157,386 ) 1,061,995
 
Income tax expense (benefit)     2,304         104,835           (53,511 )       341,111  
 
Net income (loss) before discontinued operations 4,471 262,232 (103,875 ) 720,884
 
Loss from discontinued operations - (361,439 ) (18,044 ) (673,483 )
Income tax benefit from discontinued operations     -         122,889           6,135         228,984  
Net loss from discontinued operations - (238,550 ) (11,909 ) (444,499 )
 

Net income (loss)

  $ 4,471       $ 23,682         $ (115,784 )     $ 276,385  
 
Basic income (loss) per common share
Continuing operations $ - $ 0.11 $ ( 0.04 ) $ 0.31
Discontinued operations     -         (0.10 )         (0.01 )       (0.19 )
Net income (loss) $ - $ 0.01 $ (0.05 ) $ 0.12
 
Diluted income (loss) per common share
Continuing operations $ - $ 0.11 $ (0.04 ) $ 0.31
Discontinued operations     -         (0.10 )         (0.01 )       (0.19 )
Net income (loss) $ - $ 0.01 $ (0.05 ) $ 0.12
 
Basic weighted average of common shares outstanding 2,313,569 2,305,713 2,312,346 2,305,186
Diluted weighted average of common shares outstanding 2,313,569 2,318,677 2,312,346 2,306,908
 

PHAZAR CORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
     
    December 31, 2011

(Unaudited)

    June 30, 2011

CURRENT ASSETS

Cash and cash equivalents $ 1,428,590 $ 1,169,318
Accounts receivable:
Trade, net of allowance for doubtful accounts of $0
as of December 31, 2011 and June 30, 2011 447,506 785,665
Inventories 2,647,304 2,732,232
Prepaid expenses and other assets 62,994 125,989
Income taxes receivable 261,321 236,366
Deferred income taxes     224,875         224,875  
Total current assets 5,072,590 5,274,444
 
Property and equipment, net 1,015,993 1,043,435
 
Note receivable 1,219,919 963,684
Long - term deferred income tax     286,129         252,617  
TOTAL ASSETS   $ 7,594,631       $ 7,534,180  
 
 
CURRENT LIABILITIES
Accounts payable $ 239,073 $ 216,575
Accrued liabilities 455,462 284,969
Deferred revenues 21,973 2,355
Liabilities held for discontinued operations     114,571         178,060  
Total current liabilities 831,079 681,959
 
TOTAL LIABILITIES   $ 831,079       $ 681,959  
 
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
2,388,828 and 2,385,128 issued and outstanding on December 31, 2011

and June 30, 2011, respectively

23,889

23,852

 

Additional paid in capital

4,544,311 4,517,234
Treasury stock, at cost, 74,691 shares on December 30, 2011

and June 30, 2011

(215,918 ) (215,918 )
Retained earnings     2,411,270         2,527,053  
Total shareholders’ equity     6,763,552         6,852,221  
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 7,594,631       $ 7,534,180  
 

PHAZAR CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
  Six Months Ended
    December 31, 2011

(Unaudited)

    December 31, 2010

(Unaudited)

   
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (115,784 ) $ 276,385
Adjustments to reconcile net income (loss) to net cash

provided (used in) operating activities:

Depreciation 64,692 65,813
Loss from discontinued operations 11,908 444,499
Stock based compensation 27,116 66,240
Deferred federal income tax (33,512 ) (23,291 )
Changes in operating assets and liabilities:
Accounts receivable 338,158 (471,840 )
Inventories 84,928 (610,117 )
Income taxes receivable (24,955 ) 192,769
Prepaid expenses 62,995 7,836
Accounts payable 22,498 (143,833 )
Accrued expenses 170,493 171,214
Deferred revenues 19,618 22,647
Net cash used in discontinued operations     (75,398 )       (175,918 )
Net cash provided by (used in) operating activities 552,757 (177,596 )
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Funding of note receivable (256,235 ) (125,000 )
Purchase of property and equipment     (37,250 )       (16,003 )
Net cash used in investing activities (293,485 ) (141,003 )
 
Net increase (decrease) in cash and cash equivalents 259,272 (318,599 )
CASH AND CASH EQUIVALENTS, beginning of period     1,169,318         1,403,839  
 

CASH AND CASH EQUIVALENTS, end of period

  $ 1,428,590       $ 1,085,240  




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