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PHAZAR CORP Announces Third Quarter Fiscal 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 nine month periods ended March 31, 2012.

Third Quarter Fiscal Year 2012

Revenues for the quarter were $1,485,107 down $506,571, or 25% from $1,991,678 for the third quarter of fiscal year 2011. The sales declines are largely attributable to significantly lower FAA related sales. The gross profit margin for the quarter, at 56% is up 20 percentage points from the 36% gross profit margin reported in the comparable period last year. The prior year gross profit margin was depressed due to start-up expenses related to new tower designs.

Sales and administrative expenses of $1,113,677 at March 31, 2012 were up $405,680, or 57% from $707,997 for the three month period in the prior year, reflecting an increase in the level of marketing wages and a one-time stock option grant. Research and development costs of $171,075 were up $76,501 from $94,574 last year, attributed to engineering costs on new antenna designs.

The Company recognized a net loss of $286,471, or $0.12 per share for the third quarter, compared to a net loss of $550,841, or $0.24 per share, in last year’s fiscal third quarter.

Nine Month Period Ending March 31, 2012

The Company reported revenues for the nine-month period of $4,992,692, a decrease of $1,856,818, or 27% compared to $6,849,510 for the comparable period last year. Net loss for the nine-month period was $402,255, or $0.17 per share compared to a net loss of $274,456, or $0.12 per share for the comparable period last year.

Backlog of Orders

The Company’s backlog of orders on March 31, 2012, totaled $1,449,250, down 27% compared to backlog of $1,985,379 at March 31, 2011 and down 36% from June 30, 2011. Incoming orders for the nine-month period ended March 31, 2012 totaled $4,190,148 versus $6,320,453 for the nine-month period ended March 31, 2011, a decrease of 34% year over year.

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