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 and twelve month periods ended June 30, 2012.
Fourth Quarter Fiscal Year 2012
Revenues of $1,621,172 for the fourth quarter decreased 6% compared to $1,728,076 for the same three month period last year. Sales from our shipboard product line were down $577,245 during the fourth quarter compared to the same period last year, offset by a $432,734 increase in commercial wireless sales quarter over quarter. The gross profit margin for the quarter, at 40% is down from 44% gross profit margin reported in the comparable period last year.
The $130,268, or 17% increase in sales and administration expense reflects a $108,000 increase in the level of marketing wages in the fourth quarter compared to the same quarter in prior year. Research and development costs of $105,408 were up $41,660 for the three months ended June 30, 2012 compared to $63,748 in the prior year. The increase represents continued product development for the commercial wireless product line.As of the fourth quarter of fiscal year 2012, the Company recorded a $273,861 valuation allowance on the amount of the non-current deferred tax asset related to the net operating loss carry forward, as it is more likely than not that some portion of this non-current deferred tax asset may not be realized. There was no valuation allowance provided for the same period in prior year. In management’s estimation, the remaining deferred tax assets and liabilities will reverse over time and therefore, are not offset by a valuation allowance. The Company recognized a net loss of $480,047, or $.20 per share for the fourth quarter, compared to a net loss of $52,060, or $.02 per share, in last year's fiscal fourth quarter.
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