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PHAZAR CORP Reports Fourth Quarter And Fiscal Year 2012 Financial Results

Stocks in this article: ANTP

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-K for the year ended June 30, 2012, estimated to be filed with the Securities and Exchange Commission on or around September 28, 2012.

The Form 10-K will 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 Twelve Months
Ended Ended
    June 30, 2012  

June 30, 2011

 

June 30, 2012

 

June 30, 2011

Sales and contract revenues $ 1,621,172 $ 1,728,076 $ 6,613,864 $ 8,399,586
Cost of sales and contracts     971,663       972,871       3,675,255       4,713,705  
Gross profit 649,509 755,205 2,938,609 3,685,881
Gross profit margin % 40 % 44 % 44 % 44 %
 
Selling, general and administration expenses 905,311 775,043 3,483,946 2,586,064
Research and development costs     105,408       63,748       503,343       160,611  
Total selling, general and administration expenses 1,010,719 838,791 3,987,289 2,746,675
 
Operating income (loss) (361,210 ) (83,586 ) (1,048,680 ) 939,206
 
Other income
Interest income, net 25,094 15,705 116,730 56,558
Other income (expense)     1,428       (126 )     21,401       21,757  
Total other income 26,522 15,579 138,131 78,315
 

Income (loss) from operations before income taxes

(334,688 ) (68,007 ) (910,549 ) 1,017,521
 
Income tax expense (benefit)     145,359       (23,122 )     (50,434 )     350,210  
 
Net income (loss) before discontinued operations (480,047 ) (44,885 ) (860,115 ) 667,311
 
Discontinued operations - 10,872 33,616 1,506,185
Income tax benefit from discontinued operations     -       (3,697 )     (11,429 )     (512,103 )
Net discontinued operations - 7,175 22,187 994,082
 
Net loss  

$

(480,047 )  

$

(52,060 )   $ (882,302 )   $ (326,771 )
 
Basic income (loss) per common share
Continuing operations $ (0.20 ) $ (0.02 ) $ (0.37 ) $ 0.29
Discontinued operations     0.00       0.00       (0.01 )     (0.45 )
Net income (loss) $ (0.20 ) $ (0.02 ) $ (0.38 )

 

$

 

(0.14

 

)

 
Diluted income (loss) per common share
Continuing operations $ (0.20 ) $ (0.02 ) $ (0.37 ) $ 0.29
Discontinued operations     0.00       0.00       (0.01 )     (0.45 )
Net income (loss) $ (0.20 ) $ (0.02 ) $ (0.38 ) $ (0.14 )
 
Basic weighted average of common shares O/S 2,342,414 2,309,644 2,307,757 2,275,300
Diluted weighted average of common shares O/S 2,346,000 2,309,644 2,307,757 2,275,300
 
 

PHAZAR CORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
   
    June 30, 2012     June 30, 2011  
CURRENT ASSETS $ 528,876 $ 1,169,318
Cash and cash equivalents 880,342 785,664
Accounts receivable:
Trade, net of allowance for doubtful accounts of $0
as of June 30, 2012 and June 30, 2011
Inventories 2,376,427 2,732,232
Note receivable, current portion 1,477,161 -
Prepaid expenses and other assets 95,231 125,989
Income taxes receivable 29,321 236,366
Deferred income taxes     211,674       224,875  
Total current assets 5,599,032 5,274,444
 
Property and equipment, net 997,426 1,043,435
 
Note receivable, long-term portion - 963,684
Long - term deferred income tax     301,547       252,617  
TOTAL ASSETS   $ 6,898,005     $ 7,534,180  
 
 
CURRENT LIABILITIES
Accounts payable $ 274,628 $ 216,575
Accrued liabilities 300,637 284,969
Deferred revenues 19,619 2,355
Liabilities held for discontinued operations     114,571       178,060  
Total current liabilities $ 709,455 $ 681,959
 
 
TOTAL LIABILITIES   $ 709,455     $ 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

 

 

and 2,391,628 and 2,385,128 issued on June 30, 2012 and June 30, 2011, respectively

23,917

23,852

Additional paid in capital 4,735,800 4,517,234
Treasury stock, at cost, 74,691 shares on June 30, 2012 and June 30, 2011 (215,918 ) (215,918 )
Retained earnings     1,644,751       2,527,053  
Total shareholders’ equity     6,188,550       6,852,221  
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 6,898,005     $ 7,534,180  
 
 

PHAZAR CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
   
    June 30, 2012   June 30, 2011
 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (882,302 ) $ (326,771 )
Adjustments to reconcile net loss to net cash
provided (used in) operating activities:
Depreciation 130,569 131,760
Loss from discontinued operations 22,187 994,082
Stock based compensation 218,631 103,248
Deferred federal income tax (35,729 ) (155,009 )
Changes in operating assets and liabilities:
Accounts receivable (94,678 ) 421,393
Inventories 355,805 (89,625 )
Income taxes receivable 207,045 50,403
Prepaid expenses and other assets 30,758 (50,445 )
Accounts payable 58,053 (580,494 )
Accrued liabilities 15,668 (87,507 )
Deferred revenues 17,264 (26,348 )
Net cash used in discontinued operations     (85,676 )     (114,517 )

Net cash provided by (used in) operating activities

(42,405 ) 270,170
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Funding of note receivable (513,477 ) (488,691 )
Purchase of property and equipment     (84,560 )     (16,000 )
Net cash used in investing activities (598,037 ) (504,691 )
 
 
Net decrease in cash and cash equivalents (640,442 ) (234,521 )
CASH AND CASH EQUIVALENTS, beginning of period     1,169,318       1,403,839  
CASH AND CASH EQUIVALENTS, end of period   $ 528,876     $ 1,169,318  




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