Mineral Wells Index, Mineral Wells, TX


April 29, 2012

Phazar announces third qtr. fiscal 2012 financial results

(BUSINESS WIRE) – Phazar Corp., parent company of Mineral Wells-based Antenna Products Inc.,  last week announced the unaudited results of operations for the three and nine-month periods ending March 31.

Third quarter

Revenues for the quarter were $1.48 million down $506,571, or 25 percent from $1.99 million 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 percent, is up 20 percentage points from the 36 percent 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 $1.11 million as of March 31 were up $405,680, or 57 percent 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 12 cents per share, for the third quarter, compared to a net loss of $550,841, or 24 cents per share, in last year’s fiscal third quarter.

Nine-month period

The company reported revenues for the nine-month period of $4.99 million, a decrease of $1.85 million, or 27 percent, compared to $6.84 million for the comparable period last year. Net loss for the nine-month period was $402,255, or 17 cents per share, compared to a net loss of $274,456, or 12 cents per share for the comparable period last year.

Orders backlog

The company’s backlog of orders on March 31 totaled $1.44 million, down 27 percent compared to a backlog of $1.98 million on March 31, 2011, and down 36 percent from June 30, 2011.

Incoming orders for the nine-month period ended March 31 totaled $4.19 million versus $6.32 million for the nine-month period ended March 31, 2011, a decrease of 34 percent year over year.

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 third quarter ended March 31, 2012, estimated to be filed with the Securities and Exchange Commission in the middle of May.

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.

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