Mineral Wells Index, Mineral Wells, TX

Business

October 31, 2011

Phazar reports first quarter financial results

MINERAL WELLS – Phazar Corp. last week announced revenues of $1,415,218 for the first quarter decreased 44 percent compared to $2,524,139 for the same three-month period last year.

Sales from its Instrument Landing System (ILS) and commercial wireless product lines are down $896,275 and $298,254, respectively quarter over quarter.

The $480,448, or 38 percent decrease, in costs of goods sold is largely attributed to the lower level of revenues for the quarter ended Sept. 30, 2011, compared to the prior year. The 45 percent gross profit margin for the first quarter fiscal year 2012 is down five basis points on the 50 percent gross profit margin seen in the first quarter of fiscal year 2011.

The $164,227, or 28 percent, increase in sales and administration expense for the three-month period ended Sept. 30 reflects a higher level of marketing wages, professional charges and trade show activity. Research and development costs of $99,462 were up $85,198, for the three months ended Sept. 30 compared to $14,264 in the prior year. The increase represents continued product development for the commercial wireless product line and the redesign of an existing Instrument Landing System antenna.

The company recognized a net loss of $120,255, or 5 cents per share, for the first quarter, compared to net income of $252,703, or 11 cents per share, in last year’s fiscal first quarter.

The company’s backlog of orders on Sept. 30 totaled approximately $2,552,385 compared to $2,277,566 at June 30, an increase of 12.1 percent. Incoming orders for the three-month period ended Sept. 30 totaled $1,724,724 versus $3,298,468 for the three-month period ended Sept. 30, 2010, a decrease of 47.7 percent.

Commenting on operations and financial results, Garland P. Asher, chairman and chief executive officer, said, “Two events negatively impacted sales in the quarter. The two-week plus shutdown of the FAA halted virtually all FAA infrastructure activity during a period that usually is seasonally peaking. And the Justice Department suit seeking to halt the proposed AT&T-T-Mobile merger has raised the uncertainty of the proposed transaction even further, which is continuing to delay wireless network infrastructure projects.”

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 three month period ended Sept. 30, estimated to be filed with the Securities and Exchange Commission on or around Nov. 14.

Phazar Corp. is the parent company of Mineral Wells-based Antenna Products Inc.

The Form 10-Q will be available at the SEC’s website at www.sec.gov and Phazar Corp.’s website at www.phazarcorp.com.

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