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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 month period ended September 30, 2012 and 2011, respectively.
First Quarter Fiscal Year 2013
Revenues of $1,159,836 for the first quarter decreased 18% compared to
$1,415,218 for the same three month period last year. Sales from our
shipboard and safety climb product lines are down $123,755 and $108,045,
respectively quarter over quarter.
Cost of sales and contracts from operations were $1,319,406 for the
quarter ended September 30, 2012 compared to $779,319 for the quarter
ended September 30, 2011, up $540,087, or 69%. The $540,087 increase
consists of approximately $600,000 reserve for slow moving inventory
offset by a $59,913 (or 8%) decline in cost of goods sold on back of 18%
decrease in sales quarter over quarter. The Company reviewed its policy
in estimating slow moving inventory to more accurately value inventory
that may have become impaired or obsolete due to advancing technology or
changes in demand of product by some customers. As such, the Company
incurred a charge of approximately $600,000 which represents a reserve
of $197,794 and $402,206 against the raw material and finished goods
inventories, respectively. Gross profit margins for the quarter, at 38%
before the slow moving inventory charge, were down seven basis points
from the 45% gross profit margin reported in the comparable period last
year, related to a higher level of overhead rates and a change in the
Sales and administration expense of $537,996 is down $207,374 or 27.8%
for the three month period ended September 30, 2012 compared to the
prior year expense of $745,370 related to an increase in plant
utilization overhead. Research and development costs of $174,096 were up
$74,634, for the three months ended September 30, 2012 compared to
$99,462 in the prior year. The increase represents continued product
development for the commercial wireless product line.
The Company recorded a net loss of $785,372, or $0.34 per share for the
three month period ended September 30, 2012 compared to net loss of
$120,255, or $0.05 per share for the comparable period in the prior year.
Backlog of Orders
The Company's backlog of orders on September 30, 2012, totaled
approximately $1,951,400 compared to $1,487,491 at June 30, 2012, an
increase of 31.1%. Incoming orders for the three month period ended
September 30, 2012 totaled $1,627,363 versus $1,724,724 for the three
month period ended September 30, 2011, a decrease of 5.6%.
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 September 30, 2012, filed with the Securities and Exchange
Commission on November 9, 2012.
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 BALANCE SHEETS
SEPTEMBER 30, 2012 AND JUNE 30, 2012
September 30, 2012
June 30, 2012
Cash and cash equivalents
Trade, net of allowance for doubtful accounts of $0
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