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PHAZAR CORP Reports First Quarter Fiscal Year 2013 Financial Results

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 product mix.

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 Form 10-Q 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 BALANCE SHEETS
SEPTEMBER 30, 2012 AND JUNE 30, 2012
 
    September 30, 2012

(Unaudited)

    June 30, 2012
CURRENT ASSETS

 

Cash and cash equivalents

$

797,814

$ 528,876
Accounts receivable:
Trade, net of allowance for doubtful accounts of $0
as of September 30, 2012 and June 30, 2012 414,766 880,342
Inventories 1,904,988 2,376,427
Note receivable 1,523,465 1,477,161
Prepaid expenses and other assets 92,128 95,231
Income taxes receivable 29,321 29,321
Deferred income taxes     206,536         211,674  
Total current assets 4,969,018 5,599,032
 
Property and equipment, net 964,622 997,426
 
Long - term deferred income tax     306,893         301,547  
TOTAL ASSETS  

$

6,240,533

     

$

6,898,005

 
 
 
CURRENT LIABILITIES
Accounts payable

$

170,653

$ 274,628
Accrued liabilities 366,728 300,637
Deferred revenues 164,500 19,619
Liabilities held for discontinued operations     114,571         114,571  
Total current liabilities

$

816,452

$ 709,455
 
 
TOTAL LIABILITIES  

$

816,452

      $ 709,455  
 
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 2,394,228, and 2,391,628 issued on September 30, 2012 and June 30, 2012, respectively

23,943

23,917

 
Additional paid in capital 4,756,677 4,735,800

Treasury stock, at cost, 74,691 shares on September 30, 2012 and June 30, 2012

(215,918 )

(215,918

)

Retained earnings     859,379         1,644,751  
Total shareholders’ equity     5,424,081         6,188,550  
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  

$

6,240,533

      $ 6,898,005  

 
 
PHAZAR CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011
 
Three Months Ended
    September 30, 2012

(Unaudited)

    September 30, 2011

(Unaudited)

Sales and contract revenues $ 1,159,836     $ 1,415,218
Cost of sales and contracts     1,319,406         779,319  
Gross profit (loss) (159,570 ) 635,899
 
Selling, general and administration expenses 537,996 745,370
Research and development costs     174,096         99,462  
Total operating expenses 712,092 844,832
 
Operating loss (871,662 ) (208,933 )
 
Other income
Interest income (net) 17,319 38,292
Other income     68,971         6,480  
Total other income 86,290 44,772
 
Loss from operations before income taxes (785,372 ) (164,161 )
 
Income tax expense (benefit)     -         (55,815 )
 
Net loss before discontinued operations (785,372 ) (108,346 )
 
Loss from discontinued operations - (18,044 )
Income tax benefit from discontinued operations     -         6,135  
Net loss from discontinued operations $ - $ (11,909 )
 
Net loss   $ (785,372 )     $ (120,255 )
 
Basic loss per common share
Continuing operations $ (0.34 ) $ (0.05 )
Discontinued operations     (0.00 )       (0.00 )
Net loss $ (0.34 ) $ (0.05 )
 
Diluted loss per common share
Continuing operations $ (0.34 ) $ (0.05 )
Discontinued operations     (0.00 )       (0.00 )
Net loss $ (0.34 ) $ (0.05 )
 
Basic weighted average of common shares outstanding 2,311,559 2,311,124
Diluted weighted average of common shares outstanding 2,311,559 2,311,124

 
 
PHAZAR CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011
 
Three Months Ended
September 30, 2012     September 30, 2011
    (Unaudited)     (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (785,372 ) $ (120,255 )
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation 32,804 32,347
Provision for slow moving inventory 600,000 -
Loss from discontinued operations - 11,909
Stock based compensation 20,903 18,066
Deferred federal income tax (208 ) (4,191 )
Changes in operating assets and liabilities:
Accounts receivable 465,576 335,698
Inventories (128,561 ) (130,683 )
Income taxes receivable - (56,579 )
Prepaid expenses and other assets 3,103 44,142
Accounts payable (103,975 ) 90,646
Accrued liabilities 66,091 150,468
Deferred revenues 144,881 (2,355 )
Net cash used in discontinued operations     -         (75,398 )
Net cash provided by operating activities 315,242 293,815
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Funding of note receivable (46,304 ) (148,034 )
Purchase of property and equipment     -         (37,250 )
Net cash used in investing activities (46,304 ) (185,284 )
 
 
Net increase in cash and cash equivalents 268,938 108,531
CASH AND CASH EQUIVALENTS, beginning of period     528,876         1,169,318  
CASH AND CASH EQUIVALENTS, end of period   $ 797,814       $ 1,277,849  

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