PHAZAR CORP Reports Fiscal 2012 Second Quarter Results

January 20, 2012

PHAZAR CORP (NasdaqCM: ANTP) reported revenues for its fiscal 2012 second quarter ended December 31, 2011 dipped 3% to $2.1 million compared to $2.16 million during the second quarter in fiscal 2011.  For the first six months of fiscal 2012, revenue fell 25% to $3.51 million versus $4.68 million during the same period in fiscal 2011.  Revenues were negatively impacted by significantly lower sales related to the FAA and lower commercial sales due to delays in wireless antenna projects.  The company believes revenue from commercial customers will continue to suffer due to the cancellation of the AT&T and T Mobile deal.

Net income for the second quarter of fiscal 2012 fell 81% to just over $4 thousand compared to $24 thousand or $0.01 per share during the second quarter in the previous year.  A net loss of $116 thousand or $(0.05) per share was recorded during the first six months of fiscal 2012 versus net income of $276 thousand or $0.12 per share during the same period in fiscal 2011.  Net income in fiscal 2012 was negatively impacted by lower gross margins and higher research and development costs as well as higher selling, general and administrative expenses.  It is important to note that fiscal 2011 results were negatively impacted by a loss from discontinued operations of $239 thousand or $(0.10) per share and $445 thousand or (0.19) per share during the second quarter and six month period, respectively.

As of December 31, 2011, the backlog of orders were down 49% to $1.44 million compared to a backlog of $2.82 million on December 31, 2010.

PHAZAR CORP is engaged in the designing, manufacturing, and marketing of antennas, towers, support structures, masts and communication accessories worldwide.

Source: PHAZAR CORP


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