N@N

PHAZAR CORP Announces Second Quarter 2009 Financial Results

^{Published on 2008-12-17 15:10:25 - Market Wire}
 

MINERAL WELLS, Texas--([ BUSINESS WIRE ])--PHAZAR CORP (NASDAQ: ANTP) announced today the unaudited results of operations for the three and six-month periods ended November 30, 2008.

Second Quarter Fiscal Year 2009

Revenues of $2.1 million for the second quarter increased 23% compared to $1.7 million for the same period last year. The Company recognized a net loss of $ 153,703, or $ 0.07 per share for the second quarter, compared to net income of $114,224, or $0.05 per share, in last year's fiscal second quarter.

The increase in revenues is attributable to $333,417 of additional shipments in the antenna product line for the three month period ended November 30, 2008. The net loss in the second quarter of fiscal year 2009 is attributed to lower gross profit margins and an increase in sales and administration expense. The lower gross profit margins were due to higher raw material costs on firm fixed price contracts. The increase in sales and administration expense reflects higher compensation costs associated with newly hired employees, incremental research and development costs during the quarter for continued development of our new mesh radio wireless networking product line and an increase in legal and professional fees primarily associated with the litigation against UBS Financial Services.

Six Month Period Ending November 30, 2008

The Company reported revenues for the six-month period of $4.1 million, an increase of 15% compared to $3.6 million for the comparable period last year. Net loss for the six-month period was $ 58,911, or $0.03 per share compared to net income of $290,466, or $0.13 per share for the comparable period last year.

Backlog of Orders

The Company's backlog of orders on November 30, 2008, totaled approximately $2.1 million compared to $4.0 million at November 30, 2007, a decrease of 47.5%. Backlog at our May 31, 2008 year-end and our first quarter of fiscal year 2009 was $2.5 million and $2.0 million, respectively. Incoming orders for the six month period totaled $3.8 million versus $4.0 million for the comparable period last year.

The Company's book to ship ratio was 93% for the six month period ended November 30, 2008 compared to 114% for the comparable six month period last 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 second quarter ended November 30, 2008, estimated to be filed with the Securities and Exchange Commission on or around January 15, 2009.

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 ], [ www.truemeshnetworks.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.