PHAZAR CORP Reports Operating Results (10-Q)

PHAZAR CORP (ANTP, Financial) filed Quarterly Report for the period ended 2009-08-31.

PHAZAR CORP. operates as a holding company with Antenna Products CorpPhazar Aerocorp Inc. Phazar Antenna Corp. and Thirco Inc. as its subsidiaries. Antenna Products Corporation Phazar Aerocorp Inc. and Phazar Antenna Corp. are operating subsidiaries with Thirco Inc.serving as an equipment leasing company to PHAZAR CORP's operating units. PHAZAR CORP has no other business activity. Phazar Corp has a market cap of $9.1 million; its shares were traded at around $3.97 with and P/S ratio of 1.3.

Highlight of Business Operations:

Income tax provision (benefit) (71,009) 9,647

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Net income (loss) $ (107,948) $ 93,792

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Basic earnings (loss) per common share $ (0.05) $ 0.04

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Diluted earnings (loss) per common share $ (0.05) $ 0.04

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Basic weighted average of common

shares outstanding 2,297,334 2,360,706

Diluted weighted average of common

shares outstanding 2,297,334 2,360,706



The Company's backlog of orders on August 31, 2009, totaled $2,135,560

compared to $1,970,266 at August 31, 2008, an increase of 8.4%. Backlog at

our May 31, 2009 year-end was $1,741,746. Incoming orders for the current

three month period totaled $2,309,869 versus $1,492,888 for the comparable

period last year. The Company's book to ship ratio was 121% for the three

month period ended August 31, 2009 compared to 74% for the comparable three

month period last year.



2009 2008

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Numerator:

Net income (loss) $ (107,948) $ 93,792

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Numerator for basic and

diluted earnings per share $ (107,948) $ 93,792

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Denominator:

Weighted-average shares outstanding-basic 2,297,334 2,360,706

Effect of dilutive securities:

Stock options - -

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Denominator for diluted earnings per

share-Weighted-average shares 2,297,334 2,360,706



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Basic earnings per share $ (0.05) $ 0.04

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Diluted earnings per share $ (0.05) $ 0.04

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August 31, May 31,

2009 2009

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Raw materials $ 928,134 $ 935,803

Work in process 1,125,843 985,983

Finished goods 661,232 610,030

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Total inventories $ 2,715,209 $ 2,531,816

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Less accumulated depreciation (5,211,960) (5,249,738)

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Net property and equipment $ 1,137,747 $ 1,140,141

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Included in property and

equipment at August 31, 2009,

and May 31, 2009 are the

following;

Noncompete agreements (

Phazar Antenna Corp.) $ 60,000 $ 60,000

Patents, copyrights and

other intellectual property

(Phazar Antenna Corp.) 389,593 389,593

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449,593 449,593

Accumulated amortization (449,593) (449,593)

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$ - $ -

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