PHAZAR CORP Reports Operating Results (10-Q)

PHAZAR CORP (ANTP, Financial) filed Quarterly Report for the period ended 2009-11-30.

Phazar Corp has a market cap of $8.6 million; its shares were traded at around $3.7499 with and P/S ratio of 1.2.

Highlight of Business Operations:

Three Months Ended Six Months Ended

November 30, November 30,

2009 2008 2009 2008

- - - -

Sales and contract revenues $ 2,034,912 $ 2,127,167 $ 3,931,764 $ 4,136,879

Cost of sales and contracts 969,946 1,561,007 2,025,064 2,814,741

- - - -

Gross profit 1,064,966 566,160 1,906,700 1,322,138



Income tax benefit (36,153) (76,360) (107,162) (66,713)

- - - -

Net loss $ (100,073) $ (152,703) $ (208,021) $ (58,911)

= = = =

Basic loss per common share $ (0.04) $ (0.07) $ (0.09) $ (0.03)

= = = =

Diluted loss per common

share $ (0.04) $ (0.07) $ (0.09) $ (0.03)

= = = =



The Company's backlog of orders on November 30, 2009, totaled $2,132,708

compared to $2,105,336 at November 30, 2008, an increase of 1.3%. Backlog at

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

month period totaled $4,241,091 versus $3,769,949 for the comparable period

last year. The Company's book to ship ratio was 110% for the six month period

ended November 30, 2009 compared to 91% for the comparable six month period

last year.



Dilutive effect of stock options outstanding for the six month period ended

November 30, 2009 and 2008 are computed as follows:

2010 2009

- -

Numerator:

Net income (loss) $ (208,021) $ (58,911)

- -

Numerator for basic and diluted earnings

per share $ (208,021) (58,911)

- -

Denominator:

Weighted-average shares outstanding-basic 2,298,207 2,364,009

Effect of dilutive securities:

Stock options - -

- -

Denominator for diluted earnings per share-

Weighted-average shares 2,298,207 2,364,009

- -

Basic earnings per share $ (0.09) $ (0.03)

= =

Diluted earnings per share $ (0.09) $ (0.03)

= =

Deferred Revenue



Estimated November 30, May 31,

Useful Life 2009 2009

- - -

Land $ 375,136 $ 375,136

Buildings and improvements 15-30 years 1,873,217 1,873,217

Machinery and equipment 10 years 3,558,602 3,559,096

Automobiles and equipment 10 years 107,540 147,220

Office furniture and fixtures 10 years 435,210 435,210

- -

$ 6,349,706 $ 6,389,879

Less accumulated depreciation $(5,245,654) $(5,249,738)

- -

Net property and equipment $ 1,104,052 $ 1,140,141

= =





Included in property and equipment at November 30,

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

- -

449,593 449,593

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

- -

$ - $ -

= =



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