Antenna Products/Phazar Corp. (ANTP)

[schlitz]

PHAZAR CORP Announces Third Quarter 2009 Financial Results

PHAZAR CORP, (NASDAQ: ANTP) announced today the unaudited results of operations for the three and nine month periods ended February 28, 2009.

Third Quarter Fiscal Year 2009

Revenues of $1.5 million for the third quarter decreased 53% compared to $3.2 million for the same period last year. The Company recognized a net loss of $241,039, or $ .10 per share for the third quarter, compared to net income of $334,267, or $.14 per share, in last year's fiscal third quarter.

Much of the 53% decrease in revenues year-to-year is attributable to the completion of a major antenna project for Page Iberica S.A. totaling approximately one million dollars in the third quarter last year. However, a slow-down in government and government related contracting activity was also a contributing factor in lower revenues for the three month period ended February 28, 2009.

The net loss in the third quarter of fiscal year 2009 is attributed to lower revenues and a 23% increase in sales and administration expense. 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 network product line and an increase in legal and professional fees primarily associated with the ongoing FINRA arbitration claim against UBS Financial Services.

Commenting on the quarter, Garland P. Asher, Chairman and CEO, said, “U.S. Government and related contracting activity can fluctuate significantly from quarter to quarter. This has been particularly apparent during the current change in administration process and during a period of time where current year budget issues have yet to be resolved. However, after very subdued contract activity levels during the Fall and into January, 2009, a more normal pace appeared to be resuming in February, 2009. Meanwhile, the Company remains fiscally conservative with a strong debt free Balance Sheet and cash balances exceeding $3.7 million at quarter end.”

Nine Month Period Ending February 28, 2009

The Company reported revenues for the nine-month period of $5.6 million, a decrease of 17 % compared to $6.8 million for the comparable period last year. Net loss for the nine month period was $299,950, or $.13 per share compared to net income of $624,733, or $0.27 per share for the comparable period last year.

Backlog of Orders

The Company's backlog of orders on February 28, 2009, totaled approximately $1.9 million compared to $3.2 million at February 29, 2008, a decrease of 41%. Backlog at our May 31, 2008 year-end and our second quarter of fiscal year 2009 were $2.5 million and $2.1 million, respectively. Incoming orders for the nine month period totaled $5.1 million versus $6.4 million for the comparable period last year. The Company's book to ship ratio was 89 % for the nine month period ended February 28, 2009 compared to 94% for the comparable nine month period last year.

Full report can be seen here
http://ih.advfn.com/p.php?pid=nmona&cb=1237503690&article=36950309&symbol=N^ANTP