PHAZAR CORP

CIK:0000724267|SEC Filings

NET LOSS PER COMMON SHARE (Tables)

9 Months Ended

Mar. 31, 2013

Earnings per share are computed by dividing net loss by the weighted average number of common shares outstanding during the period, as follows:

	Nine Months Ended
	March 31, 2013			March 31, 2012
Numerator:
Net loss	$	(3,187,683	)	$	(402,255	)
Numerator for basic and diluted loss per share	$	(3,187,683	)	$	(402,255	)

Denominator:
Weighted-average shares outstanding-basic		2,321,983			2,313,264
Effect of dilutive securities:
Stock options		-			-

Denominator for diluted income (loss) per share- Weighted-average shares		2,321,983			2,313,264


Basic loss per share	$	(1.37	)	$	(0.17	)

Diluted loss per share	$	(1.37	)	$	(0.17	)

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Mar. 31, 2013	Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,187,683)	$ (402,255)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	98,411	97,040
Provision for slow moving inventory	600,000
Impairment of note receivable	1,547,513
Loss from discontinued operations		22,187
Stock based compensation	89,643	206,808
Deferred federal income tax	513,221	(178,260)
Changes in operating assets and liabilities:
Accounts receivable	172,195	96,928
Inventories	(277,739)	56,466
Prepaid expenses and other assets	44,949	73,544
Income taxes receivable		207,045
Accounts payable	(138,489)	(22,168)
Accrued liabilities	20,232	98,117
Deferred revenues	242,722	2,265
Net cash used in discontinued operations		(85,676)
Net cash provided by (used in) operating activities	(275,025)	172,041
CASH FLOWS FROM INVESTING ACTIVITIES:
Funding of note receivable	(70,352)	(399,369)
Purchase of property and equipment		(84,560)
Net cash used in investing activities	(70,352)	(483,929)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from QAR Industries, Inc. note payable	500,000
Net cash provided by financing activities	500,000
Net increase (decrease) in cash and cash equivalents	154,623	(311,888)
CASH AND CASH EQUIVALENTS, beginning of period	528,876	1,169,318
CASH AND CASH EQUIVALENTS, end of period	$ 683,499	$ 857,430

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2013	Jun. 30, 2012
CURRENT ASSETS
Cash and cash equivalents	$ 683,499	$ 528,876
Accounts receivable:
Trade, net of allowance for doubtful accounts of $0 as of March 31, 2013 and June 30, 2012	708,147	880,342
Inventories (net of slow moving reserve)	2,054,166	2,376,427
Note receivable (net of impairment reserve)		1,477,161
Prepaid expenses and other assets	50,282	95,231
Income taxes receivable	29,321	29,321
Deferred income taxes		211,674
Total current assets	3,525,415	5,599,032
Property and equipment, net	899,015	997,426
Long-term deferred income tax		301,547
TOTAL ASSETS	4,424,430	6,898,005
CURRENT LIABILITIES
Accounts payable	136,139	274,628
Accrued liabilities	320,869	300,637
Note payable - QAR Industries, Inc.	500,000
Deferred revenues	262,341	19,619
Liabilities held for discontinued operations	114,571	114,571
Total current liabilities	1,333,920	709,455
TOTAL LIABILITIES	1,333,920	709,455
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred Stock, $1 par, 2,000,000 shares authorized, none issued or outstanding, attributes to be determined when issued
Common stock, $0.01 par, 6,000,000 shares authorized 2,330,337 issued and outstanding on March 31, 2013 and 2,391,628 issued June 30, 2012	23,304	23,917
Additional paid in capital	4,610,138	4,735,800
Treasury stock, at cost, 0 and 74,691 shares on March 31, 2013 and June 30, 2012, respectively		(215,918)
Retained earnings (accumulated deficit)	(1,542,932)	1,644,751
Total shareholders' equity	3,090,510	6,188,550
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 4,424,430	$ 6,898,005