look at the chart from a year ago when it was coming down from 50...after the earnings report in jan it went down to 15 then went back to 30. they did better this year then they did last year. and the stock is over 16 now. this should be in the mid 20's at least based on that alone.
They are doing worse going forward - growth slowing dramatically- they had one good qtr from a "one time" deal with ONE customer.
Read the latest report. They explain having less backlog (i.e., ORDERS/REVENUE):
The BAE SYSTEMS production contract and the installation contract were both completed on schedule in the second quarter of fiscal year 2006.
The increase in accounts receivable to $1,572,967 at November 30, 2005 from $663,098 at May 31, 2005 is due primarily to sales in the second quarter to BAE SYSTEMS on the production and installation contracts.
The backlog of orders excluding the BAE SYSTEMS contracts was $1.6 million on November 30, 2005 compared to $1.6 million excluding the BAE SYSTEMS contracts at year-end.
PHAZAR CORP's backlog totaled $2.8 million on November 30, 2004
(i.e., from 2004 to 2005 orders DECREASED from 2.8 million to 1.6 million - BIG DECREASE and SLOWDOWN in GROWTH is OBVIOUS)
ADDITIONALLY - Since the customer delivery schedules for some orders extend into 2007, approximately 90% of the $1.6 million in backlog on November 30, 2006 will be delivered in the second half of the 2006 fiscal year.
Nice DD but, you can not put any reasoning to play here. It will more than likely run into the $30's for the hell of it and if they even announce a small contract, it will go to $50's in the blink of an eye. It's the float here and improving condition of the company. What your reading is now history.