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Michael, this is likely due to the number of each in stock more than anything else as Buds prices are tied to stock levels.
Michael - Note, of the two firearms you mention, BOTH are listed as being "under 5 remaining at this price" The theory of "prices are based on stock levels" is simply incorrect, but facts never seem to deter that myth. Buds prices are based on replacement costs. The replacement cost of the 12-03 is more than the replacement cost of the 12-11. The stock is different, true, but there are likely other factors that cause the replacement cost on the 12-03 to be higher. With imported products, it is difficult to say what the reasons might be.
From Buds "Our website updates every 20 minutes, 24/7, with our current inventory and replacement cost. We do not price our guns manually based on our cost in each, rather we use a live download from manufacturers and distributors to set our price based on our current replacement cost. As our cost changes, the corresponding website price of each make/model will change up/down accordingly. Although our profit margin remains unchanged, our advertised prices will change frequently, sometimes several times per day."