SAN RAMON, Calif., Aug. 4, 2010 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (Nasdaq:GIGA) reported today a net profit of $13,625,000 or $2.73 per fully diluted share for the quarter ended June 26, 2010 primarily due to a change in the valuation allowance against the Company's deferred tax asset. This compares with a net profit of $333,000 or $0.07 per fully diluted share for the same period a year ago. Net sales increased 5% to $4,701,000 in the first quarter of fiscal 2011 compared to $4,469,000 in the first quarter of fiscal 2010. Gross margin of $1,933,000 decreased by $181,000 over the same quarter last year. Gross margin as a percentage of net sales decreased by 6.2% to 41.1% in the first quarter of fiscal 2011 as compared to 47.3% in the first quarter of fiscal 2010 due to a change in product mix. Operating expenses increased 6% or $101,000 in the first quarter of fiscal 2011 over fiscal 2010 primarily due to an increase of $104,000 in product development expenses. The increase in product development expenses is due to lower customer funded projects. Orders increased 22% in the first quarter of fiscal 2011 to $3,079,000 from $2,533,000 for the first quarter of fiscal 2010.
Giga-tronics Reports Seventh Straight Quarterly Profit
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