Giga-tronics Reports Seventh Straight Quarterly Profit
Backlog for the quarter ended June 26, 2010 was $6.8 million (approximately $6.3 million shippable within one year) as compared to $7.1 million (approximately $5.7 million shippable within one year) for the quarter ended June 27, 2009.
Cash and cash equivalents at June 26, 2010 were $3,235,000 compared to $3,074,000 as of March 27, 2010.
Giga-tronics will host a conference call today at 4:30 p.m. ET to discuss the first quarter results. To participate in the call, dial (866) 551-3680 domestically or (212) 401-6760 for international, and enter PIN Code 6803983#. The call will also be broadcast over the internet at www.gigatronics.com under "Investor Relations". The conference call discussion reflects management's views as of August 4, 2010 only.
Giga-tronics is a publicly held company, traded on the NASDAQ Capital Market under the symbol "GIGA". Giga-tronics produces instruments, subsystems and sophisticated microwave components that have broad applications in defense electronics, aeronautics and wireless telecommunications.The Giga-tronics Incorporated logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6087 This press release contains forward-looking statements concerning profitability, backlog, shipments and the likelihood of realizing certain tax benefits. Actual results may differ significantly due to risks and uncertainties, such as future orders, cancellations or deferrals, disputes over performance, the ability to collect receivables and general market conditions. For further discussion, see Giga-tronics' most recent annual report on Form 10-K for the fiscal year ended March 27, 2010, Part I, under the heading "Certain Factors Which May Adversely Affect Future Operations or an Investment in Giga-tronics" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations".
|CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)|
|(In thousands except share data)||June 26, 2010||March 27, 2010|
|Cash and cash-equivalents||$3,235||$3,074|
|Trade accounts receivable, net of allowance of $97 and $95, respectively||3,441||4,332|
|Prepaid expenses and other current assets||412||383|
|Deferred income tax||1,949||--|
|Total current assets||14,822||13,592|
|Property and equipment, net||351||311|
|Deferred income tax – Long term||11,620||--|
|Liabilities and shareholders' equity|
|Accrued payroll and benefits||634||698|
|Capital lease obligation||43||57|
|Other current liabilities||151||225|
|Total current liabilities||4,015||4,909|
|Long term obligations - Deferred rent||78||31|
|Long term obligations – Capital lease||33||36|
|Commitments and contingencies|
|Preferred stock of no par value;|
|Authorized 1,000,000 shares; no shares outstanding at June 26, 2010 and March 27, 2010||--||--|
|Common stock of no par value;|
|Authorized 40,000,000 shares; 4,912,019 shares at June 26, 2010 and 4,891,394 shares at March 27, 2010 issued and outstanding||14,094||13,979|
|Accumulated earnings (deficit)||8,589||(5,036)|
|Total shareholders' equity||22,683||8,943|
|Total liabilities and shareholders' equity||$26,809||$13,919|
|CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)|
|Three Months Ended|
|(In thousands except per-share data)||June 26, 2010||June 27, 2009|
|Cost of sales||2,768||2,355|
|Selling, general and administrative||1,391||1,394|
|Total operating expenses||1,876||1,775|
|Other expense, net||--||(1)|
|Interest expense, net||(1)||(3)|
|Income before income taxes||56||335|
|(Benefit) provision for income taxes||(13,569)||2|
|Earnings per share - basic||$2.78||$0.07|
|Earnings per share - diluted||$2.73||$0.07|
|Shares used in per share calculation:|
CONTACT: Giga-tronics Incorporated Pat Lawlor, Vice President, Finance/Chief Financial Officer (925) 328-4656
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