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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 
Assets    
Current assets    
Cash and cash-equivalents $3,235 $3,074
Trade accounts receivable, net of allowance of $97 and $95, respectively 3,441 4,332
Inventories, net 5,785 5,803
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  -- 
Other assets 16 16
Total assets $26,809 $13,919
     
Liabilities and shareholders' equity    
Current liabilities    
Accounts payable 788 881
Accrued commission 164 227
Accrued payroll and benefits 634 698
Accrued warranty 121 139
Deferred revenue 2,018 2,682
Deferred rent 96  -- 
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
Total liabilities 4,126 4,976
Commitments and contingencies    
Shareholders' equity    
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 
Net sales $4,701 $4,469
Cost of sales 2,768 2,355
Gross profit 1,933 2,114
     
Engineering 485 381
Selling, general and administrative 1,391 1,394
Total operating expenses 1,876 1,775
     
Operating income 57 339
     
Other expense, net  --  (1)
Interest expense, net (1) (3)
Income before income taxes 56 335
(Benefit) provision for income taxes (13,569) 2
Net income $13,625 $333
     
Earnings per share - basic $2.78 $0.07
Earnings per share - diluted $2.73 $0.07
     
Shares used in per share calculation:    
Basic 4,901 4,824
Diluted 5,000 4,826
CONTACT:  Giga-tronics Incorporated
          Pat Lawlor, Vice President, Finance/Chief Financial Officer
          (925) 328-4656

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