Giga-tronics Reports Second Quarter FY 2011 Results
SAN RAMON, Calif., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (Nasdaq:GIGA) reported today a net loss of $78,000 or $0.02 per fully diluted share for the quarter ended September 25, 2010. This compares with a net profit of $373,000 or $0.08 per fully diluted share for the same period a year ago. Net sales increased 3% to $4,749,000 in the second quarter of fiscal 2011 compared to $4,623,000 in the second quarter of fiscal 2010. Gross margin of $1,910,000 decreased by $203,000 over the same quarter last year. Gross margin as a percentage of net sales decreased by 5.5% to 40.2% in the second quarter of fiscal 2011 as compared to 45.7% in the second quarter of fiscal 2010 due to higher manufacturing start-up cost for the dual filter RFTF and lower margins on new switching business. Operating expenses increased 20% or $352,000 in the second quarter of fiscal 2011 over fiscal 2010 primarily due to an increase of $201,000 in product development expenses. The increase in product development expenses is due to lower customer funded projects. Orders decreased 26% in the second quarter of fiscal 2011 to $3,610,000 from $4,850,000 for the second quarter of fiscal 2010.
Net profit for the six month period ended September 25, 2010 was $13,547,000 or $2.71 per fully diluted share. This compares with a net profit of $706,000 or $0.15 per fully diluted share for the same period a year ago. Net sales increased 4% to $9,450,000 in the first half of fiscal 2011 compared to $9,092,000 in the first half of fiscal 2010. Gross margin of $3,843,000 decreased by $384,000 over the same six month period last year. Gross margin as a percentage of net sales decreased by 5.8% to 40.7% in the first half of fiscal 2011 as compared to 46.5% in the first half of fiscal 2010. Operating expenses increased $453,000 in the first half of fiscal 2011 due to an increase of $305,000 in product development expenses and an increase of $148,000 in selling, general and administrative expenses. Orders decreased 9% in the first half of fiscal 2011 to $6,689,000 from $7,383,000 for the same period last year.
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