Giga-tronics Reports Second Quarter FY 2011 Results
Non-GAAP net loss, which excludes the after-tax effect of share based compensation, for the three month period ended September 25, 2010 would have been $36,000 lower or $42,000. Non-GAAP basic and diluted loss per share would have been $0.01 compared to a loss of $0.02 as reported. For the same period last year, the Company's non-GAAP net income would have been $44,000 higher or $417,000. Non-GAAP basic and diluted earnings per share would have been $0.09 compared to $0.08 as reported.
Non-GAAP net income, which excludes the after-tax effect of share based compensation, for the six month period ended September 25, 2010 would have been $82,000 higher or $13,629,000. Non-GAAP basic earnings per share would have been $2.78 compared to $2.76 as reported. Non-GAAP diluted earnings per share would have been $2.73 compared to $2.71 as reported. For the same period last year, the Company's non-GAAP net income would have been $80,000 higher or $786,000. Non-GAAP basic and diluted earnings per share would have been $0.17 compared to $0.15 as reported.
Backlog for the quarter ended September 25, 2010 was $5.7 million (approximately $4.5 million shippable within one year) as compared to $7.4 million (approximately $6.9 million shippable within one year) for the quarter ended September 26, 2009.
Cash and cash equivalents at September 25, 2010 were $3,529,000 compared to $3,235,000 as of June 26, 2010.Giga-tronics will host a conference call today at 4:30 p.m. ET to discuss the second quarter results. To participate in the call, dial (866) 551-3680 domestically or (212) 401-6760 for international, and enter PIN Code 6697122#. 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 November 2, 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.
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