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Giga-tronics Reports Second Quarter FY 2011 Results

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 SHEETS (UNAUDITED)
 (In thousands except share data)   September 25, 2010   March 27, 2010 
Assets    
Current assets    
Cash and cash-equivalents $3,529 $3,074
Trade accounts receivable, net of allowance    
of $215 and $95, respectively 2,593 4,332
Inventories, net 5,574 5,803
Prepaid expenses and other current assets 319 383
Deferred income tax 2,046  -- 
Total current assets 14,061 13,592
     
Property and equipment, net 599 311
Deferred income tax - Long term 11,620  -- 
Other assets 16 16
Total assets $26,296 $13,919
     
Liabilities and shareholders' equity    
Current liabilities    
Accounts payable 817 881
Accrued commission 189 227
Accrued payroll and benefits 419 698
Accrued warranty 126 139
Deferred revenue 1,497 2,682
Deferred rent 144  -- 
Capital lease obligation 93 57
Other current liabilities 120 225
Total current liabilities 3,405 4,909
Long term obligations - Deferred rent 155 31
Long term obligations - Capital lease 66 36
Total liabilities 3,626 4,976
Commitments    
Shareholders' equity    
Preferred stock of no par value;    
Authorized 1,000,000 shares; no shares outstanding    
at September 25, 2010 and March 27, 2010  --   -- 
Common stock of no par value;    
Authorized 40,000,000 shares; 4,915,152 shares at September 25, 2010    
and 4,891,394 shares at March 27, 2010 issued and outstanding 14,159 13,979
Retained earnings (accumulated deficit) 8,511 (5,036)
Total shareholders' equity 22,670 8,943
Total liabilities and shareholders' equity $26,296 $13,919
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
  Three Months Ended Six Months Ended
   September 25,   September 26,   September 25,   September 26, 
 (In thousands except per-share data)  2010 2009 2010 2009
Net sales $4,749 $4,623 $9,450 $9,092
Cost of sales 2,839 2,510 5,607 4,865
Gross profit 1,910 2,113 3,843 4,227
         
Engineering 564 363 1,049 744
Selling, general and administrative 1,522 1,371 2,913 2,765
Total operating expenses 2,086 1,734 3,962 3,509
         
Operating (loss) income (176) 379 (119) 718
         
Other expense, net  --   --   --  (1)
Interest income (expense), net 1 (6)  --  (9)
(Loss) income before income taxes (175) 373 (119) 708
(Benefit) provision for income taxes (97)  --  (13,666) 2
Net (loss) income $(78) $373 $13,547 $706
         
(Loss) earnings per share - basic $(0.02) $0.08 $2.76 $0.15
(Loss) earnings per share - diluted $(0.02) $0.08 $2.71 $0.15
         
Shares used in per share calculation:        
Basic 4,913 4,828 4,907 4,826
Diluted 4,913 4,844 5,002 4,829
CONTACT: Giga-tronics Incorporated
         Pat Lawlor, Vice President, Finance/Chief Financial Officer
         (925) 328-4656

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