SAN RAMON, Calif., Feb. 1, 2011 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (Nasdaq:GIGA) reported today a net loss of $11,000 or $0.00 per fully diluted share for the quarter ended December 25, 2010. This compares with a net profit of $309,000 or $0.06 per fully diluted share for the same period a year ago. Net sales decreased 3% to $4,640,000 in the third quarter of fiscal 2011 compared to $4,784,000 in the third quarter of fiscal 2010. Gross margin of $2,066,000 increased by $12,000 over the same quarter last year. Gross margin as a percentage of net sales increased by 1.6% to 44.5% in the third quarter of fiscal 2011 as compared to 42.9% in the third quarter of fiscal 2010 due to a more favorable product mix on new switching business. Operating expenses increased 18% or $315,000 in the third quarter of fiscal 2011 over the third quarter of fiscal 2010 primarily due to an increase of $246,000 in product development expenses. The increase in product development expenses is due to lower customer funded projects. Orders decreased 19% in the third quarter of fiscal 2011 to $6,221,000 from $7,715,000 for the third quarter of fiscal 2010.
Giga-tronics Reports Third Quarter FY 2011 Results
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