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Giga-tronics Reports Third Quarter FY 2011 Results

Non-GAAP net income, which excludes the after-tax effect of share based compensation, for the three month period ended December 25, 2010 would have been $86,000 higher or $75,000. Non-GAAP basic and diluted earnings per share would have been $0.02 compared to a loss of $0.00 as reported. For the same period last year, the Company's non-GAAP net income would have been $50,000 higher or $359,000. Non-GAAP basic and diluted earnings per share would have been $0.07 compared to $0.06 as reported.   

Non-GAAP net income, which excludes the after-tax effect of share based compensation, for the nine month period ended December 25, 2010 would have been $199,000 higher or $13,735,000. Non-GAAP basic earnings per share would have been $2.79 compared to $2.75 as reported. Non-GAAP diluted earnings per share would have been $2.74 compared to $2.70 as reported. For the same period last year, the Company's non-GAAP net income would have been $130,000 higher or $1,145,000. Non-GAAP basic and diluted earnings per share would have been $0.24 compared to $0.21 as reported.

Management has included this information as this expense is a non-cash item with no net equity impact.

Backlog for the quarter ended December 25, 2010 was $7.3 million (approximately $6.6 million shippable within one year) as compared to $10.3 million (approximately $8.6 million shippable within one year) for the quarter ended December 26, 2009.

Cash and cash equivalents at December 25, 2010 were $2,786,000 compared to $3,529,000 as of September 25, 2010.

Giga-tronics will host a conference call today at 4:30 p.m. ET to discuss the third quarter results. To participate in the call, dial (866) 551-3680 domestically or (212) 401-6760 for international, and enter PIN Code 6480790#. 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 February 1, 2011 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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