Giga-tronics Reports Third 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 and shipments. 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)	December 25, 2010	March 27, 2010
Assets
Current assets
Cash and cash-equivalents	$2,786	$3,074
Trade accounts receivable, net of allowance of $207 and $95, respectively	3,318	4,332
Inventories, net	5,686	5,803
Prepaid expenses and other current assets	195	383
Deferred income tax	2,017	--
Total current assets	14,002	13,592
Property and equipment, net	566	311
Deferred income tax - long term	11,620	--
Other assets	16	16
Total assets	$26,204	$13,919
Liabilities and shareholders' equity
Current liabilities
Accounts payable	904	881
Accrued commission	99	227
Accrued payroll and benefits	565	698
Accrued warranty	154	139
Deferred revenue	1,037	2,682
Deferred rent	144	--
Capital lease obligation	107	57
Other current liabilities	147	225
Total current liabilities	3,157	4,909
Long term obligations - deferred rent	170	31
Long term obligations - capital lease	24	36
Total liabilities	3,351	4,976
Commitments
Shareholders' equity
Preferred stock of no par value;
Authorized 1,000,000 shares; no shares outstanding at December 25, 2010 and March 27, 2010	--	--
Common stock of no par value;
Authorized 40,000,000 shares; 4,966,682 shares at December 25, 2010 and 4,891,394 shares at March 27, 2010 issued and outstanding	14,353	13,979
Retained earnings (accumulated deficit)	8,500	(5,036)
Total shareholders' equity	22,853	8,943
Total liabilities and shareholders' equity	$26,204	$13,919

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
		Three Months Ended		Nine Months Ended
(In thousands except per-share data)		December 25, 2010	December 26, 2009	December 25, 2010	December 26, 2009
Net sales		$4,640	$4,784	$14,090	$13,876
Cost of sales		2,574	2,730	8,181	7,595
Gross margin		2,066	2,054	5,909	6,281
Engineering		559	313	1,608	1,057
Selling, general and administrative		1,493	1,424	4,406	4,189
Total operating expenses		2,052	1,737	6,014	5,246
Operating income (loss)		14	317	(105)	1,035
Other expense, net		--	--	--	(1)
Interest income (expense), net		4	(7)	4	(16)
Income (loss) before income taxes		18	310	(101)	1,018
Provision (benefit) for income taxes		29	1	(13,637)	3
Net (loss) income		$ (11)	$ 309	$ 13,536	$ 1,015
(Loss) earnings per share - basic		$ (0.00)	$ 0.06	$ 2.75	$ 0.21
(Loss) earnings per share - diluted		$ (0.00)	$ 0.06	$ 2.70	$ 0.21
Shares used in per share calculation:
Basic		4,946	4,846	4,920	4,833
Diluted		4,946	4,940	5,014	4,865

CONTACT:  Pat Lawlor
          Vice President, Finance/Chief Financial Officer
          [phone]

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