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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
          (925) 328-4656

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