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GigOptix Reports Strong First Quarter Fiscal 2012 Financial Results – Tenth Consecutive Quarter Of Product Revenue Growth

Stocks in this article: GIG

GigOptix, Inc. (NYSE Amex: GIG), a leading fabless supplier of semiconductor and optical components that enable high speed information streaming, today announced its financial results for the first quarter ended April 1, 2012.

For the first quarter of 2012 product revenue, which does not include government contract revenue, increased 30% to $9.2 million from $7.1 million in the first quarter of 2011. Total revenue increased 19% over the first quarter of 2011. GAAP net loss for the first quarter of 2012 was $1.7 million, or $(0.08) per share, including $253,000 in amortization of intangible assets, $738,000 in stock based compensation, $207,000 in restructuring expenses and $141,000 in special litigation-related expenses. This compares to GAAP net loss of $3.4 million, or $(0.28) per share, reported in the same period of the prior year.

On a non-GAAP basis 1, excluding the above mentioned charges, net loss for the first quarter of 2012 was $409,000, or $(0.02) per share. This compares to non-GAAP net loss of $432,000, or $(0.04) per share, reported in the same period of the prior year.

Adjusted EBITDA 1 for the first quarter of 2012 was $515,000, compared to $38,000 in the same period of the prior year. GigOptix closed the first quarter of 2012 with $15.8 million in cash and investments.

Executive Commentary

“We are pleased to report strong revenue growth with improved EBITDA, good cash management and closely managed expenses in the first quarter, bringing us to our tenth consecutive quarter of product revenue growth,” commented Dr. Avi Katz, chairman and chief executive officer of GigOptix. “Our continued growth is attributed to the important strategic progress that we are making in each of our three product lines -- extending our optical product offerings from telecom to datacom and consumer electronics; further expanding our RF-MMICs product offering into the E-band and wideband markets; and extending our ASIC focus into the development of high speed CMOS drivers and receivers for the consumer market through the combined efforts of our optical and ASIC engineering lines. We also continued to make progress in productizing our 40G and 100G offerings, specifically through our bundled solutions, and in moving these to production with global Tier 1 communication customers.

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