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GigOptix Reports Strong Second Quarter Fiscal 2012 Financial Results

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

For the second quarter of 2012, total revenue increased 26% to $9.6 million from $7.6 million in the second quarter of 2011, and increased 5% from $9.2 million in the first quarter of 2012. Net loss in accordance with U.S. generally accepted accounting principles (GAAP) for the second quarter of 2012 was $1.6 million, or $(0.08) per share, including $252,000 in amortization of intangible assets, $1.7 million in stock-based compensation, $212,000 in special litigation-related expenses, and a $114,000 benefit from restructuring related activities. This compares to GAAP net loss of $5.8 million, or $(0.42) per share, reported in the same period of the prior year, and net loss of $1.7 million, or $(0.08) per share, reported in the first quarter of 2012.

On a non-GAAP basis 1, excluding the above-mentioned charges, net income for the second quarter of 2012 was $385,000, or $0.02 per share. This compares to non-GAAP net loss of $928,000 or $(0.07) per share, reported in the same period of the prior year, and net loss of $409,000, or $(0.02) per share, reported in the first quarter of 2012.

Adjusted EBITDA 1 for the second quarter of 2012 was $1.2 million, compared to a loss of $414,000 in the same period of the prior year, and a gain of $515,000 in the first quarter of 2012.

For the six months ended July 1, 2012, product revenue increased 28% to $18.7 million from $14.7 million in the same period last year. GAAP net loss for first six months of 2012 was $3.4 million, or $(0.16) per share, including $505,000 in amortization of intangibles, $2.4 million in stock-based compensation, $93,000 in restructuring expenses, and $353,000 in special litigation-related expenses. This compares to a GAAP net loss of $9.2 million, or $(0.71) per share, reported in the first six months of 2011.

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