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GigOptix Reports Strong Second Quarter Fiscal 2012 Financial Results

Stocks in this article: GIG

On a non-GAAP basis, net loss for the first six months of 2012 was $24,000, or $0.00 per share, which compares to a non-GAAP net loss of $1.4 million, or $(0.10) per share, for the same period of the prior year.

Adjusted EBITDA 1 for the first six months of 2012 was $1.7 million, compared to a loss of $376,000 in the same period of the prior year. The Company purchased approximately 702,000 shares of its common stock through its Dutch auction tender offer at a cost of approximately $2.2 million, and closed the second quarter with $12.9 million in cash and cash equivalents.

Executive Commentary

“We are pleased to report another record quarter of strong revenue growth, adjusted EBITDA of $1.2 million, and more than $300,000 non-GAAP earnings,” commented Dr. Avi Katz, Chairman and Chief Executive Officer of GigOptix. “Our product lines continue to drive our top line growth as we extend our optical product offerings from telecom to datacom and consumer electronics; further strengthen our RF-MMICs product offering by working with key partners such as our new IBM relationship to expand our presence in the E-band market; and combine the efforts of our optical and ASIC engineering lines.”

“We continue to execute on our mission of establishing the Company as a leading provider of all devices enabling end-to-end high speed information streaming over the network, by enhancing our position in the E-band back-haul point-to-point wireless market, and our entry into consumer electronics. In our RF/MMIC business, we were pleased to announce our strategic licensing agreement with IBM to leverage their Silicon Germanium (SiGe) millimeterwave transceiver technology that complements our E-band Gallium Arsenide (GaAs) power amplifier solutions and further drives us into the wireless business. Separately, we also announced the first deployment of one of our optical interconnect chipsets in the consumer electronics market. Those components are now in full production with a leading Japanese manufacturer to enable their high speed data interconnect module used for HDTV and next generation HD information transfer on professional studio cameras. In addition to these new initiatives, we have continued to productize our 40G and 100G drivers, modulators and transimpedance amplifiers offerings and enhance production access with global Tier-1 datacom and telecom customers. We also introduced our first 400G Mach-Zehnder Modulator driver in the quarter. Overall, this quarter we continued to make solid steps to uniquely address the needs of our customers and diversify our business,” concluded Dr. Katz.

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