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Giga-tronics Reports First Quarter Results

SAN RAMON, Calif., Aug. 8, 2012 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (Nasdaq:GIGA) reported today a net loss of $707,000 or $0.14 per fully diluted share for the quarter ended June 30, 2012. This compares with a net loss of $674,000 or $0.13 per fully diluted share for the quarter ended June 25, 2011. Net sales increased 16% to $4,058,000 in the first quarter of fiscal 2013 compared to $3,497,000 in the first quarter of fiscal 2012. Gross margin increased by $187,000 over the same quarter last year. Operating expenses increased 10% or $221,000 in the first quarter of fiscal 2013 over fiscal 2012 primarily due to an increase of 37% in product development expenses to more aggressively invest in instrument products. Orders increased 56% in the first quarter of fiscal 2013 to $8,680,000 from $5,548,000 for the first quarter of fiscal 2012.

Backlog for the quarter ended June 30, 2012 was $8.4 million (approximately $5.7 million shippable within one year) as compared to $5.7 million (approximately $4.2 million shippable within one year) for the quarter ended June 25, 2011.

Cash and cash equivalents at June 30, 2012 were $1,436,000 compared to $2,365,000 as of March 30, 2012. Accounts receivable had increased to $3,573,000 compared to $1,270,000 as of March 31, 2012. The decrease in cash is mainly due to the net loss as a result of delayed product shipments during the quarter. The increase in accounts receivable was mainly due to a deferred revenue billing that occurred late in Q1 which was then collected in Q2.

Mr. John Regazzi, the Company's CEO stated, "As previously reported, we have been executing on our new strategy for over a year now. The first step involves revitalizing the organization and the second step is about completing the development of a significant new microwave product aimed at the high-end military test market."

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