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.
Giga-tronics Reports First Quarter Results
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