This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

GigOptix Reports Record Third Quarter Fiscal 2012 Financial Results

Adjusted EBITDA 1 for the third quarter of 2012 was positive $1.3 million. This compares with Adjusted EBITDA of $289,000 in the third quarter of fiscal 2011, and Adjusted EBITDA of $1.2 million in the second quarter of fiscal 2012.

“The strong third quarter financial results, which included record quarterly revenue, continuing improvement in non-GAAP earnings and Adjusted EBITDA, and most importantly generating positive cashflow from operations, reflect our continued growth in several key areas of our business,” said Dr. Avi Katz, Chairman and Chief Executive Officer of GigOptix, Inc. “Leading the sequential gains was the ongoing growth in our optics product line, particularly with our high speed 100Gbps and optical interconnect offerings. We also experienced a nice uptick in our RF/MMIC business over the prior quarter due to an increase in market interest for our recently introduced E-band offering.”

Litigation against M/A-Com Technology Solutions, Inc. (Optomai, Inc.)

GigOptix continues to actively prosecute the lawsuit for misappropriation of confidential information and trade secrets against its former employees, Optomai, Inc., and the parent of Optomai, M/A-COM Technology Solutions, Inc. GigOptix has been engaged in discovery, including forensic work, which has produced substantial evidence that the individuals copied GigOptix files when they left and then used to develop products of the corporate defendants. GigOptix is continuing to move the case towards a trial on its claims against the defendants.

“We are confident that we have evidence supporting our claim for misappropriation of trade secrets and look forward to putting the evidence regarding the conduct and actions of the defendants before a jury and judge in ‘an adjudication of the merits’ at trial. A trial date has not been set and we have no estimate as of today when the Court will set a trial date,” added Dr. Katz.

Financial Outlook

“Through the first nine months of fiscal 2012 we made good progress on our yearly business and product initiatives. While we are very satisfied with our market penetration and customer’s adoption of new products, there is a higher level of uncertainty in the macroeconomic environment, increasing lack of visibility, and exceptionally short lead-times, mainly in the high speed optical communications markets, than what we have seen in previous quarters,” said Mr. Curt Sacks, Senior Vice President and Chief Financial Officer of GigOptix. “Therefore, we currently believe our revenue in the fourth quarter will be roughly in-line with the third quarter as there are enough data-points in the market that require us to be cautious with our near-term outlook.”

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs