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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Giga-tronics Reports Third Quarter FY 2013 Results

SAN RAMON, Calif., Feb. 8, 2013 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (Nasdaq:GIGA) reported today a net loss of $865,000 or $0.17 per fully diluted share for the quarter ended December 29, 2012. This compares with a net loss of $2,613,000 or $0.52 per fully diluted share for the comparable period a year ago. Net sales increased 41% to $3,946,000 in the third quarter of fiscal 2013 compared to $2,799,000 in the third quarter of fiscal 2012. Gross margin increased by $2,074,000 over the same quarter last year. Operating expenses increased 15% or $323,000 in the third quarter of fiscal 2013 over fiscal 2012 primarily due to a $434,000 (or 58%) increase in product development expenses to invest in new instrument products and expenses associated with a previously announced restructuring totaling $99,000, which were partially offset by reduced selling, general, and administrative expenses. Orders decreased 10% in the third quarter of fiscal 2013 to $2,247,000 from $2,500,000 for the third quarter of fiscal 2012. The decrease in orders is primarily related to a decrease in switch orders which is a business characterized by large periodic orders.

Net loss for the nine month period ended December 29, 2012 was $2,636,000 or $0.52 per fully diluted share. This compares with a net loss of $3,952,000 or $0.79 per fully diluted share for the comparable period a year ago. Net sales increased 10% to $11,409,000 in the first nine months of fiscal 2013 compared to $10,382,000 in the first nine months of fiscal 2012. Gross margin increased by $2,012,000 over the comparable period last year. Operating expenses increased 11% or $692,000 in the first nine months of fiscal 2013 over fiscal 2012 primarily due to a $1,099,000 increase (or 53%) in product development expenses to more aggressively invest in new instrument products and expenses associated with a restructuring totaling $283,000 . Orders increased 40% in the first nine months of fiscal 2013 to $14,745,000 from $10,513,000 for the first nine months of fiscal 2012. The increase in orders is primarily related to orders received from the U.S. government and from prime contractors.

Stock quotes in this article: GIGA 

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.
DOW 16,262.56 +89.32 0.55%
S&P 500 1,842.98 +12.37 0.68%
NASDAQ 4,034.1610 +11.4670 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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