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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.

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