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TheStreet Open House

Giga-tronics Reports Third Quarter FY 2013 Results

Stocks in this article: GIGA

The Giga-tronics Incorporated logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6087

This press release contains forward-looking statements concerning profitability, backlog, shipments, revenue growth, improved gross margins, timing of move, and projected savings. Actual results may differ significantly due to risks and uncertainties, such as future orders, cancellations or deferrals, disputes over performance, the ability to collect receivables and general market conditions. For further discussion, see Giga-tronics' most recent annual report on Form 10-K for the fiscal year ended March 31, 2012, Part I, under the heading "Certain Factors Which May Adversely Affect Future Operations or an Investment in Giga-tronics" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations". 

GIGA-TRONICS INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 (In thousands except share data)  December 29, 2012  March 31, 2012
Assets    
Current assets:    
Cash and cash-equivalents  $ 2,421  $ 2,365
Trade accounts receivable, net of allowance of $53 and $96, respectively  1,776  1,270
Inventories, net  4,151  4,700
Prepaid expenses and other current assets  294  328
Total current assets  8,642  8,663
     
Property and equipment, net  667  611
Other assets  --  16
Total assets  $ 9,309  $ 9,290
     
Liabilities and shareholders' equity    
Current liabilities:    
Line of credit  $ 975  $ --
Accounts payable  805  613
Accrued commission  88  129
Accrued payroll and benefits  776  739
Accrued warranty  137  210
Deferred revenue  1,263  7
Deferred rent  76  59
Capital lease obligations  64  20
Other current liabilities  312  318
Total current liabilities  4,496  2,095
Long term obligations - deferred rent  365  433
Long term obligations - capital lease  106  15
Total liabilities  4,967  2,543
Commitments    
Shareholders' equity:    
Preferred stock of no par value;    
Authorized - 1,000,000 shares    
Series A - designated 250,000 shares; 0 shares at December 29, 2012 and March 31, 2012 issued and outstanding    
Series B - designated 10,000 shares; 9,997 shares at December 29, 2012 and March 31, 2012 issued and outstanding; (liquidation preference of $2,309)  1,997  1,997
Common stock of no par value;    
Authorized - 40,000,000 shares; 5,029,747 shares at December 29, 2012 and March 31, 2012 issued and outstanding 15,053  14,822
Accumulated deficit  (12,708)  (10,072)
Total shareholders' equity  4,342  6,747
Total liabilities and shareholders' equity  $ 9,309  $ 9,290
         
GIGA-TRONICS INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
  Three Month Periods Ended Nine Month Periods Ended
 (In thousands except per share data)  December 29, 2012 December 31, 2011 December 29, 2012 December 31, 2011
Net sales $ 3,946 $ 2,799 $ 11,409 $ 10,382
Cost of sales 2,342 3,269 6,892 7,877
Gross margin 1,604 (470) 4,517 2,505
         
Operating expenses:        
Engineering 1,179 745 3,159 2,060
Selling, general and administrative 1,187 1,397 3,703 4,393
Restructuring 99  --  283  -- 
Total operating expenses 2,465 2,142 7,145 6,453
         
Operating loss (861) (2,612) (2,628) (3,948)
         
Interest expense, net (4) (1) (6) (2)
Loss before income taxes (865) (2,613) (2,634) (3,950)
Provision for income taxes  --   --  2 2
Net loss $ (865) $ (2,613) $ (2,636) $ (3,952)
         
Loss per share - basic $ (0.17) $ (0.52) $ (0.52) $ (0.79)
Loss per share - diluted $ (0.17) $ (0.52) $ (0.52) $ (0.79)
         
Weighted average shares used in per share calculation:        
Basic 5,029 5,024 5,029 5,008
Diluted 5,029 5,024 5,029 5,008
CONTACT: Frank Romejko
         Vice President of Finance / Interim Chief Financial Officer
         (925) 302-1014

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