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Giga-tronics Reports Fourth Quarter And FY 2013 Results

SAN RAMON, Calif., June 27, 2013 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (Nasdaq:GIGA) reported today net sales of $2,778,000 in the fourth quarter of fiscal 2013, an increase of 2% over net sales of $2,734,000 in the fourth quarter of fiscal 2012. Gross margin increased by $335,000 over the same quarter last year due to an increase in the mix of sales from the Company's higher margin Microsource unit. Operating expenses increased $6,000 in the fourth quarter of fiscal 2013 compared to the fourth quarter of fiscal 2012 due mainly to a $290,000, or 35%, increase in engineering expenses primarily associated with the continued investment in a new product platform, and an increase of $104,000 in restructuring expenses, which were partially offset by a $388,000 reduction in selling, general, and administrative expenses mainly associated with decreased personnel expenses. A net loss of $1,570,000, or $0.31 per fully diluted share, was incurred for the fourth quarter ended March 30, 2013 compared with a net loss of $1,900,000, or $0.38 per fully diluted share, for the same period a year ago. Orders were $2,947,000 in the fourth quarter of fiscal 2013 compared to $2,793,000 for the fourth quarter of fiscal 2012.

Net sales increased 8% to $14,187,000 in the year ended March 30, 2013 compared to $13,116,000 for the prior year. Orders increased 33% for the year ended March 30, 2013 to $17,692,000 compared to $13,306,000 for the prior year. The increases in net sales and orders were primarily associated with the Company's Microsource unit. Gross margin increased $2,347,000 for the year ended March 30, 2013 when compared to the prior year primarily due to a $1,549,000 excess and obsolete inventory reserve charge in fiscal 2012, and an increase in the mix of sales from the Company's higher margin Microsource unit in fiscal 2013. Operating expenses increased $698,000 in fiscal 2013 compared to the prior year mainly due to a $1,389,000, or 48%, increase in engineering expenses primarily associated with constructing prototype and beta test units of our new product platform, and an increase of $387,000 in restructuring expenses, which were partially offset by a $1,078,000 reduction in selling, general, and administrative expenses mainly associated with decreased personnel expenses. A net loss of $4,206,000, or $0.84 per fully diluted share, was incurred for the year ended March 30, 2013. This compares with a net loss of $5,852,000, or $1.17 per fully diluted share, for the prior year. 

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