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.
Giga-tronics Reports Fourth Quarter And FY 2013 Results
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