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GigOptix Reports Second Quarter Fiscal 2013 Financial Results

GigOptix, Inc. (NYSE MKT: GIG), a leading supplier of advanced semiconductor and optical communications components, today announced the financial results for its second quarter of fiscal year 2013, which ended June 30, 2013.

Second Quarter Fiscal 2013 GAAP Results

Total revenue in the second quarter of fiscal 2013 was $6.8 million. This compares with revenue of $9.6 million in the second quarter of fiscal 2012 and $6.9 million in the first quarter of fiscal 2013.

Gross margin was 62 percent in the second quarter of fiscal 2013, compared with 53 percent in the second quarter of fiscal 2012, and 62 percent in the first quarter of fiscal 2013.

Net loss was $1.4 million, or a net loss of ($0.06) per share, in the second quarter of fiscal 2013. This compares with a net loss of $1.6 million, or a net loss of ($0.08) per share, in the second quarter of fiscal 2012, and a net loss of $2.6 million, or a net loss of ($0.12) per share, in the first quarter of fiscal 2013.

Cash and cash equivalents at June 30, 2013, were $9.5 million.

Second Quarter Fiscal 2013 Non-GAAP Results 1

Non-GAAP net income in the second quarter of fiscal 2013 was $0.1 million, or $0.00 per diluted share, and excludes approximately $0.7 million in stock-based compensation, $0.5 million in special litigation-related expenses, and $0.3 million in amortization of intangible assets. This compares with non-GAAP net income of $0.4 million, or $0.02 per diluted share in the second quarter of fiscal 2012, and non-GAAP net income of $0.2 million, or $0.01 per diluted share in the first quarter of fiscal 2013.

Non-GAAP gross margin was 65 percent, compared with 54 percent in the second quarter of fiscal 2012 and 65 percent in the first quarter of fiscal 2013.

Adjusted EBITDA for the second quarter of 2013 was $0.7 million. This compares with Adjusted EBITDA of $1.2 million in the second quarter of fiscal 2012, and Adjusted EBITDA of $0.7 million in the first quarter of fiscal 2013.

“In the second quarter we achieved our second consecutive quarter of non-GAAP profitability while maintaining record non-GAAP gross margin in spite of the continued challenging conditions we faced in several of our served markets,” said Dr. Avi Katz, Chairman and Chief Executive Officer of GigOptix, Inc. “We continued to make important progress during the second quarter with the joint development programs (JDP) we have with major Tier-1 OEMs, with JDP revenue again exceeding $1 million in the quarter. We are on track to deliver customized reference design platforms for next generation telecom products, customized trans-impedance amplifiers (TIA) and drivers, and applications for the consumer electronics market, including key components to be used in gesture recognition devices. As we have previously discussed, these JDP contracts are important to our long-term growth as they support deployment of production parts towards the end of 2013 and the beginning of 2014.

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