This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs