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GigOptix Reports Fourth Quarter And Fiscal Year 2013 Financial Results

GigOptix, Inc. (NYSE MKT: GIG), a leading supplier of advanced high speed semiconductor components for use in long-haul, metro, Cloud connectivity, data centers, consumer electronics links and interactive applications, through optical and wireless communications networks, today announced financial results for its fourth quarter and fiscal year 2013, which ended December 31, 2013.

Fourth Quarter Fiscal 2013 GAAP Results

Total revenue in the fourth quarter of fiscal 2013 was $7.8 million. This compares with revenue of $7.1 million, excluding approximately $0.9 million of government contract revenue, in the fourth quarter of fiscal 2012, and $7.3 million in the third quarter of fiscal 2013.

Gross margin was 58 percent in the fourth quarter of fiscal 2013, compared with 58 percent in the fourth quarter of fiscal 2012, and 59 percent in the third quarter of fiscal 2013.

Net loss in the fourth quarter of fiscal 2013 was $1.5 million, or a net loss of ($0.07) per share. This compares with a net loss of $2.1 million, or a net loss of ($0.10) per share, in the fourth quarter of fiscal 2012, and net income of $3.5 million, or net income of $0.16 per diluted share, in the third quarter of fiscal 2013. The third quarter fiscal 2013 GAAP net income was positively impacted by a gain of approximately $5.7 million pertaining to the net settlement of the litigation against M/A-Com, partially offset by an additional approximately $0.6 million in R&D wafer tape-out related expenses associated with the Company’s joint development programs.

Cash and cash equivalents at December 31, 2013 were $20.4 million, and the Company had no debt outstanding. This compares with $6.5 million, excluding the $3.6 million drawn from the Company’s line of credit at December 31, 2012, and $9.3 million, excluding the $6.0 million drawn from the Company’s line of credit at September 29, 2013.

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