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Giga-tronics Incorporated (GIGA)

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Previous Close3.7900
Open3.7900
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range3.7900 - 3.7900
52 Week Range0.9000 - 5.0000
Volume16
Avg. Volume1,883
Market Cap9.99M
Beta (5Y Monthly)1.28
PE Ratio (TTM)N/A
EPS (TTM)-1.1530
Earnings DateNov 05, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Giga-tronics Received Three Orders Totaling $2.0 Million
    GlobeNewswire

    Giga-tronics Received Three Orders Totaling $2.0 Million

    DUBLIN, Calif., Dec. 14, 2020 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (OTCQB: GIGA) (the “Company”) today announced that it has received three customer orders totaling $2.0 million. Two of the orders totaling $1.5 million were for our Radar/EW test systems. The first order, for our recently introduced COMPASS platform, was from a national laboratory supporting the development of an airborne radar platform for the US Army, a new branch of the armed forces for Giga-tronics. The second order was for our Radar Threat Generation System from a well-known prime contractor in direct support of advanced systems development for fifth generation fighter aircraft.    A third order totaling $480,000 for additional inventory of our Microsource digital YIG oscillators was received from a prime contractor as a follow-on order supporting a critical missile defense program.John Regazzi, Chief Executive Officer of the Company, said, “We are very pleased to report these three orders which, in large part, reflect the interest we are seeing in our Radar/EW threat emulation products across a growing list of customers and applications. We expect to ship the two Radar/EW orders during our third quarter of fiscal 2021 which ends December 26, 2020. Our Microsource filter division continues to be a steady and predictable performer for us, and we expect the revenue from the $480,000 order to be recognized over the course of calendar year 2021.”About Giga-tronics IncorporatedGiga-tronics is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications.Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should", or “would” occur. Forward-looking statements include, among others, those concerning future product developments, future prospects, future operating results (including, for example, future revenue, growth, expenses, margin and profitability), growth in market share and expected and potential sales to customers.  Forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include the Company’s ability to successfully manufacture its RADAR/EW test products, to identify customer needs and to design and implement new features; the timely receipt of components from third-party suppliers, the receipt or timing of future orders for products or services and cancellations or deferrals of existing or future orders; the adequacy of the Company’s capital resources; the Company’s ability to manage expenses; the results of pending or threatened litigation; the Company’s ability to successfully implement its business plan; the Company’s need to modify its business plan as a result of these or other risks; the volatility in the market price of the Company’s common stock; the circumstances relating to the COVID-19 pandemic and governmental responses; the Company’s use of proceeds from its PPP loan and the ability of the Company to qualify for forgiveness of the loan.  You should not place undue reliance on any forward-looking statements, which are made as of the date of this press release. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements. For further discussion, see the Company’s most recent annual report on Form 10-K for the fiscal year ended March 28, 2020 Part I, under the heading "Risk Factors" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" and those in other public files the Company may make with the SEC.Company Contact: Agency Contact: Lutz Henckels John Nesbett/Jennifer Belodeau Executive Vice President, CFO and COO IMS Investor Relations (925) 328-4650 ext. 4698 203.972.9200 lhenckels@gigatronics.com  jnesbett@institutionalms.com

  • GlobeNewswire

    Giga-tronics Reports Fiscal 2021 Second Quarter And Six Months Results

    DUBLIN, Calif., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (OTCQB: GIGA) (the “Company”) reported results for the second quarter and six months ended September 26, 2020. Revenue for the second fiscal quarter was $2.7 million compared to $3.0 million for the second quarter of fiscal 2020.   Microsource filter sales in the second quarter decreased to $1.9 million from $2.7 million in the second quarter last year. The decrease in Microsource filter revenues was related to the delayed receipt of certain orders resulting in lower revenue recognition associated with such orders, which also reduced gross margin due to lower overhead absorption. Radar/EW test sales during the second quarter of fiscal 2021 were $820,000 versus $253,000 in the second quarter of fiscal 2020. Net loss attributable to common shareholders for the second quarter was ($477,000), or $(0.18) per share, compared to net income of $44,000, or $0.03 per fully diluted share, for the same period last year. EBITDA for the quarter was ($309,000) compared to $295,000 for the same quarter in fiscal 2020.Revenue for the six-month period ended September 26, 2020 was $6.2 million compared to $6.5 million for the six-month period ended September 28, 2019. Net loss attributable to common shareholders for the six-month period was ($405,000), or $(0.15) per fully diluted share, compared to net income of $59,000, or $0.04 per fully diluted share, for the same period last year. EBITDA for the six-month period was ($57,000) in fiscal 2021 compared to $600,000 in the same period in fiscal 2020.John Regazzi, Chief Executive Officer of the Company, said, “Second quarter revenues came in below our expectations, largely due to the delayed receipt of certain orders. We remain on track for a strong year, and anticipate increased revenues at both our Microsource filter and Radar/EW testing divisions in the second half of fiscal 2021.”Lutz Henckels, Executive Vice President and Chief Financial Officer, stated, “As previously announced, we received a $4.96 million order from Boeing for custom microwave filters for F-15 aircraft. This order reflects our position as a sole source provider of these critical components and the microwave filters business continues to be a dependable and profitable business that complements our growing Radar/EW testing business.”Mr. Henckels continued, “The Radar/EW segment of our business continues to be a very attractive long term opportunity for us. We expect the combined Microwave Filter business and Radar/EW business to grow further in fiscal 2021 with improved gross margins, as an increasing percentage of revenue is expected to be derived from the more profitable Radar/EW testing business.”Earnings Conference CallGiga-tronics will host a conference call today, November 5, 2020, at 4:30 p.m. ET to discuss the second quarter results. To participate in the call, dial (888) 517-2470 or (630) 827-6818 and enter PIN Code 9962743. The call will also be broadcast over the internet at www.gigatronics.com under "Investor Relations." The conference call discussion reflects management's views as of November 5, 2020.About Giga-tronics IncorporatedGiga-tronics is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications.Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical facts, are forward-looking statements. Generally, forward- looking statements and information can be identified by the use of forward-looking terminology such as “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should", or “would” occur. Forward-looking statements include, among others, those concerning future product developments, future prospects, future operating results (including, for example, future revenue, growth, expenses, margin and profitability), growth in market share and expected and potential sales to customers.  Forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include the Company’s ability to successfully manufacture its RADAR/EW test products, to identify customer needs and to design and implement new features; the timely receipt of components from third-party suppliers, the receipt or timing of future orders for products or services and cancellations or deferrals of existing or future orders; the adequacy of the Company’s capital resources; the Company’s ability to manage expenses; the results of pending or threatened litigation; the Company’s ability to successfully implement its business plan; the Company’s need to modify its business plan as a result of these or other risks; the volatility in the market price of the Company’s common stock; the circumstances relating to the COVID-19 pandemic and governmental responses; the Company’s use of proceeds from its PPP loan and the ability of the Company to qualify for forgiveness of the loan.  You should not place undue reliance on any forward-looking statements, which are made as of the date of this press release. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements. For further discussion, see the Company’s most recent annual report on Form 10-K for the fiscal year ended March 28, 2020 Part I, under the heading "Risk Factors" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" and those in other public filings the Company may make with the SEC.Agency Contact: John Nesbett/Jennifer Belodeau IMS Investor Relations 203.972.9200 jnesbett@institutionalms.comGIGA-TRONICS INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands except share data)  September 26, 2020  March 28, 2020*  Assets        Current assets:        Cash and cash-equivalents $405  $657   Trade accounts receivable, net of allowance of $8 and $8, respectively  1,021   932   Inventories, net  3,166   3,261   Prepaid expenses and other current assets  2,438   2,209   Total current assets  7,030   7,059   Property and equipment, net  458   508   Right of use asset  1,027   1,183   Other long-term assets  176   176   Total assets $8,691  $8,926   Liabilities and shareholders' equity        Current liabilities:        Accounts payable $1,030  $803   Loans payable, net of discounts and issuance costs  1,490   1,320   Accrued payroll and benefits  398   300   Deferred revenue  —   159   Lease obligations  430   426   Other current liabilities  330   364   Total current liabilities  3,678   3,372   Other non-current liabilities  60   119   Long term obligations – leases  916   1,135   Total liabilities  4,654   4,626   Shareholders' equity:        Preferred stock; no par value; Authorized - 1,000,000 shares Series A convertible- designated 250,000 shares; no shares at September 26, 2020 and March 28, 2020 issued and outstanding  —   —   Series B, C, D convertible - designated 19,500 shares; 17,781.64 shares at September 26, 2020 and 17,781.64 at March 28, 2020 outstanding; (liquidation preference of $3,367 at September 26, 2020 and $3,367 at March 28, 2020)  2,745   2,745   Series E convertible- designated 100,000 shares; 9,200 shares at September 26, 2020 and 9,200 shares at March 28, 2020 outstanding; (liquidation preference of $345 at September 26, 2020 and $345 at March 28, 2020)  177   177   Common stock; no par value; Authorized – 13,333,333 shares; 2,635,856 shares at September 26, 2020 and 2,635,856 shares at March 28, 2020 issued and outstanding  32,094   31,952   Accumulated deficit  (30,979)  (30,574)  Total shareholders' equity  4,037   4,300   Total liabilities and shareholders' equity $8,691  $8,926              * Derived from the audited consolidated financial statements as of and for the fiscal year ended March 28, 2020.  GIGA-TRONICS INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)   Three Month Periods Ended Six Month Periods Ended (In thousands except per share data) September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Net revenue             Goods $822  $373  $1,931  $2,311  Services  1,870   2,662   4,309   4,222  Total revenue  2,692   3,035   6,240   6,533  Cost of goods and services  1,652   1,787   3,686   3,754  Gross profit  1,040   1,248   2,554   2,779  Gross margin  39%  41%  41%  43% Operating expenses:             Engineering  554   349   991   704  Selling, general and administrative  926   751   1,895   1,798  Total operating expenses  1,480   1,100   2,886   2,502                Operating income (loss)  (440)  148   (332)  277  Interest expense:             Interest expense, net  (32)  (66)  (65)  (124) Interest expense from accretion of loan discount  —   —   —   (19) Total interest expense, net  (32)  (66)  (65)  (143) Income (loss) before income taxes  (472)  82   (397)  134  Provision for income taxes  2   2   2   2  Net income (loss) $(474) $80  $(399) $132  Deemed dividend on Series E shares $(3) $(36) $(6) $(73) Net income (loss) attributable to common shareholders $(477) $44  $(405) $59  Depreciation and amortization  39   48   81   95  Amortization of demo equipment  26   32   52   66  Share-based compensation  66   67   142   162  Income taxes  2   2   2   2  Interest and dividends  35   102   71   216  EBITDA $(309)   295    (57)   600                Loss per common share - basic $(0.18) $0.06  $(0.15) $0.08  Loss per common share - diluted $(0.18) $0.03  $(0.15) $0.04                Weighted average shares used in per share calculation:             Basic  2,636   780   2,636   780  Diluted  2,636   1,580   2,636   1,580  Contact: Lutz Henckels Executive Vice President & CFO, COO lhenckels@gigatronics.com (925) 328-4650 ext. 4698

  • ACCESSWIRE

    Giga-tronics, Inc. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / November 5, 2020 / Giga-tronics, Inc.