Giga-tronics Reports Third Quarter FY 2005 Results29 January 2005
Giga-tronics Incorporated (Nasdaq:GIGA - News) reported today a net profit from continuing operations of $161,000 or $0.04 per fully diluted share for the quarter ending December 25, 2004. This compares with a net loss of $1,084,000 or $0.23 per fully diluted share for the same period a year ago. For the nine month period ending December 25, 2004 profit from continuing operations was $623,000 or $0.13 per fully diluted share compared to a loss of $2,717,000 or $0.58 per fully diluted share for the same period a year ago.
For the three month period ended December 25, 2004, net profit including discontinued operations was $28,000 or $0.01 per fully diluted share. This compares with the net loss of $994,000 or $0.21 per fully diluted share for the same period a year ago. Net profit for the nine months ending December 25, 2004, including discontinued operations, was $409,000 or $0.09 per fully diluted share compared with a net loss of $5,109,000 or $1.09 per fully diluted share for the same period last year.
Net sales from continuing operations increased 34% to $5,130,000 in the third quarter of fiscal 2005 versus $3,822,000 in the third quarter of fiscal 2004.
Orders booked for the third quarter of fiscal 2005 were $4,032,000 as compared to $5,151,000 for the third quarter of fiscal 2004. Book to bill ratio is .79 versus 1.35 for the same period a year ago. Backlog at quarter end was $8.9 million (approximately $7.0 million is shippable within one year) as compared to $14.4 million (approximately $6.4 million shippable within one year) at the end of the third quarter of the prior year.
Cash and cash equivalents at December 25, 2004 were $2,685,000 compared to $2,214,000 as of September 25, 2004.
Giga-tronics will host a conference call today at 4:30 PM ET to discuss the first quarter results. To participate in the call, dial 612-332-0923. The call will also be broadcast over the internet at www.gigatronics.com under "Corporate Info/Investor Relations". The conference call discussion reflects management's views as of January 28, 2005 only.
Giga-tronics produces instruments, subsystems and sophisticated microwave components that have broad applications in both defense electronics and wireless telecommunications.
Giga-tronics is a publicly held Company, traded on the NASDAQ Small Cap Market under the symbol "GIGA".
This press release contains forward-looking statements concerning profitability, backlog and shipments. Actual results may differ significantly due to risks and uncertainties, such as future orders, cancellations or deferrals, disputes over performance, the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control, civil disturbances or terrorist threats or acts, or apprehension about the possible future occurrences of acts of this type, the involvement of the United Sates in war or other hostilities, restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends, the ability to collect receivables, and other risks and unforeseen events. For further discussion, see Giga-tronics' annual report on Form 10-K for the fiscal year ended March 27, 2004 Part I, under the heading "Certain Factors Which May Adversely Affect Future Operations or an Investment in Giga-tronics" and Part II, under the heading "Management's Discussion and Analysis of Financial Conditions and Results of Operations".
CONDENSED CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
(In thousands except share data) Dec. 25, 2004 March 27, 2004
-------------------------------- ------------- --------------
(Unaudited)
-----------
Assets
Current assets
Cash and cash equivalents $ 2,685 $ 2,752
Notes receivable 82 253
Trade accounts receivable, net 2,826 1,959
Inventories 6,834 6,920
Prepaid expenses 191 271
-------- --------
Total current assets 12,618 12,155
Property and equipment, net 761 1,251
Other assets 117 327
-------- --------
Total assets $13,496 $13,733
======== ========
Liabilities and shareholders' equity
Current liabilities
Accounts payable $ 1,045 $ 1,686
Accrued commissions 305 293
Accrued payroll and benefits 805 889
Accrued warranty 474 548
Customer advances 391 58
Obligations under capital lease --- 10
Other current liabilities 544 674
-------- --------
Total current liabilities 3,564 4,158
Deferred rent 327 379
-------- --------
Total liabilities 3,891 4,537
-------- --------
Shareholders' equity
Preferred stock of no par value;
Authorized 1,000,000 shares; no shares
outstanding at December 25, 2004 and
March 27, 2004 --- ---
Common stock of no par value;
Authorized 40,000,000 shares;
4,724,896 shares at
December 25, 2004 and 4,724,896
shares at March 27, 2004 issued
and outstanding 12,752 12,752
Accumulated deficit (3,147) (3,556)
-------- --------
Total shareholders' equity 9,605 9,196
-------- --------
Total liabilities and shareholders' equity $13,496 $13,733
======== ========
CONSOLIDATED STATEMENTS OF OPERATIONS
----------------------------------------------------------------------
(In thousands except Three Months Ended Nine Months Ended
per share data) Dec. 25, Dec. 27, Dec. 25, Dec. 27,
2004 2003 2004 2003
------------------------------ ------- ------- --------- -------
(Unaudited)
-----------
Net sales $5,130 $ 3,822 $16,209 $14,196
Cost of sales 2,755 2,732 8,934 9,828
-------- -------- -------- --------
Gross profit 2,375 1,090 7,275 4,368
Product development 812 961 2,465 2,814
Selling, general and
administrative 1,398 1,209 4,182 4,273
-------- -------- -------- --------
Operating expenses 2,210 2,170 6,647 7,087
Operating income (loss) 165 (1,080) 628 (2,719)
Other expense (2) (4) (2) (4)
Interest (expense) income, net (2) --- 1 10
-------- -------- -------- --------
Income (loss) from continuing
operations before income taxes 161 (1,084) 627 (2,713)
Provision for income taxes --- --- 4 4
-------- -------- -------- --------
Income (loss) from continuing
operations 161 (1,084) 623 (2,717)
(Loss) income on discontinued
operations, net of income
taxes (133) 90 (214) (2,392)
-------- -------- -------- --------
Net income (loss) $ 28 $ (994) $ 409 $(5,109)
======== ======== ======== ========
Basic net income (loss)
per share:
From continuing operations $ 0.04 $ (0.23) $ 0.13 $ (0.58)
On discontinued operations (0.03) 0.02 (0.04) (0.51)
-------- -------- -------- --------
Basic net income (loss)
per share $ 0.01 $ (0.21) $ 0.09 $ (1.09)
======== ======== ======== ========
Diluted net income (loss)
per share:
From continuing operations $ 0.04 $ (0.23) $ 0.13 $ (0.58)
On discontinued operations (0.03) 0.02 (0.04) (0.51)
-------- -------- -------- --------
Diluted net income (loss)
per share $ 0.01 $ (0.21) $ 0.09 $ (1.09)
======== ======== ======== ========
Shares used in per share
calculation:
Basic 4,725 4,708 4,725 4,699
Dilutive 4,734 4,708 4,734 4,699
--------------------------------------------------------------------------------
Contact:
Giga-tronics Incorporated
Mark H. Cosmez II, 925-328-4656
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Source: Giga-tronics Incorporated
Source: Business Wire via Yahoo
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