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Gigatronics Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 5, 2010 06:16AM

Gigatronics Inc. (GIGA) filed Quarterly Report for the period ended 2010-09-25. Gigatronics Inc. has a market cap of $10.7 million; its shares were traded at around $2.1899 with a P/E ratio of 10.4 and P/S ratio of 0.6.

GIGA is in the portfolios of Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

New orders received in the second quarter of fiscal 2011 decreased by 26% to $3,610,000 from the $4,850,000 received in the second quarter of fiscal 2010. New orders received in the first half of fiscal 2010 decreased 9% to $6,689,000 from the $7,383,000 received in the first half of fiscal 2010. Orders at Giga-tronics Division decreased for the three and six month periods ended September 25, 2010 primarily due to delayed new military orders for switches and to a lesser extent signal generators, whereas orders at Microsource increased for the three and six month periods ended September 25, 2010 primarily due to an increase in military demand for its products.

Net sales in the second quarter of fiscal 2011 were $4,749,000, a 3% increase from the $4,623,000 in the second quarter of fiscal 2010. Net sales in the first half of fiscal 2011 increased 4% to $9,450,000 from the $9,092,000 in the first half of fiscal 2010. Sales at Giga-tronics Division decreased for the three and six month periods ended September 25, 2010 primarily due to a decrease in military shipments whereas shipments at Microsource increased for the three and six month periods ended September 25, 2010 primarily due to an increase in military demand for its products.

Operating expenses increased 20% or $352,000 in the second quarter of fiscal 2011 over fiscal 2010 due to an increase of $201,000 in product development expenses and an increase of $151,000 in selling, general and administrative expense. The increase in product development expenses is due to lower customer funded projects. The increase in selling, general and administrative expense is a result of higher marketing of $126,000 and higher administrative expenses of $87,000 offset by a decrease of $62,000 in sales commission expenses.

Operating expenses increased 13% or $453,000 in the first half of fiscal 2011 over fiscal 2010 due to an increase of $305,000 in product development expenses and an increase of $148,000 in selling, general and administrative expense. The increase in product development expenses is due to lower customer funded projects. The increase in selling, general and administrative expense is a result of higher marketing of $160,000 and higher administrative expenses of $79,000 offset by a decrease of $91,000 in sales commission expenses.

Giga-tronics recorded a net loss of $78,000 or $0.02 per fully diluted share for the second quarter of fiscal 2011 versus a net profit of $373,000 or $0.08 per fully diluted share in the same period last year. A tax benefit of $97,000 was recorded for the second quarter of fiscal 2011 versus a $2,000 provision for income taxes for the second quarter of fiscal 2010.

Read the The complete Report



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