New Threads Only:  Add to Google Reader or Homepage
New Threads & Replies:  Add to Google Reader or Homepage
Forums are for serious investors only. GuruFocus Forum Rules.

Forum List » Business News and Headlines
SEC Filings, Earing Reports, Press Releases
New Topic Search
Goto Thread: PreviousNext
Goto: Forum ListMessage ListNew TopicSearchLog In
Gigatronics Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: February 4, 2011 01:21PM

Gigatronics Inc. (GIGA) filed Quarterly Report for the period ended 2010-12-25. Gigatronics Inc has a market cap of $12.9 million; its shares were traded at around $2.609 with a P/E ratio of 23.8 and P/S ratio of 0.6.

Hedge Fund Gurus that owns GIGA: Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

New orders received, net of orders cancelled in the third quarter of fiscal 2011 decreased by 19% to $6,221,000 from the $7,715,000 received in the third quarter of fiscal 2010. New orders received, net of orders cancelled, for the nine months ended December 25, 2010 decreased 14% to $12,910,000 from the $15,098,000 received for the same period a year ago. Orders at Giga-tronics Division increased for the three and nine month periods ended December 25, 2010 primarily due to an increase in commercial orders whereas orders at Microsource decreased for the three and nine month periods ended December 25, 2010 primarily due to a decrease in new military orders and cancellation of previous quarter s backlog.

Fiscal 2011 third quarter net sales were $4,640,000, a 3% decrease from the $4,784,000 in the third quarter of fiscal 2010. Sales at Giga-tronics Division increased 4% or $125,000 primarily due to an increase in commercial shipments. Sales at Microsource decreased 14% or $269,000 during the third quarter of fiscal 2011 versus the third quarter of fiscal 2010 primarily due to a decrease in military shipments.

Net sales for the nine month period ended December 25, 2010 were $14,090,000, a 2% increase from the $13,876,000 in the nine month period ended December 26, 2009. Sales at Giga-tronics Division decreased 7% or $568,000 primarily due to a decrease in military shipments. Sales at Microsource increased 15% or $782,000 during the first nine months of fiscal 2011 versus the first nine months of fiscal 2010 primarily due to an increase in military shipments.

Operating expenses increased 18% or $315,000 in the third quarter of fiscal 2011 over fiscal 2010 due to an increase of $246,000 in product development expenses and an increase of $69,000 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 administrative expenses of $120,000 offset by a decrease of $28,000 in sales commission expenses and a decrease of $23,000 in marketing expenses.

Operating expenses increased 15% or $768,000 for the first nine months of fiscal 2011 over fiscal 2010 due to an increase of $551,000 in product development expenses and an increase of $217,000 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 administrative expenses of $199,000 and higher marketing of $137,000 offset by a decrease of $119,000 in sales commission expenses.

The Company recorded a net loss of $11,000 or $0.00 per fully diluted share for the third quarter of fiscal 2011 compared to a net profit of $309,000 or $0.06 per fully diluted share in the same period last year. Provision for income taxes incurred for the third quarters of fiscal 2011 and fiscal 2010 was $29,000 and $1,000, respectively.

Read the The complete Report



Stocks Discussed: GIGA,
Rate this post:




Sorry, only registered users may post in this forum.

Please Login if you have an account or Create a Free Account if you don't




Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial