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Gigatronics Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 13, 2012 06:04AM
Gigatronics Inc. (GIGA) filed Quarterly Report for the period ended 2012-09-29.
Highlight of Business Operations:Net sales in the second quarter of fiscal 2013 were $3,405,000, a 17% decrease from the $4,086,000 in fiscal 2012. Net sales in the first half of fiscal 2013 decreased 2% to $7,463,000 from the $7,583,000 in the first half of fiscal 2012. Sales at Giga-tronics Division decreased for the three and six month periods ended September 29, 2012 primarily due to a decrease in military shipments. The prior year shipments included a last time sale to a military customer for a now discontinued model. Sales in the first half of fiscal year 2013 were not enough to compensate for the sales lost to a discontinued model. Shipments at Microsource increased for the three and six month periods ended September 29, 2012 compared to the three and six month periods ended September 24, 2011, primarily due to shipment of a significant order for the military.
Cost of sales as a percentage of sales decreased by 0.2% for the second quarter of fiscal 2013 to 62.3% compared to 62.5% for the second quarter of fiscal 2012.
Cost of sales as a percentage of sales increased by 0.2% for the first half of fiscal 2013 to 61.0% compared to 60.8% from the first half of fiscal 2012.
Cash used in operating activities amounted to $177,000 for the six month period ended September 29, 2012, compared to cash provided by operating activities of $1,608,000 for the six month period ended September 24, 2011. Cash used in operating activities during the first half of fiscal 2013 was primarily attributed to the net loss which was partially offset by cash received through advance customer payments which is recorded as deferred revenue. Cash provided by operating activities for the first half of fiscal 2012 which was primarily attributable to the collection of accounts receivable.
Deferred revenue was $1,967,000 at September 29, 2012 compared to $7,000 at March 31, 2012. The increase of $1,960,000 was due primarily to cash received from advance customer billings during the first six months of fiscal 2013 associated with a contract with a large aircraft manufacturer.
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