Giga-tronics Reports Third Quarter FY 2007 Results.SAN RAMON San Ramon (Spanish for "Saint Raymond") may refer to one of the following places:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GIGA) reported today a net profit of $58,000 or $0.01 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the three months ended December 30, 2006. This compares with the net profit of $30,000 or $0.01 per fully diluted share for the same period a year ago. Net loss for the nine months ended December 30, 2006 was $1,372,000 or $0.29 per fully diluted share compared with a net loss of $874,000 or $0.18 per fully diluted share for the same period last year. Orders booked for the third quarter of fiscal 2007 were $3,714,000 as compared to $3,995,000 for the third quarter of fiscal 2006. Book to bill ratio is 0.67 versus 0.72 for the same period a year ago. Orders for the nine months ended December 30, 2006 increased 10% to $12,459,000 as compared to $11,335,000 for the same period a year ago. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 1% to $5,564,000 in the third quarter of fiscal 2007 versus $5,537,000 in the third quarter of fiscal 2006. Net sales for the nine months ended December 30, 2006 decreased 14% to $12,884,000 from $14,934,000 for the same period in the prior year. Backlog at quarter end was $9.9 million (approximately $6.4 million is shippable within one year) as compared to $12.1 million (approximately $6.3 million shippable within one year) at third quarter end of the prior year. Cash and cash equivalents were $2,646,000 at December 30, 2006 compared to $3,286,000 as of September 30, 2006. In an effort to improve results and make optimal use of its resources, Giga-tronics has decided to integrate all ASCOR and Instrument Division engineering and manufacturing activities at the San Ramon, California San Ramon is a city in Contra Costa County, California, United States. It is a part of the San Francisco Bay Area. Since 1980, the population of San Ramon has increased by over 128% from 22,356 to 51,027 in 2005. facility. The Microsource subsidiary, located in Santa Rosa, California Santa Rosa is the county seat of Sonoma County, California, USA. As of January 1 2007, the population of Santa Rosa was approximately 157,985 residents. Santa Rosa is the largest city in California's Wine Country and fifth largest city in the San Francisco Bay Area, after San , will remain strictly a manufacturing operation, with all product development work being performed in San Ramon. Management is in the process of estimating the financial impact of the restructuring on the Company's fourth quarter results. Giga-tronics will host a conference call today at 4:30 PM ET to discuss the third quarter results. To participate in the call, dial (612) 288-0329. 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 26, 2007 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 Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for under the symbol "GIGA". This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 and the ability to collect receivables. For further discussion, see Giga-tronics' annual report on Form 10-KSB for the fiscal year ended March 25, 2006 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 Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Conditions and Results of Operations." [TABLE OMITTED] [TABLE OMITTED] |
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