Giga-Tronics, Incorporated (NASDAQ:GIGA)
Giga-tronics, Incorporated (NASDAQ:GIGA) reported financial results for the third quarter of the 2017 fiscal year. The company reported $3.2 million in net sales for the third quarter of the fiscal year 2017. This represents a 29% increase from the $4.5 million reported in the third quarter of the 2016 fiscal year. The decrease is attributed to low sales of legacy products as a result of divestitures in product line in addition to low sales reported for the company’s Advanced Signal Generator (ASG) product.
Giga-tronics, Incorporated (NASDAQ:GIGA) reported $764,000 in sales from its ASG product in the third quarter of fiscal 2017. This is below the $1.3 million that was reported during the same period in fiscal 2016. The decrease was offset by an increase in shipments of YIG which commenced shipment in the second quarter of fiscal 2017.
Giga-tronics, Incorporated (NASDAQ:GIGA)’s net sales from the nine month period were $11.0 million. This represents a decrease of 7% compared to$11.9 million that was reported during the same period the previous year. The decrease is as a result of low sales of the legacy product.
Giga-tronics, Incorporated (NASDAQ:GIGA) reported $575,000 in net loss in the third quarter of fiscal 2017. This represents $0.06 per share. This is compared to the $602,000, or $0.09 in net loss the company made in the third quarter of fiscal 2016. The reduction in net loss is a result of reduced operating expenses. These include reduced personnel related costs due to legacy product divestitures. Decrease in non-cash stock-based compensation also contributed to the overall reduction in net costs.
Giga-tronics, Incorporated (NASDAQ:GIGA) reported $567,000 or $0.06 per share in Non-GAAP net loss during the third quarter of the 2017 fiscal year. This is compared to the $286,000, or $0.04 per share reported during the same period in the previous fiscal year. The Non-GAAP net loss reported does not include non-cash expenses associated related to discount accretion and derivative revaluation of debt and warrant agreements.
Giga-tronics, Incorporated (NASDAQ:GIGA)’s acting CEO, William J. Thompson, said they managed to ship the first ASG Threat Emulation System (TEmS) during the quarter. He added that the ASG Threat Emulation System (TEmS) marks the climax of a collaboration that brings together highly innovated hardware abilities and simulation software derived from a leading Prime Contractor. Thompson said the company has made significant steps in penetrating the benchtop Electronic Warfare market adding that they are initiating a number of changes in the organization so as to take advantage of any opportunity for the ASG product line.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.