Second Quarter FY 2006 Giga-tronics Reports Second Quarter FY 2006 Results
10/27/05
SAN RAMON, Calif., Oct 27, 2005 (BUSINESS WIRE) --
Giga-tronics Incorporated (Nasdaq:GIGA) reported today a net loss from continuing operations of $1,142,000 or $0.24 per fully diluted share for the quarter ending September 24, 2005. This compares with a net profit of $148,000 or $0.03 per fully diluted share for the same period a year ago. For the six month period ending September 24, 2005 loss from continuing operations was $915,000 or $0.19 per fully diluted share compared to a profit of $462,000 or $0.10 per fully diluted share for the same period a year ago.
For the three month period ended September 24, 2005, net loss including discontinued operations was $1,137,000 or $0.24 per fully diluted share. This compares with the net profit of $24,000 or $0.01 per fully diluted share for the same period a year ago. Net loss including discontinued operations for six months ending September 24, 2005 was $904,000 or $0.19 per fully diluted share compared with a net profit of $381,000 or $0.08 per fully diluted share for the same period last year.
Net sales from continuing operations decreased 32.8% to $3,614,000 in the second quarter of fiscal 2006 versus $5,379,000 in the second quarter of fiscal 2005. Giga-tronics experienced a significant decline in military and military related orders and delivery requirements during the second quarter of fiscal 2006.
Orders booked for the second quarter of fiscal 2006 were $1,847,000 as compared to $1,253,000 for the second quarter of fiscal 2005. The $1,253,000 included a significant order reversal of $4,854,000 during the second quarter of fiscal 2005. Book to bill ratio is 0.51 versus 0.23 for the same period a year ago. Backlog at quarter end was $13.7 million (approximately $7.0 million is shippable within one year) as compared to $9.9 million (approximately $7.4 million shippable within one year) at second quarter end of the prior year.
Cash and cash equivalents increased 39.4% to $3,718,000 at September 24, 2005 compared to $2,667,000 as of June 25, 2005.
Giga-tronics will host a conference call today at 4:30 PM ET to discuss the second quarter results. To participate in the call, dial 612-332-0923. 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 October 27, 2005 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 under the symbol "GIGA".