FORM 8-K
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GIGA-TRONICS INCORPORATED
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(Exact name of registrant as specified in its charter)
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California
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0-12719
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94-2656341
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(State or other jurisdiction of incorporation)
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Commission File No.
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(IRS Employer Identification Number)
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4650 Norris Canyon Road, San Ramon, CA 94583
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(Address of principal executive offices, including zip code)
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(925) 328-4650
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(Registrant’s telephone number, including area code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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(d) Exhibit 99.1
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Press Release dated February 2, 2012
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GIGA-TRONICS INCORPORATED
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Date: February 2, 2012
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By: /s/ Frank Romejko
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Frank Romejko
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VP Finance, Chief Financial Officer (Acting)
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NEWS RELEASE | |
For Release on February 2, 2012 | Contact: Frank Romejko |
4:00 PM (ET) (925) 301-1014 | Vice President, Finance/Chief Financial Officer (Acting) |
(In thousands except share data)
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December 31, 2011
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March 26, 2011
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Assets
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Current assets:
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Cash and cash-equivalents
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$ | 3,476 | $ | 1,408 | ||||
Trade accounts receivable, net of allowance
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of $124 and $248, respectively
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1,485 | 5,632 | ||||||
Inventories, net
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4,789 | 5,386 | ||||||
Prepaid expenses and other current assets
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219 | 420 | ||||||
Deferred income taxes
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- | 2,320 | ||||||
Total current assets
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9,969 | 15,166 | ||||||
Property and equipment, net
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628 | 530 | ||||||
Deferred income taxes - long term
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- | 10,936 | ||||||
Other assets
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16 | 16 | ||||||
Total assets
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$ | 10,613 | $ | 26,648 | ||||
Liabilities and shareholders' equity
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Current liabilities:
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Accounts payable
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$ | 530 | $ | 972 | ||||
Accrued commission
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79 | 139 | ||||||
Accrued payroll and benefits
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382 | 455 | ||||||
Accrued warranty
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167 | 200 | ||||||
Income taxes payable
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- | 30 | ||||||
Deferred revenue
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8 | 586 | ||||||
Deferred rent
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53 | 36 | ||||||
Capital lease obligations
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35 | 93 | ||||||
Other current liabilities
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324 | 193 | ||||||
Total current liabilities
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1,578 | 2,704 | ||||||
Long term obligations - deferred rent
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451 | 413 | ||||||
Long term obligations - capital lease
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18 | 10 | ||||||
Total liabilities
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2,047 | 3,127 | ||||||
Commitments
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Shareholders' equity:
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Preferred stock of no par value;
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Authorized - 1,000,000 shares;
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Series A - designated 250,000 shares; 0 shares at December 31,
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- | - | ||||||
2011 and March 26, 2011 issued and outstanding
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Series B - designated 10,000 convertible shares; 9,997 shares at
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December 31, 2011 and 0 shares at March 26, 2011,
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issued and outstanding
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1,997 | - | ||||||
Common stock of no par value;
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Authorized - 40,000,000 shares; 5,023,782 shares at December 31, 2011
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and 4,994,157 shares at March 26, 2011 issued and outstanding
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14,741 | 14,485 | ||||||
Accumulated (deficit) earnings
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(8,172 | ) | 9,036 | |||||
Total shareholders' equity
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8,566 | 23,521 | ||||||
Total liabilities and shareholders' equity
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$ | 10,613 | $ | 26,648 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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Three Months Ended
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Nine Months Ended
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December 31,
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December 25,
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December 31,
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December 25,
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(In thousands except per share data)
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2011
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2010
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2011
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2010
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Net sales
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$ | 2,799 | $ | 4,640 | $ | 10,382 | $ | 14,090 | ||||||||
Cost of sales
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3,269 | 2,574 | 7,877 | 8,181 | ||||||||||||
Gross margin
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(470 | ) | 2,066 | 2,505 | 5,909 | |||||||||||
Engineering
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745 | 559 | 2,060 | 1,608 | ||||||||||||
Selling, general and administrative
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1,397 | 1,493 | 4,393 | 4,406 | ||||||||||||
Total operating expenses
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2,142 | 2,052 | 6,453 | 6,014 | ||||||||||||
Operating (loss) income
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(2,612 | ) | 14 | (3,948 | ) | (105 | ) | |||||||||
Interest (expense) income, net
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(1 | ) | 4 | (2 | ) | 4 | ||||||||||
(Loss) income before income taxes
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(2,613 | ) | 18 | (3,950 | ) | (101 | ) | |||||||||
Provision (benefit) for income taxes
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13,841 | 29 | 13,258 | (13,637 | ) | |||||||||||
Net (loss) income
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$ | (16,454 | ) | $ | (11 | ) | $ | (17,208 | ) | $ | 13,536 | |||||
(Loss) earnings per share - basic
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$ | (3.28 | ) | $ | (0.00 | ) | $ | (3.44 | ) | $ | 2.75 | |||||
(Loss) earnings per share - diluted
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$ | (3.28 | ) | $ | (0.00 | ) | $ | (3.44 | ) | $ | 2.70 | |||||
Weighted average shares used in per share calculation:
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Basic
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5,024 | 4,946 | 5,008 | 4,920 | ||||||||||||
Diluted
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5,024 | 4,946 | 5,008 | 5,014 |