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 June 4, 2012
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GIGA-TRONICS INCORPORATED
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Date: June 4, 2012
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By: /s/ Frank D. Romejko
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Frank D. Romejko
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Vice President of Finance,
Chief Financial Officer (Acting)
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For Release on June 4, 2012 | Contact: Frank Romejko |
4:00 PM (ET) (925) 302-1014 | Vice President, Finance/Chief Financial Officer (Acting) |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
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(In thousands except share data)
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March 31, 2012
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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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$2,365 | $1,408 | ||||||
Trade accounts receivable, net of allowance of $96 and $248, respectively
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1,270 | 5,632 | ||||||
Inventories, net
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4,700 | 5,386 | ||||||
Prepaid expenses and other current assets
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328 | 420 | ||||||
Total current assets
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8,663 | 12,846 | ||||||
Property and equipment, net
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611 | 530 | ||||||
Other assets
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16 | 16 | ||||||
Total assets
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$9,290 | $13,392 | ||||||
Liabilities and shareholders' equity
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Current liabilities
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Accounts payable
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$613 | $972 | ||||||
Accrued commission
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129 | 139 | ||||||
Accrued payroll and benefits
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739 | 455 | ||||||
Accrued warranty
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210 | 200 | ||||||
Income taxes payable
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- | 30 | ||||||
Deferred revenue
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7 | 586 | ||||||
Deferred rent
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59 | 36 | ||||||
Capital lease obligations
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20 | 93 | ||||||
Other current liabilities
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318 | 193 | ||||||
Total current liabilities
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2,095 | 2,704 | ||||||
Long term obligation - Deferred rent
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433 | 413 | ||||||
Long term obligation - Capital lease
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15 | 10 | ||||||
Total liabilities
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2,543 | 3,127 | ||||||
Commitments and contingencies
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- | - | ||||||
Shareholders' equity:
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Convertible Preferred stock of no par value; Authorized - 1,000,000 shares
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Series A - designated 250,000 shares; 0 shares at March 31, 2012 and March 26, 2011 issued and outstanding
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- | - | ||||||
Series B - designated 10,000 shares; 9,997 shares at March 31, 2012 and 0 shares at March 26, 2011 issued and outstanding
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1,997 | - | ||||||
Common stock of no par value; Authorized - 40,000,000 shares; 5,029,747 shares at March 31, 2012 and 4,994,157 shares at March 26, 2011 issued and outstanding (liquidation preference of $2,309)
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14,822 | 14,485 | ||||||
Accumulated deficit
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(10,072 | ) | (4,220 | ) | ||||
Total shareholders' equity
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6,747 | 10,265 | ||||||
Total liabilities and shareholders' equity
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$9,290 | $13,392 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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Three Months Ended
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Year Ended
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(In thousands except per-share data)
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March 31, 2012
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March 26, 2011
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March 31, 2012
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March 26, 2011
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Net sales
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$2,734 | $6,939 | $13,116 | $21,029 | ||||||||||||
Cost of sales
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2,109 | 3,919 | 9,986 | 12,100 | ||||||||||||
Gross margin
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625 | 3,020 | 3,130 | 8,929 | ||||||||||||
Engineering
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833 | 551 | 2,893 | 2,159 | ||||||||||||
Selling, general and administrative
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1,692 | 1,521 | 6,085 | 5,927 | ||||||||||||
Total operating expenses
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2,525 | 2,072 | 8,978 | 8,086 | ||||||||||||
Operating (loss) income
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(1,900 | ) | 948 | (5,848 | ) | 843 | ||||||||||
Interest (expense) income, net
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- | - | (2 | ) | 4 | |||||||||||
(Loss) income before income taxes
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(1,900 | ) | 948 | (5,850 | ) | 847 | ||||||||||
Provision for income taxes
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- | 31 | 2 | 31 | ||||||||||||
Net (loss) income
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$(1,900 | ) | $917 | $(5,852 | ) | $816 | ||||||||||
(Loss) earnings per share - basic
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$(0.38 | ) | $0.18 | $(1.17 | ) | $0.17 | ||||||||||
(Loss) earnings per share - diluted
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$(0.38 | ) | $0.18 | $(1.17 | ) | $0.16 | ||||||||||
Shares used in per share calculation:
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Basic
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5,024 | 4,982 | 5,012 | 4,935 | ||||||||||||
Diluted
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5,024 | 5,116 | 5,012 | 5,040 |