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 August 08, 2012
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GIGA-TRONICS INCORPORATED
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Date: August 08, 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 August 8, 2012
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Contact: Frank D. Romejko
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4:00 PM (ET) (925) 302-1014
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Vice President of Finance/Chief Financial Officer (Acting)
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(In thousands except share data)
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June 30, 2012
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March 31, 2012
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Assets
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Current assets:
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Cash and cash-equivalents
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$ | 1,436 | $ | 2,365 | ||||
Trade accounts receivable, net of allowance of $97 and $96, respectively
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3,573 | 1,270 | ||||||
Inventories, net
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4,202 | 4,700 | ||||||
Prepaid expenses and other current assets
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398 | 328 | ||||||
Total current assets
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9,609 | 8,663 | ||||||
Property and equipment, net
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599 | 611 | ||||||
Other assets
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- | 16 | ||||||
Total assets
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$ | 10,208 | $ | 9,290 | ||||
Liabilities and shareholders' equity
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Current liabilities:
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Accounts payable
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804 | $ | 613 | |||||
Accrued commission
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177 | 129 | ||||||
Accrued payroll and benefits
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673 | 739 | ||||||
Accrued warranty
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189 | 210 | ||||||
Deferred revenue
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1,435 | 7 | ||||||
Deferred rent
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65 | 59 | ||||||
Capital lease obligations
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20 | 20 | ||||||
Other current liabilities
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321 | 318 | ||||||
Total current liabilities
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3,684 | 2,095 | ||||||
Long term obligations - deferred rent
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414 | 433 | ||||||
Long term obligations - capital lease
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13 | 15 | ||||||
Total liabilities
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4,111 | 2,543 | ||||||
Commitments
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Shareholders' equity:
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Preferred stock of no par value;
Authorized - 1,000,000 shares; no shares issued or outstanding at June 30, 2012 and March 31, 2012
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1,997 | 1,997 | ||||||
Common stock of no par value;
Authorized - 40,000,000 shares; 5,029,747 shares at June 30, 2012 and March 31, 2012 issued and outstanding
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14,879 | 14,822 | ||||||
Accumulated deficit
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(10,779 | ) | (10,072 | ) | ||||
Total shareholders' equity
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6,097 | 6,747 | ||||||
Total liabilities and shareholders' equity
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$ | 10,208 | $ | 9,290 |
Three Months Ended
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(In thousands except per share data)
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June 30, 2012
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June 25, 2011
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Net sales
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$ | 4,058 | $ | 3,497 | ||||
Cost of sales
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2,428 | 2,054 | ||||||
Gross margin
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1,630 | 1,443 | ||||||
Engineering
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933 | 680 | ||||||
Selling, general and administrative
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1,310 | 1,434 | ||||||
Restructuring
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92 | - | ||||||
Total operating expenses
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2,335 | 2,114 | ||||||
Operating loss
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(705 | ) | (671 | ) | ||||
Interest expense, net
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- | - | ||||||
Loss before income taxes
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(705 | ) | (671 | ) | ||||
Provision for income taxes
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2 | 3 | ||||||
Net loss and comprehensive loss
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$ | (707 | ) | $ | (674 | ) | ||
Loss per share - basic
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$ | (0.14 | ) | $ | (0.13 | ) | ||
Loss per share - diluted
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$ | (0.14 | ) | $ | (0.13 | ) | ||
Weighted average shares used in per share calculation:
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Basic
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5,029 | 4,995 | ||||||
Diluted
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5,029 | 4,995 |