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 November 07, 2012
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GIGA-TRONICS INCORPORATED
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Date: November 07, 2012
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By:
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/s/ Frank D. Romejko | |
Frank D. Romejko
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Vice President of Finance,
Interim Chief Financial Officer
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For Release on November 7, 2012 |
Contact: Frank Romejko
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4:00 PM (ET) (925) 302-1014 | Vice President of Finance / Interim Chief Financial Officer |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
(In thousands except share data)
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September 29, 2012 |
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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$ | 2,096 | $ | 2,365 | ||||
Trade accounts receivable, net of allowance of $115 and $96, respectively
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2,408 | 1,270 | ||||||
Inventories, net
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4,343 | 4,700 | ||||||
Prepaid expenses and other current assets
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439 | 328 | ||||||
Total current assets
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9,286 | 8,663 | ||||||
Property and equipment, net
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759 | 611 | ||||||
Other assets
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- | 16 | ||||||
Total assets
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$ | 10,045 | $ | 9,290 | ||||
Liabilities and shareholders' equity
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Current liabilities:
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Accounts payable
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$ | 915 | $ | 613 | ||||
Accrued commission
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72 | 129 | ||||||
Accrued payroll and benefits
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849 | 739 | ||||||
Accrued warranty
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156 | 210 | ||||||
Deferred revenue
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1,976 | 7 | ||||||
Deferred rent
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70 | 59 | ||||||
Capital lease obligations
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73 | 20 | ||||||
Other current liabilities
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315 | 318 | ||||||
Total current liabilities
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4,426 | 2,095 | ||||||
Long term obligations - deferred rent
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390 | 433 | ||||||
Long term obligations - capital lease
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122 | 15 | ||||||
Total liabilities
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4,938 | 2,543 | ||||||
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 September 29, 2012 and March 31, 2012 issued and outstanding
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Series B - designated 10,000 shares; 9,997 shares at September 29, 2012 and 0 shares at March 31, 2012 issued and outstanding; (liquidation preference of $2,309)
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1,997 | 1,997 | ||||||
Common stock of no par value; Authorized - 40,000,000 shares; 5,029,747 shares at September 29, 2012and March 31, 2012 issued and outstanding
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14,953 | 14,822 | ||||||
Accumulated deficit
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(11,843 | ) | (10,072 | ) | ||||
Total shareholders' equity
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5,107 | 6,747 | ||||||
Total liabilities and shareholders' equity
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$ | 10,045 | $ | 9,290 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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Three Months Ended
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Six Months Ended
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September 29,
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September 24,
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September 29,
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September 24,
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(In thousands except per share data)
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2012
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2011
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2012
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2011
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Net sales
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$ | 3,405 | $ | 4,086 | $ | 7,463 | $ | 7,583 | ||||||||
Cost of sales
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2,122 | 2,554 | 4,550 | 4,608 | ||||||||||||
Gross margin
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1,283 | 1,532 | 2,913 | 2,975 | ||||||||||||
Engineering
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1,047 | 635 | 1,980 | 1,315 | ||||||||||||
Selling, general and administrative
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1,206 | 1,562 | 2,516 | 2,996 | ||||||||||||
Restructuring
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92 | - | 184 | - | ||||||||||||
Total operating expenses
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2,345 | 2,197 | 4,680 | 4,311 | ||||||||||||
Operating loss
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(1,062 | ) | (665 | ) | (1,767 | ) | (1,336 | ) | ||||||||
Interest expense, net
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(2 | ) | (1 | ) | (2 | ) | (1 | ) | ||||||||
Loss before income taxes
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(1,064 | ) | (666 | ) | (1,769 | ) | (1,337 | ) | ||||||||
(Benefit) provision for income taxes
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- | (1 | ) | 2 | 2 | |||||||||||
Net loss
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$ | (1,064 | ) | $ | (665 | ) | $ | (1,771 | ) | $ | (1,339 | ) | ||||
Loss earnings per share – basic
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$ | (0.21 | ) | $ | (0.13 | ) | $ | (0.35 | ) | $ | (0.27 | ) | ||||
Loss earnings per share – diluted
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$ | (0.21 | ) | $ | (0.13 | ) | $ | (0.35 | ) | $ | (0.27 | ) | ||||
Weighted average shares used in per share calculation:
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Basic
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5,029 | 5,006 | 5,029 | 5,000 | ||||||||||||
Diluted
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5,029 | 5,006 | 5,029 | 5,000 |