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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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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[ ] 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 8, 2013
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GIGA-TRONICS INCORPORATED
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Date: February 8, 2013
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By: /s/ Frank D. Romejko
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Frank D. Romejko
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Vice President of Finance,
Interim Chief Financial Officer
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For Release on February 8, 2013 | Contact: Frank Romejko |
4:00 PM (ET) (925) 302-1014 | Vice President of Finance / Interim Chief Financial Officer |
GIGA-TRONICS INCORPORATED
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
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(In thousands except share data)
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December 29, 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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$ | 2,421 | $ | 2,365 | ||||
Trade accounts receivable, net of allowance
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of $53 and $96, respectively
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1,776 | 1,270 | ||||||
Inventories, net
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4,151 | 4,700 | ||||||
Prepaid expenses and other current assets
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294 | 328 | ||||||
Total current assets
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8,642 | 8,663 | ||||||
Property and equipment, net
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667 | 611 | ||||||
Other assets
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- | 16 | ||||||
Total assets
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$ | 9,309 | $ | 9,290 | ||||
Liabilities and shareholders' equity
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Current liabilities:
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Line of credit
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$ | 975 | $ | - | ||||
Accounts payable
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805 | 613 | ||||||
Accrued commission
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88 | 129 | ||||||
Accrued payroll and benefits
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776 | 739 | ||||||
Accrued warranty
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137 | 210 | ||||||
Deferred revenue
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1,263 | 7 | ||||||
Deferred rent
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76 | 59 | ||||||
Capital lease obligations
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64 | 20 | ||||||
Other current liabilities
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312 | 318 | ||||||
Total current liabilities
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4,496 | 2,095 | ||||||
Long term obligations - deferred rent
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365 | 433 | ||||||
Long term obligations - capital lease
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106 | 15 | ||||||
Total liabilities
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4,967 | 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
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December 29, 2012 and March 31, 2012 issued and outstanding
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Series B - designated 10,000 shares; 9,997 shares at
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December 29, 2012 and March 31, 2012 issued
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and outstanding; (liquidation preference of $2,309)
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1,997 | 1,997 | ||||||
Common stock of no par value;
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Authorized - 40,000,000 shares; 5,029,747 shares at
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December 29, 2012 and March 31, 2012 issued and outstanding
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15,053 | 14,822 | ||||||
Accumulated deficit
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(12,708 | ) | (10,072 | ) | ||||
Total shareholders' equity
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4,342 | 6,747 | ||||||
Total liabilities and shareholders' equity
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$ | 9,309 | $ | 9,290 |
GIGA-TRONICS INCORPORATED
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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Three Month Periods Ended
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Nine Month Periods Ended
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December 29,
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December 31,
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December 29,
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December 31,
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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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$ | 3,946 | $ | 2,799 | $ | 11,409 | $ | 10,382 | ||||||||
Cost of sales
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2,342 | 3,269 | 6,892 | 7,877 | ||||||||||||
Gross margin
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1,604 | (470 | ) | 4,517 | 2,505 | |||||||||||
Operating expenses:
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Engineering
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1,179 | 745 | 3,159 | 2,060 | ||||||||||||
Selling, general and administrative
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1,187 | 1,397 | 3,703 | 4,393 | ||||||||||||
Restructuring
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99 | - | 283 | - | ||||||||||||
Total operating expenses
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2,465 | 2,142 | 7,145 | 6,453 | ||||||||||||
Operating loss
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(861 | ) | (2,612 | ) | (2,628 | ) | (3,948 | ) | ||||||||
Interest expense, net
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(4 | ) | (1 | ) | (6 | ) | (2 | ) | ||||||||
Loss before income taxes
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(865 | ) | (2,613 | ) | (2,634 | ) | (3,950 | ) | ||||||||
Provision for income taxes
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- | - | 2 | 2 | ||||||||||||
Net loss
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$ | (865 | ) | $ | (2,613 | ) | $ | (2,636 | ) | $ | (3,952 | ) | ||||
Loss per share - basic
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$ | (0.17 | ) | $ | (0.52 | ) | $ | (0.52 | ) | $ | (0.79 | ) | ||||
Loss per share - diluted
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$ | (0.17 | ) | $ | (0.52 | ) | $ | (0.52 | ) | $ | (0.79 | ) | ||||
Weighted average shares used in per share calculation:
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Basic
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5,029 | 5,024 | 5,029 | 5,008 | ||||||||||||
Diluted
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5,029 | 5,024 | 5,029 | 5,008 |