Shares of Giga-Tronics, Inc. (Nasdaq: GIGA) were up more than 44 percent today from yesterday’s close, touching on a high of $2.78 after the company reported profit for the second quarter, marking the fourth, consecutive, profitable quarter for the company.
For the quarter ending September 26, 2009, Giga-Tronics reported a net profit of $373,000 or 8 cents per share, compared to a net loss of $540,000 or 11 cents per share for the same period last year. Net sales for the quarter increased 25 percent to $4.6 million compared to $3.6 million for the same quarter a year ago. Giga-Tronics’ gross margin improved to $2.1 million, an increase of $775,000 over the same period last year. As a percentage of net sales, gross margin improved 9.4 percent to 45.7 percent, from 36.3 percent in the second quarter of fiscal 2009. Orders increased to $4.8 million in the second quarter from $3 million for the second quarter of fiscal 2009. Cash and cash equivalents at September 26, 2009 were $1,345,000 compared to $1,551,000 as of June 27, 2009.
Giga-Tronics, Inc. specializes in instruments, sub-systems, and sophisticated microwave components that have broad applications in both commercial communications and defense electronic s systems. The company focuses on three principal product areas: test measurement instrumentation, signal switching solutions, and microwave components.