Giga-tronics Reports 13% Revenue Growth and Third Consecutive Quarter of Net Profitability for the Second Quarter FY 2020
GIGA-TRONICS INC (GIGA)
US:NASDAQ Investor Relations:
investor.gigatronics.com
Company Research
Source: GlobeNewswire
DUBLIN, Calif., Nov. 12, 2019 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (OTCQB: GIGA) (the “Company”) reported results for the second quarter and six months ended September 28, 2019. Revenue for the second fiscal quarter was $3.0 million, a 13% increase as compared to $2.7 million for the second quarter of fiscal 2019. This increase was primarily due to a U.S. Navy order in our Giga-tronics (RADAR/EW testing) Division. Net income attributable to common shareholders for the second quarter was $44,000, or $0.00 per share, compared to a loss of $282,000, or $(0.03) per fully diluted share, for the same period last year. EBITDA for the quarter increased to $295,000 in fiscal 2020 compared to $7,000 for same quarter in fiscal 2019. The improvement was primarily due to an increase in net revenue, a 12% or $143,000 decrease in operating expenses and lower interest expense. Net sales for the six-month period ended September 28, 2019 were $6.5 million, an increase of 14% compared
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