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DUBLIN, Calif., July 16, 2019 (GLOBE NEWSWIRE) -- (OTCQB: GIGA) -- Giga-tronics Incorporated (the “Company”) announced today that it has received two orders totaling $3.74 million from Lockheed Martin and Raytheon. The orders are for Microwave Integrated Components (MICs) used in airborne military applications.
The Company also announced today preliminary operating results for the first quarter of fiscal 2020 which ended June 29, 2019. Net sales are expected to be approximately $3.5 million. Operating income for the first quarter is expected to be approximately $100,000. While the orders reported above were received during the first quarter of fiscal 2020, the Company recognized no revenue during the quarter with respect to these orders. The Company will issue a more complete earnings release with commentary for the first quarter of fiscal 2020 and host a conference call the week of August 5, 2019.
About Giga-tronics Incorporated
Giga-tronics is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics produces YIG (Yttrium, Iron, Garnet) tuned oscillators, RADAR filters, and microwave synthesizers for use in military defense applications as well as sophisticated test and measurement equipment primarily used in electronic warfare test & emulation applications.
About Preliminary Operating Results and Other Forward-Looking Statements
The anticipated financial results discussed in this press release are based on management's preliminary, unaudited analysis of financial results for the quarter ended June 29, 2019. As of the date of this press release, the Company has not completed its financial statement reporting process for the quarter ended June 29, 2019. During the course of the Company's quarter-closing procedures, the Company may identify items that would require it to make adjustments, which may be material, to the information presented in the press release. As a result, the estimates in the press release are forward-looking information and are subject to risks and uncertainties, including possible adjustments to preliminary financial results. In addition, the information furnished above does not include all of the information regarding the Company’s financial condition and results of operations for the quarter ended June 29, 2019 that may be important to readers. Therefore, readers are cautioned not to place undue reliance on the information furnished in this press release and should view this information in the context of the Company’s quarterly results when such results are disclosed by the Company in its Form 10-Q for the quarter ended June 29, 2019.
The preliminary operating results, expected shipment dates and other statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded or qualified by words such as "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions are generally forward-looking in nature and not historical facts. While management believes the expectations reflected in these forward-looking statements are reasonable, actual results may differ significantly due to risks and uncertainties, such as: cancellations or deferrals of existing or future orders; the need for additional financing; and general market conditions. For further discussion, see Giga-tronics' most recent annual report on Form 10-K for the fiscal year ended March 30, 2019 Part I, under the heading "Risk Factors" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations."
Contact: Lutz Henckels
Executive Vice President & CFO
(925) 328-4650 ext. 4698