DUBLIN, Calif., Oct. 14, 2019 (GLOBE NEWSWIRE) -- (OTCQB: GIGA) —Giga-tronics Incorporated (the “Company”) announced today that it has received orders totaling $2.9 million from the Boeing Company. The orders are for high performance RADAR filters which are a part of the Company’s custom microwave products used in airborne military applications.
The Company also announced preliminary operating results for the second quarter of fiscal 2020 which ended September 28, 2019. Net sales are expected to be approximately $3.0 million, an increase of approximately 12% versus the same quarter last year. Operating income for the second quarter is expected to be approximately $125,000.
About Giga-tronics Incorporated
Giga-tronics produces sophisticated test and measurement equipment primarily used in electronic warfare test & emulation applications as well as YIG (Yttrium, Iron, Garnet) tuned oscillators, RADAR filters, and microwave synthesizers for use in military defense 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 September 28, 2019. As of the date of this press release, the Company has not completed its financial statement reporting process for the quarter ended September 28, 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 September 28, 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 September 28, 2019.
The preliminary operating results 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 |