Giga-tronics Receives $4.9 Million Order for High Performance YIG Tuned Filter Products and Provides Update for the Second Qu...
October 05 2017 - 4:02PM
Giga-tronics Incorporated (NASDAQ:GIGA) announced today that it has
received an additional $4.9 million order extending ongoing
production of its high performance RADAR filters for a major
aerospace company. The Company expects to begin initial
shipments of the new order during the fourth quarter of fiscal 2018
and complete the bulk of the new order shipments over the
succeeding 9 to 12 month period.
Suresh Nair, the Company's Co-CEO stated, “We
are pleased to continue to supply and service our customer needs in
the high performance RADAR filter marketplace as they continue to
upgrade their aircraft. As the sole source supplier of
certain components within the high performance RADAR arena, we
expect to continue our recent progress, addressing a market
exceeding $30 million over the next few years.”
The Company is also providing guidance on the
second quarter of fiscal 2018, which ended on September 30,
2017. Net sales for the second quarter are expected to be in
the range of $2.0 million to $2.2 million, compared to the $2.0
million reported in the first quarter of fiscal 2018 and $4.4
million reported in the second quarter of fiscal 2017. The
foregoing guidance is based on management's current review of
operations for the second quarter of FY 2018, and remain subject to
change based on actual results, and subject to review by the
Company’s independent accountants.
Suresh Nair, the Company's Co-CEO stated, "We
continued to experience delays in receiving certain expected orders
for our Real-Time Threat Emulation Systems during the second
quarter and the first half of fiscal 2018 which we believe are due
in part to the complexity of closing high value capital equipment
orders. As a result, we expect revenue for the second quarter
to be flat relative to Q1 of the current fiscal year and
considerably lower as compared to the same quarter in fiscal
2017. These anticipated orders are now expected to be
received during the third and fourth quarters of fiscal 2018.
In spite of these delays, we are pleased with the receipt of the
$4.9M order for RADAR filters and are gratified that our customer
continues to trust and select us to provide their RADAR
filters.”
Giga-tronics will issue a more complete second
quarter of fiscal 2018 earnings release and host a conference call
the week of November 5, 2017.
Giga-tronics is a publicly held company, traded
on the NASDAQ Capital Market under the symbol "GIGA". Giga-tronics
produces instruments, subsystems and sophisticated microwave
components that have broad applications in defense electronics,
aeronautics and wireless telecommunications.
This press release contains forward-looking
statements concerning operating results, future orders, and sales
of new products, shippable backlog within a year, long term growth
and margin, expected shipments, product line sales, and customer
acceptance of new products. Actual results may differ significantly
due to risks and uncertainties, such as: uncertainty as to the
company's ability to continue as a going concern; delays in
customer orders for the new ASG and our ability to manufacture it;
receipt or timing of future orders, cancellations or deferrals of
existing or future orders; our need for additional financing;
results of pending or threatened litigation; the volatility in the
market price of our common stock; and general market
conditions. For further discussion, see Giga-tronics' most
recent annual report on Form 10-K for the fiscal year ended March
25, 2017 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: Temi Oduozor Corporate Controller
toduozor@gigatronics.com (925) 328-4650
Giga Tronics (QB) (USOTC:GIGA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Giga Tronics (QB) (USOTC:GIGA)
Historical Stock Chart
From Apr 2023 to Apr 2024