Giga-tronics Received Three Orders Totaling $2.0 Million
DUBLIN, Calif., Dec. 14, 2020 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (OTCQB: GIGA) (the “Company”) today announced that it has received three customer orders totaling $2.0 million.
Two of the orders totaling $1.5 million were for our Radar/EW test systems. The first order, for our recently introduced COMPASS platform, was from a national laboratory supporting the development of an airborne radar platform for the US Army, a new branch of the armed forces for Giga-tronics. The second order was for our Radar Threat Generation System from a well-known prime contractor in direct support of advanced systems development for fifth generation fighter aircraft.
A third order totaling $480,000 for additional inventory of our Microsource digital YIG oscillators was received from a prime contractor as a follow-on order supporting a critical missile defense program.
John Regazzi, Chief Executive Officer of the Company, said, “We are very pleased to report these three orders which, in large part, reflect the interest we are seeing in our Radar/EW threat emulation products across a growing list of customers and applications. We expect to ship the two Radar/EW orders during our third quarter of fiscal 2021 which ends December 26, 2020. Our Microsource filter division continues to be a steady and predictable performer for us, and we expect the revenue from the $480,000 order to be recognized over the course of calendar year 2021.”
About Giga-tronics Incorporated
Giga-tronics is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should", or “would” occur. Forward-looking statements include, among others, those concerning future product developments, future prospects, future operating results (including, for example, future revenue, growth, expenses, margin and profitability), growth in market share and expected and potential sales to customers. Forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include the Company’s ability to successfully manufacture its RADAR/EW test products, to identify customer needs and to design and implement new features; the timely receipt of components from third-party suppliers, the receipt or timing of future orders for products or services and cancellations or deferrals of existing or future orders; the adequacy of the Company’s capital resources; the Company’s ability to manage expenses; the results of pending or threatened litigation; the Company’s ability to successfully implement its business plan; the Company’s need to modify its business plan as a result of these or other risks; the volatility in the market price of the Company’s common stock; the circumstances relating to the COVID-19 pandemic and governmental responses; the Company’s use of proceeds from its PPP loan and the ability of the Company to qualify for forgiveness of the loan. You should not place undue reliance on any forward-looking statements, which are made as of the date of this press release. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements. For further discussion, see the Company’s most recent annual report on Form 10-K for the fiscal year ended March 28, 2020 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" and those in other public files the Company may make with the SEC.
|Company Contact:||Agency Contact:|
|Lutz Henckels||John Nesbett/Jennifer Belodeau|
|Executive Vice President, CFO and COO||IMS Investor Relations|
|(925) 328-4650 ext. 4698||203.972.9200|
Released December 14, 2020