Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Significant Customer and Industry Segment Information

v3.20.2
Note 12 - Significant Customer and Industry Segment Information
6 Months Ended
Sep. 26, 2020
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
(
12
)     
Significant Customer and
Industry Segment Information
 
 
 
The Company has
two
reportable segments: Microsource and the Giga-tronics Division. Microsource's primary business is the design of custom Microwave Integrated Components (“MIC”) as well as the production of MIC components using chip and wire assembly methods. Our Microsource Division offers a line of tunable, synthesized Band Reject Filters (BRF) for solving interference problems in RADAR/EW applications. Self-protection systems onboard high-performance military aircraft often require RADAR filters to block electromagnetic interference generated by other onboard electronic systems, particularly the aircraft's main RADAR. These high-speed, tunable notch filters can quickly block interference from both continuous wave and wide bandwidth emissions. Using proprietary driver and phase lock technology, these filters offer tuning speeds that are up to
ten
times faster than traditional filter designs. We design these filters specifically for each application. Microsource's
two
largest customers are prime contractors for which it develops and manufactures RADAR filters used in fighter jet aircraft.
 
The Giga-tronics Division designs, manufactures and markets a family of functional test products for the RADAR and Electronic Warfare (RADAR/EW) segment of the defense electronics market. Our RADAR/EW test products are used to evaluate and improve the performance of RADAR/EW systems.
 
The tables below present information for the
two
reportable segments:
 
   
 
 
 
 
Three Month Period
Ended
   
 
 
 
 
Three Month Period
Ended
 
(In thousands)
 
At
Sep.
2
6
, 20
20
   
Sep.
2
6
, 20
20
   
At
Sep.
2
8
, 201
9
   
Sep.
2
8
, 201
9
 
   
Assets
   
Net Sales
   
Net
Income
(Loss)
   
Assets
   
Net Sales
   
Net Income
(Loss)
 
Giga-tronics Division
  $
5,646
    $
822
    $
(1,154
)   $
5,639
    $
373
    $
(979
)
Microsource
   
3,045
     
1,870
     
677
     
3,114
     
2,662
     
1,023
 
Total
  $
8,691
    $
2,692
    $
(477
)   $
8,753
    $
3,035
    $
44
 
  
 
   
 
 
 
 
Six Month Period Ended
   
 
 
 
 
Six Month Period Ended
 
(In thousands)
 
At
Sep.
26,
20
2
0
   
Sep.
2
6
,
2020
   
At
Sep.
2
8
, 201
9
   
Sep.
2
8
, 201
9
 
   
Assets
   
Net Sales
   
Net Income
(Loss)
   
Assets
   
Net Sales
   
Net Income
(Loss)
 
Giga-tronics Division
  $
5,646
    $
1,931
    $
(1,967
)   $
5,639
    $
2,289
    $
(1,526
)
Microsource
   
3,045
     
4,309
     
1,562
     
3,114
     
4,244
     
1,585
 
Total
  $
8,691
    $
6,240
    $
(405
)   $
8,753
    $
6,533
    $
59
 
 
During the
second
quarter of fiscal
2021,
one
customer accounted for approximately
56%
of the Company's consolidated revenues and was included in the Microsource segment. A
second
customer accounted for
28%
of the Company's consolidated revenue and was included in the Giga-tronics division. During the
second
quarter of fiscal
2020,
one
customer accounted for approximately
57%
of the Company's consolidated revenues and was included in the Microsource segment. A
second
customer accounted for
31%
of the Company's consolidated revenue and was also included in the Microsource segment.
 
During the
first
half of fiscal
2021,
one
customer accounted for
55%
of the Company's consolidated revenues and was primarily included in the Microsource segment. A
second
customer accounted for
28%
of the Company's consolidated revenue and was included in the Giga-tronics division. During the
first
half of fiscal
2020,
one
customer accounted for
47%
of the Company's consolidated revenues and was primarily included in the Microsource segment. A
second
customer accounted for
30%
of the Company's consolidated revenue and was included in the Giga-tronics division.