Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Significant Customer and Industry Segment Information

v3.20.4
Note 12 - Significant Customer and Industry Segment Information
 9 Months Ended
Dec. 26, 2020
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
(
1
2
)     
Significant Customer and
Industry Segment Information
 
Microsource's primary business is the design of custom microwave products and the production of microwave components using chip and wire assembly methods. Microsource offers a line of tunable, synthesized Band Reject Filters for solving interference problems in RADAR/EW applications. Electronic attack systems onboard high-performance fighter jets often require RADAR filters to block electromagnetic interference generated by other onboard electronic systems, particularly the aircraft's main RADAR. Our high-speed, tunable notch filters can quickly block interference from both continuous wave and wide bandwidth emissions. Using proprietary driver and phase lock technology, our filters offer tuning speeds that are up to
ten
times faster than traditional filter designs. We custom design these filters specifically for each application.
 
Our Giga-tronics Division designs, manufactures, and markets a family of functional test systems for the RADAR and Electronic Warfare (RADAR/EW) segment of the defense electronics market. Our RADAR/EW test systems are used to evaluate and improve the performance of RADAR systems and EW counter measures, such as jammers. Giga-tronics Division customers include major defense prime contractors, the armed services (primarily in the United States) and research institutes. Currently,
100%
of the company's operating expenses are recorded to the Giga-tronics division.
 
The tables below present information for the
two
reportable segments:
 
   
 
 
 
  
Three Month Period
Ended
    
 
 
 
  
Three Month Period
Ended
  
(In thousands)
  
Dec.
2
6
, 20
20
    
Dec.
2
6
, 20
20
    
Dec
.
2
8
, 201
9
    
Dec.
2
8
, 201
9
  
   
Assets
    
Net Sales
    
Net
Income
(Loss)
    
Assets
    
Net Sales
    
Net Income
(Loss)
  
Giga-tronics Division
   $
6,229
     $
1,559
     $
(161
 )   $
6,231
     $
176
     $
(1,058
 )
Microsource
    
2,438
      
2,525
      
994
      
2,952
      
2,456
      
902
  
Total
   $
8,667
     $
4,084
     $
833
     $
9,183
     $
2,632
     $
(156
 )
 
   
 
 
 
  
Nine Month Period Ended
    
 
 
 
  
Nine Month Period Ended
  
(In thousands)
  
Dec. 2
6
, 20
20
    
Dec. 2
6
, 20
20
    
Dec. 2
8
, 201
9
    
Dec.
2
8
, 2
01
9
  
   
Assets
    
Net Sales
    
Net Income
(Loss)
    
Assets
    
Net Sales
    
Net Income
(Loss)
  
Giga-tronics Division
   $
6,229
     $
3,490
     $
(2,121
 )   $
6,231
     $
2,465
     $
(2,511
 )
Microsource
    
2,438
      
6,834
      
2,556
      
2,952
      
6,700
      
2,487
  
Total
   $
8,667
     $
10,324
     $
435
     $
9,183
     $
9,165
     $
(24
 )
 
During the
third
quarter of fiscal
2021,
three
customers accounted for approximately
95%
of the Company's consolidated revenues. One of the customers accounted for
54%
of the Company's consolidated revenue and was included in the Microsource segment. A
second
customer accounted for
25%
of the Company's consolidated revenue and was included in the Microsource segment. A
third
customer accounted for
16%
of the Company's consolidated revenue and was included in the Giga-tronics Division. During the
third
quarter of fiscal
2020,
two
customers accounted for approximately
77%
of the Company's consolidated revenues. One of the customers accounted for
45%
of the Company's consolidated revenue and was included in the Microsource segment. A
second
customer accounted for
32%
of the Company's consolidated revenue and was included in the Microsource segment.
 
During the
first
nine
months of fiscal
2021,
three
customers accounted for approximately
89%
of the Company's consolidated revenues. One of the customers accounted for
55%
of the Company's consolidated revenues and was primarily included in the Microsource segment. A
second
and
third
customer accounted for a total of
34%
of the Company's consolidated revenue and were included in the Microsource segment and the Giga-tronics Division. During the
first
nine
months of fiscal
2020,
three
customers accounted for approximately
89%
of the Company's consolidated revenues. One of the customers accounted for
45%
of the Company's consolidated revenues and was primarily included in the Microsource segment. A
second
and
third
customer accounted for a total of
44%
of the Company's consolidated revenue and were included in the Microsource segment and the Giga-tronics Division.