NEW YORK, March 05, 2019 (GLOBE NEWSWIRE) — Giga-tronics’ (OTCQB: GIGA) CFO Dr. Lutz Henckels provided an outline of GIGA’s two main product lines; Microwave components and their RADAR test business.
On the Microwave component side the company achieved $7.6 million in revenue from April 1st to December 31st of last year, compared to $4.6 million over the same period the previous year.
Giga-tronics also invested over $20 million in their Microwave business and recently received a $4 million order for their advanced signal generator products from the Naval Air Warfare Center.
Dr. Henckels described how the company has been able to cut loses over the previous 9 month period by almost 2.2 million and expects to be profitable by 2020. “So we expect to see at least $10 million in RADAR test sales in this calendar year 2018. Since we already booked $4 million in orders, we only need an additional $6 million. Plus, we have the microwave component business of, call it $8 million or $9 million. So we believe that we not only have substantial growth, but yes, we will be profitable every quarter because we nearly broke even without the RADAR test business, and now that we’re getting $10 million in RADAR test sales we expect to be profitable,” he stated.
In addition, Dr. Henckels also provided more background on the company and the management team. He also gave further insight into the Electronic Warfare test market and concluded, “We are at an inflection point, but the market has not yet caught on to it. We have turned the business around, and by the way we have a good upside because we are in, what we estimate is a $450 million electronic warfare test market. We have a disruptive product and expect to grow substantially over the next several years.”
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About Giga-tronics: For over 35 years in business, Giga-tronics has been helping solve the worlds next generation test problems with state-of-the-art high speed signal generators, test and measurement equipment and broadband switching matrices. Giga-tronics’ product lines include the advanced signal generation and analysis product and the Microsource microwave sub-assembly and sub-system products. Headquarter in Dublin, CA, Giga-tronics, an ISO 9001 and AS 9100 certified company, is traded on the OTCQB stock market under the symbol “GIGA”.
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FORWARD LOOKING STATEMENTS
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as GIGA or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, such statements in this release that describe the company’s business strategy, outlook, objectives, plans, intentions, or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, and risk inherent in the operations of a company. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.
Contacts:
Giga-tronics, Inc
Lutz Henckels
Executive Vice President
lhenckels@gigatronics.com
(925) 328-4650 ext. 4698
The Wall Street Analyzer
P: 347-529-5734
jcostello@wallstreetanalyzer.com
