Giga-tronics (GIGA) Reports Q1 Loss of $0.05, to Review Alternatives, CEO to Transition to Chairman

Giga-tronics (NASDAQ: GIGA) reported Q1 EPS of ($0.05), versus ($0.18) reported last year. Revenue for the quarter came in at $5.2 million, versus $2.7 million reported last year.

For personal reasons, Joey Thompson is stepping down from the Acting CEO role and will instead be named Executive Chairman.

... in light of the longer than anticipated procurement cycle for the ASG product, the Company’s Board of Directors is in the process of reviewing strategic alternatives in an attempt to enhance shareholder value, including a possible sale, merger, spin-off or other separation of a selected business or other form of business combination or strategic transaction. James Kochman, Managing Director of Alliant Partners, LLC, is serving as the Company’s financial advisor in connection with this review.

The Company’s Board of Directors has not yet set a timetable for the strategic review process. Further, the Board of Directors has not made a decision to pursue any particular transaction. There can be no assurance that the process will result in the consummation of any transaction or, if a transaction is undertaken, as to its terms, structure or timing. The Company does not intend to disclose or comment on further developments regarding the review of strategic alternatives unless and until the Board of Directors approves a specific action or otherwise concludes its review.

For earnings history and earnings-related data on Giga-tronics (GIGA) click here.

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