Advertisement

News Wire

GigOptix Posts Q3 Results

SAN JOSE, Calif. — GigOptix, Inc. (OTCQB:GGOX), a leading fabless supplier of semiconductor and optical components that enable high speed information streaming, today announced its financial results for the third quarter and nine months ended October 2, 2011.

For the third quarter of 2011, product revenue, which does not include government contract revenue, increased 43% from $5.9 million dollars in the third quarter of 2010 to $8.4 million. Total revenue, which consisted solely of product revenue, was $8.4 million, an increase of 10% sequentially and 16% over the same period of the prior year. GAAP net loss was $3.1 million, or $(0.14) per share, including $843,000 in restructuring and merger-related expenses, $457,000 in amortization of intangible assets, $807,000 in stock based compensation, and $255,000 in special litigation-related expenses. This compares to a GAAP net loss of $406,000, or $(0.03) per share, reported in the same period of the prior year, and GAAP net loss of $2.6 million, or $(0.19) per share, reported in the second quarter of 2011.

On a non-GAAP basis1, excluding the above mentioned charges, net loss for the third quarter of 2011 was $712,000, or $(0.03) per share. This compares to non-GAAP net income of $337,000, or $0.03 per share, reported in the same period of the prior year, and a non-GAAP net loss of $798,000, or $(0.06) per share, for the second quarter of 2011.

Adjusted EBITDA1 was $289,000, compared to $1.0 million in the same period of the prior year and a loss of $284,000 for the second quarter of 2011.

For the nine months ended October 2, 2011, product revenue, which does not include government contract revenues increased 39% from $16.5 million dollars in first nine months of 2010 to $23 million.

Total revenue was $23.6 million, an increase of 26% over the same period of the prior year. GAAP net loss was $9.1 million, or $(0.57) per share, including $823,000 in amortization of intangibles, $2.3 million in stock based compensation, $717,000 in restructuring expenses, $275,000 in special litigation related expenses, $1.1 million in shareholder settlement expenses, and $2.0 million in merger-related expenses. This compares to a GAAP net loss of $4.0 million, or $(0.39) per share, reported in the first nine months of 2010.

On a non-GAAP basis, net loss for the first nine months of 2011 was $1.9 million, or $(0.12) per share, based on 15.9 million weighted average shares outstanding for the period, which compares to a non-GAAP net loss of $1.1 million, or $(0.11) per share, based on 10.2 million weighted average shares outstanding in the first nine months of 2010.

GigOptix closed the third quarter of 2011 with $16.2 million in cash and investments.

Executive Commentary

“We are pleased to report our eighth quarter of sequential product revenue growth, record revenue, and improved cash flow performance,” commented Dr. Avi Katz, chairman and chief executive officer of GigOptix. “With the integration of Endwave essentially complete, we are aggressively moving forward to expand our customer base, win key design-in opportunities and move to production with Global Tier 1 OEM’s. We are also continuing to focus on bringing more innovative bundled solutions to market and advancing our leadership in the 40G and 100G component markets. We are uniquely positioned to capitalize on a large and rapidly growing market opportunity ahead.”

Business Outlook

GigOptix expects to achieve another quarter of sequential revenue growth and anticipates product revenue to increase sequentially by approximately five percent in the fourth quarter of 2011.

{complink 10892|GigOptix Inc.}

0 comments on “GigOptix Posts Q3 Results

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.