Giga-tronics Receives $4.46 Million Order from Major Prime Defense Contractor
DUBLIN, Calif., Nov. 14, 2018 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (OTCQB:GIGA) announced today that it has received an additional $4.46 million order extending ongoing production of its high performance RADAR filters for a major aerospace customer. The Company will begin to recognize revenue from portions of this order beginning in the December 2018 quarter with the bulk of the revenue being recognized in fiscal year 2020 beginning April 1, 2019.
John Regazzi, the Company’s CEO stated, “Over the last five years, Giga-tronics has shipped more than $32M of high performance RADAR filters in support of the US Government’s RADAR Modernization Program connected with the upgrade of fourth generation fighter jets. We are pleased to be the provider of these high performance RADAR Filters and we look forward to continue supporting our prime contractor with this Sole Source Award.”
Giga-tronics is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics produces YIG (Yttrium, Iron, Garnet) tuned oscillators, RADAR filters, and microwave synthesizers for use in military defense applications as well as sophisticated test and measurement equipment primarily used in electronic warfare test & emulation applications.
This press release contains forward-looking statements concerning future sales, revenues and operating results, anticipated orders, long term growth, and expected shipments. Actual results may differ significantly due to risks and uncertainties, such as: uncertainty as to the company’s ability to continue as a going concern; delays in customer orders and our ability to fulfill orders; receipt or timing of future orders, cancellations or deferrals of existing or future orders; our need for additional financing; and general market conditions. For further discussion, see Giga-tronics' most recent annual report on Form 10-K for the fiscal year ended March 31, 2018 Part I, under the heading "Risk Factors" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations."
Contact: Lutz Henckels
Executive Vice President
lhenckels@gigatronics.com
(925) 328-4650 ext. 4698
EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.
