SAN JOSE, Calif. — (BUSINESS WIRE) — May 7, 2012 — GigOptix, Inc. (NYSE Amex: GIG), a leading fabless supplier of semiconductor and optical components that enable high speed information streaming, today announced its financial results for the first quarter ended April 1, 2012.
For the first quarter of 2012 product revenue, which does not include government contract revenue, increased 30% to $9.2 million from $7.1 million in the first quarter of 2011. Total revenue increased 19% over the first quarter of 2011. GAAP net loss for the first quarter of 2012 was $1.7 million, or $(0.08) per share, including $253,000 in amortization of intangible assets, $738,000 in stock based compensation, $207,000 in restructuring expenses and $141,000 in special litigation-related expenses. This compares to GAAP net loss of $3.4 million, or $(0.28) per share, reported in the same period of the prior year.
On a non-GAAP basis1, excluding the above mentioned charges, net loss for the first quarter of 2012 was $409,000, or $(0.02) per share. This compares to non-GAAP net loss of $432,000, or $(0.04) per share, reported in the same period of the prior year.
Adjusted EBITDA1 for the first quarter of 2012 was $515,000, compared to $38,000 in the same period of the prior year. GigOptix closed the first quarter of 2012 with $15.8 million in cash and investments.
“We are pleased to report strong revenue growth with improved EBITDA, good cash management and closely managed expenses in the first quarter, bringing us to our tenth consecutive quarter of product revenue growth,” commented Dr. Avi Katz, chairman and chief executive officer of GigOptix. “Our continued growth is attributed to the important strategic progress that we are making in each of our three product lines -- extending our optical product offerings from telecom to datacom and consumer electronics; further expanding our RF-MMICs product offering into the E-band and wideband markets; and extending our ASIC focus into the development of high speed CMOS drivers and receivers for the consumer market through the combined efforts of our optical and ASIC engineering lines. We also continued to make progress in productizing our 40G and 100G offerings, specifically through our bundled solutions, and in moving these to production with global Tier 1 communication customers.
“In addition, we have met another major milestone in our 5 year strategic plan for GigOptix that was launched with the inception of the company in 2007: being traded on a National Exchange through our recent listing on the NYSE Amex. We expect that our NYSE Amex listing will provide GigOptix with access to new sources of capital and our stockholders with a more efficient market in which to trade. In concert with our listing on NYSE Amex, we announced the extension of the modified 'Dutch auction' tender offer to purchase up to $2.0 million of common stock through May 15, 2012.
“The first quarter marks a strong start to what we expect will be a good fiscal year 2012. We are tracking well to our overall plan and are maintaining our outlook for revenue growth of approximately 30% year over year, driven by strong demand for our 40G and 100G optical products and our datacom parallel devices. We are optimistic about the large opportunity in front of us, and our ability to translate this opportunity into long-term shareholder value,” concluded Dr. Katz.
GigOptix continues to actively prosecute the lawsuit for misappropriation of confidential information and trade secrets against its former employees, the company which they formed, Optomai, Inc., and the parent of Optomai, M/A-COM Technology Solutions, Inc. As GigOptix has disclosed in the Form 10-K filed with the SEC, the parties are currently engaged in discovery, and the litigation is proceeding.
Financial Results Webcast / Conference Call
GigOptix will host a conference call and webcast with investors today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the first quarter fiscal year 2012 financial results and the business outlook. Investors and other interested parties may access the call by dialing 1-800-561-2731 in the U.S. (1-617-614-3528 outside of the U.S.) and entering the pass code 32580499 at least 10 minutes prior to the start of the call. The conference call replay will be available beginning two hours after the call and until midnight Eastern Time on May 11, 2012. The replay dial-in number is 1-888-286-8010, and the pass code is 79347559. International callers should dial 1-617-801-6888 and enter the same pass code at the prompt. Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties on the Investor Relations section of the Company's website at http://www.gigoptix.com.
1 Non-GAAP Measures - GigOptix reports gross
margin, operating income and net loss on a GAAP and non-GAAP basis. In
addition, it reports adjusted EBITDA. A reconciliation of these GAAP to
non-GAAP measurements and adjusted EBITDA for the three months ended
April 1, 2012 and April 3, 2011 can be found in the “Reconciliation of
GAAP to Non-GAAP Financial Information” table attached to this press