Giga-tronics Inc. (NASDAQ:GIGA) Q1 2021 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 04:30 pm ET

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Giga-tronics Inc. (NASDAQ:GIGA) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to the Giga-tronics First Quarter 2021 Earnings Call. My name is Vanessa, and I will be your operator for today. At this time all participants are in

A listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions] Please note that this conference is being recorded.

I will now turn the call over to Traci Mitchell.

Executive
Traci K. Mitchell

Hello, everyone, and thank you for joining our quarterly earnings conference call. I'm Traci Mitchell, and I'm joined today by John Regazzi, our CEO; and Dr. Lutz Henckels, our Chief Operating Officer, Chief Financial Officer and Executive VP.

Before we begin, I need to remind everyone that this conference call may include forward-looking statements, including statements about future results of operations and margins, future orders, growth and shipments. Actual results may differ significantly due to risks and uncertainties, such as delays of manufacturing and orders for our products and services, receipt or timing of future orders, cancellations or deferrals of existing orders, the company's capital needs, the trading of our common stock and the volatility in the market price of our common stock, results of pending or threatened litigation and general market conditions. For further discussion, see our most recent annual report on Form 10-K for the fiscal year ended March 28th, 2020, Part 1 under the heading Risk Factors and Part 2 under the heading Management's Discussion and Analysis of Financial Condition and Results of Operations.

With those reminders in place, I will now pass the call on to John Regazzi.

Executive
John Regazzi

Thank you, Traci. Good afternoon, and thank you for joining our Fiscal '21 first quarter earnings call. In a moment, Dr. Henckels will review our financial performance in detail, but I would first like to express my sincere thanks to the Giga-tronics team for all the efforts they have and are expanding on a daily basis to make the company successful during these trying times.

I'm pleased to report that the first quarter of fiscal '21 returned us to profitability after the significant adverse impact of the pandemic had on our fourth quarter and on our full fiscal 2020 results. We were fortunate to be able to restart operations during April after receiving authorization from the Department of Homeland Security as an essential business. The management team had to quickly implement numerous safeguards to protect employees from the virus, including staggered work schedules, along with all the recommendations from local and state health officials. It also required working closely with our suppliers as they, too, had been impacted. Our Microsource business delivered solid revenue growth compared to both the same quarter of the prior fiscal year as well as compared to the previous quarter. And the RADAR/EW test business was able to deliver decent results despite travel restrictions slowing the installation of these delivered systems.

We are working closely with new prospects to move opportunities through the sales process by performing online demonstrations and actively managing our business development team's travel schedules to minimize the impact of self-quarantine requirements as they