Boston, MA 06/17/2014 (wallstreetpr) – Giga-tronics, Incorporated (NASDAQ:GIGA) is the lucky winner of a big contract from the U.S. Navy. The contract worth about $2.4 million involves the supply of Model 8003 Precision Scalar Analyzer. The company intends to meet the order over the next six months.
Shares of the company gained more than 80 percent to touch a new 52-week high in morning trading on the contract news. Shares are up almost 370 percent this year.
The company provides instruments, subsystems and an array of sophisticated components that have a broad application in the wireless communications, defense electronics and aeronautics.
Executive comment
The ordered Model 8003 Precision Scalar Analyzer allows accurate and linear fast measurement capability of a power meter using a single instrument. According to the CEO of Giga-tronics, Incorporated (NASDAQ:GIGA), John Regazzi, the critical equipment will be a perfect addition to the Navy’s metrology labs. He said his company is “committed to supporting the U.S. Navy’s requirements for high accuracy device calibration.”
The company expects more businesses of that nature in the future as it improves the quality of its products to match the present needs of its customers.
The company has been basking in sweet deals this year, especially this month. Earlier this month it reported a multi-year contract to deliver high-end YIG filters for a major aerospace company. The company announced receiving about $6.9 million for the delivery of a small number of prototype and non-recurring engineering services as part of the contract.
As if that is not enough, Giga-tronics, Incorporated (NASDAQ:GIGA) expects $10 million in a multi-year contract this year. The anticipated contract is associated with its production units.
Ahead of earnings
The contract from the Navy is the latest good news for Giga-tronics, Incorporated (NASDAQ:GIGA) as the company prepares to unveil its 4Q earnings. The company expects to report its earnings and hold a conference call on the same on June 23. The earnings and the subsequent conference call are expected to provide a glimpse into the company’s progress and future expectations.
