Giga-tronics Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 27, 2014. For the quarter, the company reported net sales of $4,509,000 against $3,417,000 a year ago. The increases in net sales were primarily due to a $6.2 million YIG nonrecurring engineering (NRE) order and a $2.4 million Naval Air Warfare Center (Navy) order, both of which were received in the first quarter of fiscal 2015. Operating income was $67,000 against operating loss of $794,000 a year ago. Income before income tax was $67,000 against loss before income tax of $718,077,000 a year ago. Net income was $67,000 against net loss of $718,000 a year ago. Basic and diluted earnings per share were $0.01 against loss per share of $0.14 a year ago. Non-GAAP net income was $239,000 against net loss of $651,000 a year ago. Non-GAAP diluted earnings per common share were $0.03 against loss per share of $0.13 a year ago. Non-GAAP Operating income was $301,000 against operating loss of $727,000 a year ago. The improvements to net income when comparing fiscal 2015 to fiscal 2014 were primarily due to increased revenues from two large customer orders received early in fiscal 2015, along with improved gross margins and lower operating expenses.

For the nine months, the company reported net sales of $14,127,000 against $10,404,000 a year ago. Operating income was $62,000 against operating loss of $3,342,000 a year ago. Loss before income tax was $236,000 against $2,474,000 a year ago. Net loss was $283,000 against $2,476,000 a year ago. Basic and diluted loss per share was $0.05 against $0.49 a year ago. Non-GAAP net income was $361,000 against net loss of $2,081,430,000 a year ago. Non-GAAP diluted earnings per common share were $0.04 against loss per share of $0.41 a year ago. Non-GAAP Operating income was $607,000 against operating loss of $2,947,000 a year ago.